Source | Big Cat Finance
On September 19, 2004, Liu Xiang came to Chongqing and was instantly surrounded. When he waved, he cheered. A month ago, he just won the Olympic gold medal in the 1 10 meter hurdles, and his popularity exploded.
Liu Xianglai endorsed a motorcycle, which is the "Xiang Series" of Loongson. Liu Xiang posed in front of the new car and received the "Golden Breakthrough Award" issued by Loongson, endorsement fee and a "Xiang Series" motorcycle. After more than 40 minutes, he returned to Beijing from Chongqing.
It didn't take long for the organizer Long Xin to be happy, almost like winning the lottery.
Before the Olympic Games, Loongson signed a contract with Liu Xiang. At that time, he was only a little transparent in the sports circle and the big coffees, and the 1 100 meter hurdle was not a hot event. In the Battle of Athens, Liu Xiang officially went out of the circle, and his endorsement value has reached tens of millions. Longxin's bonus and endorsement fee only cost 1.2 million.
"Xiang series" motorcycles cost 3000-5000 yuan, but they do sell well. At the beginning of 2005 alone, more than 10000 motorcycles were sold, with tens of millions of payments. This endorsement project is definitely worth it.
This is not the first time Longxin has bet on sports. When Longxin entered the Vietnamese market on 1999, it was football that helped them build their brand. Chongqing Longxin Football Team participated in the Ho Chi Minh Cup in Vietnam that year, and defeated the first and second teams in Vietnam to win the championship. Longxin became famous in World War I.
I have to say that Tu Jianhua, the head of Longxin behind this action, is a vicious person who dares to gamble.
1983, Tu Jianhua, a coal mine electrician who had a narrow escape, resigned due to work-related injuries. He chose to start a business in the sea. 10, business goes up and down. He saved some money and chose to put all his eggs in one basket.
1993, Tu Jianhua spent all his money to establish Longxin Traffic Machinery Factory in Panlong Mountain, Huanggou, Shipingqiao.
At that time, Jialing, which made China's first civilian motorcycle, was already very popular, and Yin Mingshan's "Hongda" also began to study motorcycles (poke link to read). "Three golds, one kick and one cigarette" was a very popular bride price at that time. Not everyone could afford a smoking car, but "one kick" was still possible.
The result was an instant hit.
1994, Longxin engine rolled off the production line, with annual sales of 65.438+0.6 billion and profits of more than 50 million. Five years later, the annual output of Longxin engine reached 1 10,000 units, ranking second in the country.
Chongqing Mobang got the names of Long Xin and Tu Jianhua.
But it was also in 1999 that "one cigarette" became popular, and "one kick" began to decline, especially "no motorcycle", which was so lethal that Longxin had to find another way out.
Chongqing Mobang has taken a fancy to Vietnam-the market is vast, all motorcycle spare parts are imported, and China's motorcycles and spare parts are very competitive in Vietnam.
Longxin also bet on Vietnam, and soon gained a foothold in Vietnam by football and exhibitions, once occupying 50% of the motorcycle market in Vietnam, and then opened the car factory to Southeast Asia.
In this way, 20 12, Longxin boarded the capital market, opening up 67%, rising all day 103%, still highly sought after.
However, many companies are worried about policies rather than markets.
The lethality of the "prohibition of motorcycles" has left Chongqing mobs with a lingering fear. Everyone is thinking about what important things they can do except motorcycles.
Tu Jianhua's choice is diversification.
In a few years, Longxin had a financial sector and a real estate sector, and also participated in environmental protection. Among A shares, Longxin GM (603766. SH) and Fenghua (6006 15. SH), in terms of Hong Kong stocks, Qihe Environmental Protection (0976.HK) and Hanhua Financial Holdings (3903.HK) both took shares in Chongqing Rural Commercial Bank (60 108).
The Longxin Department has taken initial shape, and Tu Jianhua's personal wealth is also rising. He ranks 320th in the 20 19 Hurun Report with a net worth of1200 million, but he is already the richest man in Chongqing Mobang.
From prosperity to peak, it is time to pick fruit, but the "richest man in Mobang" is about to collapse.
20 19, at a conference, Tu Jianhua said: "I really didn't say no at this conference today. I don't think I can hold it. "
Why?
"We sold the property (business) on 20 14, and I can't tell who to sell it to. It still owes us more than 6 billion, and it has been owed to us for 4 years ... Up to now, even the interest may add up to nearly10 billion, dragging us to death. "
The language is shocking and many entrepreneurs are also worried. Being dragged to death by arrears is probably the pain of many private enterprises.
What makes it impossible for the richest man in the gang to continue?
The real estate business mentioned by Tu Jianhua is Longxin Real Estate, which is one of Longxin's diversified products.
At the beginning, many real estate projects were developed in Sichuan and Chongqing, and Longxin Chongqing Center invested 7 billion. In the core area of Guanyin Bridge in Chongqing, Tu Jianhua also had a skyscraper dream.
The dream is grand and the reality is bleak. Longxin Real Estate's tourism real estate project was not found to meet the delivery conditions until it was completed, and its main business, tourism real estate, was also hit hard. On 20 14, Tu Jianhua sorted out various business lines, and the real estate became an abandoned part.
Then, Longxin Real Estate was changed hands. Five years later, Tu Jianhua said that the money for selling the company had not been received.
However, what is embarrassing is that even if he is about to be "dragged to death", Tu Jianhua still insists that "I can't talk about who to sell it to", dare not talk about it or not? Only he knows.
But we can still find some clues by combining all kinds of information.
When Longxin Real Estate "checked out", the first thing was the development of Chongqing New Town, which was born out of state-owned enterprises. The new owner just changed the legal person and did not change the equity. According to the data of Tianyancha, it was not until 20 15 that these shares were transferred from Longxin to Hengbin Construction, one month later to Shangbang Investment, and two years later to Shangbang Industry. Longxin Real Estate turned into Aipu Real Estate.
However, there is still the shadow of "Gao Xiaodong" in the end. He is not the major shareholder, but the actual controller. He used to be the chairman of New Town Development, the director of Anpu Technology, the major shareholder of Shangbang Investment and Shangbang Industry. Hengbin Construction used to be a subsidiary of Shangbang Industry, followed by Hong Kong capital.
Before 20 14, he was also the head of Longxin real estate. It is said that before this, in the 1990s, Gao Xiaodong worked as an "iron rice bowl" in Chongqing, which was closely related to Tu Jianhua.
Has it been sold to Gao Xiaodong? Tu Jianhua has not said that only the parties may know about the entanglement, but the fact is that Longxin Real Estate has made Tu Jianhua miserable.
6 billion transfer interest rolled into10 billion, and no money was obtained;
20 16, Longxin real estate has been transferred for two years, but the guarantee made by Longxin for Chongqing Center has also met with debt collection;
At the end of 20 19, the ratings of many bonds owned by Ampu Real Estate were also downgraded, and the transfer of 6 billion yuan was even more hopeless.
Therefore, in the past two years, debt default has become the main theme of Longxin Holdings. But even if it is pitted like this, the announcement does not call the roll, and it still says "an enterprise" in a civilized way.
According to the quarterly report of 200211, the total debt of Longxin Holdings is 33.652 billion yuan, and the overdue debt is 6.037 billion yuan, which is just the same as the transfer payment of 6 billion yuan mentioned by Tu Jianhua. The shares of Longxin Holdings in three A-share listed companies have been frozen by 65.438+000%.
When the arrears were confiscated, Tu Jianhua's book wealth flew away. I wonder if this mystery can be solved on the day the chicken dies.
If there is no "enterprise", can Longxin's situation change?
20 18, Zuo Zongshen, Yin Mingshan and Tu Jianhua were selected as the top 100 outstanding private entrepreneurs in the 40 years of reform and opening up. This was the highlight moment of Chongqing Mobang, but at this time, they also began to face the collective decline of motorcycles.
The prohibition of motorcycles in those years was definitely the main reason, but the products were also badly hurt.
In 2009, Harley went to Chongqing to participate in the exhibition, which smelled like kicking the pavilion. A young Chongqing rich man customized a Harley, the unit price was1180,000, which was comparable to BMW and Mercedes-Benz, while the average Harley was around 300,000, and many people joined in.
On the other hand, the price of "Mobang" is no longer competitive and has been shot down by itself.
1999, Chongqing Mobang entered the Vietnamese market, and China Motorcycle beat the Japanese in Vietnam, with the first market share. What does it depend on? It's simple. This is a price war.
If you sell $2,000, I will sell $65,438+$0,000. When you reduce it to $65,438+$0,000, I can sell it for $500. Who can stand this phone call? Motorcycles made in China are all over the streets of Viet Nam.
But the disadvantage of price war is that it is easy to form a vicious circle. If you sacrifice profits, you have to compress costs to make up for it. If the cost is reduced, then the quality cannot be guaranteed. Who will buy a car without quality?
For more than five years, China motorcycles sold scrap iron in Vietnam, and Japan regained its own market, but now China motorcycles have only 5% market share in Vietnam.
At home, too, the market share is shrinking, making it more and more difficult to go abroad. Later, it was said that it was a cooperation with foreign manufacturers. In fact, it was more like OEM and didn't make much money.
In its heyday, Mobang enterprises were keen on football. In 2000, Lifan acquired the equity of "Chongqing Longxin Team". At the halftime of the final of the Chinese Football Association Cup, Chongqing issued a club sign for Yin Mingshan, and the team playing football was Longxin, who had already become Lifan when winning the championship.
But now, both Longxin team and Lifan team have become history, and it is not football that needs to be saved now.