Yinlong Becomes a "Hole" Who Will Get Involved by Dong Mingzhu and Wei Yincang
When Xu Jiayin and Jia Yueting are locked in a lawsuit because of his "dream of making cars", Dong Mingzhu will also stand in court with Wei Yincang, the former chairman of Yinlong New Energy, because of his "dream of making cars".
It only took two years for Dong Mingzhu and Wei Yincang to change from high profile cooperation to confrontation. Wei Yincang and others here are suspected of seizing the interests of Yinlong for more than 1 billion yuan through illegal means, and are sued; Over there, Dong Mingzhu was exposed to have borrowed money to buy shares in Yinlong, and was also sued by Wei Yincang to the court.
Wei Yincang and others are suspected of illegal occupation
In the morning of November 13, A statement issued by Yinlong New Energy , detonate the market instantly.
Yinlong New Energy said in the statement that the new board of directors, board of supervisors and management of the company found that Wei Yincang, the former chairman of the board, and Sun Guohua, the former president, were suspected of occupying more than 1 billion yuan of the company's interests through illegal means. At present, the company has filed a civil lawsuit with the Zhuhai Intermediate People's Court and reported the case to the Economic Investigation Detachment of the Zhuhai Public Security Bureau, which has been formally accepted by relevant institutions.
It is disclosed that after Yinlong New Energy elected a new board of directors and a new board of supervisors in March and April this year, the new board of directors, the board of supervisors and the company's management found frequent connected transactions between the company and major shareholders in the course of performing their duties, and some transactions were abnormal and doubtful. After a special due diligence and audit by a third party, it was confirmed that Wei Yincang, Sun Guohua and their affiliated companies embezzled the company's property through connected transactions and damaged the company's interests, and some of their acts were suspected of constituting criminal offences.
On October 18, 2018, Yinlong New Energy formally filed a civil lawsuit with Zhuhai Intermediate People's Court on three cases of infringement of the company's interests by major shareholders and related parties, which has been formally accepted by Zhuhai Intermediate People's Court. The total amount of the three cases exceeded 780 million yuan, of which the principal part was 680 million yuan. For connected transactions suspected of criminal offences, the company has reported to the Economic Investigation Detachment of Zhuhai Public Security Bureau, which has officially accepted the report, involving 270 million yuan.
"This is a serious problem found in the latest financial audit," the relevant insiders told reporters.
The reporter learned from industrial and commercial data that at present, Zhuhai Yinlong Investment Holding Group Co., Ltd., which is 100% controlled by Wei Yincang, is the largest shareholder of Yinlong New Energy, with a shareholding ratio of 25.99%.
"I am still the controlling shareholder of Yinlong now, but the enterprise is suing its major shareholder." On the 13th, Wei Yincang appeared quite angry and a little helpless when he was interviewed by the Shanghai Securities News reporter exclusively.
Dong Mingzhu is sued by Wei Yincang
"We have sued her (Dong Mingzhu) through a lawyer in the relevant court in Beijing, and the court has also filed a case. The rest of the matter is left to the lawyer to handle," Wei Yincang told reporters.
Throughout the interview, Wei Yincang never mentioned Dong Mingzhu's name.
Just two years ago, in the face of widespread doubts from the outside world, Dong Mingzhu and Wei Yincang showed a seamless cooperative relationship.
In August 2016, Gree Electric Appliance The acquisition plan was released, announcing that Zhuhai Yinlong (i.e. Yinlong New Energy) would acquire 100% of its equity by issuing shares. After the acquisition, Zhuhai Yinlong would become a wholly-owned subsidiary of Gree Electric. But two months later, the shareholders' meeting of Gree Electric rejected the acquisition plan.
Dong Mingzhu did not stop chasing his "dream of making cars". In December 2016, Dong Mingzhu signed a capital increase agreement with Zhuhai Yinlong and obtained 22.388% of the equity of Zhuhai Yinlong in his personal name, together with Wang Jianlin, Liu Qiangdong and other related enterprises and other institutions. Among them, Dong Mingzhu holds 7.46% of shares, ranking the fifth largest shareholder of Zhuhai Yinlong.
Based on the estimated value of Zhuhai Yinlong after this capital increase of 13.4 billion yuan, Dong Mingzhu invested about 1 billion yuan in Yinlong, which is close to the amount of money Wei Yincang and Sun Guohua were accused of seizing the company's interests by illegal means.
Shortly after Dong Mingzhu and others became shareholders, Zhuhai Yinlong made another capital increase. Dong Mingzhu's shareholding ratio increased to 17.46%, becoming the second largest shareholder of Zhuhai Yinlong, second only to Wei Yincang.
Then, Dong Mingzhu and Wei Yincang began to implement ambitious car building plans. On the one hand, Gree Electric helped Zhuhai Yinlong's business through related party transactions. In February 2017, Gree Electric signed an agreement with Zhuhai Yinlong to purchase each other's products and services on an annual basis, involving a total amount of no more than 20 billion yuan. At the same time, Gree also helped Yinlong invest heavily to build new factories, and Dong Mingzhu also served as a platform for Yinlong for many times.
However, the estrangement between the two sides also appeared and gradually deepened. At the end of 2017, Zhuhai Yinlong began to be exposed to the news that it owed suppliers money for goods and several factories stopped production. Wei Yincang and other former management gradually handed over control.
Dong Mingzhu's "White Wolf with Empty Hands"?
According to the industrial and commercial information, on November 29, 2017, the legal representative of Yinlong was changed from Wei Yincang to Sun Guohua. On December 1, the chairman of the company was changed from Wei Yincang to Sun Guohua.
However, nearly four months after Sun Guohua served as chairman, Zhuhai Yinlong held its first interim board meeting in 2018 at the end of March 2018. Sun Guohua stepped down as chairman and president of the company, Lu Chunquan, general manager of Purun Capital, the fifth largest shareholder of Zhuhai Yinlong, served as chairman, and Lai Xinhua, the former vice president of Yinlong who served in Gree, served as president of Yinlong. On April 4, the legal representative of Zhuhai Yinlong was changed from Sun Guohua to Lu Chunquan. On April 19, the legal representative of Zhuhai Yinlong was changed from Lu Chunquan to Lai Xinhua.
So far, the founder teams of Yinlong, such as Wei Yincang and Sun Guohua, have withdrawn from the top management of the company, and most of the decision-making and management rights of Zhuhai Yinlong have been mastered by Dong Mingzhu.
In May this year, Zhuhai Yinlong IPO coaching ended. Since then, Dong Mingzhu, Lai Xinhua and others have publicly criticized the original management.
In an interview with reporters, Wei Yincang said that he had also been thinking in the past two years that as long as he could make Yinlong's strategic technology bigger and stronger, anyone could be in charge, and he could also leave the management, as long as the enterprise did not suffer losses. At present, Wei Yincang and Sun Guohua are only directors of Yinlong New Energy.
"The reason why this happened today is that when she bought Yinlong shares two years ago, she didn't pay a penny, but borrowed my money to buy them." Wei Yincang told reporters, "It is because she borrowed my money and didn't pay it back, I had to borrow money outside, all at a high interest rate."
According to Wei Yincang's statement, the reporter called Dong Mingzhu and left messages for many times, but by the time of the deadline, his phone had been unanswered or could not be connected, and the messages had not been answered.
The relevant person from Gree replied to the reporter: "Dong Mingzhu is only a financial investor of Yinlong. It is not suitable to be interviewed or express opinions about Wei Yincang and others who were sued by the company."
The lesson of Yinlong becoming a "hole"
Two years ago, the concept of new energy vehicles was sought after by all parties. Against this background, Gree Electric suddenly announced its takeover of Zhuhai Yinlong.
Although Zhuhai Yinlong adopts the three-dimensional lithium battery technology, which is not the mainstream of the market, and its lithium titanate battery technology route has not been recognized by most industry insiders, Gree Appliances still highly recognized Yinlong. At that time, Gree proposed an acquisition price of more than 13 billion yuan. However, if we put the time forward one year, Zhuhai Yinlong's valuation is only about 5 billion yuan.
"Yinlong's technology is the most advanced in the world, and new energy vehicles must be done." At the annual meeting of Chinese enterprise leaders held in December 2016, Dong Mingzhu made a bold statement.
As a representative of China's outstanding entrepreneurs, Dong Mingzhu has spent many years in shopping malls and experienced many battles. He should also be familiar with Wei Yincang and Zhuhai Yinlong who are both in Zhuhai. He must have done due diligence before deciding to invest in Yinlong. However, in just two years, Zhuhai Yinlong has gone from "sweet cake" to "big hole". Leaving aside the huge difference between the previous performance commitment and the actual performance, there are no small problems in corporate governance alone. Blind expansion has brought tension in the capital chain, and huge corporate interests are suspected of being illegally occupied. Isn't it worth reflecting?
"100% investment depends on people," said Xu Xiaoping, a well-known figure in China's entrepreneurial and investment circles.
Editor in charge: Chen Yongle
