21st Century Business Herald reporter came to this hotel in late November, a local creditor broke the news that there is evidence that the former chairman of China Kang Xin Group, Ningbo Kang Xin Chemical Fiber Co. moved to Shanghai, he has been living in this hotel), driving a Range Rover with a driver.
The 21st Century Business Herald reporter inquired about the Chinese court network found that Shen Dingkang himself between May 17, 2017 and August 3, 2020 **** there are 10 records of the executor of breach of trust, the implementation of the court both Ningbo City and Cixi City, but also Changning District, Shanghai. The specific circumstances of the behavior of the bad faith executor for "the ability to fulfill but refused to fulfill the obligations determined by the effective legal instrument" and "illegal property reporting system".
Several local financial institutions said to the 21st Century Business Herald reporter, Kang Xin chemical fiber risk exposure to September 2016, *** in eight financial institutions financing nearly 1.4 billion yuan, in addition to a small number of mortgaged assets after the disposal of the bank to recover some of the accounts, more than 800 million yuan of the loan has been reduced to bad debt. According to Qixinbao inquiry, Kang Xin chemical fiber 2015 to date, has been y involved in 33 financial loan disputes.
The reporter inquired Qixinbao also learned that Kang Xin chemical fiber has 16 records of restriction of high consumption, of which 12 directly refers to Shen Dingkang himself, since 2016 the applicant includes ICBC Cixi branch, Bank of Communications Cixi branch, Agricultural Bank of China Hangzhou Bay New Area branch, Shanghai Bank Cixi branch, ICBC Hangzhou Bay New Area branch, Industrial Bank of China Ningbo branch, Bank of China Ningbo Cixi branch, Hangzhou Bank Ningbo branch, Everbright Bank Ningbo Branch, etc.
In the Cixi Municipal People's Court Consumption Restriction Order "(2019) 浙0282恢58号", it explicitly mentions that according to Article 1 and Article 3 of the "Supreme People's Court's Provisions on the Restriction of Higher Consumption and Related Consumption of the Executed Person", it restricts Kangxin Chemical Fibers and the unit's legal representative, the main person in charge, the directly responsible person affecting the fulfillment of the debt, and Shen Dingkang, the person who is actually controlling the unit, from The implementation of high consumption and non-life and work necessary consumption behavior, including high consumption in star-rated hotels, hotels and other places.
Even in the face of eight banks on his personal application for enforcement of the restriction of high consumption order, the executor Shen Dingkang still sat in a luxury car, living in five-star hotels, eye-catching. More chilling to the local financial institutions, Kang Xin chemical fiber liabilities "towering clouds", the actual controller is suspected of foreign another stove, suspected of buying back their own assets at a low price through other people's behalf, so as to "fake bankruptcy, real life".
"If it is another stove after the bankruptcy, it is entrepreneurial spirit, but so openly evade debt, it is excessive, if caused other enterprises to follow suit, then the relationship of trust between the bank and the enterprise will be completely destroyed." A local big bank in Ningbo said.
From the founder of the leading chemical fiber enterprises to more than a billion debt, was restricted from high consumption, Shen Dingkang's experience is saddening; but Kang Xin chemical fiber left behind the debt quagmire, as well as evasion of the debt cloud of suspicion, is still hanging over the heads of local financial institutions.
The story begins more than a decade ago.
As one of the strongest economic county-level cities in Zhejiang, Cixi is located on the coast of the East China Sea, living in Shanghai, Hangzhou, Ningbo, the center of the three metropolises, sitting on the sea of Hangzhou Bay New Area, there is a location can not be ignored. Among the pillars of local industrial structure are both export-oriented small home appliance industry and mature textile industry chain. Before 2015, Kangxin Chemical Fiber was a pivotal leading enterprise in the local chemical fiber industry in Cixi, and was one of the top ten enterprises in Cixi, making important contributions to the local economic development.
Kang Xin Group was founded in 2003, Ningbo Kang Xin Chemical Fiber Co. Shen Dingkang is the legal representative and the largest shareholder of Kangxin Chemical Fiber, with a share ratio of 59.7%, and his son Shen Xin is the second shareholder, with a share ratio of 20.4%. Kang Xin Group, although in 2007, due to some banks to draw loans caused by the capital chain crisis, but the chemical fiber industry situation improved, Kang Xin Chemical Fiber as the main body of the loan has become the darling of the local banking industry, often from the banks to obtain more than 100 million yuan in loans, as well as the local branch of the bank at every turn 500 million yuan of credit line.
Shen Dingkang himself is a star entrepreneur, public information shows that he was the executive chairman of the Ningbo Youth Chamber of Commerce, Cixi City People's Congress, and has received a number of honors: "City entrepreneurship", "City May 4th Medal, "Municipal Young Entrepreneur", "Municipal Excellent Entrepreneur", "Municipal Advanced Worker", "Municipal Excellent Factory Director (Manager) ", "City Top Ten Filial Piety Star", "City Charity Star".
After finishing high school in 1982, Shen Dingkang went to work in Meishan Resin Factory in Beilun District of Ningbo City due to economic pressure, and started his own business 4 years later. Like many business-minded Zhejiang merchants, he has been involved in glass fiber reinforced plastic, air-conditioning equipment, bicycle parts, motorcycle supporting, and finally selected chemical fiber as the main business, in Cixi Hangzhou Bay New District, 680 acres of land, a single investment of 700 million yuan in the early stage of the creation of the "Zhejiang Kang Xin Chemical Fiber Co. In 2008, the annual output value of Kangxin Group exceeded 2 billion yuan, and it became a "big taxpayer" in Cixi City and Hangzhou Bay New District, and one of the "Top 10 Enterprises in Cixi City" and "Top 20 Enterprises in Ningbo City".
Starting from 2005, Shen Dingkang also ventured into real estate, and set up Cixi Jinqiao Real Estate Co.
Success is also real estate, failure is also real estate.
"Impression of the 2008 economic crisis has been a problem, had been a few banks stationed in supervision, and then the form of real estate is good, the first batch of government land resumption of the transfer of the development of real estate Conxin Vanstone project to make money, and then the chemical fiber has warmed up has been out of the woods, and then later to continue to develop the real estate as well as the situation of chemical fibers to go bad, the enterprise operation turned bad, nearly Bankruptcy." Zhejiang a familiar with the situation of the enterprise city commercial bankers told reporters.
Woe is not alone. September 2015, the former deputy mayor of Cixi City, Zhang Dingwei bribery court judgment exposure. The judgment shows that Zhang Dingwei in his role as a leader of the local Agricultural Bank, including Kang Xin and other local large enterprises, including a number of business bosses have been for the loan credit thing, to Zhang Dingwei bribes.
The verdict shows that from 2006 to 2007, Zhang Dingwei was invited by Cixi Kangxin Motorcycle Company Limited (former Cixi Zongshen Motorcycle Co., Ltd.), Kangxin Group Company Limited (former Zhejiang Kangxin Chemical Fiber Co., Ltd.), Ningbo Kangxin Chemical Fiber Company Limited and other enterprises in charge of the Shen Moujia, to take advantage of the convenience of his position, for the benefit of the above enterprises in the approval of the bank loans and credits. In 2006 before the Spring Festival, the first half of 2007 in its Cixi City, Cixi Villa 51 (hereinafter referred to as Cixi Villa) home to receive Shen Moujia sent the value of 1,000 yuan Hetian jade pendant 1, 200,000 yuan in cash.
Although the judgment did not disclose the full name of Shen Moujia, but creditors and local people told reporters that the greater probability is Shen Dingkang himself.
"Shen Dingkang as Cixi veteran entrepreneurs, social resources are abundant, and its pre and successive government officials have a closer relationship." A local bank executive said.
As a result of Kang Xin's excessive exhibition and expansion, its banking loans have also been climbing. From 2007 to 2017, Kang Xin's loans totaled 1.5 billion yuan from less than 700 million to over the peak.
The 21st Century Business Herald obtained the September 2016 Kang Xin Chemical Fiber's credit report from the People's Bank of China shows that the company's financing balance at 11 banks totaled 1.5 billion yuan, with 915 million yuan of non-performing and defaulted financial institutions, and 407 million yuan of loans in the category of concern. The company's largest credit balance of loans in various banks is CCB, 531 million yuan, counted as non-performing; Agricultural Bank of China, 243 million yuan, counted as non-performing; Industrial Bank of China, 100 million yuan, counted as non-performing; ICBC, 93.09 million yuan, counted as non-performing. In addition, the Bank of Shanghai, Linshang Bank, Hangzhou Bank, Dalian Bank, Ping An Bank and many other banks are involved in non-performing loans; Bank of Communications has 397 million loans into the concern.
"The most seriously damaged should be CCB and CBI," a local asset management (AMC) agency source told reporters, adding that some big banks had collateral for their loans at the time, but CCB and CBI had most of the secured loans, and thus were hit the most by the Kangxin Chemical Fiber case.
However, the two sets of statements show the company's financial cattiness.
The 21st Century Business Herald obtained Kang Xin Chemical Fiber 2010-2014 corporate tax reports and financial statements provided to the bank there is a difference in profit and gearing ratio difference. Among them, Kang Xin Chemical Fiber 2010 tax report net profit of 64.84 million yuan, gearing ratio of 84.1%, but the statement provided to the bank shows a net profit of 83.49 million yuan, there is a difference of 18.65 million yuan, gearing ratio is only 64.8%; 2011 tax report net profit of 59.64 million yuan, gearing ratio of 87.4%, while the statement provided to the bank shows a net profit of 118 million yuan The difference was 58.73 million yuan, and the gearing ratio was only 69.0%; in 2012, the net profit in the tax report was 81.75 million yuan, and the gearing ratio reached 92.7%, while the statement provided to the bank showed a net profit of 53.4 million yuan, and the gearing ratio was only 68.5%; in 2013, the corporate tax report was a loss of 121 million yuan, and the gearing ratio reached 98.3%, while the statement provided to the bank showed a net profit of 109 million yuan for that year, and the gearing ratio was only 64.8%. The statement shows that year's net profit of 109 million yuan, gearing ratio of 66.4%; 2014 corporate tax loss of 75.63 million yuan, gearing ratio as high as 101.65%, has exceeded 100%, but to the bank to provide the annual report for the loss of 139 million yuan, gearing ratio, although higher than in previous years, but also only 85.5%.
In addition, just before the outbreak of the crisis in 2013 and 2014, two years, Kang Xin chemical fiber cumulative increase in bank loans of 417 million yuan.
The above AMC source pointed out that the data of net profit and gearing ratio between the company's tax report and the statement provided to the bank are completely incorrect, and there may be two reasons: one is to cheat the bank's credit by falsifying the statement; and the other is to reduce the company's profit by fictionalizing the increase in the cost and pay less income tax.
A banker involved in the incident told reporters that this has touched the category of fraudulent corporate statements.
Another local city merchant bankers said that ten years ago, Cixi enterprises themselves real statements and statements provided to the bank and the tax department discrepancies are very common to Kang Xin chemical fiber case, for example, can be seen in a number of state-owned large banks dragged by this.
Just before the exposure of the risk of Kang Xin chemical fiber on August 14, 2015, a company called "Jiangsu Xinbo polymer materials limited" in Suqian City, Jiangsu Province, registered landing, the registered capital was initially 300 million yuan, has been changed to 183 million yuan. At the beginning of the establishment of the enterprise legal representative, chairman and general manager named Shen Jingjing, it is Shen Tingkang 21-year-old daughter, Shen Tingkang himself for the company's directors (later stepped down), his son Shen Xin for the staff director (later stepped down). But according to local people in Cixi, his daughter was studying abroad, and the actual manager is still Shen Dingkang himself.
The company's business scope includes research and development, production, purchase and sale of polyester and chemical fiber products, which is more consistent with Kang Xin Chemical Fiber.
In April 2017, the Economic Observer reported the loan default case of Kang Xin Chemical Fiber, and the establishment of Xinbo, the company has undergone a number of industrial and commercial changes, and eventually the largest shareholder by 80% of the shareholding of Shen Jingjing, into a 47.27% shareholding of Ningbo Meishan Bonded Port Zone Tui Chang Trading Partnership (ordinary partnership), the legal representative of the Shi Kejun, Shen Jingjing personal to the latter partnership The company has a 14% shareholding in the latter partnership.
Local creditors believe that this is the tip of the iceberg of Kang Xin Chemical Fiber's suspected asset transfer, and more suspenseful is the original Kang Xin Chemical Fiber company proper.
In October 2017, Ningbo Intermediate People's Court in Ningbo, Zhejiang Province, the subject matter of "Cixi City, Hangzhou Bay New District, Binhai Road No. 476, Binhai Road, south side of the three roads, Xing Ci Road, west side of the four roads, such as industrial property and machinery and equipment," public foreclosure, and the location is Kang Xin Chemical Fiber's plant.
A person familiar with the auction situation at the time said, in fact, there are a lot of local companies interested in this piece of land located in Hangzhou Bay New District of hundreds of acres of land, but due to the land and factory equipment together auction, other interested companies are also deterred: "equipment procurement and depreciation situation only the original factory owner knows, chemical fiber equipment and land together! The company's business is to sell the chemical fiber equipment and land together in a package.
Eventually a company registered in December 2016 after the outbreak of the crisis of Kangxin Chemical Fiber, called Ningbo Quan Di International Trade Co. Ltd. to 516 million yuan price successfully took over the land and factory equipment of Kangxin Chemical Fiber, and in January 2018 changed its name to Ningbo Quan Di Chemical Fiber Co.
At present, the legal representative of the enterprise is Feng Zheding, and holds 40% as the first major shareholder; Shanghai Shuanglu Shangling Enterprise Group Co. Ltd. holds 31% as the second major shareholder, which is two natural persons after the penetration of the company's shareholding, among which Cixi businessman Chen Quanmiao holds 60.6% as its de facto controller; and the third major shareholder is Zhejiang Antai Holding Group Co. Ltd. which holds 29%.
But many creditors still think that the actual manager of this company is still Shen Dingkang himself, the foreground stands, but it is just the proxy holders.
"Feng Zhe Ding, 55, is a wage earner of Shen Dingkang, whether it is the usual work to drive a car, or their own living house is quite ordinary, which is very rare in Cixi businessmen, it is almost impossible to be the actual controller of the company." A Kang Xin chemical fiber financial institutions creditors told reporters that, according to his observation, Shen Dingkang himself also work in the spring Di chemical fiber, often to and from the spring Di chemical fiber and Hangzhou Bay Hotel. This creditor once went to Quan Di chemical fiber consultation Kang Xin chemical fiber loan follow-up issues, when Shen Dingkang sitting in the chairman's office.
"The boss is still the boss, the staff or those employees, everything is the same as before, the difference is only Quendi Chemical Fiber just 500 million yuan to offset the Kang Xin Chemical Fiber more than a billion dollars of debt." The above creditors said.
But Shen Dingkang each time to the creditor's reply is: the current Quendi Chemical Fiber and his personal equity connection, more likely to bear the legacy of the debt of Kang Xin Chemical Fiber.
And the above state-owned bank sources told reporters: "Even if you know Shen boss in charge of the Quandy Chemical Fiber, financial institutions have no way to get back once the loan. What's more, after four or five years, many banks will be loans with collateral on the disposal, there is no collateral guaranteed loans are written off, the local bank managers have been rotated through a batch of the bad debt is nowhere to be seen, gradually be forgotten."
In order to verify this statement, in late November, the 21st Century Business Herald reporter came to the Hangzhou Bay New District, Binhai Road, Quan Di Chemical Fiber plant, "Quan Di Chemical Fiber," the four big words stand in the original "Kang Xin Group" position, the plant area The area of the factory is very large, equivalent to several soccer fields, and you need to drive through several long buildings between the front and back gates. The main entrance was full of small cars. It's a weekday afternoon, and the factory is full of chimneys and smoke, with a lot of workers going through them.
(Quan Di chemical fiber factory building entrance, the reporter Zhou Yan Yan shot)
The reporter asked the doorman said: "Today Shen boss is not in?"
The other party responded: "Today in."
The reporter asked: "Shen boss often come?"
The other said: "Occasionally."
The reporter asked: "Shen boss is your biggest boss?"
The other said, "Yes."
After the other party alert, did not continue to answer the reporter's questions.
The reporter contacted the current Quan Di chemical fiber enterprise legal representative, the largest shareholder Feng Zhe Ding, but Feng heard the reporter is asking the actual controller of the Quan Di chemical fiber is Shen Dingkang problem first hung up the phone, after the reporter dialed again, Feng Zhe Ding silent for a long time, not fluent in Mandarin, said: "This you do not ask, I have no obligation to say to you! This word, I did not answer such a consultation."
The reporter then contacted the company's second largest shareholder, Shanghai Double Deer Shangling Enterprise Group Co. Ownership.
The reporter asked: "Quan Di chemical fiber actual controller is yourself or Shen Dingkang?"
Chen Quanmiao: "I myself, not Shen Dingkang."
The reporter asked: "But this company's largest shareholder called Feng Zhe Ding, and not you."
Chen Quanmiao: "Feng Zheding is to help proxy."
The reporter asked: "Help who hold? Help you hold or help Shen Dingkang hold?"
Chen Quanmiao: "Help me hold."
The reporter asked: "But the employees of this company said Shen Dingkang is the big boss."
Chen Quanmiao: "Not him, it's me. In this way, if there is something you follow the process to find me."
Said Chen Quanmiao hung up the phone.
The reporter through the Qixinbao query found that Quan Di chemical fiber and Kang Xin chemical fiber in the process of industrial and commercial registration, stay is the same landline phone.
"Is not through others on behalf of the way 'borrowed body and soul', the regulatory authorities to check the funds transfer records of all parties can know." The above creditors said.
Reporters repeatedly call Shen Dingkang's own cell phone to verify, but the other party did not answer.
In 2020, the latest list of the country's top 100 counties, Cixi City, high in the country's sixth, first in Zhejiang Province, more than the more well-known Yiwu City. And in the current glory, it is difficult to imagine just three or four years ago, the local banking industry suffered a bitter "pain".
According to the Economic Observer, the city's delinquency rate was 6.08% in 2016, up from 4.85% in 2015.
Surprisingly, the hardest-hit area was not city commercial banks, but big banks. Among them, CCB's delinquency rate reached 19.44% that year, China Bank 12.07%, China Merchants Bank 11.09%, ICBC 9.25%, Ping An Bank 10.83%, and Industrial Bank 10.67%.
Local banking industry sources told the 21st Century Business Herald that the most out of the ordinary is that the actual non-performing rate of a major bank in Cixi that year was approaching 40%.
"Cixi in the first few years a large amount of non-performing is mainly due to the fact that a large number of banks in the early years after the stationing of a huge volume of mutual guarantee loans, by the traditional industry downturn triggered by the guarantee circle after the debt crisis, and then there was a large number of malicious debt evasion, coupled with the property price cuts, resulting in large numbers of non-performing banks and liquidation losses. " A local city commercial bankers said.
As the financial supply side is too rich, the funds are pouring into the local private enterprises in Cixi, and the banks have lowered their wind control standards under vicious competition. Entrepreneurs guarantee each other, the practice of obtaining funds from the bank prevailed, many enterprises like Kang Xin chemical fiber began to diversify the business, disorderly expansion, especially to the real estate industry, resulting in leverage soared, in the economic cycle of real estate prices are blocked, these private enterprises bear the brunt.
A judge in Shanghai who has been engaged in the trial of financial cases for many years said, similar to the Kang Xin chemical fiber debt evasion situation in the first few years is relatively common, due to the means of covert, advance layout transfer of assets, and even through the auction of this kind of public transactions to re-acquire their own land and machinery and equipment, which leads to the creditor is difficult to obtain strong evidence, at the disadvantage of the two sides of the fight. In this case, the creditor in the process of litigation is also difficult to prevail, unless the relevant departments to intervene, through the account of the reverse way to let Kang Xin chemical fiber real controllers involved in their own plant auctions of the facts exposed, and participate in the auction means that at that time in the hidden assets, should be enforced.
The local big bank sources told reporters that, at present, with the banking industry year by year digestion and financial ecological recovery and property prices upward, the financial situation is stable, is expected to Cixi this year, the overall banking industry non-performance rate will fall to less than 1%.
Close to Quan Di Chemical Fiber sources told reporters that the production of Quan Di Chemical Fiber this year has only entered the right track, the previous years are losses, in this year, the epidemic spread around the world, but there has been a slight turnaround, "Originally, due to the disappearance of the demographic dividend, a lot of orders lost to overseas. But during the epidemic, this year, many overseas orders back to Cixi, because other manufacturing countries such as India has been shut down. Cixi's small home appliance enterprises and chemical fiber clothing and other enterprises are working overtime to catch up with the work, the only pity is the lack of capacity, goods hoarded in the port waiting to be sent to the world."
The 21st Century Business Herald learned from a financial institution in Ningbo that a city bank has now loaned 250 million yuan to Quan Di Chemical Fiber, but the news was not verified.
It is worth noting that, on November 21, members of the Political Bureau of the *** Central Committee, Vice Premier of the State Council, the State Council Financial Stability Development Committee (referred to as the Financial Committee) held the forty-third meeting of the Financial Committee, which requires financial regulators and local governments to resolutely uphold the authority of the rule of law, the implementation of the regulatory responsibility and the responsibility of the local government, and to urge all types of market players to strictly fulfill their main responsibilities, and to establish a good Local financial ecology and credit environment. Adhering to the attitude of "zero tolerance" to maintain market fairness and order. The company's main goal is to protect the interests of investors by severely penalizing all kinds of "debt evasion" behaviors.
Although the above meeting is aimed at the bond market, but for the bank loans, also has a deterrent effect.
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