Chapter 80 Xu Ruqing (5)

The three of them gathered at the table to read the information while discussing. Zhong Yan'er was mainly responsible for understanding the business behavior of Changgang Group over the years, while Wen Long was responsible for finding out the rumors about Zhang Zhihe, and finally handed over to Xu Ruqing for summary and analysis.

The progress of Zhong Yan'er in the area was not very smooth. Although she actively used the power of the media she worked for, she also mobilized many senior financial reporters to visit and learn about many companies that had economic relations with Changgang Group, Changgang Group has always paid great attention to the confidentiality mechanism. What she got was some glimpses, and it was difficult to truly intervene in the internal operations of Changgang Group.

Although Wenlong is rich in resources, there are not many truly valuable things.

Scandals about Zhang Zhihe are also emerging on the Internet, but most of them are heard of or exaggerated. There are not many accusations that are truly well-founded and lethal. Many people are very cautious and talk endlessly. When they really want to contact them, they all hide and avoid them. It seems that they are afraid of being retaliated by Zhang Zhihe before.

Zhang Zhihe, 52 years old, is from Linxia, ​​and is born in a railway worker family. After the founding of the People's Republic of China, he moved his family many times and finally settled in Sihai City, Sumanzhou.

After graduating from Sihai Finance and Trade School, he was assigned to work in the Municipal State-owned Assets Supervision and Administration Commission. At the age of 25, he was appointed as a deputy section-level cadre. Later, he was not promoted or reused for a long time. At the age of 30, he took the initiative to leave the agency and went to Changgang, a state-owned enterprise, to take up a job and serve as the director of the company's Party Committee Office.

During his tenure at Changgang Company, Zhang Zhihe married Meng Lan, the daughter of the former general manager of the company, and then quickly rose to the top and was promoted to the manager of a subordinate material company. After his father-in-law retired, he even recommended him to take over as general manager.

It was the end of the 20th century, and a wave of state-owned enterprise reforms were set off in various places. Zhang Zhihe transformed Changgang Company into a private enterprise through restructuring and MBO, and entered the real estate market, accumulating huge wealth.

Zhang Zhihe's father-in-law has long passed away. Zhang Xiaoqian was born to his ex-wife Meng Lan. In fact, Meng Lan was not Zhang Zhihe's first wife. His first wife died of both mother and son due to difficult labor. Later, she went to Changgang Company to marry Meng Lan and gave birth to Zhang Xiaoqian. Later, after Zhang Zhihe supported his younger brother Zhang Zhigang to become a legislator of the parliament, he naturally entered the official career again. Before that, he suddenly announced his divorce from his wife Meng Lan. Changgang Group was under the name of his ex-wife Meng Lan, and in fact he was still commanded by Zhang Zhihe remote control.

At that time, the young Sun Yingshan was still studying in the Conservatory of Music. Then she quickly married Zhang Zhihe and became famous with the support of Zhang Zhihe. Their life trajectory has become more and more advanced, until something happened to Zhang Xiaoqian.

From this point of view, Zhang Zhihe and his ex-wife Meng Lan divorced a fake. In order to be the deputy mayor, he avoided suspicion in advance, at least in fact, he did not leave his home despite divorce. Zhang Zhihe still controlled the real power of Changgang Group, and Sun Yingshan was just a cover for their husband and wife.

Yan'er, have you seen anything from the business history of Changgang Group?

After listening to Wenlong's story, Xu Ruqing refused to comment and asked her daughter.

Zhong Yan'er nodded slightly to her mother and said: Changgang Group is an A-share listed company. It was established in 1998. Its main business is real estate development in 2001. The business scope covers the Yangtze River Delta and the southeast coastal first- and second-tier cities in the past three years. The company's average annual sales of residential units is more than 40,000 units, with sales of 60 billion yuan last year, and its after-tax net profit of 5 billion yuan. At the end of last year, the company held 5 billion yuan in currency and long-term loans due within one year were 29.8 billion yuan. The net debt ratio is at a high level in the industry.

In the short term, Changgang Group has problems with high debt ratio and long capital turnover. The main financing methods are too dependent on banks and the monetary cash flow is relatively tight, especially one-year debts may have default risks, but this is a common problem in the domestic real estate industry. In the long term, due to the overall domestic economy since last year and the government has issued continuous policy opinions to control the development of real estate, the company's sales have slowed down for the first time. Faced with waves of stricter real estate regulation policies, the company has certain operating risks in the future.

Speaking of this, Zhong Yan'er stopped and looked into her mother's eyes

Xu Ruqing has been listening very seriously, and at this moment she nodded slightly to her daughter.

However, the company currently owns a strong land reserve, especially after the overall acquisition of "Xinru Construction", the land valuation can reach 50 billion yuan. Since Zhang Zhihe has always had good connections and reputation with the local political and business community, financing through bank loans is not a problem, and the convening of the National Expo in the second half of the year will stimulate the economy. After the exhibition, the site will be transformed into a CBD functional area of ​​Jianghai New District, and Changgang Group, which has the most land plots, will become the biggest beneficiary

Zhong Yan'er flipped through the file folder in her hand and continued to talk.

Since its listing, Changgang Group has performed well and has risen steadily, and has grown into the first stock in the Sihai market. Due to the transformation of commercial real estate in recent years, the growth rate and profit margin have slowed to a certain extent. The stock price has been hovering around 10 yuan/share for many years. However, since this year, stimulated by the favorable factors such as the acquisition of the National Expo and Xinru Construction, a large amount of bullish funds have poured in. The stock price has repeatedly hit new highs, becoming a highlight of the A-share market that has been silent for a long time. As of the last trading day, the stock price has reached a high of 3,070 yuan/share, but according to experts' analysis, the current valuation is still relatively low and may double again in the next two years.

Judging from the information, Zhang Zhihe's funds are quite tight, and even has difficulties in paying loan repayments. What did he use to acquire "Xinru Construction"?

Wenlong looked carefully at the information in his hand and asked a question

After Zhang Zhihe announced the acquisition of "Xinru Construction", he used the overall assets of "Xinru Construction" as collateral. Two local state-owned banks provided him with a transitional loan of 4 billion yuan, and the other 2 billion yuan was scrambled for by overseas investors in the form of bonds. Then he used the funds he raised to purchase shares of the Municipal State-owned Assets Supervision and Administration Commission, and thus completed the transaction.

Zhong Yan'er quickly answered that she had a lot of financial lines and was quite familiar with business operations.

What do you mean is that Zhang Zhihe did not spend a penny on his own, and used other people's money to complete the acquisition by relying solely on the assets he was about to acquire?

Wenlong raised his eyebrows and said in surprise

Yes, there is a proper term in the financial field, called 'leveraged acquisition'. In recent years, there have been many cases in China. Zhang Zhihe has had a very good time this time.

Zhong Yan'er's answer was very professional. She seemed to be afraid that Wen Long, who was just a senior high school student, would not understand it. She explained to him in detail the origin and operation method of leverage acquisition.

Then, isn’t he just changing the form to turn state-owned assets into private ownership? And there is no need to pay any price? Is there anything wrong with it?

Wenlong frowned and continued to ask questions

This is hard to say because this kind of leveraged acquisition is more common in state-owned enterprise reform and MBO (management acquisition). Although Zhang Zhihe has done too much, there are no mistakes in the procedures.

Zhong Yan'er hesitated for a while and still expressed her own judgment

Wenlong and Xu Ruqing looked at each other and saw the worries in each other's eyes.

Zhang Zhihe is indeed an opponent that cannot be underestimated. He concealed all the things that were not conducive to him. He has not missed a trace of his success in the past ten years. It can be seen that his success is not without reason.

In this way, it is not realistic for them to make breakthroughs in the short term

It's so annoying. We've spent so much energy and still circle around the outside.

Zhong Yan'er lay on the pile of materials a little depressed, pouting and saying

Yan'er, you have done a good job. Look at the three of us, you know the financial industry the best. Without your help, we wouldn't know so much.

Xu Ruqing gently stroked her daughter and comforted her with verbal caress.

After receiving the praise from my mother, Zhong Yan'er was in a much better mood. She nodded and said: Well, I will work hard.

Seeing the two of them re-entered the discussion, Wenlong felt that his thinking was a bit lacking. He was not good at finance and law. He could not help their analysis, and he was quite helpless. The two mothers and daughters were full of professional terms. After all, as a first-year high school student, he only knew the sound and did not understand the meaning. Although they did not have this meaning, he felt a little neglected like an outsider.

I felt very tired when I sat for too long, so he also needed to change the environment, so he used the excuse to see if the midnight snack was ready, so he got up and walked towards the kitchen

After Longzhen Group got on track, senior management performed their own duties and took responsibility. Bai Shuzhen devoted herself to the family and devoted herself to becoming Wenlong's woman.

Although she could not let go of her intimacy with him in front of outsiders, she showed the perfect housewife and pregnant woman should be, taking on all the daily things in the family, allowing them to focus on defeating Zhang Zhihe.

Bai Shuzhen was standing in the kitchen, busy in front of the table

Seeing him coming in, she looked up and gave him a gentle smile, and said softly: Are you hungry? You have to wait for about half an hour.

She was still dressed in a elegant little woman today. A spacious white short-sleeved lace nightgown covered her undulating body. This lace nightgown was a bit like a maternity shirt. The large inverted trapezoidal neckline revealed two graceful collarbones, and a snow-white and plump breast. There was a string of tassels on the chest decorated with gorgeous lace patterns. It swayed on her chest with the movement of her white long arms.

The length of the lace nightgown is close to the knees. Although the tailoring of the nightgown is very loose, the belly that was slightly bulging but not very obvious is covered, but it cannot cover the two plump and tall white buttocks. Two long legs like mutton fat jade extend below the hem of the skirt. The pair of white and delicate jade feet are pedaled in a pair of bright golden low-heeled sandals that are 10 cm high

The soles and uppers of this pair of low-heeled sandals are bright golden. A tripod band covered with white lilies diagonally across the entire smooth and white instep. Her jade feet are decorated with five white lilies with silk texture. The volume of the flowers from the thumb to the little finger gradually becomes smaller. The largest one is made of golden thread in the heart of the flower.

The ten pearly jade toes were painted with water-red nail polish, which made the flowers on her feet look more gorgeous.