Recently, a company in Huzhou, Zhejiang Province went bankrupt.
Auction assets of all kinds, a few used cars priced at 10,000 to 20,000, but no one to buy, the property 221 million starting auction, not a discount, it seems that the house is still worth the money.
This company is called Zhejiang Changxing Hanergy, look at the name to know, is the famous “Hanergy system” company, his boss, is the former “China’s richest man” Li Hejun.
This company in Zhejiang has land to sell, which is lucky for creditors. The worst is that there are no assets, such as Guangdong Hanergy Thin Film Power, whose real assets will be exposed when it goes into bankruptcy liquidation at the end of 2020 –
There is no money in bank deposits or securities accounts, no cars or houses in its name, and when it arrives at its registered address, there is nothing, and the company is not even an empty shell, but there are several other companies in similar situations, which are not worth much.
Shanghai Hanergy was also nearly liquidated in bankruptcy because of a debt of 735,000.
Many of Hanergy’s industrial parks have been caught up in lawsuits. Hainan and Liaocheng’s industrial parks have been seized by execution, Germany’s Solibro has entered bankruptcy proceedings, and the GSE acquired in Arizona, USA, is on the verge of closing down.
From the peak to the bottom, only five or six years, China’s former richest man, this defeat is a bit fast, huh?
The story of Li Hejun’s fortune is a bit of a grassroots comeback.
He was born in the late 60s in Heyuan, Guangdong, and his family has been farming for generations. 17 years old, Li Hejun entered Beijing Jiaotong University, and later went to graduate school, but it is said that due to the death of his mentor, he interrupted his studies and went to sea.
Li Hejun borrowed 50,000 yuan from an old professor in the department, but he lost a bottom in no time, but later made his first bucket of money by dumping electronic components in Zhongguancun.
Then he found his “money printing machine” – hydropower plants.
Li Hejun into hydropower, the first is to use their own accumulation to buy a few small hydropower station, not to mention, soon earned a lot of money, so he wanted to engage in a big vote, Jinsha River came into his sight.
The Jinsha River is rich in hydropower resources, the local government also plans to engage in a “one reservoir eight levels” of hydropower plant group, Li Hejun appetite, want to do six by themselves, but the government worried that he did not have the strength, so this huge idea did not come true, and finally, Huaneng, Huadian, Datang three major central enterprises and Hanergy joint venture development 1-4 level, 5-8 level by the The four companies were dominant, and Hanergy was allocated the Jinanqiao hydropower station.
Thus, China’s largest private hydropower plant was born, “earning billions every year,” Li Hejun sat and counted his money.
May be enough to stimulate, in 2009, Li Hejun high-profile into the photovoltaic industry, those years, photovoltaic manufacturing a lot of rich people, by subsidies can earn to the hand.
Li Hejun to engage in the largest, into the photovoltaic industry in the first year, he set a higher goal than the industry leader, in the second year, he moved to mention the “ten billion dollars” investment, the third year simply kill the capital market, get the money and start large-scale acquisition at home and abroad.
In 2015, Li Hejun became the richest man in China with 165.5 billion yuan by relying on Hanergy’s thin film power generation in the Hong Kong stock market.
In 2015, Li Hejun became the richest man in China with a fortune of 165.5 billion yuan.
● Three years to achieve a profit of $40 billion, revenue of $200 billion and market value of $10 billion, which is comparable to Ali and Tencent.
In five years, he wanted to achieve profits of $40 billion, revenue of $200 billion, and market value of $10,000 billion, which would be comparable to Apple and Google.
The story came to an abrupt end before the bull finished blowing.
On May 20, 2015, Hanergy’s shareholders’ meeting was held as scheduled, but 15 minutes after the opening of the shareholders’ meeting, Hanergy’s stock began a crazy decline, falling 47% in half an hour, basically cutting off its waist, and an hour later, Hanergy’s emergency stop, at which time the market value had already lost 144.2 billion Hong Kong dollars.
Investors have not yet come out of the door of the shareholders’ meeting, already lost half, Li Hejun’s value also plummeted more than 100 billion Hong Kong dollars.
Why is this in the end?
“This is malicious shorting” is Li Hejun’s judgment on the plunge, but the outside world believes that the plunge is because Hanergy’s manipulation of share prices has been exposed.
The Financial Times in the UK posted an article questioning why Hanergy always saw its share price spike about 10 minutes before the closing bell.
They have been tracking this situation for 25 months and found that it happens so many times that the “coincidence” must be confusing, but the manipulation of the share price is real.
Moreover, Hanergy’s share price has risen 1048% in more than a year, making it a big “demon stock”.
Such an increase is not impossible, but there must be performance to support it, right? How exactly did Hanergy’s income come in those years? Relying on the huge associated transactions, the left hand to the right hand performance out, no points in their own hearts?
Once this mine exploded, Hanergy could not handle it, Li Hejun quit the listed company is still hopeless to resume trading, four years later, can only be completed in the form of a share swap privatization, directly delisted.
Li Hejun, of course, is not willing, he hopes to be listed in the A-share, but everyone is not optimistic about this problem company, either that the asking price is too high, or that the assets are too poor, Li Hejun also looked for state capital, want to survive through the way of mixed reform, all to no avail.
Once the capital market is off, a lot of trouble has just begun.
It is estimated that many people have always had a question – why Hanergy’s spread can be so large in a very short period of time?
By its own accumulation? Definitely not exactly, by financing, to be frank, by bank money.
Hanergy’s ability to get money is still very strong, it is said that Li Hejun said at a dinner party, “Hanergy is the eldest son of China Development Bank”.
This is probably not bragging, since the era of hydropower plants, China Development Bank has given Hanergy a lot of loans, Jinanqiao hydropower plant a project of more than 3 billion, in 2011-2014, China Development Bank gave Hanergy 30 billion of credit.
Of course, Li Hejun was not polite, he borrowed as much as he could, and the amount he could find was nearly 7 billion.
At that time, Li Hejun also had a good relationship with Dong Wenbiao, chairman of Minsheng Bank, and Hanergy got another 20 billion in credit.
Another close relationship with Hanergy is Jinzhou Bank, which is not a big bank, but the credit given to it is also 8 billion. Jinzhou Bank also has Hanergy in its financial products, and the major shareholder of Jinzhou Bank has participated in Hanergy’s fixed income, so the close relationship between the two sides is evident.
When Hanergy is in trouble, these financial institutions will be in trouble!
Jinzhou Bank happened to be listed in the Hong Kong stock market, which was affected, and China Development Bank started to ask for money, and directly sued Hanergy and Li Hejun and his wife, and when the court was in session, Li Hejun and his wife Wu appeared to be divorced, and Li Hejun spent 2 billion to buy out the shares in Wu’s hands.
The State Development Bank said, I do not care, anyway, when you borrowed money or husband and wife, this joint and several liability you can not run, you are not a husband and wife I do not care, as long as the money will be repaid.
But Li Hejun’s money is not much, it is said that the 2 billion to buy the Wu ugly shares, but only 700 million, the remaining 1.3 billion are all IOUs.
The bank alone can not support Hanergy’s rapid expansion, Li Hejun’s another reliance on the local.
At that time, many places were scrambling to introduce PV, so Li Hejun took advantage of the situation to spread Hanergy across the country, establishing a number of industrial bases and industrial parks such as Heyuan, Liaocheng and Hainan.
Land acquisition is certainly cheap, and investment also upholds the “three-three system”, with localities, banks and Hanergy each contributing one-third, and Hanergy may not have to pay a penny, as it usually seeks loans directly from localities, a bit of an empty glove.
When Hanergy invested in Yucheng, it borrowed 800 million from Yucheng City Finance Bureau, the project was rotten, not to mention that 800 million funds were returned after 90 million, so Yucheng had no choice but to sue Hanergy.
By 2019, such a trick continues, Hanergy and Shanghai signed a cooperation intention to build a new project in Shanghai, with an investment amount of 82.1 billion, but after signing the contract, there has been no action either, because Hanergy can not get the money, apparently, Shanghai’s money is not so good to get.
Later, because of the money, the industrial bases in Hainan and Liaocheng were also seized one after another.
At that time, many people always thought that Hanergy’s re-emergence was just a matter of time, why so confident? Because Hanergy has a huge “money printing machine” on its hands – Jinanqiao hydropower station, which can make money steadily every year.
As a result, when Huadian checked the accounts of Jinanqiao hydropower plant, it found that Jinanqiao was indeed very profitable, but really no money.
Because the money is taken away by the holding Hanergy, Hanergy in Jinanqiao accounted for 11.065 billion, and Hanergy also issued debt through Jinanqiao, money taken away, debt by Jinanqiao to pay.
In order to get more money, Hanergy’s shares in Jinanqiao were also basically pledged out, involving Minsheng Trust, Sichuan Trust, Harvest Capital and HNA’s Zhonghe Guarantee, according to data from SkyEye, currently Hanergy’s equity in Jinanqiao is only about 30%, these debtors have also become shareholders.
Then later, even private jet companies came to collect debts.
Back then, Li Hejun bought a private plane, and later sold it to save some money, and then rented it back to use, the results did not pay the rent for several years, the plane also did not return, the aircraft company or their own check the flight schedule, personally went to the United States Las Vegas before the plane was detained.
Of course, the deepest pitted, or employees.
The matter of unpaid wages is no longer a big deal.
In those years, Hanergy issued internal financial products in order to make money, and the main purchasers were employees.
Of course, the money must have been mined, and the employees had to ask for their salaries and principal at the same time, which was too bad.
Now, the former richest man in China, has been layers of “high limit”, in the eyes of many creditors and former employees, he is a rogue, and even suspected that he has transferred assets.
After all, according to information from SkyEye, today Hanergy’s companies have nothing to do with Li Hejun on the surface, and the actual controller has long been scattered into the hands of his siblings.
Behind the richest man, spoiled a large amount of money, leaving only a chicken feather.
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