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author | cat brother

another richest man has gone bankrupt.

in june this year,employees of xinhu group discovered that the financial products they purchased had collapsed.

the two trust products that went bankrupt were xinhu group's single fund trust and xinyuan no. 5 collective fund trust plan.both trusts are issued by huaxin trust and are mainly invested in xinhu group.

xinhu group also worked hard to promote these two financial products, especially internal employees, who directly said,this is "employee benefit".

the expected annualized rate of return for one year is 9%, and the expected annualized rate of return for two years is 10%. more importantly, one of the contracts shows that huang wei, the boss of xinhu group, provides an irrevocable joint and several guarantee.

the boss has guaranteed it, so it must be an "employee benefit". the threshold of 1 million yuan cannot stop the employees' enthusiasm for investment.xinhu has collected tens of billions of yuan in total, and was still recommending subscription one month before the financial crisis.

result,starting from 2022, relevant trusts will have difficulty in repayment.but xinhu group can still appease them.instead of redeeming the employees, they renewed their contracts.some principal and interest were subsequently repaid, but this year, the crisis suddenly broke out.

the listed company xinhu zhongbao quickly clarified that it was xinhu group that went bankrupt, and it had nothing to do with me;

the issuer of the trust, huaxin trust, also clarified that we have never been overdue and all the allocations have been allocated.

then why did it burst into thunder?

it turned out that the employees signed a contract with the xinhu group union, the money flowed to the xinhu group and xinhu holdings, and the relevant creditor was also the xinhu group union, so it became the union collecting debts from the group.

the trade union issued two debt confirmation letters, totaling 4.681 billion yuan, and xinhu group and xinhu holdings both confirmed the debts.

but, there is no money to pay back.

there was no other choice but for the employees to go to the headquarters to defend their rights. the employees had their own demands:

1. the group, the boss and its affiliated companies shall give priority to employee trust repayment for investment income, asset realization and appreciation;

2. if quzhou state-owned assets and other entities acquire the equity of xinhu group, they shall bear the repayment responsibility in proportion;

3. employee trusts and employee wages have the same level of priority claims.

it was not until august that i met the boss huang wei. the boss had no money and "earnestly asked everyone to help the company through this difficult time."

boss huang is actually quite legendary.

he graduated from wenzhou normal university and worked as a teacher for a while, but because his family was in debt, he went into business and opened an eyewear store. after paying off his debts, he had about 20,000 yuan in savings.

in the 1990s, he began to enter the capital market and play with stocks.by trading stock subscription certificates, he turned 20,000 into 8 million, and by playing with futures, he personally made 200 million in the "327 treasury bond incident"., was the biggest winner of the year.

it is said that huang wei was able to command billions of funds in the market at that time.

having made money, boss huang turned to real estate. in 1994, xinhu group was established. in 1996, xinhu’s first project, wenzhou ruian bund, was launched.

although he is a novice in real estate, mr. huang is very adept at capital markets. relying on capital operations, he has gradually built up his own capital empire, the "xinhu system".

how does mr. huang do real estate? slowly, he exchanges capital for land and uses land to increase capital.

the capital market has money, so use the money from the capital market to buy land, and then slowly develop it. when the land appreciates in value, the stock price will rise sharply, and then enter athe cycle of "spending money to buy land, and borrowing land to make money" is a sure win.

around 2000, the xinhu group acquired a large amount of land in jiangsu, zhejiang, shanghai, anhui, liaoning, and shandong.xinhu group has more than 10 real estate companies, with a land reserve of more than 4.8 million square meters。

in 2007, more than 10 real estate companies of the xinhu group were officially merged into xinhu zhongbao.

by 2009, the hurun china rich listhuang wei and li ping, with a wealth of 30 billion, rank fifth among the richest people and become the richest people in zhejiang.

in the real estate sector, xinhu zhongbao is his "treasure in the palm", and in finance, he spared no expense in investing in xiangcai securities, xinhu futures, shengjing bank, citic bank, wenzhou bank, etc.

at its peak, the xinhu group ranked ninth among the 27 major private financial groups in the country, holding shares in eight financial institutions.

the reason for investing in financial institutions is naturally for money.

first, it can directly contribute to profits. for example, in 2021,china citic bank contributed 2.6 billion in profits；

secondly, financing, direct financing and indirect financing, by mid-2022, through mortgage or pledge,financing amount is nearly 20 billion。

however, in the past two years, as the real estate market has deteriorated and coupled with operational problems, the xinhu group has also begun to collapse.

1、the first to go bankrupt was xinhu wealth, a subsidiary of zhongzhi group., xinhu group holds 17.1% of the shares and is the second largest shareholder;

2. this year,xinhu group sold 17.49% of xiangcai securities to pay off its 3.294 billion yuan debt.；

3. xinhu zhongbao holds shares in several financial institutions, includingxinhu futures ipo waited for more than a year, but also suffered a waterloo;

4. most importantly,the controlling stake of xinhu zhongbao was also sold by xinhu group to quzhou state-owned assets, the name of xinhu zhongbao will become history.

the former richest man in zhejiang is now facing a precarious financial situation.

how do i pay back the money?

according to boss huang, "only if we get the mine back will everyone have a safe place to live. if we don't get it back, i might go bankrupt."

this mine is more mysterious than boss huang himself.

the mine that mr. huang mentioned is a coal mine located in changji prefecture, xinjiang.it is the no. 1 open-pit coal mine in the wucaiwan mining area in zhundong, owned by xinjiang yihua mining., while xinhu group holds a 41.1% stake through beijing huayi loncin trading co., ltd.

this mine was originally a joint venture between yichang state-owned assets and xinhu group. later, yichang state-owned assets' shareholding was transferred internally to xinjiang yihua. in between, xinjiang energy group came in and held a 5% stake.

this mine is a rich mine.

in recent years, coal mines in xinjiang have begun to show their potential. the jungar coalfield is the largest integrated coalfield in the country, while the no. 1 mine in the wucaiwan mining area is still an open-pit mine, which is relatively easy to mine.

the coal mine has reserves of 2.2 billion tons. the original design output was 7 million tons/year. later, the production capacity was expanded to 20 million tons/year, accounting for 6% of xinjiang's coal.

hubei yihua has contributed a lot of profits thanks to xinjiang yihua, and xinjiang yihua holds the controlling stake in the coal mine. in theory, as an investor, xinhu group can make a fortune from this mine.

however, this part of the equity encountered a "mysterious dispute".who owns this 41% stake?

tianyancha shows that in 2022, this part of the equity was pledged by xinhu group to citic's xinyin wealth management, and its current status is "valid";

this year, the tianmen city court of hubei province froze this part of the equity again.

according to the latest shareholding list, xinhu group’s shares have been reduced to zero.

how this part of the shares was transferred is even more mysterious.

what disputes were there between shareholders? when were the shares transferred? there is no public record.

the solution that mr. huang proposed to his cheated employees was"mining protection and rights protection", he "invested more than 6 billion in cash and 20 billion in assets were robbed in june"。

boss huang himself did not say how it was "robbed" or by whom.it is impossible to know whether this is true or not. according to the employees who were cheated, the lawsuit for mining rights has been "lost in the second instance."

if it is really as boss huang said, "if we can't get it back, we will go bankrupt", it will be even more difficult to get the employees' money.