$7,000 company, $16 billion

2022-05-21 0 By

Article | zhen-tao liu a gram of gold price about 370 yuan, you know, 80 tonnes of gold probably how many money?Once somebody cheated with 80 tons of false gold ten billion and stir whole market, this person is the real control person of golden phoenix jewelry — Jia Zhihong.In the American stock market, there is a special trading market — “pink order market”, which is similar to the “old Third Board”, the stock conversion system of China’s stock market.Some stocks delisted on the NYSE or NASDAQ can be traded on pink sheets.Luckin coffee, for example, which delisted from nasdaq in 2020, traded on the pink-to-order market, hitting a high of $17.79 in 2021.In the “pink single market”, there is a delisted stock in the concept, “Golden Phoenix jewelry”.Its share price is only 0.0001 US dollars, less than 1 cent RMB, with a total market value of 1102 US dollars (about 7018). All of its market value cannot afford to buy a square meter house in Beijing.In 2003, Jia Zhihong, the man at the center of the 80-ton fake gold case, bought the hubei Gold Factory, which had been owned by the state, and based it on the factory he founded his own company, Jinhuang Jewelry.Do big and strong, Jia boss has all entrepreneurs dream – listed.The original dream of Phoenix Jewelry was a-share listing.In 2008, Phoenix Jewelry submitted a prospectus to the Shenzhen Stock Exchange, but the prospectus was so problematic that the CSRC couldn’t stand it and rejected it.What are the problems with Phoenix jewelry?According to media reports at the time, in 2007, The company sold 4 tons of jewelry to the top five customers, with sales revenue totaling 73.24 million yuan;In the first quarter of 2008, the sales volume to the same customers reached 94 tons, and the total revenue fell to 13.62 million yuan.A shares frustrated, Jia Zhihong decided to go to the United States to try.Unexpectedly, the attempt was successful.In 2010, Phoenix Jewelry was successfully listed on NASDAQ, becoming the first Chinese gold jewelry company to be listed on THE U.S. stock market.After the successful listing in the United States, Jia’s boss was not very happy, because he could not put down the dream of owning A listed company in the A-share market.Here’s your chance!In 2018, Sanhuan Group, a state-owned enterprise in Hubei province, carried out mixed reform.Jia Zhihong succeeded in taking control of Hubei Sanhuan Group with 7 billion yuan from Ningbo Huaxiang, and became the actual controller of Xiangyang Bearing, A listed company under Sanhuan Group.And this acquisition, also for “80 tons of false gold case” foreshadowed.At that time, the market for the 7 billion yuan of funds questioned relatively large.At that time, Wuhan Jinhuang promised to raise 7 billion yuan from its own funds and self-raised funds obtained through laws and other permitted means.There is widespread doubt in the market that it does not have that much money itself.Indeed, it was reported at the time that more than half of the $7 billion purchase was financed by external financing, mainly through gold as collateral.After all, jewelry businesses have a lot of gold in their hands.The highlight came in 2019, when Phoenix Jewelry made it onto the Fortune 500 list with revenue of 16.38 billion yuan.That same year, “80 tons of fake gold” exploded.In the second half of 2019, The company defaulted on a number of its trust plans and was unable to repay funds.The trust that was the borrower began to dispose of the gold it pledged.The first to discover the secret of the fake gold was dongguan Trust.He discovers that the 9,999 gold pledged to him by the Phoenix Jewels turns out to be gold-plated copper.A stone raises a thousand waves.A large number of other agencies have also been asked to open the inspection.After inspection, it was found that the gold collateral of The Phoenix Jewelry was actually all copper, totaling about 80 tons, involving 15 financial institutions, corresponding financing balance of 16 billion yuan.Interestingly, before minsheng Trust unpacked and inspected goods, Jia Zhihong also sent a text message saying “Goodbye”.I don’t know if I’m talking to myself or these financial institutions.80 tons of fake gold, so naked hide, escaped the eyes of a number of financial institutions, become real gold.Are the scammers too clever, or are the institutions too careless?It is understood that the current case is still in trial, I believe, as the case continues to investigate, the truth will eventually surface!Out of the mix, you have to pay back.