A PPN (non-public directional debt financing) issuance material obtained by Caijing reporter shows that Zhongke has established various management systems. For example, in terms of major investment and financing decision-making system, Zhongke has formulated the Measures for the Administration of Investment and Financing to uniformly manage the company's investment behaviors such as the establishment of subsidiaries, domestic and foreign mergers and acquisitions, joint ventures and cooperation, additional investment, and investment in purchasing and building fixed assets.
At the same time, the investment behavior will start from the feasibility study, go through the stages of review, project establishment, audit, investment scheme design and review, project implementation, and finally go through the steps of project operation management and project withdrawal. In terms of information disclosure system, the "Information Disclosure Management System of Zhongke Jian" has been formulated to ensure that the information disclosed is true, accurate, complete and timely.
The above PPN data also mentioned that the company has no shareholders' meeting and board of directors, and the highest resolution body of the company is the general manager's office meeting. The company has main positions such as general manager, deputy general manager, chief engineer, chief accountant and chief economist. The general manager's office will be fully responsible for all affairs and business of the company.
However, in practice, the above rules and regulations did not play their due role. A recording from an insider of Zhongke Jian shows that the discussion of "three majors and one big" (major decision-making, appointment and removal of important cadres, major project investment decision-making, and use of large amounts of funds) is basically a formality.
Extended data
Introduction of Zhongke Jianfei Investment Holding Group Co., Ltd.
Zhongke Jianfei Investment Holding Group Co., Ltd. (hereinafter referred to as "Zhongke Jianfei") is an important subsidiary of Zhongke Jianfei and is listed as a high-quality asset of Zhongke Jianfei. According to public information, Zhongke Jianfei was established on 20 15, and its business scope includes industrial investment, venture capital, investment management, investment consulting and real estate development.
Zhongke Jianfei was once questioned that the return on net assets (ROE) was too high. According to reports, this figure is as high as 85.56%, far exceeding the normal proportion of the market. Financing acquisition, general contracting construction and property re-mortgage financing constitute the main business models of Zhongke Jianfei.
According to the website of the Supreme People's Court, from 2065438 to July 2008, Zhongke Jianfei was caught in a liquidity crisis and was listed as the executor by the Shanghai No.2 Intermediate People's Court. More than a year later, in August, 20 19, "2 1 Century Business Herald" revealed that the general manager of Zhongke Jianfei was taken away by the Shanghai discipline inspection department to assist in the investigation.
Due diligence of several trust institutions shows that Zhongke Jianfei acquired several large-scale building materials markets around Shanghai with its own funds and leveraged financing, including Jiangsu Kunshan Meijite Lighting Hall Project (hereinafter referred to as "Meijite Project") and Shanghai Yibang International Building Materials Market. After the acquisition is completed, Zhongke Jianfei mortgages it to financial institutions to obtain loans for property decoration, investment attraction, rent payment or daily operation of subsidiaries.
On October 20 19 1 month, Zhongke Jian held a creditors' meeting. According to insiders, at that time, even the general manager Gu Weiguo could not explain the specific debt scale of Zhongke Jian. He believes that Zhongke Construction has a total debt of 56 billion yuan and a debt ratio of 78%.
On April 16, 2020, the first creditors' meeting revealed that the main assets of Zhongke Jian were accounts receivable and long-term investments, and the book value of the two types of assets totaled 27.864 billion yuan, accounting for 92.94% of its total assets. Caijing reporter noted that the monetary assets of Zhongke Jian are only 35.72 million yuan, and most of the bank accounts have been frozen by the court.
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