33 billion women's richest women in Zhejiang spread out: 10 years ban on entering the securities market
Yesterday (January 7), ST Shin Kong (002147) announced that the company received the "Administrative Penalty Decision" issued by the Anhui Securities Regulatory Bureau, and the actual controllers, Ms. Zhou Xiaoguang and Mr. Yu Yunxin, were fined 600,000 yuan each. Both have been taken into the stock market for 10 years.
At the same time as the penalty notice was disclosed, Zhou Xiaoguang and Yu Yunxin have resigned from any positions in the listed company.
According to the "Decision on Administrative Punishment", the illegal facts of ST Xinguang , the controlling shareholder, and the actual controller mainly include three aspects:
1. ST Shin Kong provided funds to the controlling shareholder in the name of paying a third-party equity purchase payment;
2. ST Shin Kong provided funds to the controlling shareholder without the creditor's consent by borrowing debt transfers;
3. From December 2017 to September 2018, ST Shinkong provided guarantees for Yu Yunxin, Zhou Xiaoguang and Shinkong Group in violation of regulations, with an amount of up to 2.952 billion yuan.
It can be seen that ST Shin Kong is also a listed company hollowed out by major shareholders.
It is regrettable that Shin Kong Yuancheng (formerly known as ST Shin Kong ) was once a manufacturing giant with a market value of more than 30 billion. It took less than 3 years to completely collapse: debt defaults, huge losses, and market value plummeted by more than 86%. It was on the verge of delisting ...
The monthly chart of ST Shin Kong ’s stock price is worth mentioning. After the company ’s actual controller was heavily punished, it opened today. ST Shin Kong immediately closed its daily limit and rose 5% throughout the day.
The richest woman in Zhejiang in the past: The net worth once exceeded 33 billion "Administrative Punishment Decisions" means that the former richest woman in Zhejiang, Zhou Xiaoguang, who inspired countless people, officially closed the curtain.
"Chicken feathers are very light, and they can fly to the sky with only a little wind." This is a line from the hit TV show "Chicken Feathers Flying to the Sky" in 2017, which accurately summarizes Zhou Xiaoguang's glorious history.
However, the prototype of the inspirational heroine of this drama is exactly the female head of Xinguang Group: Zhou Xiaoguang.
Zhou Xiaoguang, born in November 1962, was born in a poor family in Zhuji City, Zhejiang Province. In her early years, she did not study, mainly relying on stalls to sell embroidery needles to make ends meet.
In 1985, after Zhou Xiaoguang and Yu Yunxin got married, the two took out all their savings and bought a stall in the first-generation small commodity market in Yiwu. The main items were head flowers, corsages, earrings, rings and other accessories.
After operating for 7 years, Zhou Xiaoguang and others came to the first gust: a jewelry manufacturer in Taiwan saw her simulation jewelry and became her mainland agent. Later, Zhou Xiaoguang, who had advanced consciousness and keen sense of smell, borrowed money decisively, set up his own jewelry processing factory, and embarked on the road of "the jewelry queen".
In 1995, Zhou Xiaoguang founded the Xinguang Group, and the strength of artificial jewelry manufacturing has been continuously enhanced.
In 2000, Zhou Xiaoguang's second gust came: Hong Kong International Jewellery Fair. At the meeting, Zhou Xiaoguang became famous all the time. The jewelry of Xinguang Group successfully attracted the attention of representatives from 50 countries and signed a large number of export orders.
Zhou Xiaoguang, who has been riding the wind all the way, is getting bigger and bigger, and getting wider and wider. He is also entering the real estate, finance, tourism and other fields in a radical way.
Locally, Shin Kong Group invested heavily in building many landmark buildings: Yiwu World Trade Center, Yiwu Shangri-La Hotel, Qiandao Lake Crowne Plaza Hotel ...
At the end of 2015, Shin Kong Group's backdoor Fangyuan support landed on A shares, and then changed its name to "Xinguang Yuancheng". According to the Hurun Rich List, in 2017, the Zhou Xiaoguang couple ranked 65th in China's richest list with a net worth of 33 billion yuan.
In 2018, Zhou Xiaoguang topped the throne of the richest woman in Zhejiang with a net worth of 18.5 billion yuan, ranking No. 26 in Hurun's global self-made richest woman list.
At this time, Shin Kong Group also reached its peak and became a large private group involved in the real estate, banking, insurance and other industries. It has nearly 100 wholly-owned subsidiaries and holding companies, more than 40 participating companies, and total assets exceeding 80 billion. yuan.
At the end of 2008, the total assets of Shin Kong Group were only 7.066 billion yuan. In less than 10 years, its total assets soared by 1000%, showing the amazing speed of "chicken feathers flying to the sky".
"Xinguang does everything, even several pig farms have been opened." This is a local Yiwu evaluation of Xinguang Group.
The blindfolded richest woman's richest man, who fell instantly in 2018, was both the peak of the Shin Kong Group and the starting point of collapse.
On September 25, Shin Kong Holdings Group announced that due to multiple factors such as macro leverage reduction, bank credit contraction, and difficulties in financing private enterprises, Shin Kong Holdings Group experienced liquidity problems, and 15 Shin Kong 01 corporate bonds substantially defaulted.
As soon as the breach announcement came out, the market was uproar. Credit rating agency, United Ratings, announced quickly that it has downgraded Shin Kong Holdings Group's rating from AA + to CC and adjusted its rating outlook from stable to negative.
Subsequently, the richest woman in Zhejiang and the Shin Kong Group behind it "fall down":
On September 27, Xinguang Group and Zhou Xiaoguang were included in the court's "executed person" list, and the executive court was the Zhejiang Higher People's Court;
Shinko Group and its subsidiaries 'outstanding financial institutions' debts exceeded 12.2 billion yuan, and the outstanding balance of bonds due was up to 10.3 billion yuan;
In March 2019, ST Shin Kong was investigated by the Securities and Futures Commission for failing to disclose external guarantees and the occupation of funds by major shareholders as required;
Yesterday evening, Zhou Xiaoguang and Yu Yunxin were both fined 600,000 yuan and were banned from entering the securities market for 10 years.
Successive bad news has the most direct impact on listed companies. At the beginning of 2018, Shin Kong Yuancheng's stock price was still 14.89 yuan per share, but now only 2.31 yuan per share, a cumulative decline of more than 84%, has been cut twice.
Xinguang Yuancheng's stock price weekly K-line chart faced the instant collapse of private groups with assets exceeding 80 billion. Some analysts pointed out that there are two main reasons:
1. Zhou Xiaoguang's aggressive operation and endless cross-border mergers and acquisitions laid a "time bomb" for Shin Kong Group;
2. The stagnation of core business and the lack of ability to generate cash flow in various businesses.
At the same time, Shinko Group's debt has continued to grow in a "snowball" manner. On the eve of the collapse, Shinko Group's total debt has climbed to 46.9 billion yuan.
In the end, Shin Kong Group was crushed by huge debts, and tens of billions of debts were still unable to be repaid.
In addition, real estate may be one of the reasons for dragging Shin Kong Group into the debt crisis. According to the Shin Kong Group's regular debt report, real estate business income once accounted for 70% of the group's total revenue.
Since 2018, China's real estate industry has faced the strictest regulation in history, the property market has been cold, and real estate loans have tightened. The worrying cash flow of the Shin Kong Group's real estate business has undoubtedly exacerbated the group's debt crisis.
On August 26, 2019, Zhou Xiaoguang publicly responded to the group's debt crisis:
Ever since the debt crisis, I have been questioning myself about the gains and losses, right and wrong on the road to entrepreneurship over the years.
We will make every effort to provide a sincere account to creditors, partners, Xinguang family, and friends who care about and support our government at higher levels and the whole society.
Xinguang Jewelry is the original heart of my husband and me, and is also the base of Xinguangbasheng's rebirth. We will go all out to return to the jewelry sector.
This is also the first time that Zhou Xiaoguang himself responded publicly after the debt crisis broke out.
In 2019, the fall of the richest man in 2019 may be the most anxious year for the richest man who ran blindfolded. Some people lingered on the edge of the cliff, and some have fallen to the bottom of the cliff.
The fall of Zhou Xiaoguang is just a microcosm of the richest man who fell in 2019:
As we all know, since 2018, the growth of the real economy has slowed down, and at the same time, the most stringent deleveraging policies have been superimposed. The first is the companies that blindly pursue the scale and expand at large without borrowing money.
However, the objective reason for China's economic and macroeconomic policies is the environment in which all entrepreneurs are facing. This is just one of the reasons for the failure of the richest people, and the real problems are more from the enterprises themselves. Some analysts concluded that the reasons for the fall of the richest people in private enterprises in 2019 are mainly three points:
1. Excessive pursuit of enterprise scale, blind and radical expansion, crazy cross-border mergers and acquisitions;
2. Lack of awe for the importance of cash flow: The “giants” that fell in 2019 all have tens of billions of assets, but it is not the size of the assets that determines the life or death of an enterprise, but cash flow.
3. Lack of basic understanding of the macroeconomic situation: Many entrepreneurs believe that the slowdown in China's economic growth is temporary, and it is still aggressively leveraging and borrowing to expand in the cold winter. (.Full.scape.net)