Oceanwide Holdings finally fell on the threshold of the Year of the Dragon.
According to the "Daily Economic News", *ST Oceanwide was forced to delist by the Shenzhen Stock Exchange and will be delisted in the near future.
Nearly 30 years after being listed on the Shenzhen Stock Exchange, Oceanwide Holdings ushered in a sighing ending.
In 2021, Lu Zhiqiang, chairman of Oceanwide Group, apologized to investors in the face of **, claiming that he has been in business for more than 30 years, but he underestimated the difficulties encountered by Oceanwide.
But what Lu Zhiqiang didn't expect was that the difficulties encountered by Oceanwide at that time were just the beginning, and just over 2 years later, a business empire that was once 100 billion fell to the ground.
And Lu Zhiqiang, who was once regarded as the "godfather of capital" in the mainland, seems to be powerless.
Lu Zhiqiang, born in 1952, was a native of Weihai, Shandong Province, and graduated from the Department of Economics of Fudan University.
In 1985, Lu Zhiqiang gave up the "iron rice bowl" of the deputy director of the office of Weifang Technology Development Center and chose to go to the sea to do business.
According to public reports, after resigning, he dabbled in education and training, earning some money. But Lu Zhiqiang's first pot of gold in the real sense came from entering real estate.
In 1993, he led the development and completion of Weifang Oceanwide Hotel, Oceanwide City Garden and other projects in Weifang City, completing the accumulation in the real estate industry.
Lu Zhiqiang, who gave up his iron rice bowl and went to the sea, was unwilling to nest only in Shandong, between the north and the south, Lu Zhiqiang chose the former and marched into Beijing.
In 1995, Oceanwide and Lenovo, Sitong and other companies jointly established the Guangcai Business Investment Management Group, which was renamed Guangcai Business Investment Group in 1998 and backdoor listing of A-shares.
Later, the company's first name was changed to Oceanwide Holdings, and the listing seemed to open a new door for Lu Zhiqiang, and his interest gradually turned to the capital market.
In 2000, Minsheng Bank was about to go public, and Lu Zhiqiang spent 1600 million yuan won 1300 million shares, becoming the second largest shareholder of Minsheng Bank.
Minsheng Bank's abundant cash flow made Lu Zhiqiang begin to "call for wind and rain" in the capital market.
In 2002, Lu Zhiqiang acquired Huanghe** and changed its name to Minsheng**, taking a key step into the capital market.
With the huge power of finance, Lu Zhiqiang's worth has risen all the way.
In 2007, Lu Zhiqiang became the first person in A-shares with a total market value of 260.9 billion yuan from Minsheng Bank and Fanhai Holdings.
Lu Zhiqiang's personal wealth also reached 85 billion yuan, becoming the richest man in Shandong, and beating Xu Jiayin back then, becoming the top richest man side by side with Li Ka-shing and Wang Jianlin.
In 2015, when the insurance intermediary license began to be approved, Lu Zhiqiang, who had a keen sense of smell, immediately took action, and Oceanwide immediately acquired Min'an Insurance, which was later renamed Asia-Pacific Insurance.
Subsequently, Lu Zhiqiang acquired the Hong Kong-listed company CASH Financial, and participated in the establishment of Asia-Pacific Reinsurance and Asia-Pacific Internet Life.
In 2016, Lu Zhiqiang set up Minsheng Financial Services, and then opened Minsheng Insurance Brokerage and Minsheng International Investment through shareholding.
At the same time, Lu Zhiqiang also started a series of dazzling operations in the capital market.
According to statistics, at its peak, Oceanwide participated in dozens of listed companies, penetrated into real estate, energy, finance, science and technology, overseas investment and other fields, with total assets of more than 300 billion yuan.
Among them, in 2018, Oceanwide Holdings' total assets were about 212.1 billion yuan, which was the highest peak in history, but the liabilities of that year also reached 183.7 billion yuan, and the asset-liability ratio was as high as 87%.
In any case, a huge financial and business empire has been built, and Lu Zhiqiang, who is crazy about throwing money, has also soared in his status in the rivers and lakes, he and Liu Chuanzhi are good buddies, and they were introduced into the "Taishan Club" to become a core member, Sun Hongbin, Shi Yuzhu, Wang Jianlin and others all call him the eldest brother.
Countless entrepreneurs have asked him for financing, and Lu Zhiqiang has become a "godfather" in the domestic capital industry.
Lu Zhiqiang, who has a full financial license, never seems to know what it is like to be short of money.
In addition to the above-mentioned calls for wind and rain in the financial capital market, Lu Zhiqiang also vigorously entered real estate and overseas projects.
In 2014, Oceanwide acquired the First & Mission project in San Francisco, USA, and planned to build the second tallest landmark building in San Francisco.
In 2015, Oceanwide's tentacles extended to New York, Hawaii, etc., and acquired power plant projects in Indonesia.
In 2017, Oceanwide and Xiong Xiaoge completed the acquisition of International Data Group (IDG) for $1.2 billion.
In terms of real estate business, Oceanwide has successively increased the capital of Wuhan Company by tens of billions of yuan, and in 2016 alone, it increased its capital by 8.7 billion yuan, and the assets of Wuhan Company were as high as 158.3 billion yuan at its peak.
According to the report, Oceanwide's investment reached a "crazy" level in 2016, with a total investment of 46.8 billion yuan throughout the year.
However, the bitter fruits of the frenzied expansion did not make Oceanwide wait too long.
In 2020, Minsheng Trust stepped on the "fake ** case", which became the fuse that detonated the debt crisis of Oceanwide.
Here's the thing, since 2015, Jia Zhihong, the boss of Wuhan Jinhuang, has been financing through "** mortgage + policy credit enhancement".
To put it simply, it is not only to use ** as collateral, but also to issue the appraisal and insurance policy of PICC property insurance, and to mark the loan with "double insurance", with this model, Jia Zhihong borrowed more than 16 billion from financial institutions.
In May 2020, Minsheng Trust, as one of the financial institutions, found that it was wrong when it routinely inspected the *** mortgage of Wuhan Jinhuang, and after sending it for testing, it was found that ** was fake, it was a copper alloy, and there were more than 80 tons of fake**.
As soon as the news came out, the financial institutions were dumbfounded, and the co-authors exchanged more than 16 billion copper for each other? What about the previous insurance policies and appraisals? Subsequently, several parties involved were embroiled in a lengthy legal battle.
However, the thunder of Minsheng Trust stepped on firmly, because among the financial institutions that borrowed money from Wuhan Jinhuang, Minsheng Trust borrowed the most, borrowing 4.1 billion.
The 41 small targets have been lost, which has greatly damaged the vitality of Oceanwide Holdings, and the credit impairment loss in 2020 will be nearly 25200 million yuan, eating up more than half of the total profits of listed companies.
In addition to the fake ** case, Minsheng Trust stepped on all the well-known thunderstorms in 2020, such as Xinhualian overdue bonds, Hanergy Group, Kaidi Ecology, etc.
Why does Oceanwide frequently step on thunder, it's just bad luck? Of course not, as mentioned above, these are the bitter fruits of Oceanwide's crazy expansion.
In the past two years, with the ebb of capital and the cooling of real estate, the hole of Oceanwide has become bigger and bigger.
As of the third quarter of 2023, Oceanwide Holdings' total assets are only 9067 yuan, the total debt is 981200 million yuan, already insolvent.
Now this hole can no longer be filled, and Oceanwide is about to usher in the final end.