This article**: Times Weekly Author: Zhou Songqing Xu Chao.
Gao Chengcheng Multiple sources confirmed to the Times Weekly that Gao Chengcheng, the former chairman of Chang'an Trust, has passed away, and at the beginning of 2023, Gao Chengcheng was exposed and investigated.
In addition, on December 28, 2023, the procuratorate announced that the arrest decision was made against Gao Bin, the former legal representative, chairman and general manager of Jinglin Investment.
Shortly after Gao Chengcheng was taken away at the beginning of 2023, the news of Gao Bin's disappearance came out of the market.
Although the "Jinglin Department" has withdrawn from the list of shareholders of Chang'an Trust on the surface, it is still an important shareholder of Chang'an ** and the largest shareholder of Chang'an Wealth. Gao Bin himself is also a representative of Jinglin, serving as a director of Chang'an** and Chang'an Wealth.
Behind the successive investigations of Gao Chengcheng and Gao Bin, the development path of Chang'an Trust and the original shareholders Jinglin, Chunda and Zendai is worth recalling.
The former chairman of the board has passed away.
Times Weekly learned that Gao Chengcheng, the former chairman of Chang'an Trust, has passed away after being taken away for investigation in early 2023.
According to public information, Gao Chengcheng was born in 1968 and served as the deputy director and director of the investment and leasing department of Xi'an International Trust and Investment Company (the predecessor of Chang'an Trust); Deputy Director of Xi'an Production Fund Management Branch, Deputy General Manager and General Manager of Xi'an Economic and Technological Investment Guarantee. Since April 27, 2008, he has been elected as the chairman of Chang'an Trust by Xi'an Finance Bureau. By 2023, he has served as the chairman of Chang'an Trust for 15 years and has experienced multiple rounds of shareholder changes.
According to Caixin, on February 24, 2023, Gao Chengcheng, then chairman of Chang'an Trust, was taken away for investigation. Since then, Gao's whereabouts have not been officially announced. Recently, a person familiar with the matter revealed to the Times Weekly that Gao Chengcheng had passed away after being taken away. The Times verified and confirmed the news from multiple sources.
In addition, Times Weekly obtained an audit report issued by the accounting firm of Chang'an Trust on October 9, 2023, and the name of "Gao Chengcheng" has been marked with a black box for the legal representative of Chang'an Trust at the time.
According to industrial and commercial data, on November 6, 2023, the registered capital of Chang'an International Trust Co., Ltd. will increase from 33300 million yuan soared to 532.4 billion yuan, the largest shareholder was changed to the legal representative of Xi'an Finance Investment Management *** Chang'an Trust, from Gao Chengcheng to Du Yanxiu.
Listed Bank of Xi'an (600928SH) announced that Du Yanxiu has served as the assistant manager of the asset management department of Soochow ** Management Company; Assistant Director of Investment Planning Department of Xi'an Shiyuan Investment (Group)**; Assistant Director, Deputy Director and Director of the Investment Planning Division of the Office of the Preparatory Committee of the Xi'an World Horticultural Exposition; Director of the Investment Promotion Bureau of Xi'an Chanba Ecological Zone, Director General of the Commerce Bureau (Tourism Bureau, Consulate District Affairs Coordination Center); Deputy Director of Xi'an Investment Cooperation Committee, Member of the Party Leadership Group and Deputy Director; Member of the Party Leadership Group and Deputy Director of Xi'an Investment Cooperation Bureau. He is currently the secretary of the general party branch and chairman of Xi'an Investment Holdings.
Looking back at Gao Chengcheng's investigation and the capital increase of Chang'an Trust, the starting point of all changes began with the investment and retreat of a group of capital players in Chang'an Trust.
Zendai, Chunda and Jinglin.
Gao Chengcheng has been the chairman of Chang'an Trust since 2008. Since 2007, Chang'an Trust has begun to change its equity. Zendai, Chunda, and Jinglin won a total of 5209% equity. Dai Zhikang, the boss of Zendai, Liu Zhiwei, the boss of Chunda, and Jiang Jinzhi, the boss of Jinglin Assets, are all alumni of the Graduate School of the People's Bank of China (commonly known as "Wudaokou").
Dai Zhikang's Shanghai Zendai was first granted Chang'an Trust 39 in 20073% of the equity, Chunda gets 117% of the equity, after several moves, finally evolved: Shanghai Chunda holds 218034%, Shanghai Zendai holds 155972%, Shanghai Jinglin holds 146915%, and the total shareholding ratio of the three reached 5209%。Xi'an Investment Holdings*** holds 40With 4,391% of the shares, it is the nominal largest shareholder of Chang'an Trust.
According to public information, Dai Zhikang, a native of Haimen, Jiangsu, graduated from Renmin University with a bachelor's degree in 1985 and a graduate school from the People's Bank of China in 1987. Since 1987, he has been involved in CITIC Bank, securities firms, and ** companies, and later founded Shanghai Zendai, playing the two tracks of ** investment and real estate development.
Dai Zhikang Zendai Investment is a well-known private equity in the early stage of the market, while Zendai Real Estate has developed a lakeside garden in Hangzhou, a thumb plaza in Shanghai, a villa in Jiujiantang, and a well-known project in the Himalayan Center. When Jack Ma started his business with "Eighteen Arhats" in Lakeside Garden, Dai Zhikang, the developer of Lakeside Garden, was already a billionaire. In addition, Dai Zhikang's main partner, Zhu Nansong, is also the 89th grade of the Graduate School of the People's Bank of China.
Liu Zhiwei, a native of Hunan, graduated from Zhejiang University in 1989 and the Graduate School of the People's Bank of China in 1992. In the early days, he was engaged in investment banking, mergers and acquisitions in Great Wall ** and Guoxin**, and established Shenzhen Chunda in 1997. In the early days, Chunda was churning in a number of listed companies in the secondary market, and gradually became the largest shareholder of Huitong Group (000415, now known as Bohai Leasing). In 2007, Chunda Department gave up the position of the largest shareholder through **. At the same time as Mingmian withdrew from the secondary market, Chunda Department has laid out many industries such as hotels, minerals, and environmental protection.
Liu Zhiwei Jiang Jinzhi, a native of Tiantai, Taizhou, Zhejiang, graduated from the Graduate School of the People's Bank of China in 1992, the first to enter the Shenzhen Stock Exchange, and joined Guoxin in 1996 as assistant to the president, in charge of asset management. In 2000, he founded Zhengda Xin Investment, and in 2004, he founded Greenwood Assets. At present, Greenwoods Asset Management has become one of the leading institutions in terms of asset management scale in China.
Among the above people, according to the year of admission, Dai Zhikang is "Wudaokou" level 85, and Zhu Nansong, Liu Zhiwei, and Jiang Jinzhi are all level 89. From public information, it can be seen that Dai Zhikang has a close relationship with Liu Zhiwei, since 2010, Liu Zhiwei once served as a non-executive director of Dai Zhikang's Hong Kong-listed Shanghai Zendai Real Estate, in addition, Liu Zhiwei also subscribed to the nine villas developed by Zendai and became neighbors with Dai Zhikang.
After Jiujiantang Zendai and Chunda became shareholders of Chang'an Trust, in August 2007, Chang'an Trust introduced Cui Jincai as director and general manager. According to public information, Cui Jincai is also an alumnus of the 89th class of "Wudaokou".
Prior to his tenure at Chang'an Trust, Mr. Cui served as Deputy General Manager and General Manager of the Credit Management Department, Corporate Business Management Department, and Retail Banking Business Headquarters of China CITIC Bank. Deputy General Manager of CITIC Asset Management, etc. After arriving at Chang'an Trust, Cui Jincai introduced a number of cadres with CITIC Bank background to serve as middle and senior executives in Chang'an Trust, including Vice President Chen Ying and General Manager Cheng Wanli of Wuhan Company.
From 2007 to early 2018, Chang'an Trust's AUM grew to 600 billion yuan. On the other hand, Times Weekly found that during this period, Chang'an Trust became the fund-raising "money bag" for the financial expansion of Chunda and other companies, as well as the fulcrum for participating in other financial licenses.
For example, around 2013, art trusts were popular, and the three "art trusts" raised by Chang'an Trust, Boya Phase I, Boya Phase II, and Boya Phase III, all of which were managed by Chunda's Boshi Assets.
When Dai Zhikang of Zendai established a small loan company, Chang'an Trust also issued trust products to invest in the equity of the small loan company.
In addition to receiving funds from Chang'an Trust's trust asset management business, Greenwoods and Chunda also intervened in Chang'an Trust's financial license.
In 2011, Chang'an Trust, as the largest shareholder, initiated the establishment of Chang'an ** Management *** after several equity transfers, although Chang'an Trust still holds 2962% of the shares, is the largest shareholder of Chang'an, but Jinglin's company under Jiang Jinzhi holds 25 of Chang'an92% equity, Chunda Liu Zhiwei's company holds Chang'an **2444% of the shares, and the total shareholding of the two parties in Chang'an** reached 5037%。
In fact, the most deeply related to the capital of Chang'an Trust-Chang'an ** is Jiang Jinzhi's Jinglin Department. In addition to holding Chang'an**2592% equity, and also directly participated in Chang'an Wealth Asset Management, a subsidiary of Chang'an, 20% equity. From the aspects of Chang'an Trust, Chang'an **, and Chang'an Wealth, Jinglin's private equity products have received a large amount of financial support.
According to the statistics of Times Weekly, there are 17 private equity and asset management plans involving "Chang'an" for the record, Shanghai Jinglin Asset Management as the manager, and the industry association has been recorded. It involves multiple directions such as fixed increase.
Wudaokou" is a retirement.
In 2017, three students from the "Wudaokou" background withdrew from Chang'an Trust. The way of withdrawal is not to directly transfer the equity of Chang'an Trust, but to be more decisive: the three parties directly transferred the shareholding platform companies Shanghai Zendai, Shanghai Chunda and Shanghai Jinglin to a third party, and Liu Zhiwei, Zhu Nansong and Jiang Jinzhi resigned as directors of Chang'an Trust on the same day.
Behind the equity transfer, the big guys behind the three parties have changed in 2017.
As the big brother Dai Zhikang, although in the early years from the first and real estate profits, the earliest to become famous, but in 2011-2015 suffered a double kill of stocks and housing, around 2013, a number of sunshine private equity products under Shanghai Zendai exploded and cleared their positions before the start of a new round of bull market. In 2010, Zendai won the Bund 8-1 financial plot project in Shanghai for 9.2 billion yuan, and a year later, Zendai could not afford to pay a huge amount of land transfer and transferred the project to Guo Guangchang and Pan Shiyi. In 2015, the Dai Zhikang family transferred 42% of the shares of Hong Kong-listed Zendai Real Estate Company for a consideration of only 12HK$500 million. The tension of the capital chain has limited the extension of Dai Zhikang in the capital market.
Since 2014, Dai Zhikang has turned to a new track - Internet finance. Five years later, on August 29, 2019, Dai Zhikang surrendered to **. According to the court's trial, from April 15, 2016 to the occurrence of the case, the total amount of illegal fund-raising by the "Zendai" enterprises exceeded 4170.6 billion yuan, and the outstanding principal amount is more than 736.6 billion yuan. Dai Zhikang was sentenced to 19 years in prison and fined 25.5 million yuan.
Liu Zhiwei of Chunda Department, started with investment banking and asset operation, after withdrawing from Huitong Group and other shares, the main capital operation is mainly in the primary market and Hong Kong stocks, and it is becoming more and more low-key in the A** market. In 2017, Chunda Company spent 11800 million yuan became the largest shareholder of Dagang Road Machinery (300103, now known as: Dagang Holdings), and sold its shares two years later. In addition, Liu Zhiwei has also invested in a number of Hong Kong-listed companies.
Jiang Jinzhi's Jinglin, which is the best developed of the three, has now become a 100-billion-level private equity. However, Jiang Jinzhi himself left the country during the A-share stock market crash in 2015 and stayed abroad for a long time.
On July 16, 2019, in response to ** questions, Jiang Jinzhi appeared and shared his investment experience with investors at the investment strategy sharing meeting, but he appeared in Hong Kong. For more than four years after that, there was still no information about Jiang Jinzhi's appearance in the mainland.
In short, in January 2017 and March 2017, Shanghai Chunda, Shanghai Jinglin, and Shanghai Zendai all changed at the shareholder level. Several classmates of "Wudaokou" have severed their relationship with the equity of Chang'an Trust, and later there are materials showing that the total transfer price of the three parties is about 73100 million yuan, the new shareholder did multi-level financing to complete the transaction, and now, the new shareholder was identified by the Shaanxi Financial Supervision Bureau as a person acting in concert, freezing the capital increase qualifications, Xi'an state-owned assets through the capital increase to become the real largest shareholder of Chang'an Trust, this is the next story.
In the same year after the change of the high-level shareholders of the three "Wudaokou systems", in December 2017, Cui Jincai, the president of Chang'an Trust from "Wudaokou", finally chose to resign as president of Chang'an Trust in early 2018 due to a sudden illness.
And after 2017, many hidden problems of Chang'an Trust broke out.
For example, Cheng Wanli worked in the Hanyang branch of China CITIC Bank earlier, as the president, and after entering Chang'an Trust with Cui Jincai and Chen Ying, he served as the general manager of Wuhan Company, and in 2017, Cheng Wanli was involved in Chang'an Trust to promote the approval of a loan project of 3 billion yuan to Wuhan Jinhuang. After the change of the upper shareholders of Chang'an Trust, new executives came in and stopped the Wuhan Jinhuang project, requiring Wuhan Jinhuang to increase collateral and reduce loan exposure to 800 million yuan. Soon, Chen Ying, the former vice president of Chang'an Trust, went to Dongguan Trust as the general manager, and Cheng Wanli followed him to Dongguan Trust. The Jinhuang jewelry case broke out, and both Chang'an Trust and Dongguan Trust suffered huge losses.
Also in 2017, the National Audit Office found in a financial audit that Tian, a trust manager of Chang'an Trust, was transferred to the public security organ for verification on suspicion of commercial bribery. The public security organs arrested Tian on December 29, 2017.
In November 2019, the Shaanxi Banking and Insurance Regulatory Bureau announced the No. 59 administrative penalty, fining Chang'an Trust 200,000 yuan for "concealing case information".
According to public information, from 2018 to 2021, the scale of trust assets of Chang'an Trust showed a rapid diving trend, respectively: 520.5 billion yuan, 465.7 billion yuan, 375.1 billion yuan, and 248.9 billion yuan.
Half-year loss of 430.3 billion yuan.
After the change of shareholders, Chang'an Trust has stepped on thunder many times in recent years. The financiers involved include contemporary companies, Zhongtian Financial, Baoneng, Blu-ray Development, Fusheng, Huaye, Zhengbang and other listed companies.
Among them, only the trust loan disclosed by Zhongtian Financial that was overdue on March 14, 2022, owed the principal of Chang'an Trust to reach 2 billion yuan.
At the beginning of 2022, Chang'an Trust was fined 2.7 million yuan by the regulator for internal control violations and other issues, and many employees were given warnings and fines. Specific violations include: failure to disclose information in accordance with regulatory requirements, incomplete identification of the list of related parties, indirect advance of inherent loan funds to redeem the company's risk projects, disguised financing to real estate enterprises that do not meet the "432" conditions, illegal acceptance of local ** guarantees, illegal participation in debt financing of local ** financing platforms, etc.
According to documents obtained by Times Weekly, in 2022, the net assets of Chang'an Trust will be 768.8 billion yuan, with a net profit of -26.7 billion yuan.
However, the audit report for the first half of 2023 issued by the same accounting firm shows that the net assets of Chang'an Trust as of June 30, 2023 were 338.4 billion yuan, with a net profit of -430.3 billion yuan.
In other words, Chang'an Trust suddenly lost 430.3 billion yuan.
Times Weekly has called Chang'an Trust investor ** many times, but no one answered, and sent an interview outline to the company's mailbox, but has not received a reply so far.
Comparing the two audit reports, Times Weekly found that regarding the 2022 annual report of Chang'an Trust, the accounting firm issued a "qualified opinion" because "the scale of a trust project invested by your company (Chang'an Trust) is 19500 million yuan, overdue, no collateral guarantee measures. Regarding the 2023 semi-annual report of Chang'an Trust, the accountant did not issue a qualified opinion.
From the perspective of financial data, compared with the 2022 annual report, the 2023 semi-annual report will appear 430.3 billion yuan loss, one of the main influencing factors is that in the first half of 2023, there will be 31Credit impairment loss of $9.9 billion.
In terms of specific data, the impairment provision of Chang'an Trust on the "debt investment" item has increased from 31 at the beginning of the year9.1 billion yuan, soaring to 56 on June 30700 million yuan.
In the first half of 2023, Chang'an Trust also paid a sum of 4The huge compensation of 7.4 billion yuan was due to the default of the two trust "Ningji Anxin" projects subscribed by Bank of Wenzhou with a total of 1.3 billion yuan, but Chang'an Trust and Bank of Wenzhou agreed on a minimum guarantee, and was finally sentenced by the court to Chang'an Trust to compensate Bank of Wenzhou 47.4 billion yuan.
According to the audit report of Chang'an Trust, as of June 30, 2023, the total principal of the unsettled similar guaranteed principal projects of Chang'an Trust was 539.5 billion yuan. This means that once these projects are in default, there is a great probability that Chang'an Trust will be awarded compensation by the court according to the minimum guarantee commitment.
Except for 31The credit impairment loss of 9.9 billion, the huge loss in Chang'an Trust's 2023 semi-annual report, and another reason is that Chang'an Trust's revenue in the first half of 2023 is 25.6 billion yuan, compared with 1.5 billion yuan in revenue in the first half of 2022, a year-on-year decrease of more than 1.2 billion yuan.
All indications show that behind the sluggish revenue of Chang'an Trust in the first half of 2023, it involves a multi-level investigation of Chang'an Trust by the regulator.
Times Weekly learned that Gao Chengcheng, the former chairman of Chang'an Trust, has passed away after being taken away for investigation in early 2023, and the cause is said to be a heart attack.
Shortly after Gao Chengcheng was taken away at the beginning of 2023, the market reported that Gao Bin, director of Chang'an **, director of Chang'an Wealth, and chairman of Jinglin Investment, had lost contact, and finally, on December 28, 2023, Gao Bin was disclosed that he had been formally arrested.
In fact, Gao Bin joined Greenwoods in 2015 after Jiang Jinzhi left the country and served as the president of the group, and in 2016, he became the CEO of Greenwoods Equity Investment, becoming the person in charge of Greenwood's domestic capital operation. In addition to serving as a director in Chang'an**, the equity transfer of Shanghai Jinglin, an upper-level company involving Chang'an Trust shares, was also completed by Gao Bin as a legal person.
After withdrawing from Chang'an Trust from the equity level, Jiang Jinzhi's Jinglin Department still has a deep intersection with Chang'an** and Chang'an Wealth. Especially at the level of Chang'an Wealth Asset Management, an asset management subsidiary of Chang'an Wealth Asset Management.
Because Chang'an** holds 80% of Chang'an's wealth interests, Chang'an**'s shareholders Chang'an Trust and Jinglin indirectly hold 237%，20.74% equity interest in Chang'an Wealth. In addition, Jinglin Company also directly holds the remaining 20% equity interest in Chang'an Wealth. As a result, Jiang Jinzhi's shareholding in Chang'an Wealth has reached a total of 3715%, becoming the largest shareholder.
With the completion of the capital increase of Xi'an State-owned Assets to Chang'an Trust, it is particularly worth paying attention to whether there will be a new consolidation and game with Jinglin and Chunda in terms of the financial licenses of subsidiaries in the future.