Shi Yuzhu "abstained" Minsheng Bank behind

March 25 Evening Minsheng Bank of a paper announcement, let the controversy of the business celebrity Shi Yuzhu of the Micro-blog "Shi Yuzhu" finally worthy of name. According to the announcement, he "is out of business management, ready to retire", will be held 958 million shares of Minsheng bank shares waiting for dividends of the comfortable days.

After the resignation of the director of the Minsheng Bank, the wealthy Idler seems to have immediately launched the Japan-South Korea tour, which is not a pickle on the microblog, but a claim that he was stolen in Tokyo on April Fool's Day. Last June, he, who had just gotten away from the day-to-day affairs of the giant's network, had a high profile of the media's "going to the bank".

Ringing but unexpectedly retire, so that when the declaration also infected with a changed color-after all, withdraw from the board, only to retain the shares of the action means Shi Yuzhu initiative away from the core business of Minsheng Bank.

In the eyes of the insiders, despite at least until January 24, 2016, Shi Yuzhu still promised not to reduce the huge stakes in hand, but his "run away" is not only the end of the 8-year director career, but also almost cut the 20-year "People's livelihood complex."

On the edge of Board position

"Shi Yuzhu in Minsheng Bank board status can be described as ' marginal ', this and his brilliant mature capital play is not the same, in that is not whose stock rights, who will decide." "China Economic Weekly reporter heard this from an insider who has dealt with the senior executives of the Minsheng Banking department.

Minsheng Bank published 2013 annual report shows that the company's board of directors at present a total of 5 vice chairman, from the private business sector has 3 people, respectively, is the chairman of the Oriental Group Hongwei, Pan-hai Group chairman Lu Zhiqiang, as well as the New Hope (000876.SZ) group chairman Liu.

The three factions, the eastern department, the Pan-Sea system and the New Hope Department, have been the real powers of the Minsheng Bank board. The above-mentioned personage says, hand in hand the Shi Yuzhu of the heavy stock has been missed the core circle of the management level, "the idea certainly is constrained".

Among private entrepreneurs, Shi Yuzhu shares the share second only to Liu 4.7%. As of December 31, 2013, Lu Zhiqiang and Hongwei held shares accounted for 2.46% and 3.13% respectively, are lower than the Shi Yuzhu Shanghai Health Technology Co., Ltd. 3.38% of the shareholding ratio.

In fact, there is still a period of time span of 20 years between Shi Yuzhu and Minsheng Bank. Time can be traced back to 1993, when Lu Zhiqiang and Shi Yuzhu are private entrepreneurs club, the top wealth circle-Taishan will members, the establishment of Minsheng Bank Initiative fetal movement in Taishan will be an internal symposium. 1994, Taishan will unite the Federation of China, will be the first to raise 3 million yuan into 12 shares, Shi Yuzhu led the giant group subscribed to the "private stereotyped" in a share.

Despite the final investment, because of the crash of the giant building crisis, Shi Yuzhu capital chain rupture, and Minsheng Bank launched the identity of shareholders missed. But in 2003, he again to "Chinese cabbage price" from Taishan will another member of the head of Feng Group of the hands of the 143 million original shares, a few overweight, or successful into the Minsheng Bank of the large shareholder list.

2006, Shi Yuzhu was elected as a non-executive director of Minsheng Bank, can be 8 years thereafter, no matter how he is in the two level market of Minsheng Bank, but has been lying on the position of "director".

An entrepreneur who did not want to be named told the China Economic Weekly that the Minsheng Bank had a gene of balance between private capital and official power since its inception, resulting in an extraordinarily intricate power game inside, and that Shi Yuzhu could not be promoted to vice chairman and his political identity. It is reported that and the slant and often entertaining the general Shi Yuzhu different, Liu, Lu Zhiqiang and Hongwei three people in the CPPCC held positions.

It is worth mentioning that, in 2011, China Life to buy a stake in Minsheng Bank on the eve of the self-proclaimed "history of the Big Mouth" Shi Yuzhu in the micro-blog on the empty Challenge, public cynicism, and currently the third largest shareholder, the board also has a seat.

Or be dragged down by Haixin steel

For the Shi Yuzhu's abrupt resignation, the circle also circulated another kind of saying: by Minsheng bank debt The Sea of the collapse of Xin Steel. In mid-March, the media broke into Shanxi's biggest private steel company, Haixin steel 3 billion, Shi Yuzhu has been on the microblog for the father of the "rich second-generation" Li Chaohai, called for "society to contain young industrialists", "should encourage haixin steel to continue normal production, not to insult", not only sincere words, even pointed to "The bank pulls the loan 4 billion, causes the haixin liquidity to have the problem".

In fact, Shi Yuzhu still serves as the director of Minsheng Bank, and the bank is the biggest creditor of Haixin steel. Minsheng Bank March 21 said that Haixin Steel in the bank's credit exposure of 1.95 billion yuan, all the mortgage-backed loans.

And Shi Yuzhu for Li Chaohai, it seems not entirely out of public, he and steel giants less handsome Li Chaohai has a very deep personal relationship. September 12, 2013, shale oil development enterprise Liaoning into a large (600739.SH) issued a directional issuance of stock plans, to raise funds to invest in Xinjiang Treasure Mining Co., Ltd. Oil shale Comprehensive development and utilization (Phase I) project. And the targeted distribution of shares only two: Shi Yuzhu holdings of Giant Investment Co., Ltd. and Li Chaohai Holdings of Shanghai Hai Boxin Hui International Trade Co., Ltd.

At that time, investors analysis, due to a one-time investment in the amount of nearly 1 billion yuan, locking time up to three years, if the cost of the opportunity to calculate the capital, the issue of additional conditions is "harsh." Shi's huge gamble around the oil shale project was thought to be "very tacit", and they were the third and second largest shareholder in Liaoning.

Shi Yuzhu when met Li Chaohai can not be sure, but the Li clan and Minsheng Bank of the ties also dating back to the early 90. At that time, Li Chaohai's father Li Shanhai was still alive, as vice president of the Federation, and as a director of Minsheng Bank.

It is not hard to imagine that Li Chaohai should have had intimate contact with the senior People's Bank. In the 2007 Hurun list, he also jumped 112% to become the youngest Shanxi richest man because of his stake in Minsheng Bank. In the first half of the 2007 bull market highs, he also dumped the hands of Minsheng Bank nearly 100 million shares, set now more than 1 billion yuan.

Some analysts believe that the Shi Yuzhu's portrait of solidarity, may be out of a departure from the high-level views, may also incur a board dissatisfaction.

Before leaving the indirect "set" to get 1.4 billion yuan loan

Minsheng Bank 2013 Annual report shows that for the veteran, such as Shi Yuzhu, director identity can bring direct economic benefits is negligible, the reporting period promised to pay him the salary of 820,000 yuan before the tax, but the hidden benefits are considerable.

Just before announcing the farewell to the board 10 days ago, in order to successfully complete the privatization of the giant network of financing, Shi Yuzhu through loan credit to the way to obtain from the Minsheng Bank Hong Kong Branch "lift" 182.5 million U.S. dollars (equivalent to 1.4 billion yuan) of the right. According to the Minsheng Bank March 13 Night notice, the company's board of Directors has agreed to give giant merger 2¥q credit limit of less than 182.5 million U.S. dollars of loans, the period of 5 years, and the actual control of the company is Shi Yuzhu.

In addition, during his tenure as director of the Minsheng Bank, Shi Yuzhu also received loan support totaling as much as 667.5 million U.S. dollars from the consortia including BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs, ICBC International and JPMorgan Chase Bank.

According to the reporter understand, and many directors shareholder, Shi Yuzhu oneself control of Shanghai Health Special Biological Technology Co., Ltd. in the earlier years have been the financial support of Minsheng Bank. September 2003 and November, Shanghai Health special through two times under the Feng under the name Wantong Industrial holdings of about 143 million shares, become Minsheng Bank, the eighth largest shareholder, by the end of that year, the company from Minsheng Bank to get up to 90 million yuan of related loans.

As for the Minsheng Bank's equity investment, but also let in the business sector is legendary Shi Yuzhu won the "China Buffett" praise, whatever the reason for the Quittir board, can be regarded as merit, the whole body and retreat.

2013 Shi Yuzhu in the a+h shares to Minsheng Bank of a series of buy and sell plus since 2010 of the Tricycle "maneuver", its shares in Minsheng Bank total cost of about 11 billion yuan.

According to Minsheng Bank A-shares April 1 close to 7.64 yuan, H-shares closed at HK $7.74, Shi Yuzhu in the stock market of about 12 billion yuan holdings, meaning that the book floating surplus about 1 billion yuan.