On June 8, 2008, 10, Hurun Report launched the annual rich list. Yuan Bairen, Chairman and General Manager of Zhejiang Zongheng Group, as the only Shaoxing local entrepreneur, was selected for the first time with a wealth of 7 billion yuan. However, only after 15 days, Zhejiang Zongheng Group fell into financial crisis. On February 5, 65438, the reporter went to Zhejiang Zongheng Group in Paojiang New District, Shaoxing. In the office building of Zongheng Group, people who come to ask for goods and debts can be seen everywhere. A government working group composed of three levels of governments in Shaoxing, Shaoxing County and Doumen Town was also set up on the same day to work in Zhejiang Zongheng Group. Preliminary verification shows that Zhejiang Zongheng Group is insolvent, with a loss of 20-30 billion yuan. Zhejiang Zongheng Group is a typical case of Shaoxing textile industry in trouble. The influential enterprises in Shaoxing mainly include Hualian Sanxin in Shaoxing County, Longjiang Holdings, Wuhuan Spandex, Jinxiong, Yao Long in Shaoxing City and Best in Shengzhou. The occurrence of this series of events is of course because entrepreneurs blindly ask for big debts, but there is a * * * behind it: textile enterprises are in a very big dilemma. 65438+February 5, 2008. Shaoxing exit of Hangzhou-Ningbo Expressway is a wide asphalt road leading to Shaoxing city. After driving for two or three minutes, you can see the "vertical and horizontal holding" along the line. When I got off the bus and entered the gate, the doorman didn't come out to stop me. To enter the office building, ask the driver for directions. Before identifying himself, the master asked, "Are you here to pull the goods?" . Hurry up, you can pull up to 20 thousand a day, maybe it will change later. "It is said that a few days ago, a dealer ransacked the warehouse of Zhejiang Zongheng Group for fear of not being able to deliver the goods. After negotiation, the manufacturer can pull some goods in a limited amount every day. Zhejiang Zongheng Group started with the production of polyester chemical fiber. Before falling into the financial crisis, Yuan Bairen, the 43-year-old chairman, gathered all kinds of honors: since 2000, he has won honorary titles such as Zhejiang famous entrepreneur, national outstanding entrepreneur, Shaoxing model worker, Zhejiang Youth Federation member and Zhejiang Youth May Fourth Medal; In 2004, it was rated as No.1164th on the New Fortune Rolls-Royce 500 Rich List. In 2008, he was selected into the Hurun Report for the first time with 7 billion yuan, ranking 76th.
Before the warehouse robbery, Zhejiang Zongheng Group was in trouble. After-the-fact investigation shows that the company is insolvent, with a difference of 200-300 million yuan. A banker said that in fact, once the production equipment is auctioned, it is worthless at all, and the actual deficit is definitely more than this. In order to prevent Yuan Bairen from fleeing, Shaoxing monitored his residence.
Today, Zhejiang Zongheng Group has something to do with Yuan Bairen's management methods. Yuan Bairen is used to "empty gloves and white wolves" and has invested a lot of money in steel, real estate, hydropower and other fields. The liquidity is suddenly tight, and excessive financial leverage makes the "vertical and horizontal" empire suddenly collapse. Yuan Bairen's pioneering work has always been talked about: 1992, the Doumen Town Government of Shaoxing County handed over the original Shaoxing County Yarn-dyed No.5 Factory with a loss of nearly 2 million yuan to Yuan Bairen, who sold 13 fabrics in China Textile City. By issuing a long-term letter of credit, the fifth yarn-dyed factory introduced international advanced equipment, and the enterprise walked out of the situation of sustained losses. The advantage of usance letter of credit is that you can get the goods by paying a deposit of about 10%. Pay the balance after the contract expires. This can alleviate the temporary financial difficulties.
Yuan Bairen often played karate later. During the financial turmoil in Southeast Asia, the reporter interviewed Yuan Bairen about importing Japanese textile machinery and equipment with Japanese yen. At that time, the yen depreciated a lot, and Zhejiang Zongheng Group took the opportunity to reduce the pressure of debt repayment. Opposite Zhejiang Zongheng Group is a famous "wealth center" in Paojiang Development Zone, Shaoxing. This is a property developed by Zhejiang Zongheng Real Estate Company. A government official in Paojiang said that selling houses vertically and horizontally is different from others: after the house is built, it is sold to the builder to offset the project cost.