A business owner in Zhejiang has debts of more than 1 billion yuan and has 36 records of dishonesty. He still lives in a five-star hotel and is escorted by drivers. Some creditors question the boss’s public evasion of debts.
According to reports, the owner of the company is Shen Dingkang. Shen Dingkang, former chairman of China Kangxin Group and chairman of Ningbo Kangxin Chemical Fiber Co., Ltd.
From the founder of a leading chemical fiber company to being burdened with more than one billion in debt and being restricted from high consumption, Shen Dingkang’s experience is disappointing; but the debt quagmire left by Kangxin Chemical Fiber and The suspicion of debt evasion still hangs over local financial institutions.
The story begins more than ten years ago.
As one of the most economically powerful county-level cities in Zhejiang, Cixi is located on the coast of the East China Sea, in the center of the three major cities of Shanghai, Hangzhou, and Ningbo, and is located in the Hangzhou Bay New Area on the coast. , has a location advantage that cannot be ignored. Among the pillars of the local industrial structure are the export-oriented small household appliances industry and the mature textile industry chain.
Before 2015, Kangxin Chemical Fiber was an important leading enterprise in the local chemical fiber industry in Cixi. It was once one of the top ten enterprises in Cixi and had made important contributions to the development of the local economy. contribute.
Shen Dingkang himself is also a star entrepreneur. Public information shows that he was once the executive president of the Ningbo Youth Chamber of Commerce and a representative of the Cixi Municipal People’s Congress, and has received many honors: ” City Entrepreneurship Expert”, “City May 4th Medal”, “City Young Entrepreneur”, “City Outstanding Entrepreneur”, “City Advanced Worker”, “City Outstanding Factory Director (Manager)”, “City Top Ten Filial Stars”, “City Charity Star”.
After finishing high school in 1982, Shen Dingkang went to work in the Meishan Resin Factory in Beilun District, Ningbo City due to financial pressure. He started his own business four years later and successively worked in fiberglass and air-conditioning equipment. , bicycle parts, and motorcycle accessories, and finally selected chemical fiber as its main business. It acquired 680 acres of land in Cixi Hangzhou Bay New District and established “Zhejiang Kangxin Chemical Fiber Co., Ltd.” with a single initial investment of 700 million yuan.
In 2008, the annual output value of Kangxin Group Company exceeded 2 billion yuan, making it one of the “big taxpayers” in Cixi City and Hangzhou Bay New Area, and one of the “Top Ten Enterprises in Cixi City” and “Ningbo “Top 20 Enterprises in the City”.
Since 2005, Shen Dingkang has been involved in real estate, establishing Cixi Jinqiao Real Estate Co., Ltd. and Fanshi Real Estate Development Co., Ltd., with sales exceeding 1 billion yuan that year.
Real estate succeeds and real estate fails.
Due to Kangxin’s excessive business development and expansion, its banking industry loans have also continued to rise. From 2007 to 2017, Kangxin’s total loan amount increased from less than 700 million yuan to 1.5 billion yuan at its peak.
The PBOC credit report of Kangxin Chemical Fiber in September 2016 obtained by 21st Century Business Herald shows that the company has a total financing balance of 1.5 billion yuan in 11 banks, and the financial institutions are non-performing and defaulting. 915 million yuan, special mention loans 407 million yuan.
Two sets of statements show the flaws in the company’s finances.
The reporter obtained Kangxin Chemical Fiber’s corporate tax report from 2010 to 2014 and the financial statement provided to the bank. There is a difference in profit and asset-liability ratio:
The 2010 tax report stated a net profit of 64.84 million yuan and an asset-liability ratio of 84.1%, but the statement provided to the bank showed a net profit of 83.49 million yuan, a difference of 18.65 million yuan, and the asset-liability ratio was only 64.8 %.
The net profit in the 2011 tax report was 59.64 million yuan and the asset-liability ratio was 87.4%. However, the statement provided to the bank showed a net profit of 118 million yuan, a difference of 58.73 million yuan, and an asset-liability ratio of 87.4%. The debt ratio is only 69.0%.
The 2012 tax report showed a net profit of 81.75 million yuan and an asset-liability ratio of 92.7%. However, the statement provided to the bank showed a net profit of 53.4 million yuan and an asset-liability ratio of only 92.7%. 68.5%; the corporate tax return in 2013 showed a loss of 121 million yuan and an asset-liability ratio of 98.3%, while the statement provided to the bank showed a net profit of 109 million yuan that year and an asset-liability ratio of 66.4%.
In 2014, the corporate tax report showed a loss of 75.63 million yuan and an asset-liability ratio of 101.65%, exceeding 100%. However, the annual report provided to the bank showed a loss of 139 million yuan and an asset-liability ratio of 101.65%. Although higher than previous years, it is still only 85.5%.
In addition, just before the crisis broke out, in 2013 and 2014, Kangxin Chemical Fiber increased its bank loans by a total of 417 million yuan.
The above-mentioned AMC person pointed out that the net profit and asset-liability ratio data between the company’s tax report and the statement provided to the bank are completely inconsistent. There may be two reasons: First, They defrauded bank credit by forging statements; second, they increased costs through fictitious statements, reduced company profits, and paid less income tax.
On August 14, 2015, just before the risks of Kangxin Chemical Fiber were exposed, a company named “Jiangsu Xinbo Polymer Materials Co., Ltd.” was registered in Suqian City, Jiangsu Province , the company’s business scope includes the research and development, production, purchase and sales of polyester and chemical fiber products, which is more consistent with Kangxin Chemical Fiber. The registered capital was originally 300 million yuan, but has now been changed to 183 million yuan. At the beginning of its establishment, the legal representative of the company was Shen Dingkang’s 21-year-old daughter Shen Jingjing. However, according to Cixi locals, her daughter was studying abroad at the time, and the actual manager was Shen Dingkang himself.
In October 2017, the Intermediate People’s Court of Ningbo City, Zhejiang Province targeted the property “No. 476, Binhai 2nd Road, Hangzhou Bay New District, Cixi City, south of Binhai 3rd Road, Xingci 4th”Industrial properties and machinery and equipment on the west side of the road” were publicly auctioned, and this location was the factory of Kangxin Chemical Fiber.
A person familiar with the auction situation at the time said that in fact, Many local companies are interested in this hundreds of acres of land located in Hangzhou Bay New District. However, because the land and factory equipment are auctioned together, other interested companies are also deterred: “The procurement and depreciation of the equipment are only the original The factory owner knew that many interested companies would be unsure if chemical fiber equipment and land were packaged and sold together, so they gave up. ”
In the end, a company named Ningbo Quandi International Trading Co., Ltd., which was registered and established in December 2016 after the Kangxin Chemical Fiber Crisis, successfully took over for 516 million yuan. We acquired the land and factory equipment of Kangxin Chemical Fiber, and changed its name to Ningbo Quandi Chemical Fiber Co., Ltd. in January 2018. Since then, it has transformed from a trading agency into a chemical fiber weaving and processing enterprise.
However, many creditors still believe that the actual manager of this company is still Shen Dingkang himself, and those standing in the front are just the nominee shareholders.
A Kang A financial institution creditor of Xin Chemical Fiber told reporters that according to his observation, Shen Dingkang himself still works at Quandi Chemical Fiber and travels between Quandi Chemical Fiber and Hangzhou Bay Hotel all year round. This creditor once went to Quandi Chemical Fiber to negotiate a loan for Kangxin Chemical Fiber For follow-up questions, Shen Dingkang was sitting in the chairman’s office at the time.
But every time Shen Dingkang responded to his creditors, he said: Currently, Quandi Chemical Fiber has no equity relationship with him personally. It is even less likely to bear the legacy debt of Kangxin Chemical Fiber.
The above-mentioned major state-owned bank told reporters: “Even if it is known that Boss Shen is in charge of Quandi Chemical Fiber, financial institutions have no idea. Ways to get back old loans. What’s more, after four or five years, many banks have disposed of loans with collateral, and have also written off guaranteed loans without collateral. Local bank managers have already rotated through a group, and this bad debt has disappeared. No news, gradually forgotten. “
In order to verify this statement, in late November, a reporter from the 21st Century Business Herald came to the Quandi Chemical Fiber Factory located on Binhai 2nd Road, Hangzhou Bay New District. The four characters “Quandi Chemical Fiber” Standing on the site of the original “Kangxin Group”, the factory is very large, equivalent to several football fields, and you need to drive through several long factory buildings between the front and rear doors.
(Photographed by reporter Zhou Yanyan at the entrance of Quandi Chemical Fiber Factory)
The reporter contacted Feng Zhe, the current corporate legal representative and largest shareholder of Quandi Chemical Fiber. Feng Zheding was silent for a while, and said in fluent Mandarin: “This is for you.” Don’t ask. I have no obligation to tell you this. I have never answered such inquiries. ”
A Shanghai judge who has been involved in the trial of financial cases for many years said that situations like Kangxin Chemical Fiber’s debt evasion were more common in the past few years, due to the concealed means and advance layout of asset transfers. , and even reacquired their own land and machinery and equipment through public transactions such as auctions, making it difficult for creditors to obtain strong evidence and putting them at a disadvantage in the battle between the two parties. In this case, it is difficult for creditors to gain the upper hand in the litigation process unless Relevant departments intervened and exposed the fact that the actual controller of Kangxin Chemical Fiber participated in the auction of his own factory through account back-checking. Participating in the auction meant that assets were being concealed at the time and should be enforced.
People close to Quandi Chemical Fiber told reporters that Quandi Chemical Fiber’s production has only gotten on track this year. In the past few years, it was a loss, but in this year when the epidemic has spread around the world, there has been a slight turn for the better.
At present, some local banks have learned from history and claim that they “dare not lend money to Quandi Chemical Fiber, which has Shen Dingkang behind it.” However, there are also small and medium-sized banks that still maintain cooperative relations with Quandi Chemical Fiber, telling reporters that ” The current shareholder background of Quandi Chemical Fiber is normal, and shareholders with a listing background have intervened (Shuanglu shares have been listed), and there are no negative negatives. ”</p
