Author | Brother Cat
Source | Big Cat Finance Pro
2012 is a turning point for Suning.
Previously, they had played with Gome for several years. With Huang Guangyu's imprisonment, the pressure dropped, and Suning's boss, Lao Zhang, was already the richest man. Now they feel that they can take the lead. As a result, a Liu Qiangdong emerged from Beijing, and the sales volume of Suning was three times that of Suning through e-commerce.
Lao Zhang gritted his teeth and changed Suning into Suning E-shop. He was determined to fight Jingdong to the end.
In 2012, "The war between the East and the West started". We tried our best to lower the price. After three years, the National Development and Reform Commission finally intervened At this time, Jingdong Online sold the most appliances, and Suning suffered its first loss after listing.
Fortunately, Suning was not short of money in those years. In order to catch up with the online scale, They and Ali share in each other's shares. When the news came out, JD dropped 6% sharply that day 。
Then Lao Zhang began to diversify vigorously, spending money like water, investing in many projects:
Real estate, hotels, department stores, e-commerce, payment, installment, insurance, consumer finance, funds, golf, app stores, reading, cloud, cultural creativity, travel, lottery, weather, group buying, mother and baby, sharing dry clothes, event broadcast, mobile phone, live broadcast, e-sports, small stores, pharmacy, community group buying
But most of them are not.
The best result is football.
In November 2020, the Jiangsu Suning Club in Lao Zhang's hands won the championship of the Chinese Super League. Six months later, the Inter Milan Club led by Xiao Zhang won the championship of the Serie A League, but at this time, the Jiangsu Suning Club has been dissolved.
After winning the championship, they were directly disbanded, which is unique in the history of football. This is also a lifelong challenge for Jiangsu fans.
The reason is very simple. Suning has no money.
At this time, it has been four or five years since we began to clean up shadow banking and off balance sheet businesses, The Zhang family spent 70 billion yuan in five years and generously gave Evergrande 20 billion yuan.
So in 2020, the once wealthy family was in decline. In order to save the loss, Lao Zhang later introduced a lot of state-owned assets, The shares were continuously diluted, and finally even the position of chairman was lost 。
But at the other end, Xiao Zhang was born with wind and water.
In 2016, Suning spent 270 million euros to buy 68.55% shares of Inter Milan Club , became a major shareholder, and then Ryan Capital bought 31.05% of the shares, but the Italian media believed that this part of the shares were only held by the Zhang family, but this statement has never been confirmed.
Inter Milan Club has a long history and brilliant achievements, but from the perspective of capital, The return rate of Serie A teams is not high After all, Inter don't even own the stadium, they have to share it with AC Milan.
Why did the Zhang family buy it? Maybe it's like buying a PS5 for a child in a middle-class family, which is a big toy for a childe, Young Master Zhang became the youngest president in the history of Inter Milan 。
To tell the truth, he managed the club very well. However, Inter Milan was a big loss maker, and the former chairman Moratti loved it deeply, but he could not afford to be old enough to receive money subsidies, so he sold it to Mr. Zhang.
How much can we lose?
In a small season, it lost tens of millions of euros, in a large season, it lost 120 million euros.
There are not many ways to make up for losses—— Either borrow money, or sell players, or shareholders pay their own money to fill the hole.
Most owners choose to sell players, and the rich will choose to pay their own money. For example, former Chelsea's Russian owner Roman Abramovich paid 1 billion euros. Later, as the club was sold by the British, the money was not mentioned.
Although Suning has no money, he can't lose his career, so he chose one of the two and Lao Zhang dismissed his team, The original purchase amount of 523 million yuan was cleared, leaving a debt of 500 million yuan, including a lot of salary owed to players.
Lao Zhang blamed himself, but promised that he would continue to support Inter.
This also means that Inter will not solve the problem by selling players. How can they fill the hole?
Xiao Zhang's choice is to borrow money.
The Suning store was once regarded by Lao Zhang as a hope for revival. In 2019, Xiao Zhang became the real controller of the store.
But this business has not been done, The capital chain is tight and short of money, So Great Matrix Limited, a wholly-owned subsidiary of Xiao Zhang Borrowing 250 million US dollars from CCB in Hong Kong 。
Where does the money go?
Naturally, it is Xiao Zhang who makes the decision. In July 2021, the money will be due.
At this time, something strange happened, Xiao Zhang denied it 。
He said that the loan agreement may be invalid because his signature may have been forged.
CCB was stunned when it heard this. We immediately asked experts to identify and hold a hearing, and finally determined that, The agreement has 6 signatures in total, 5 of which are Xiao Zhang's autograph signature and one of which is electronic signature, all of which are true.
What if they don't recognize it? CCB quickly sued Xiao Zhang in Hong Kong.
I won the lawsuit, but I didn't get any money Because Xiao Zhang has no assets in Hong Kong 。 Do you think it's a coincidence, or has it been designed long ago? I'm not sure.
In the new year, CCB had no choice but to sue in the United States, and the money was not received, Basically, the mainstream financial institutions know that Xiao Zhang still owes a large amount of money to China's state-owned banks Zhang's credit score fell off.
In February last year, CCB went directly to Italy to sue, but the money was still not returned.
However, even if Xiao Zhang took the money, he would not be satisfied with the deficit of Inter Milan.
After the epidemic started, the ticket revenue was also lost because of the empty match. Inter began to owe wages, and the loss increased from tens of millions of Euros to 100 million Euros and 140 million Euros, 245 million Euros 。
This must be unsustainable, because Xiao Zhang has a high pursuit of team performance—— This is not only an honor, but also an increase in the club's valuation ——Therefore, instead of selling players, he chose to borrow money again.
This is a loan for them in 2021, It is the Oak Capital of the United States.
This is an alternative investment company with a management scale of $190 billion. In fact Its main business is non-performing assets, So many customers of this company are companies that can't get money from normal channels and have problems.
Of course, the conditions for Oak Capital are also very strict.
The loan is 275 million dollars, with an annual interest of 12%. At the same time, it is also agreed that if Xiao Zhang sells the club within the loan term and the price exceeds 800 million dollars, 20% of the excess Oak Capital will be taken away.
The collateral is Xiao Zhang's shares in Inter Milan, One thinks that 68.55% of the shares held by Xiao Zhang, but the Italian media thinks that in addition, 31.05% of the shares of Ryan Capital have also been pledged, In this case, it is 99.6%. In any case, if the money can't be paid back, the position of small shareholders and big shareholders will definitely disappear.
Why did they put forward such conditions?
Oaktree Capital initially defined this loan as making quick money. According to their calculations, it is hopeless for Xiao Zhang to repay the money by revenue. He is likely to sell the club after the most difficult period, so An additional 20% of the share is claimed.
How did they know that Xiao Zhang didn't take the ordinary road.
Zhang expected Marotta, the general manager of the club and known as "the first manager of Italy", who had served for the Italian giants Juventus for many years. Due to disagreement, Zhang resigned and invited Inter Milan for three times.
Marotta has a very good way of running the team, In four years, he has earned 300 million euros for Inter from player sales alone, and the team's performance has improved rapidly, He won two Serie A champions, two Italian Cup champions and three Italian Super Cups. Most importantly, he reached the final of the Champions League, Inter's ticket income for a single game is close to 10 million euros , which made Xiao Zhang see the hope of making money to repay the loan.
But that hope soon fell through.
In the 22-23 season, the club's income reached a new high, It reached 425 million euros, but still lost 80 million euros, To maintain operations, The club issued 415 million euros of bonds , used for revolving loan.
At this time, Xiao Zhang began to worry about the expiring Oaktree Capital, which must be solved.
There are actually two ways:
1、 Sell directly, It is said that Xiao Zhang has approached Saudi Arabia, Europe and the United States, but due to price reasons, the valuation of $1.2 billion is considered too high.
2. Another way is Borrow the new to repay the old, and use the loan to support the loan 。 The road is also not smooth, because Zhang's credit score has been deducted a lot, and he has no collateral to offer. The most valuable thing is the shares of Inter Milan, which have been mortgaged to Oak Capital.
The last potential investor willing to sit down and talk is Pimco in the United States It was hoped to reach an agreement, but it failed in the end.
Xiao Zhang was very angry. He thought that Oak had interfered with the loan plan and threatened to sue the other party.
But how did Oaktree Capital respond?
Say that since you didn't repay, I will implement the terms in the loan agreement. What's the problem?
So these two days, as soon as the repayment time was over, Oak sent a notice, Take over the club.
Many people think that this is the case of Oak Capital, which wants to seize Chinese assets. Even if it is, they also take the agreement signed by Xiao Zhang, which is reasonable and legal The money that Xiao Zhang owes CCB is not mentioned in black and white. Is it a robbery of Chinese assets?
Everyone knows that Italy produces luxury goods, but the Italians who are used to seeing the big show are also shocked by Xiao Zhang's luxury, because Xiao Zhang's personal items displayed in the social media are too arrogant, such as At least three luxury sports cars worth more than $8 million and luxury watches worth nearly $15 million.
So, Is he going to pay back the money he owes CCB?
