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Our reporter Wang Tao reports from Shanghai
It is said that Lin Yisen's career, from the director of Zhejiang financial supervision in the early 1990s to the chairman of Zhejiang Securities, Zhejiang Guotou, Tianyi Securities and Jinxin Securities, is a microcosm of the history of Zhejiang's securities industry. Lin Zigzag's career experience is also a reflection of the living conditions of a generation of securities traders.
Securities Jianghu Ranger
In August, Shanghai was hot and humid. A month after the withdrawal of Jinxin Securities to Hangzhou, Lin Yisen sat in his new office and smoked leisurely.
After the withdrawal of Jinxin Securities, Lin was invited by a futures consulting company to take an important position.
Coincidentally, Lin's current office is located on the 17th floor of Huamin Hanzun, Yan'an West Road. Before the removal, Jinxin Securities was also located in Huamin Hanzun. Lin's office on the 12th floor is much larger than the current one.
However, from Lin's face, the reporter could not see much loss. "The company will move to Pudong in two days. This is temporary."
In 2004, Lin joined Jinxin Securities as the chairman. One year later, 50 year old Lin was faced with the choice of career again due to the transfer of shares of Jinxin Securities.
It is reported that several companies have invited Lin to serve as the chairman of the board of directors, but all of them declined politely. Lin Yisen is tired of going through too many changes in his nearly 30 years of financial career.
In the 1970s, after joining the army for seven years, Lin got the opportunity to study in a financial college in Zhejiang Province. After graduation, he was assigned to work in Zhejiang Branch of the People's Bank of China. He successively served as the director of non bank offices such as financial management and supervision, and engaged in financial supervision.
At that time, Lin was young and energetic, and was determined to make achievements in the financial industry.
In October 1998, due to the poor management of Zhejiang Securities, Lin, 41, was appointed as the chairman of the board of directors and secretary of the party committee of Zhejiang Securities by the Zhejiang Provincial Party Committee and Government to save a mess.
Lin appeared as a firefighter. At that time, the non-performing assets of Zhejiang Securities reached 820 million. When he left his post, the non-performing assets dropped to 390 million, of which the profits had been written off. In 1999, 69.45 million had been written off, and in January May 2000, 56.94 million had been written off.
Unexpectedly, this experience cast a lingering shadow on Lin's nearly 30 years of financial experience.
Two years later, the Zhejiang Provincial Government ordered Lin to serve as the director and deputy general manager of the newly established Zhejiang Guoxin Holding Group, and also as the chairman of Zhejiang Guotou.
At that time, among the senior management of Guoxin Holdings, Lin was one of the real power figures. However, Lin, who had outstanding personality, soon left Zhejiang Guoxin Holdings.
This has always been the subject of speculation. Some people said that Lin could not stand his traditional business mode and complicated personnel disputes.
In fact, Lin has found a more suitable platform in Tianyi Securities.
The predecessor of Tianyi Securities, Ningbo Securities, is only a small regional securities firm with a registered capital of 100 million yuan. As the chairman of the board, Lin began to practice the plan to transform small local securities firms in Ningbo Securities.
After its name was changed to Tianyi Securities, the expansion plan officially began. In March 2001, it increased its capital and shares, with a registered capital of 1.002 billion. In 2002, it moved to Shanghai, obtaining all business qualifications for comprehensive securities companies.
After Tianyi Securities became the largest securities dealer in Zhejiang, Lin left again. "After the company has developed and formed, he is unwilling to do things against his will, nor to be subjected to greater pressure." Lin explained to his friends.
"Even young people can't catch up with my job hopping speed." Lin didn't know whether to laugh or to be proud.
Hate Zhejiang Securities
Despite a young man's mentality, when talking about Zhejiang Securities, Lin angrily snuffed out his cigarette.
Back in 2001, the market once seethed with the case of "Zhejiang Securities Violation".
In the Punishment Decision of the CSRC, Zhejiang Securities was fined 503 million yuan. Lin Yisen, the former chairman, and Xiang Jianzhong, the then chairman, warned and fined 30000 yuan. Guo Liangyong, the then president, fined 300000 yuan.
Nearly four years later, Lin still clearly remembers the situation when he received the punishment decision from the CSRC in December 2001. In Tianyi Securities, Lin, the chairman of the board, is under great mental pressure.
Lin has been unable to accept the punishment decision, even in the punishment list, Lin, as the former chairman of the board, is the least serious.
At the request of the reporter, Lin took out a thick stack of materials from the drawer. These are manuscripts that have been hidden for many years, including court litigation materials, reports to leaders at all levels, including the CSRC, Zhejiang Province, and even punishment decisions.
In a document entitled "My Statement", Lin Tan stated three problems of Zhejiang Securities - manipulating the share price of Qianjiang Biochemical (600796), misappropriating customer deposits and financing for customers.
Lin took office as the chairman of Zhejiang Securities on September 26, 1998. In the middle of December, Lin learned that the company had a large amount of funds in Qianjiang Biochemical, and had invested 120 million yuan from Credit Suisse (a wholly-owned subsidiary of Zhejiang Securities), which immediately stopped him.
On July 1, 1999, before the implementation of the Securities Law, Zhejiang Securities misappropriated 400 million customer deposits. Lin first reported to the Hangzhou Special Representative Office in writing three times, and determined to occupy 400 million customer deposits. However, no misappropriation was arranged during his tenure.
At the beginning of 2000, the financing and capital allocation plan submitted by the company was rejected by Lin Shou. Lin mentioned such a detail. In 1999, he found a financing act for customers with an amount of 50000 yuan, and he stopped it.
"I am a financial supervisor and I know the risks in the financial field." Lin Jian said he was innocent. When he said this, Lin showed a rare excitement.
The punishment decision determined that the financing period for the customer's stock transaction was from January to October 2000. On January 26, Lin left Zhejiang Securities and was appointed as the deputy general manager of Guosen Holdings and concurrently served as the chairman of Zhejiang Guotou. Lin was officially removed from the post of chairman of Zhejiang Securities in May 2000.
A small part of the financing and capital allocation business of the Business Department occurred in March and April 2000, and most of them occurred after the Taizhou Conference in mid June.
Lin believed that the illegal operation of Zhejiang Securities had nothing to do with himself. At the hearing, Lin felt aggrieved, "I went to Zhejiang Securities as a firefighter. Before that, the company had committed violations, poor asset quality, declining economic benefits, and deteriorating financial conditions."
As early as 1998, the Audit Office of Zhejiang Province audited the assets and liabilities of Zhejiang securities, and found that borrowing other people's accounts to purchase new shares and mortgage financing with shares from customers.
In the eyes of the outside world, Lin's punishment decision is not serious. However, four years later, Lin is still indignant.
"Objectively speaking, when the Zhejiang securities case occurred, Lin, who had left, had no direct relationship with him," said a senior securities official in Zhejiang. "Now it seems that the punishment of the regulatory authorities can be more rigorous."
Committed to the territory of Zhejiang
It is unclear what impact the punishment brought by Zhejiang Securities will have on this Zhejiang industry talent. However, at least from the outside world, Lin is still a powerful figure in the Zhejiang securities industry.
From Zhejiang Securities, Tianyi Securities and Jinxin Securities, Lin is pursuing a "big event".
From 2002 to 2003, nearly 10 reports were submitted to Zhejiang governments at all levels, and tens of thousands of words of reorganization and merger plans were submitted. The core idea is that Zhejiang securities companies must become bigger and stronger, not only in industry, but also in finance.
In 2003, it was widely spread on the market that Jinxin and Tianyi Securities were reorganized and merged.
Lin confirmed that there was a clear merger schedule at that time and submitted a proposal to the Board of Directors of Financial Trust. Before December 31, 2003, he held talks with the senior management of Tianyi Securities to determine the work plan and establish a leading group for restructuring and merger.
The plan at that time was that there would be no new capital investment for merger and reorganization, and the name was Jinxin Tianyi or Tianyi Jinxin, in which China Yintai held 35% shares and Jinxin Trust 35%.
Lin Yisen, who was then the chairman of Tianyi Securities, was the leader of the reorganization and merger leading group.
For a long time, Zhejiang securities companies have been small in scale and lack appeal in the market. It has always been Lin Yisen's wish to take the road of merger to make Zhejiang securities companies bigger and stronger. After the suspension of Tianyi and Jinxin merger, the united front of Zhejiang securities companies has become more obvious and their desire is stronger.
In Lin's view, Zhejiang was a strong financial province in history. However, the current Zhejiang financial industry is not only far from the prosperity of the four famous banks in history (Zhejiang Industrial Bank, Peasant Bank, Salt Bank and Jincheng Bank), but also lags behind Shanghai, Fujian, Guangdong, Jiangsu, Shandong and other sister provinces and cities.
In recent years, Zhejiang Province has established and consolidated its position as a strong economic province. What is not symmetrical is that the financial industry has lagged behind, and there is no regional financial institution of its own with certain influence.
From April to May 2003, Lin Yisen, the birthplace of Ningbo Tianyi Securities, proposed to the municipal government to establish a Ningbo financial holding company based on Tianyi Securities, Ningbo Commercial Bank and Jingang Trust.
Ningbo Finance transferred 14.39% of the equity of the commercial bank to the wholly-owned company Jinjiang Assets, which then subscribed 270 million yuan in cash, becoming the largest shareholder.
According to Lin's plan, Ningbo Financial Holding has a registered capital of 1.5 billion yuan.
In the increasingly competitive environment, it is less and less possible for financial institutions to expand their scale and improve their competitiveness by accumulating their own profits.
The voice of mixed operation is getting higher and higher, and the concentration of financial business is increasing day by day. If we do not adopt the unconventional development strategy and rapidly expand the financial industry, there will be a risk of gradual disappearance.
Lin has been in charge of financial supervision in Zhejiang Province, which makes him always have an impulse. "The asset quality of Zhejiang's securities companies and financial enterprises is good, and they can become powerful securities companies through reorganization and merger."
However, Ningbo Financial Holding is hard to follow. In October 2004, the plan of "relying on Zhejiang Guotou and integrating Zhejiang securities resources" was again submitted to the top management of Zhejiang Provincial Government.
The grand plan at that time was that Zhejiang Guoxin Holding was the major shareholder of Jintong Securities. Ningbo Jinrun and China Yintai contributed 60% of the equity of Tianyi Securities. After the capital increase of Guoxin Holding, the registered capital was 1.4 billion yuan.
One year after the completion of capital increase and share expansion, a comprehensive securities company with a registered capital of 2.5 billion to 3 billion was registered in Hangzhou, with Jintong Securities and Tianyi Securities as the main bodies.
In 3-5 years, the company will be listed and financed in the capital market, with a net capital of 8 billion to 10 billion. Zhejiang Guoxin has become an internationally renowned securities holding group with significant influence.
After talking with Lin Yisen, the reporter found that the restructuring of Zhejiang securities companies was taken as a historic event, creating an influential securities holding group and occupying a place in the domestic securities industry.
This is the future of Zhejiang's financial industry for the elders who have been immersed in Zhejiang's financial industry for more than 20 years. However, with the withdrawal of Jinxin Securities and the transfer of Jintong Securities, the market environment of the securities industry has deteriorated, and the dream has become more and more vague.
What is worth discussing is that as a province with relatively developed domestic economy and active private economy, why is it difficult for financial enterprises in Zhejiang Province to develop and grow, forming a climate, and the existing financial enterprises are often on the verge of deviating or losing money.
How to develop the financial industry may be something that needs reflection from all walks of life in Zhejiang Province.
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