Cheng Qingpo "Zjy" Capital fracture holding 3 shell resources grabs

Reorganization of the First Capital system: the buyer deeply insight into the history of the operation of the track a close to the Department of Investment bankers said, "its later profit model is now, buy a shell, and then inject assets, then the cash, then to do assets, and then put it, so repeat." "Financial profit, the current savings rate of 1000% to clear Wave, in the capital Circle in South China famous, he through the" deep "and" Shenzhen State Heng "control of the huge capital empire. 　　Deep engineering and its companies are called "Zjy" in the capital markets. 　　At first, "the Department of Engineering" through the acquisition of listed companies corporate equity model to create wealth, however, with the reform and the listed companies increasingly scarce shell resources, this low suction high throw profit model gradually fade out of the mainstream, into clear wave began to plan the transformation of Republicans mode, through the direction of additional to the hands of the industrial assets of high prices into the listed companies. At present, the ZJY and its affiliated companies hold 3 listed companies Shell resources, *st State (market, interrogation) and *st Heng Li. Recently, an investment banker in South China said to reporters, "I heard that the capital chain of the Department of Engineering broke, the back of the market there is a rumor that it may have some shells want to be present." "3" of the "Zjy" to the Qing wave heavy capital Operation Light Industrial, capital and energy mainly used in the capital market, its industry are others in care, he rarely go to the company. 　　"The reference to the" zjy, most of the South China Capital Circle people are not unfamiliar, the control of the "capital madman" into clear waves. 　　Cheng Qingpo When the county high school teacher, also did the listed company's finance, because "feel to make money for others is not interesting" and embark on the road of entrepreneurship, finally ranked among the billionaires list. 　　Cheng Qingpo's prosperity depended on his fortune. 1994 after the sea business, "ingenuity" Cheng Qingpo began to build a "zjy" territory. With the "Shenzhen Industrial (Group) Co., Ltd. (hereinafter referred to as" deep engineering ") as the main body, the most preliminary layout in 1996. 　　As the core operating platform, deep technology is focused on commercial real estate, hydropower, road and bridge, finance and other industrial development direction, holding, equity participation in more than 10 professional firms, with the official profile is "commercial property development and management, to road and bridge operations, High-tech industries and trade as a supplement." It can be seen that the pay-for-wave project is particularly preferred. In this respect, he has explained that "I am a wide variety of people, in fact, whether the railway, highway, taxi license plate, hydroelectric power station, or commercial real estate, can be regarded as a charging project." In my mode, in addition to having a steady net cash flow end value in return, it will be a huge appreciation to hold the project for some time before it becomes present. This is actually the most simple thought. 　　"However, the vast industrial empire is far from satisfying the ambitions of a clear wave." A senior person in South China's investment bank told reporters, "the number of companies actually controlled by the system has many claims, but it is not clear that it is related to many companies." State Heng must be its control, this we know, no doubt; Chengcheng is alsoIt is controlled by the law. These three are done by the Lord as far as we know. "In the hands of these shells, into clear waves in the heart has already had a layout." "should be said to clear the context of the wave is still relatively clear." "Another investment banker close to the Zjy said," State Heng this shell to build is the railway and other infrastructure platform; Chengcheng shares (market, interrogation) just started as a commercial property sector, but because it will not be later with the mine involved in the relationship; "In fact, the popularity of the Qing wave in the businessmen is too high, but as a capital player is notorious." The industry has been circulating a saying, "into clear wave heavy capital Operation Light Industrial, capital and energy mainly used in the capital market, its industry are others in care, he rarely go to the company." "ZJY" circulating profit model: from playing "corporate shares" to high additional capital injection, which is considered by the market as a clear wave premium injection of the masterpiece. 　　Of course, the appetite is not only so when it comes to clearing waves. 　　So, what kind of capital story has happened to the "Zjy" controlled by the Qing wave? The usual tactic of Cheng Qingpo early buying is to buy corporate corporate shares in a downturn. 　　Let the Qing wave into the public view of the incident is deep zjy into the Chengcheng shares (at that time, "shares in China"). 2002-2003, the deep 92.577 million yuan in the price by the Jilin Jilin Materials, marketing cooperatives, Harbin material Recycling Trade Center, Harbin Supply and marketing materials Group Corporate Equity, obtained (renamed as Chengcheng shares) 21.57% Equity, become its largest shareholder. 　　Since then the Qing wave in the capital market emerging. His operation of Chengcheng shares mainly takes the form of two-tier market. 　　The shares in 2007 after the circulation was sold 30 million shares, Qing Wave set is now 250 million yuan, but still to 8.99% of the proportion of the shareholding to maintain its large shareholder status. 　　Cheng Qingpo's second listed company is the state-Heng Railway (then called "Tianjin Hongfeng"). May 2004, the Shenzhen state-affiliated enterprises of Shen-Xin-Heng invested 342 million yuan by the State Heng Railway 150 million shares, to 26.78% of the shareholding as its second largest shareholder. 　　Since then, the Shenzhen state has gradually led the main business transformation and day-to-day management of the National Heng Railway (2007 to achieve the actual control of the state-owned railway). 　　Like other corporate players, in the market downturn to buy, low suction high throw is to clear wave profit basic play, but the Cheng Qingpo of industrial background is not satisfied with this, he began to plan the transformation of the Republicans model, to the listed company premium high premiums injected into the low profit quality assets, both transfer business risk and realize arbitrage. 　　The first cut was ripped from the state-Heng Railway. August 2006, the Shenzhen-Zjy directly to 41.86 million yuan to buy the listed price of Guangdong Luoding Railway Group Co., Ltd. (hereinafter referred to as "railway") 100% property rights. Financial profit Po, the current savings rate increased 1000% 3After the month, the 59% stake of the Luoding railway under the railway was transferred to the state-owned railway without any experience of railway construction and operation, with a net gain of more than 300 million, and an instant expansion of the wealth of 10 times times. This was seen by the market as a masterpiece of clear wave premium injections. 　　Of course, the appetite is not only so when it comes to clearing waves. September 2008, the state-Heng Railway issued a private offering scheme, to raise funds not exceeding 1.448 billion yuan. 　　At this point, the railway assets in the hands of the group into the National Heng Railway, the 900 million funds received than the acquisition price growth of more than 20 times times. The construction of the Luo Cen Railway is a low price for the Shenzhen Railway to take a stake in the tie of a condition, but in fact, after the arrival of the city did not start. As a result, the funding that should have been paid by ZJY was transferred to the listed companies, while the ZJY still manipulated the project construction funds after making a big profit. 　　Cheng Qingpo's ingenuity, again show incisively and vividly. 　　The operation of the Chengcheng shares in the department also presents such a modus operandi and intention. In December 2008, Chengcheng shares plans to issue shares to Zjy to acquire 4 of its holdings of "premium property" companies. And in 1.733 billion yuan of the acquisition, there are 1.147 billion yuan to buy three of the claims of the company. 　　But the plan was finally withdrawn in August 2012. 　　In the same year, Shenzhen *st to meet the shareholders in the house, the two sides signed a cooperation framework agreement on December 31, 2008, agreed to inject its real estate assets, but ultimately because of the loan dispute with the real estate, and the proposed injection of asset profitability is weak and declared terminated. "It's the way it is now, buying a shell, injecting assets into it, then putting it back in and doing it again," said an investment banker close to the zjy. "Sell shell" rumors, the situation is not optimistic "I heard that the state is the most important of the central one of the plate, and then the railway is not an accident, has been some things do not work very generally. 　　"But in this Republicans model of" buying shell and injecting capital ", there is little good news coming from the" shell "companies of the ZJY. 　　The first is the state-Heng Railway. A August 2012 bulletin showed that April 2011, National Heng Railway wholly-owned subsidiary of Guangdong State and Huaxia Bank (market, interrogation) Guangzhou branch signed a maximum financing limit of 100 million yuan of one-year loan contract, and by April 2012, Guangzhou Heng failed to repay the loan principal and interest during the contract period, 　　So the bank Guangzhou branch began to resort to legal proceedings. 　　And for the above matters, the state-Heng railway itself has never been a positive announcement, in the first half of the performance report disclosed recently, but also referred to the Guangdong State Heng to Huaxia Bank Guangzhou branch of the specific loan matters, but for the Guangdong State Heng Loan overdue, involved in the lawsuit but did not mention. "I heard that the state of the original is the most important one of the main plate, then the railway is not an accident, has been some things do not work very generally." 　Senior personage of South China Investment Bank told the reporter.　In fact, the Luoding railway, which was injected into the state-Heng Railway, was an inferior asset with low profit quality. 　　Public data show that the Luoding Railway 2006 operating income of 5.3 million yuan, loss as high as 22.3 million yuan. 　　The position of Chengcheng shares is also not optimistic. In May 2012, Chengcheng shares plans to transfer deep Zjy's 100% per cent stake in Hunan Chengcheng Precision Co., Ltd. 　　This is a cash transaction in which ZJY and affiliated companies can now cover about $211 million. And almost at the same time, because Zjy failed to pay interest in a timely manner, in the face of default risk, the Asian star chain (market, interrogation) and the National Union Trust as trustees and creditors urgently terminated a single trust plan of 250 million yuan. 　　The lender is a deep, the Qing wave as a joint and several responsible person. 　　*st Heng Li is also a heavy pressure. March 2013, the suspension of 7 years of *st Heng Li, means is planned to raise capital, inject assets, the production of automotive air-conditioning enterprises will start to operate hydropower projects. 　　Control *st Heng Li is the second largest shareholder *st Heng Li, Shenzhen, the affiliated company Huayang Holdings. "Heng Li is a complex company with a lot of stories. It was originally in Guangzhou, a real estate company, then the share reform, the first major restructuring has not done, it is tantamount to a moratorium on the concept of listing, the middle of a lot of investment banks to help. Later did not know how to turn to turn to Cheng Qingpo hand, become it of a listed company. 　　"The investment bankers who are close to the Zjy told reporters. The person also said, "The operation of the department's own assets is very general, so these listed companies are also very general." I heard this year, the entire capital chain is more nervous, the operation is not very good, because the hands of the listed companies, I heard that some of its shells may want to be present. ”