The richest man in Shandong who bought a bunch of banks can't even pay the interest

 The richest man in Shandong who bought a bunch of banks can't even pay the interest

In the 2021 New Fortune 500 list, Wang Qingtao, the actual controller of Zhongrong Xinda, was the richest man in Shandong with a net worth of 59.65 billion.

It didn't take long for Zhongrong Xinda's Zhongpiao to breach the contract again. This time, the interest of the default is about 111 million. Why do you say "again"? Because in March, the first tranche of the 2018 mid-term ticket had defaulted, and in April, the second tranche of the 2018 mid-term ticket defaulted.

The principals of these three tickets add up to 4 billion, and they will mature in the next year after another. Now the interest is still not up, and there is a question mark whether the principal can be repaid, and the creditors are estimated to be unable to sleep.

Then sell the assets to repay the interest, but it's not going well.

It is said that the shares of financial institutions are quite valuable. At the beginning of this month, Zhongrong Xinda will auction a part of the shares of China United Property and Casualty Insurance. 168 million shares were auctioned, valued at 257 million, and the auction failed again.

With a net worth of nearly 60 billion yuan, not more than 100 million yuan in interest, the richest man in Shandong is a bit incomprehensible.

In Shandong, Wang Qingtao is a well-known "coal boss".

He was a native of Zouping, Shandong. He worked as a soldier and joined the Zouping Material Bureau after changing jobs. Later, he was encouraged to go to the sea, and Wang Qingtao started a coal distribution business.

At that time, Zouping was one of the most economically active areas in Shandong. The most famous local figure was Zhang Shiping of Weiqiao. It took him ten years to build a small cotton oil factory into one of the top 500 textile industries in the country.

At that time, Weiqiao, whose main business was textiles, had already built a large thermal power plant. The thermal power plant needed coal, and Wang Qingtao had coal. Zhang Shiping, who was righteous, helped him.

So relying on dumping coal, Wang Qingtao saved his first pot of gold, after which he switched careers and started working in the factory by himself.

In 2003, his Zouping Tiexiong Coking was established. He managed well. Tiexiong Coking was not only a key project in Zouping County and Binzhou City, but also a key enterprise in Shandong.

In 2006, Shandong encouraged steel companies and large-scale coking companies to merge, reorganize, or merge, and the province will also promote 2-3 large-scale coking companies with a capacity of more than 3 million tons. This is a good thing for coking companies that want to expand. Son.

Naturally, Wang Qingtao would not miss it. He aimed at Shen Wenrong's Sha Gang.

At that time, Shagang was in full swing and ranked sixth in the country. Shen Wenrong was also known as the "Steel Czar". If he could hold Shagang's thigh, Tiexiong's coking would really develop.

Wang Qingtao went to Shagang to communicate more than a dozen times, and finally Shen Wenrong decided to invest. Tiexiong Xinsha, jointly funded by Tiexiong Coking, Shagang and Shandong State-owned Assets, was established.

Since then, Wang Qingtao has determined that Shen Wenrong is his "noble man in life". He felt that his words touched Shen Wenrong, "You want to build the largest steel plant, I want to build the largest coking plant, and I am willing to be your pawn."

Relying on this wave of operations, Wang Qingtao became the "king of coking" in Shandong and even the whole country.

In 2012, the opportunity came again.

Shandong once again supports the M&A and reorganization of coking enterprises, to "build an international enterprise with international competitiveness," and named Wang Qingtao. If he follows this path, Wang Qingtao may become the "king of the world's coking industry."

But at that time the entire industry chain was in a downturn, and Wang Qingtao felt that it didn't make much sense to dry the coking again.

So what is he going to do? 

At that time, the big wind was finance, especially the licensed financial institutions were rushed by capital from all walks of life.

Wang Qingtao also wants to work in this industry.

So in 2016, Shandong Coking changed its name to Zhongrong Xinda. The new name looks very "financial". What about the business?

Buy it hard.

In December 2015, it bought a 14.29% stake in Jincheng Bank and became the largest shareholder;

In April 2016, in the share reform of Xiamen International Bank, it bought 3.35% of the shares;

In September 2016, it bought a 7.79% stake in China United Property & Casualty Insurance, ranking the second largest shareholder;

In addition, the banks that Zhongrong Xinda has participated in include Zouping Rural Commercial Bank, Xiamen Rural Commercial Bank, Qishang Bank and so on.

In short, the total assets of various banks cost more than 10 billion.

It is said that Wang Qingtao has also competed for the status of Sichuan Trust's major shareholder, bidding 5 billion, but in the end he was unsuccessful, and he also escaped the thunder of Sichuan Trust.

If you spend a lot of money to buy bank equity, you will naturally have to make full use of it.

Wang Qingtao once said, "The bank will not become the ATM of Zhongrong Xinda", but he is very honest.

For example, Jincheng Bank, Tianyancha's information shows that——

In 2015, Shandong Logistics Group, a subsidiary of Zhongrong Xinda, pledged 51 million shares of its subsidiary to Jincheng Bank;

In 2016, Zhongrong Xinda pledged 2.5 billion shares of Shandong Logistics Group to Jincheng Bank;

At the end of 2016, Zhongrong Xinda simply pledged its shares in Jincheng Bank to Guangdong Yuecai Trust.

From bank pledges of loans to pledges of bank equity, serial pledges really make the best use of everything.

In doing so, the risk is not low, but the scale is expanding very quickly.

In 2018, Wang Qingtao was full of confidence and proposed to achieve total assets of 400 billion yuan, annual sales revenue of 300 billion yuan, and profit of 30 billion yuan in two years. company.

As a result, it took less than a year to say this, and many creditors of Zhongrong Xinda found that they could not get the money back.

First, the National Trust's 2 billion loan expired, and the principal and interest were not recovered;

Then, China Merchants Bank began to receive no interest for its loans of more than 200 million yuan.

Later, those who joined the debt collection army included banks, brokerage firms, insurance companies, and even many small loan companies. As a result, everyone found that Zhongrong Xinda had no funds for execution as soon as it entered the implementation stage.

How much do you owe? About 60 billion yuan, but how can Zhongrong Xinda, which has a total asset of 150 billion yuan, fail to repay it?

The money is all about buying the company, and the cash flow is too tight.

Among the assets of 150.4 billion, there are only 115 million monetary funds.

Why is it so miserable? Do not make money.

Coking limited production, and revenue was affected. In the first quarter, revenue was 10.3 billion, but profit was less than 100 million.

Ordinarily, receiving so many banks should be pretty good. In fact, the income of these banks for Zhongrong Xinda is very small, and the biggest role is probably to pledge equity for financing.

The company’s most valuable asset is the Banggou Iron Mine in Peru. In 2016, Zibo Hongda was in crisis. In order to repay the debt, the iron ore was given to Zhongrong Xinda. The estimated value reached US$10.5 billion. These tenements have prospective reserves of 10 billion tons of iron, 11 million tons of copper, 850 tons of gold, 87,000 tons of silver, 3.13 million tons of cobalt, and 400 tons of rhenium.

Some people say that there is a mine at home, are you afraid of not having money? Moreover, iron ore was so hot a while ago, so it should be possible to make a fortune.

The fact is not the case, because the iron ore is still in the stage of environmental assessment, with no output of input, and it is still in the stage of burning money.

Moreover, Shandong enterprises have a tradition of mutual insurance. If one family has an accident, every family will be affected.

Like Zibo Hongda, which sold iron ore, there are still 236 million loans that are guaranteed by Zhongrong Xinda;

In July 2018, Yongtai Group defaulted, and most of the closely related Zhongrongxin bonds fluctuated sharply, and there was a 72% crash;

Also in 2018, Rising Group was in a financial dilemma, and that year, Zhongrong Xinda guaranteed Rising Group 400 million...

By the end of 2020, there are still 31 companies outside the Zhongrong Xinda Group with an amount of about 7.5 billion, of which 7 have expired, and Zhongrong Xinda has also been dragged down.

Today, Zhongrong Xinda, which has no cash, has begun to sell assets, but valuable industries are frequently sold, and the process of repaying debts is still a long way.