Get rich first, then thunder.

In the capital game, money comes and goes quickly.

Wang, the strategy of a China businessman.

The outbreak of violating the law of value will eventually be punished by the law of value.

In June 5438+10, the court issued a notice to restrict high consumption, pushing Cai Xiaoru, the former chairman of Dahua Intelligent, off the altar. From the youngest billionaire in Zhongshan to the present embarrassment, Cai Xiaoru has experienced a roller coaster-like life in a few years.

Cai Xiaoru, born in 1979, graduated from junior high school at the age of 16 and started to help her parents do business. In 2003, at the age of 24, he became the actual controller of Dahua Intelligent.

When 20 10 company went public, Cai Xiaoru, 3 1 year-old, became the youngest billionaire in Zhongshan with a net worth of more than 2.6 billion yuan, and was worshipped and sought after by many entrepreneurial young people.

After tasting the sweetness of the surge in wealth in the capital market, his ambition began to swell, and from then on, he started the crazy merger and expansion of Zhang Zhilu, even being dubbed as "M&A madman" by the media.

How crazy was he to buy and expand Zhang Zhilu? Just look at the data below.

20 13 Dahua intelligent bought Xindong.com for 433 million yuan. 20 15 participated in the merger or partial acquisition of at least 6 companies within one year, with a total cost of more than 500 million yuan.

By the end of 20 19, Dahua Intelligent had set foot in or controlled 1 1 listed companies.

Frequent mergers and acquisitions have helped them create one vivid story after another, and further pushed up the market value of Dahua Intelligent. With more and more book wealth, Cai Xiaoru's ambition also expanded, and she embarked on the road of capital arbitrage after large-scale mergers and acquisitions.

His first goal of cashing out is Dahua Intelligent, whose market value is growing. Together with the four reductions and two increases announced in the announcement, the total cash is about 654.38+35 billion yuan. In September 2065.438+06 and September 2065.438+07 10, Cai Xiaoru also signed a share transfer agreement with Zhuhai Zhiyuan, a subsidiary of Zhongzhi, to transfer Dahua Intelligent 654.38+08.56.

Cai Xiaoru made a fortune, but Dahua Intelligent was heavily in debt and had a heavy operating burden.

At the end of 20 17, Dahua Intelligent's short-term loans increased to 2.354 billion yuan, accounting for nearly 30% of the company's total assets, and its long-term loans also increased to 723 million yuan, while the ratio of current assets to current liabilities was only 0.79, far below the "2" level of normal enterprises.

In 20 18, Dahua Intelligent suffered a huge loss of174.2 billion yuan, and the liquidity crisis was prominent, and its share price plummeted.

At the critical moment, what Cai Xiaoru thought was not how to save the company, but how to move on. He reached an agreement with Fuzhou Financial Holdings to transfer the remaining 258 million shares to Fuzhou Financial Holdings at a price of 2.245 billion yuan in an attempt to completely cash out.

However, after more than a year of game, the agreement was terminated.

It was not until September 2020 17 that things were considered to have made new progress. Dahua Intelligent diluted Cai Xiaoru's shares by issuing 252 million shares to Fujian Tianzhi, and raised funds of165438+600 million yuan. The controlling shareholder became Fujian Tianzhi, and Chen, the major shareholder of Fujian Tianzhi, became the actual controller.

Cai Xiaoru, who cashed in huge sums from the capital market, did not bid farewell to capital operation. But in addition to Dahua Intelligent, he continued the capital game in his own name.

Since 20 14 became a shareholder in Yiduoli, it has successively become a shareholder in listed companies such as Huafeng Microfiber and Panda International Travel Service.

In 20 17, he invested in Jinlaite through Shenzhen Huaxin Li Chuang Science and Technology Industrial Development Co., Ltd. with a huge sum of 1 1 more than one hundred million yuan, and became the actual controller as he wished.

In addition, he also appeared in the list of IPO offline investors of Aipeng Medical, Qingnong Commercial Bank, Hualin Securities, Qicai Chemical, Lihua, Hengmingda, Kanglong Huacheng, Qingdao Bank, New Dairy and other companies.

But Cai Xiao Ru's personal investment was also unsuccessful.

In 20 18, Dahua intelligence suffered huge losses. In June of that year, Cai Xiaoru lost control of Dahua Intelligent and resigned as the chairman of the listed company.

20 19 Due to a transfer dispute with card friends, all the shares of Dahua Intelligent held by Cai Xiaoru were frozen by the court and pledged to creditors one after another; In August of the same year, its Jinlaite shares held by Huaxin Li Chuang were frozen by the Shenzhen Intermediate People's Court; In addition, Cai Xiaoru's shares in Yiduoli were all frozen; From June 5438 to February 2020, Cai Xiaoru sold all the shares of Panda International Travel Service.

At this point, the equity under Cai Xiaoru's name was almost pledged or frozen by the court. He used to get it by capital operation, and eventually not only doubled back to the market, but also ended up bankrupt and ruined.

Capital games, when the wind is smooth, make money quickly, have money and have a strong halo effect. Once in contact, it is easy to become addicted, and Cai Xiaoru is far from alone.

As the head of "China Technology Department", Yan Jinggang was born in 1978. He started wandering on the beach at the age of 17, worked as an IT and translation agent before and after, and finally chose to inherit his parents' mantle.

In 2004, he was brought into the precast pile industry by his uncle. In 2005, he established Shanghai Zhongji Pile Industry Development Co., Ltd. With his flexible mind, hard-working ability and hard-working will, Yan Jinggang led the rapid development of the technical pile industry in China.

In 2008, it caught up with the national 4 trillion infrastructure to stimulate domestic demand, and stepped on the cusp of the Shanghai World Expo in 20 10, and the demand for infrastructure investment and construction such as transportation and municipal administration increased greatly. In just five years, the total assets of China technology pile industry increased by 69 times, the total revenue increased by 89 times and the net profit increased by 124 times.

Yan Jinggang himself was also named "Top Ten Innovative Elites in the Yangtze River Delta in 2007". Fame and fortune, Yan Jinggang seems not satisfied. Looking at the wave after wave of wealth creation in the capital market, Yan Jinggang suddenly found that the industry was still too slow to get money, so he began to plan to list on A shares.

In the process of listing, because of a number of security incidents, the IPO of China Technology Pile Industry failed twice, so Yan Jinggang could only "save the country by curve" and finally landed on A shares on 20 13 and 12 through Chenghai shares.

As soon as Yan Jinggang stepped into the A-share market, he became a different person and started the capital game crazily. He followed the trend to buy various hot industries and watched the stock price rise and fall like a roller coaster.

Just over half a year after listing, Zhongji Pile Industry disclosed its plan to raise 8.672 billion yuan to acquire Diandian Interactive, an Internet game company, and Beijing Ruyi Xinxin Film Company.

It is worth noting that Zhongji Holdings' total assets are only 6.562 billion yuan and its net assets are only 2.250 billion yuan. The acquisition scale is almost four times of its own net assets, and the scale of its capital action is shocking!

At that time, the game film and television company was quite popular. It is even more inconceivable for a company whose main business is precast concrete piles to acquire mobile games and film and television companies that have nothing to do with its main business.

Although the fixed increase eventually failed, the merger and acquisition of hot industries ignited the market situation, which made Zhongji Holdings increase its holdings by more than four times in a year and a half. 20 14 In August, Zhongji Holdings increased by 1 10% in a single month.

After the failure of the acquisition of film and television companies, Yan Jinggang immediately began planning to inject military assets. From 2065438 to September 2005, he selected Wuhan Xiaolong, with a total intention of about 5 billion yuan.

The same big money and the same industry hot spots have also excited the capital market in unknown so. However, just a week later, the acquisition of Wuhan Xiaolong declared bankruptcy, but this is not important. What is important is that the large-scale acquisition of military hotspots, "rich stories", can attract "leeks" and make the stock price soar.

Acquisitions are always fruitless, so after two "setbacks", Yan Jinggang's wife Liang began to appear. 20 15 12, Liang acquired 0/5% equity of hongda mining/kloc-0 for 774 million yuan and became the actual controller of hongda mining.

In the next two years, through equity pledge and high leverage, the couple started various capital operations. In 20 16, Yan Jinggang bought back China Science and Technology Pile Industry at a price of 24.1600 million yuan, and then acquired the game assets of Hongda Mining.

After a series of large-scale mergers and acquisitions, the leverage of Yan Jinggang and his wife has been raised to the limit. By the end of 2065438+July 2006, the market value of their shares in listed companies directly and indirectly totaled 4.759 billion yuan, but the pledge rate reached over 90%.

Despite the huge financial pressure, Yan Jinggang acquired the equity of Suzhou Zheng Yue 100% in May, 20 17, with the transfer price of 10000000 yuan, and the total transfer price and debts incurred were 2.681000000 yuan.

Paying a transfer fee of 654.38 billion yuan can indirectly control the shares of Fu You, a listed company under Zhou Su Zhengyue Banner, which is very tempting for Yan Jinggang. After all, the debt is not urgent, and Yan Jinggang decided to "gamble".

After the transfer, Yan Jinggang finally realized his dream and became the head of "China Technology Department" holding three listed companies.

What he didn't expect was that this acquisition turned out to be the last straw to crush the camel. Originally, the funds were insufficient, and the source of funds mainly depended on equity pledge. However, when all the shares of listed companies are pledged, how can the couple afford the huge debts of the newly acquired companies?

The answer can be seen in the regulatory penalty notice published in 2020.

Announcement screenshot

According to the investigation results and penalty notice, after Yan Jinggang bought and controlled Fu You shares on 20 17, there were many cases of capital occupation and illegal guarantee of Fu You shares of listed companies, and the amount of violation was as high as14.07 million yuan.

In this way, the capital line will be clear. "Collect money" to win Fu You shares cheaply, and then obtain funds through the capital occupation and guarantee of listed companies to repay the debt expenses incurred in the acquisition process. How "empty gloves", but failed to escape the eyes of supervision.

As the actual controller, Yan Jinggang organized, planned, led and implemented all illegal matters involved in the company's inflated profits and illegal guarantees. The CSRC not only fined him, but also banned him from the securities market for life.

Yan Jinggang disappeared from the scene.

Chasing the wind and playing with capital are not exclusive to the rich second generation. Young entrepreneurs can work hard. After many tests and tempering, some people can't help but fall to this threshold.

20 17 10 18, a fun shop just established for three and a half years, went to Nasdaq to ring the bell, becoming the third Internet finance company listed on Nasdaq in China, and its founder Luo Min was also regarded as a model of "grassroots counterattack".

When I was a child, I was often laughed at by my teachers and classmates because I was short and rustic. From then on, Luo Min understood that "only success can win respect and make people sit up and take notice".

In 2005, Luo Min, who graduated from Jiangxi Normal University, took 2,000 yuan to Peking University to prepare for postgraduate study, hoping to be admitted to the best university in China to prove himself. However, in an audit class, after listening to Li Yanhong's speech on entrepreneurship, he changed his mind and decided to abandon the exam and start the road of entrepreneurship.

Nearly ten years later, Luo Min tried various ways out and experienced various failures. Until 20 14, he finally stepped on the hot spot of consumption staging, then ran blindfolded and sang all the way.

On March 20 14, fun staging (predecessor of fun shop) was established. Taking campus loans as a breakthrough, we provided installment loans to young people by charging high interest rates, and then launched unlimited micro-loans, harvesting a large number of young people who borrowed and consumed.

For example, an Apple mobile phone costs 4999 yuan. How to buy without a deposit and a credit card? The fun shop can give you an installment loan and pay 299 yuan a month for two years. Because this model meets the needs of students' consumption in advance, the business has developed rapidly.

On 20 14, the fun shop carried out round B and C financing; 2065438+In April, 2005, it obtained the D round of financing; In August of the same year, another round of financing of about $200 million was conducted.

In 20 15, the cooperation with ant financial made the fun store soar, and with the support of Alipay's huge traffic, it achieved explosive growth. In the quarter after the cooperation between the two parties, the average number of new users, monthly users, quarterly users, transaction amount and transaction volume of the fun store increased by more than 200%.

By the time/kloc-0 was listed on NASDAQ on June 8, 2007, 17, the half-year net profit of the fun store was nearly1000 million, the profit rate was 53 1 1%, and there were 26.089 million monthly users and 7.023 million active borrowers, and the transaction amount reached 38.023 million.

With the aura of Internet finance, the revenue of less than 2 billion has a net profit of nearly 10 billion. The huge user flow and low customer acquisition cost make Wall Street investors feel excited.

The opening price of the fun store was $34.35 per share, up 43% on the day of issue, and the market value easily exceeded $6543.8+00 billion.

At this time, Luo Min experienced the most brilliant moment in his life, but the company was in crisis.

"Campus loan" has expanded wildly, and industry chaos has occurred frequently. All kinds of induced loans, "naked loans" and usury have spread all over the country, and many students have paid a painful price for it, and some have even been forced to the wall.

The fun shop has also been recognized by the media as "the culprit of the bloody case caused by usury against students", and it is even more critical of Luo Min himself, so that both the fun shop and Luo Min dare not accept any media interviews.

Not only that, only two years after listing, the other five shareholders who stood beside Luo Min at the beginning have all cashed out and left, and their supporters have also left one by one.

When there was a problem in the main business, Luo Min didn't want to solve it, but decided to choose a new way out and "transform and start a business" again.

On June 20 18, the fun shop launched Dabai automobile in stages. In just 80 days, it quickly opened 175 self-operated stores across the country, and the cost was huge. By the end of 20 18, it had burned $300 million out of the $900 million raised.

Due to the lack of understanding of the automobile sales industry, insufficient transformation of automobile user positioning, high operating costs caused by self-built stores and staff expenses, and joint loan fraud by employees and customers in the later period, Dabai Automobile experienced all possible problems in the industry.

On May 20 19, the fun shop fully contracted the business of Dabai Automobile, and stopped the new car sales business that month.

During this period, the fun shop also launched "Fun Learning" to provide children with online teaching from 1 to 1; Later, the high-end housekeeping project "Weipujia" and luxury e-commerce were launched, but they all ended miserably.

Transformation and failure again and again. While the transformation failed, the capital market gradually lost interest in fun shops. The latest market value of fun shops has evaporated by more than 90% compared with the peak period, while Luo Min is still making various switches with fun shops on the road.

Similarly, there are Chen Ou Jumeiyou products. In 20 14, Jumeiyou, who just turned four, was listed on the New York Stock Exchange, with an opening price of $2.725 per share and a market value of $3.8 billion.

As the youngest bell ringer in NYSE for 220 years, Chen Ou, who is only 365,438+0 years old, has experienced high spirits and boundless scenery on the streets of Wall Street.

However, shortly after listing, its gross profit margin, net interest rate and other financial indicators showed a serious decline. Later, due to various problems such as parallel imports, counterfeit goods and after-sales service, it was sued by American law firms and China law firms.

After encountering problems, Chen Ou also chose "avoidance" and "transformation". In 2065438+2005, we invested $250 million in Baby Tree, a mother-infant e-commerce, and then set up Jumei Film and Television, a film and television company, to enter the charging treasure market.

However, this has not changed the continuous decline of Jumeiyou products. Four years after listing, Jumeiyou dropped from the initial $27.25/share to $7/share at the time of privatization, and finally bid farewell to the capital market.

And Tang Jun, 1987 was born. Since 2009, consulting companies, financial investment companies and environmental protection technology companies have been established; In 20 12, the group loan network was established, P2P business developed wildly, and finally went bankrupt due to the break of the capital chain. Tang Jun was put on file for investigation on suspicion of illegally absorbing public deposits.

From Cai Xiaoru, a young rich man, to Yan Jinggang, the head of China's technology department, to Luo Min of the fun shop, Chen Ou of Jumeiyoupin, and Tang Jun of Tuandai.com, they are just the tip of the iceberg. I don't know how many entrepreneurs and capital players have temporarily disappeared because of impetuousness and greed.

The older generation is struggling to start a business in the industrial field. The new generation thinks that industry is too old and slow, and capital is the skill and trend, but they don't know that capital is also a double-edged sword, which can help you or destroy you.

Young entrepreneurs, because of blindly following the trend and impetuous pursuit of quick money, have risen rapidly and declined rapidly, just like a flash in the pan, becoming a passer-by, leaving only a chicken feather.

After some crazy operations, many people find that successful people and the road to success are generally similar.

1987, 43-year-old Ren, forced by life, found a friend to raise 2 1 10,000 yuan to register and establish Huawei Technologies Co., Ltd. in Shenzhen. In the early days of its establishment, Huawei won the first pot of gold by acting as an agent for a program-controlled switch of a Hong Kong company.

In the process of selling equipment, he saw the desire of China telecom industry for SPC exchanges, so he put all Huawei's funds into developing his own technology, bid farewell to agency, and moved towards technological innovation and independent development.

In the past 33 years, it has resisted the attraction of the era of profiteering in the real estate industry, resisted the temptation of getting rich quickly in the capital market, and built Huawei into an enterprise that can compete with the world's number one power.

In the past 30 years, I have never deviated from my main business, and I have achieved the ultimate success in the communication industry. Today, Huawei still has no choice to go public.

Similarly, Cao, the founder and chairman of Fuyao Glass, worked as a buyer in a special-shaped glass factory for six years. He works hard and never takes chances.

1985, the company turned its main business to automobile glass, which has not changed so far. It only focused on pursuing quality and developing technology, and eventually became the first supplier of automobile glass in China and the second in the world.

At present, more than 70% of Mercedes-Benz cars on the street use "Fuyao Glass".

"No real estate, no Internet, no finance, no coal mine." This "four don't do" is widely circulated, which is the direction and criterion he has always adhered to in running enterprises.

Similarly, Zhong Shanshan, the founder of Nongfu Spring, had it not been for the release of Hurun's Global Rich List (202 1) and put it in the spotlight, you might not have thought that a water seller would become the richest man in Asia.

Starting from acting as an agent for Wahaha Oral Liquid, he set up his own Yangshengtang Company. Guiwan, a health care hall, became an instant hit with its unique concept and propaganda technique. In one year, Guiling Pills were sold from Hainan to the whole country. Nongfu Spring has sprung up all over the world, making it the first in the market from scratch, and it is raining bullets every time.

He doesn't write books, give interviews, or even ring the bell of his own company. In 1990s, when all health care products enterprises were making high profits, Zhong Shanshan chose to quit. In the face of fierce competition in the pure water market, he kept his feet on the ground and left Wahaha behind to become the ultimate king.

Ren and Cao are just a microcosm of successful entrepreneurs. From them, we can see the essential qualities of successful people: concentration and down-to-earth.

Endure loneliness, don't forget your active mind, focus on your main business, work hard in industry one step at a time, and refuse to accept your fate on the right path, so that you can finally become bigger and stronger.

1."31year old, the company went public and became a rich man. Now limit consumption. What did he do wrong? " National business daily

Yan Jing, the technical department of China, just lost the competition. In the past, leverage was used to pry back two listed companies, but now the "base camp" people go to the building. National business daily

3. Will Luo Min replicate successfully or continue to replicate unsuccessfully? University finance

4. "Chairman of Nongfu Spring became the richest man in Asia. How is the 550 billion net worth made? People's new horizons

5. The story of Ren and Huawei! Born in poverty, he started his business at the age of 43, and now he is proud of his country! Yang Yang Finance

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