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Volume One Chapter 1032 Escape

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    It was unclear how much information Hu Xi had in hand, and whether the turmoil would spread widely. Shen Huai and Sun Yalin stayed overnight in Yushan, and drove back to Xucheng early the next morning.  "I'm afraid it's too late to remind Xu Pei at this time." Sun Yalin said.  "We can only take care of ourselves." Shen Huai sighed lightly.  Cui Weiping and Hu Lin launched an offensive against Xu Pei in advance, which means that the storm caused by Pucheng Group will not be limited to Huaihai Province. Moreover, Pucheng Group's development strategy in recent years has been too radical and speculative, leaving too many problems.  Giving someone else a handle to take advantage of cannot be a timely reminder from him to eliminate the trouble.  The Meishan Steel Department can only take care of itself at the moment and try its best to check all debts in the shortest possible time. Defective debts must be cleared in time to avoid being implicated in trouble.  Fortunately, Guosen Investment¡¯s trust business structure has been adjusted for more than a year, and the proportion of corporate debt has dropped significantly. The trust business is mainly concentrated in infrastructure and real estate investment, and it is not worried about being implicated in debts caused by the turmoil caused by Pucheng Group.  Crisis comes.  Shen Huai didn¡¯t want to turn a blind eye completely, but the mention of Pucheng Group¡¯s debt problem on the phone seemed too abrupt.  It was not until mid-May that the science and technology park invested and constructed by Pucheng Group in Zhunan New City held an inauguration ceremony. At the reception dinner, Shen Huai had the opportunity to meet Li Gu and Xu Pei.  In the past two years, real estate has also been a key direction for the diversified development of Pucheng Group.  The first phase of the Pucheng Science and Technology Park invested and constructed by Pucheng Group in Zhunan New Town, to the east of the Zhunan Central Business District, is actually focused on property development of villas, hotels, and office buildings, with an initial investment of more than 1 billion.  In addition, Pucheng Group has also invested in a number of residences, hotels and office buildings in the main urban area, with a staggering total investment scale.  Looking at the scale of development in 2001 alone, the scale of real estate projects developed by Pucheng Group in 2001 is not necessarily the case for real estate companies under Pucheng Group, or other companies that are known as technology development but actually develop real estate properties.  Slightly smaller than Dongjiang Real Estate.  Shen Huai also thought of another possibility for Cui Weiping and Hu Lin to launch an offensive in advance, that is, if Pucheng Group survives this period, the financial difficulties faced by Pucheng Group may be alleviated - once Pucheng is asked to advance the most problematic financial loan  In addition, if Hu Xi continues to use these issues to attack Pucheng and Xu Pei, he will be powerless.  The current domestic economic and financial system has not yet been fully established, and many areas are still in the stage of crossing the river by feeling stones.  Judging heroes based on their success or failure is also the current status quo of reform.  ¡° Many new affairs, even if there are some procedural violations and some rashness, can still be regarded as a bold and creative attempt or change as long as there are no serious consequences.  Only losers will be picked out and swallow all the bitter fruits.  Shen Huai took the opportunity that did not attract much attention and mentioned Pucheng¡¯s debt problem to Li Gu: ¡°In addition to the city commercial banks in Xucheng and Donghua, Huaihai State-owned Assets also plans to invest in city commercial banks in other cities in the province.  After preliminary adjustments, Pucheng Investment invested a total of 400 million yuan in the past two years to participate in the capital injection and restructuring of urban commercial banks in Guanyun and Yicheng.  Cheng used his status as a major shareholder to lend a total of more than 3.5 billion from commercial banks in these four cities. This purchase cost was too much for Pu Cheng, and what I want to consider is Pu Cheng's aggressive lending.  , will excessive use of loans from local commercial banks affect subsequent development? I don¡¯t know how hungry Pucheng Investment is for funds. I¡¯m worried that Pucheng will lend three loans from only four prefecture-level commercial banks.  With 1.5 billion in funds, plus loans from China Commercial Bank and other financial institutions, will the figure be so large that it is unimaginable? "Are you worried about the debt crisis of Pucheng Group?"  Li Gu frowned slightly, knowing that Shen Huai would not mention these issues without reason.  Shen Huai nodded.  "You are not the only one who raised this issue today," Li Gu said in a suppressed voice. "There are now four commercial real estate projects in Pucheng that have entered the sales stage. The withdrawal of funds is accelerating, and the integration of acquired assets by the three listed companies has also been completed.  After the initial chaotic period, the situation should get better in the later period" Shen Huai said nothing and picked at the dishes on the plate in front of him with his chopsticks.  "Are you worried that Pu Cheng may not have such ample time?" Li Gu asked with a frown.  "" Shen Huai nodded. If Cui Weiping, Chen Baoqi, Dai Lesheng, Hu Lin and others launch another offensive after the Central Committee's re-election meeting is held in November, and after Zhao Qiuhua officially takes charge of the work of the State Council in March next year, Pucheng Group can still  There is a critical adjustment period of nearly one year. During this period, two to three billion funds can be withdrawn and the most serious loopholes can be plugged. Maybe we can get some relief and escape the disaster.   Obviously, Cui Weiping and Hu Lin don't seem to give Pu Cheng too much time.  Li Gu sighed softly: "Pucheng has been a little impatient in trying to catch up with Meishan Iron and Steel's development pace in the past two years." Li Gu is not unaware of the current problems of Pucheng Group.  Any company that wants to develop rapidly will inevitably face the problem of high debt operations.  Even after Shen Huai took charge of the provincial state-owned assets system, the total liabilities continued to increase.  In addition to Huaihai State-owned Assets, Meishan Iron and Steel Co., Ltd. is involved in the construction of Qingfeng Pithead Power Plant, the construction of cascade hydropower stations in the middle and upper reaches of the Zhujiang River, and the Xudong Railway double-tracking project. The second phase of Xinpu Iron and Steel has reached the stage of rapid development. Next, Lanshan Refining and Chemical Co., Ltd.  The first phase of the project will be fully launched, and Xinpu Refining and Chemical's delayed PX and ethylene projects will also be launched soon, and the total debt assumed has already exceeded 20 billion.  However, companies¡¯ ability to shoulder debt varies widely.  The net profit generated by the Meishan Iron and Steel Department in a year is nearly 10 billion, and the debt scale of 20 billion can be digested in only two years. Naturally, there is no concern that it will induce any crisis.  As long as there are no big loopholes, Xu Pei can still suppress Pucheng Group's various illegal and illegal acts in the process of large-scale lending; after all, Hu Lin and Rongxin Group are not innocent, and the handle of the Dongjiang Securities case back then has been returned.  Xu Pei grabbed it in his hand.  The key still depends on whether the integration after Pucheng's large-scale asset mergers and acquisitions can be successful, whether it can continuously generate enough profits, and make up for the financial loopholes caused by previous large-scale borrowings and mergers and acquisitions in a timely manner.  As long as the financial loopholes are plugged and the debt crisis is not triggered, even if Pu Cheng's behind-the-scenes manipulation of the stock price is proven, in the current environment, Zhao Moshi can throw out a few scapegoats without worrying about hurting Pu Cheng Group's  The main body, let alone worry about getting Xu Pei involved.  However, Shen Huai is not too optimistic about the integration of Pucheng Group's acquired assets.  Li Gu looked at Shen Huai's face seriously and saw his solemn expression, thinking that he might be too optimistic about Pu Cheng's problems.  He also knew in his heart that Pu Cheng was eager to catch up with Meishan Iron and Steel's development pace in the past two years, but Zhao Moshi was not necessarily the only one who was eager to do so. He really didn't know what big problem Pu Cheng was going to cause, and how Xu Pei would end it?  Li Gu frowned, and Zhao Moshi came over with a drink: "What are Secretary Shen and Mayor Li talking about? Mayor Li looks worried?" "Oh, it's nothing." Li Gu suppressed his frown for a moment, and some words didn't matter after all.  He should talk to Zhao Moshi directly.  Shen Huai looked at Zhao Moshi's calm expression and thought to himself that his mentality was really calm. Did he conclude that Xu Pei would clean up the mess for him, or did he have other plans in mind and was just pretending to be calm at this time?  Shen Huai raised his glass with a smile and said to Zhao Moshi: "The establishment of the science and technology park in Pucheng will not only strengthen Pucheng's scientific research capabilities, but also contribute to the growth of Xucheng into a technologically innovative industrial city. I would like to congratulate you, Mr. Zhao."  From the distant look in Shen Huaishan's eyes, it was difficult for Zhao Moshi to guess his depth. He just clinked glasses with him, chatted and laughed as if nothing happened, and made polite remarks.  Shen Huai just pretended that Zhao Moshi secretly sent people to monitor his residence last year, as if it never happened at all.  Zhao Moshi held the wine glass and ran to other tables to toast. Shen Huai smiled lightly and said to Li Gu, "Zhao Moshi still looks very confident" "Cao Zhengjiang doesn't seem to think that Pu Cheng has much presence at this time.  Serious problem, where are Jiang Yibin and Ding Jianguo?" Li Gu asked.  Shen Huai spread his hands and said: "At least at the party group meeting of the State-owned Assets Supervision and Administration Commission, there was no feedback on relevant information." "Alas," Li Gu sighed lightly. If Zhao Moshi, Cao Zhengjiang, Jiang Yibin, or even directly approached Governor Xu Pei for help  , indicating that Pucheng's problem is not so serious that there is no cure. However, the calmer Zhao Moshi is at this time, the more worried Li Gu is about the seriousness of the problem.  Shen Huai wanted to tell Li Gu to be on guard against the possibility of Zhao Moshi fleeing, but he gave up after thinking about it. He didn't need to worry about such a thing at all.  After the dinner, Shen Huai left the hotel. He believed that Li Gu would communicate with Xu Pei after realizing the relevant issues. He didn't know what countermeasures Xu Pei would take.  *************************** Pucheng has made great strides in the capital market in recent years and has acquired many holding and shareholding companies in the country.  There are hundreds of them, mainly concentrated in the province.  Putting aside personal grudges, Shen Huai does not want Pucheng to collapse all of a sudden. He also does not know how serious the negative impact the collapse of Pucheng, a corporate building that was mainly supported by large-scale mergers and acquisitions in the later period, will have on the economic development of the province.  .    In the next few days, Shen Huai noticed that Jiang Yibin came and went in a hurry, and he rarely appeared in the Guojin Building. Even if he met on other occasions, he could see a very stiff expression on his face.  Shen Huai guessed that after Li Gu communicated with Xu Pei, Xu Pei, Cao Zhengjiang, Jiang Yibin and others should have realized the debt problem of Pucheng, and their opponents had already smelled the strong smell of blood.  During this period, Shen Huai also further collected Pucheng Group¡¯s debt materials from outside.  The total debt scale of Pucheng Department is much higher than Shen Huai¡¯s previous estimate, and may exceed 15 billion, and the problem is more serious than Shen Huai had previously expected.  In addition to borrowing heavily from financial institutions such as banks and trust companies, Pudong has raised a lot of funds needed for large-scale mergers and acquisitions as well as asset integration, business operations, and debt interest payments. It has delayed a large amount of project payments and goods payments from relevant parties, and made  Large and small credit companies in Xucheng City and other places borrowed money at high interest rates, and also sold nearly 2 billion in "guaranteed income" funds through Huaihai Securities Company.  Shen Huai originally thought that the provincial state-owned assets would not be too deeply implicated, but the situation was obviously not as optimistic as he expected. The two billion "guaranteed income" fund and high-interest borrowing from credit companies in Xucheng and other places actually involved illegal fund-raising.  .  Shen Huai could not imagine what kind of mess would happen if Pu Cheng couldn't hold on and the debt crisis broke out.  As far as provincial state-owned assets are concerned, if the "guaranteed income" of 2 billion loans cannot be recovered from Pucheng, or only part of it can be recovered, Huaihai Securities is the largest securities company in Huaihai and one of the most important components of provincial financial assets.  It is very likely to be directly dragged down.  Huaihai Securities is a provincial state-owned securities company.  After the establishment of Huaihai State-owned Assets Group, Shen Huai was no longer in charge of the enterprise division and industrial rights work of the State-owned Assets Office. Previously, due to the strong independence of Huaihai Securities, Shen Huai rarely had the opportunity to directly inquire about its operating conditions, and was under the jurisdiction of the Provincial State-owned Assets Office.  Much of the regulatory work is mainly handled by the Supervision and Management Office of the State-owned Assets Supervision and Administration Commission.  Those are mainly the work of Jiang Yibin and Ding Jianguo.  These issues have never come up at the party group meeting of the State-owned Assets Supervision and Administration Commission. Shen Huai guessed that Jiang Yibin and Ding Jianguo may have dragged Zhao Moshi into trouble. No matter how they cut it this time, it would be difficult to escape alone.  The total market value of Pucheng's three listed companies is over 40 billion, and their net assets are nearly 10 billion. Ordinarily, Pucheng's total liabilities of 15 billion are not ridiculously high, but the bigger problem is that Pucheng's three listed companies are listed on the market.  The company's stock price was driven up by Pu Cheng's manipulation from behind the scenes.  Pu Cheng¡¯s borrowings from banks and other financial institutions were mainly pledged by the equity of three listed companies.  In the past three years, several securities exchanges that are closely related to Pu Cheng have frequently bought and sold the stocks of these three listed companies, with a total value of up to 30 billion.  Pu Chenggong has increased the equity of three listed companies by eight times in the past two or three years through such frequent handover operations.  The current stock prices are so high that almost all other investors and institutions have withdrawn from these three listed companies, except for speculators and retail investors who have been deceived.  In order to support the current stock price, Pucheng could only mobilize a large amount of funds and forcibly acquire all the sold circulating shares in the secondary market; and the large amount of interest payments also exacerbated the fragility and tension of Pucheng's capital chain.  Once Pucheng's funds cannot support it, its stock price collapses, or it fails to pay interest on time, causing creditors to focus on debt demands, it will inevitably turn the existing crises and structural risks within Pucheng Group and beyond like dominoes.  induced.  Although no direct news came out, and Shen Huai had no intention of getting involved, he could guess that Xu Pei still wanted to save Pu Cheng.  Even Xu Pei and Shen Huai guessed that he could not bear the serious consequences of Pucheng's sudden collapse.  In addition to strengthening the financial and business verification of Huaihai state-owned enterprises during this period, Shen Huai has been thinking about how Xu Pei plans to alleviate the crisis faced by Pucheng Group, and how Cui Weiping and Hu Lin plan to kill Pucheng Group.  one strike.  However, Shen Huai did not struggle with these two issues for too long.  On the morning of June 9, Shen Huai drove to the Guojin Building. As soon as he entered the office, before he could sit down to warm up, he heard Tang Baocheng greeting Jiang Yibin outside the office: "Secretary Jiang, are you here to see Secretary Shen?" Hearing Tang Baocheng  With Jiang Yibin talking in the corridor, Shen Huai opened the door and saw Jiang Yibin standing in the corridor with hesitation and uneasiness.  Shen Huai¡¯s office and special conference room occupy half of the aisle from the elevator. Tang Baocheng and Jiang Yibin¡¯s offices are upstairs.     wantIt was because Jiang Yibin didn't take the elevator down with Tang Baocheng that he realized that Jiang Yibin had been hesitating in the corridor outside his office for a while without knocking on the door.  "What does Secretary Shen want from me?" Shen Huai asked, inviting Jiang Yibin in.  Tang Baocheng did not follow, turned and walked away.  Jiang Yibin rubbed his hands and walked to the window. He looked at the tops of the ginkgo trees in the yard that were almost as high as the window. He frowned for a while, then turned around and said to Shen Huai: "Zhao Moshi went to France a few days ago.  Talking about the project, logically speaking, he should have returned to China the day before yesterday" Escape!  Jiang Yibin made a special trip to tell him about this. It was obviously not as simple as Zhao Moshi being delayed abroad for two or three days due to temporary matters.  Shen Huai sighed inwardly: Now that all parties have confirmed that there is a huge problem in Pucheng, why is there no restriction on Zhao Moshi's going abroad?  There were some things that did not require him to remind him. Shen Huai had no intention of getting entangled in the minutiae of Zhao Moshi's escape and asked Jiang Yibin: "How serious are the problems in Pucheng?" "Jianghe Phosphorus Industry and Qianxi Diesel Machinery actually suffered a loss last year.  "Although Pucheng Electric made a profit last year, it was not as good as the annual report announced." Jiang Yibin clenched his fists bitterly, "Zhao Moshi didn't mention all this at all, and just fooled everyone with adulterated financial statements. He has now slipped away.  After all, how can we clean up such a big mess? " Shen Huai didn't know how genuine Jiang Yibin was at this time. He thought that the main problem was that the merger and integration that Pu Cheng had led in the past few years had failed.  The debt crisis faced by Chengdu has no chance of being resolved.  Seeing Jiang Yibin looking at him eagerly, Shen Huai did not give him the response he longed for. He just said lightly: "I noticed that the provincial state-owned assets have several subsidiaries, and they also have business dealings with Pucheng. I will check the Huaihai state-owned assets.  I don¡¯t know if Director Ding can do anything in time to reduce losses, but we should try our best to do it. If the subordinate companies are involved in illegal activities, I think there are deficiencies in the internal self-examination of the State-owned Assets Supervision and Administration Commission, and it should be reported.  The Provincial Commission for Discipline Inspection intervened in the investigation" Jiang Yibin could not see the slightest spark of hope in Shen Huai's calm eyes. He knew that Shen Huai could not jump into this mud pit by himself, so he could only sigh secretly and left Shen Huai's office exhausted.  .
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