An oil giant who boarded the Forbes China Rich List because of arrearsPing An BankMore than 300 million yuan was not repaid, and the court enforced the auction of equity.
Dramatically, the court enforced the sale of anotherbankEquity - the equity of Weizhong Bank. The first major shareholder of Weizhong Bank is Tencent, and the auction was conducted on Taobao.
How did the former private oil tycoon come to the dilemma of today?
Ranked 43 national monopoly
“More than 20 years ago, I had a dream to build a private energy company in China.” This isGuanghui Petroleum (00933.HK)) The first sentence of Chairman of the Board Xue Guanglin in the company's speech.
In 1996, Xue Guanglin founded Guanghui Petroleum in Shenzhen and became a private oil company. He was born in Tianchang City, Anhui Province, and graduated from the Philosophy Department of Nanjing University. He promoted the rapid development of the company and became the second domestic market after “three barrels of oil”. Four major oil groups.
In 2008, Xue Guanglin spent about 700 million Hong Kong dollars to acquire a 68.26% stake in First International. In the end, Guanghui Petroleum successfully listed it. Later, Xue Guanglin continued to increase the company's shares, and the shareholding ratio further increased by more than 70%. It also caused the stock to rise from a few cents per share before the backdoor to a maximum of 5.16 yuan. Xue Guanglin’s net worth has also risen and he has soon become one of China’s richest.
On October 28, 2010, Forbes China's rich list was announced. Xue Guanglin ranked 43rd with a wealth of 12.25 billion yuan. This year is his best ranking in China's wealth status and reached the peak of his life.
In the previous year, he ranked 228 in the list, and 53 in the following year, and finally fell back until disappeared. What caused Guanghui Petroleum and Xue Guanglin’s wealth to shrink, and even hundreds of millions of loans have not been repaid?
In August 2014, Guanghui Petroleum issued an announcement to acquire the participation rights of two of Anadarko's stable offshore oilfield blocks in Bohai Bay for US$1,046 million. Our reporter inquired about WTI originalOil priceIn 2014, the oil price was at a peak of 105.44 US dollars per barrel. In the following two years, the oil price fell all the way to the lowest in February 2016 and fell to 33.83 US dollars. Guanghui Petroleum is a capital-intensive industry. The exploitation, production and transportation of oil require a large amount of cash turnover. This acquisition has caused the company to be under pressure and the oil price has fallen sharply, resulting in a loss of performance.
In 2015, the company's financial report turned from a multi-year profit to a loss, and the statement loss in the second half of the year reached 523 million yuan. In the second half of 2016, the report turned losses into profit and achieved a net profit of HK$412 million. However, the company announced in September 2017 that it delayed the 2017 performance report and began to suspend trading on October 3. The performance report has not yet been released. When the company’s stock was suspended last year, the stock price has fallen to 1.5 yuan. Compared with the 5.16 yuan at the peak of the stock price, Xue Guanglin’s net worth has shrunk dramatically. His dreams have already been realized, but not all are good after the realization of their dreams.
On November 7, our reporter called Guanghui Petroleum when it could resume trading. "It is not clear, if there is an announcement on the resumption of online trading," Guanghui Petroleum related person told this reporter.
338 million arrears to sell shares to pay debts
The operation of Guanghui Oil was unfavorable, and the arrears of Ping An Bank failed to be repaid in time, and finally it was enforced through the court.
According to the "Shanghai First Intermediate People's Court's ruling (2018) Shanghai 01 Executive No. 1089", the three executed persons of Guanghui Petroleum Group, Xue Guanglin and Shenzhen Guanghui Petrochemical Co., Ltd. are in arrears to the executor Ping An Bank. The Shanghai Free Trade Trial Branch has a loan of 338 million yuan and interest and penalty interest. On July 17, 2017, the Shanghai Higher People's Court mediation and issued a civil mediation book, but ultimately failed to implement. On August 13, 2018, the Shanghai High Court ruled that the Shanghai No. 1 Intermediate People's Court executed the frozen shares of Weizhong Bank held by Shenzhen Guanghui Petroleum.
Guanghui Petroleum Group and Shenzhen Guanghui Petrochemical Co., Ltd. are all controlled by Xue Guanglin and are acting in concert. Our reporter saw in the judicial auction of Taobao that the auction of 12.6 million shares of Weizhong Bank, starting price of 441 million yuan, equivalent to 35 yuan per share. The auction price increase is RMB 2.2 million and its multiples. The auction time is from 10:00 on December 3, 2018 to 10:00 on December 4, 2018.
Whether the equity of Weizhong Bank held by the company was auctioned was caused by tight funds. "This can't answer you." Guanghui Petroleum said that the specific situation pays attention to the company's online announcements and news.
According to the announcement information of the auction, Guanghui Petroleum is the fourth largest shareholder of Weizhong Bank, holding 120 million shares of the bank, accounting for 2.857% of the total share capital. Now its 120 million shares have been seized by the Shanghai Higher People's Court and the deadline for seizure is until January 29, 2021.
Weizhong Petroleum is a purely online bank with no physical outlets. It benefits from the resource advantage of Tencent, the largest shareholder. It focuses on “micro-credit” and provides customers with a micro-credit and QQ channel. Still borrowing services.
Weizhong Bank has developed very rapidly in recent years. In December 2014, it obtained a financial license. In the first year of 2015, its financial loss was -584 million yuan. In 2016, it turned into a profit and achieved a net profit of 401 million yuan. The net profit for 2017 was 1.448 billion yuan. The increase was 261.1%.
(Article source: China Times)