The first time the author met Xu Jiayin was at the press conference of RV Bao.
On December 30, 2020, RV Group was unveiled in Shenzhen, and Evergrande will cooperate with 152 intermediaries. There were at least a few hundred people at the scene that day, and the huge banquet hall was packed with people. When Xu Jiayin entered the venue surrounded by the crowd, there was thunderous applause throughout.
Xu Jiayin seems to like grand occasions and big projects very much. Just like Evergrande Dahai Flower Island and the Guangzhou Evergrande Football Stadium in the shape of a lotus that he personally participated in the design before, and the famous fifteen-character car-making manifesto “buy buy buy” “hehehe” “circle circle” “big big” “”Okay, okay.”
Later, in order to fight back against Evergrande’s PPT car-making doubts, Xu Jiayin also asked Evergrande Auto to hold a super-large offline event of “Thousands of Media Watch Hengchi” in April 2021.
At 9 a.m. on August 28, after more than 500 days, China Evergrande (HK03333, stock price 0.36 Hong Kong dollars, market value 4.754 billion Hong Kong dollars)resume trading。
“I used to think that today was an opportunity, but the drop at the opening surprised me.” On August 28, Chen Hao (pseudonym), a former employee of Evergrande, told the “Daily Economic News” reporter that he held China Evergrande There are less than 6,000 shares in the stock, I thought this morningresume tradingjust sell them all,But the sharp drop made him worry that he would lose even the handling fee if he sold it.。
Although Chen Hao does not hold many Evergrande shares, he bought them near the highest point. On March 26, 2019, China Evergrande released a new high in its 2018 performance, with a core net profit of 78.3 billion yuan, which was the industry’s “profit king”. At that time, many Evergrande employees were optimistic about the company and held stocks.
EvergrandesuspensionAfterwards, Xu Jiayin’s every move has attracted much attention.
Important events of Evergrande Groupannouncement
March 21, 2022
announced suspension
March 22, 2022
Postponement of publication of annual report
June 28, 2022
Creditors file a winding-up petition
August 4, 2022
Return the land use right of the Guangzhou Evergrande football field
February 15, 2023
Announcement of 13.4 billion deposit pledge independent investigation results
July 17, 2023
Release the 2021 annual report, 2022 semi-annual report and annual report
July 28, 2023
Evergrande resumes trading
August 3, 2023
Evergrande Property resumes trading
August 27, 2023
Release the 2023 semi-annual report
August 28, 2023
China Evergrande resumes trading
“Boss Xu usually does some work.”
Chen Hao still remembers that before and after the 2018 Evergrande performance conference, the stock price plummeted and then rose violently. He originally wanted to take a short-term trade, but he was too busy at that time and forgot. At that time, Evergrande’s stock price climbed to 26.46 Hong Kong dollars. For a period of time after that, Evergrande’s stock price has been falling all the way, and the last high point was in July 2020, at HK$26.77 per share.
It was also Chen Hao’s best chance at that time, but he still didn’t sell it. “At that time, I wanted to see if Evergrande could break the curse of 30 yuan, but I really couldn’t get it. Some time ago, I saw new capital injections in the auto sector, so I wondered if there would be a follow-up move. Boss Xu usually (8 May 28) will do some work.”
In the past, Xu Jiayin and his once powerful circle of friends pulled Evergrande back from the life and death line many times. The constant war investment and “good news” made the stock price of Evergrande department soar all the way, and also made some former Evergrande employees have The idea of ”turning against the wind”, but this time is different.
The liquidity problem of Evergrande Group has already appeared in 2021.
By the morning of March 22, 2022, the three Evergrande departments of China Evergrande, Evergrande Property Management and Evergrande Automobile announced that they would postpone the publication of the 2021 annual report, which would start a suspension of more than 500 days.
One of the major events that led to the suspension of Evergrande’s trading was the misappropriation of funds of 13.4 billion yuan (RMB, the same below) of Evergrande Property, which involved a lot. In the process of reviewing the 2021 financial report, Evergrande Property found that Evergrande Property had a deposit of about 13.4 billion yuan, and the pledge guarantee provided to the third party has been enforced by the relevant banks.
Nearly a year after the suspension of trading, the results of an independent investigation into the above-mentioned 13.4 billion yuan deposit pledge being enforced by relevant banks were announced.
The investigation revealed that Xia Haijun and Pan Darong, the then executive directors of China Evergrande, and Ke Peng, the then executive president of Evergrande and Evergrande Real Estate, participated in the arrangements for the above-mentioned pledge. Evergrande’s board of directors had previously resolved to ask them to resign.
Only appeared twice this year, both related to football
Since the suspension of trading for 17 months, Xu Jiayin’s only appearances are basically the special meetings and monthly working meetings of the Baojiao Building within the Evergrande Group. Just one month after the suspension, Xu Jiayin and his management team appeared in the Guangzhou Evergrande Center to create momentum for the first batch of Hengchi 5.
However, since 2023, platforms such as Evergrande Group’s official website and official Weibo have not published internal information about Xu Jiayin’s appearance. The last time Evergrande Group published news about Xu Jiayin was December 2, 2022, the purpose was to dispel the rumors about Xu Jiayin himself at that time.
Xu Jiayin presided over the Evergrande Group meeting
The reporter found thatSince 2023, Xu Jiayin’s two appearances and speeches have been approved by Evergrande Football.。
The most recent time was on July 4 this year. When Xu Jiayin presided over the Evergrande Football Club management meeting, he said that all club members should further carry forward the new Guangzhou team spirit of “full of wolves, collaborative efforts, tenacity, and elite training”. Select and boldly appoint outstanding young talents from Evergrande Football School, unswervingly follow the “one-stop” talent training road from Evergrande Football School to Guangzhou Team, and contribute to the development and revitalization of Chinese football.
On July 4, Xu Jiayin hosted the Evergrande Football Club Management Meeting
At this time, Xu Jiayin has become the person subject to execution.
On May 31, Evergrande Wealth Official Weibo releasedannouncementAccording to the statement, due to the unsatisfactory return of the company’s funds, the funds available for cashing this month are insufficient and cannot be cashed according to the original standard. At the end of 2022, Evergrande Wealth has adjusted the payment plan once, from 8,000 yuan per person per month to 2,000 yuan per person per month.
Spouse has become a third party connected person
As of now, Evergrande has delivered 242,000 units this year.
Half a month ago, on August 14, Evergrande Motors’ announcement of a strategic investment sparked public speculation about Xu Jiayin’s marital status.Ding Yumei, Xu Jiayin’s disclosed spouse, was stated in the agreement as “a third party independent of the company and its connected persons”She also holds approximately 5.99% of the total issued shares of China Evergrande.
Ding Yumei was publicly disclosed as Xu Jiayin’s spouse, most recently at the end of 2021. The reporter’s inquiry found that the Hong Kong Stock Exchange disclosed that Xu Jiayin and its subsidiaries provided guarantees to people other than qualified lenders. The equity interests in the shares have been released, resulting in a change in the nature of the equity interests. The document shows that Xu Jiayin’s spouse information column is Ding Yumei.
In 1982, after graduating from university, Xu Jiayin was assigned to work in Henan Wuyang Iron and Steel Plant, where he met Ding Yumei, and they got married the next year. Over the years, Ding Yumei has almost never appeared in the public market. In December 2018, Xu Jiayin and Ding Yumei returned to their hometown in Henan with a high profile, and returned to Jutaigang Village, Gaoxian Township, Taikang County. This was Ding Yumei’s first public appearance.
Xu Jiayin started from scratch and led Evergrande to become a “cosmic real estate company”, from “workshop director” to the top richest man;
Today, Evergrande Automobile, Evergrande Property and China Evergrande have fully resumed trading. Evergrande’s debt restructuring meeting and winding up petition hearings have been continuously postponed, which is also related to Evergrande’s future direction.
In the first half of this year, Evergrande achieved a revenue of 128.18 billion yuan, a gross profit of 9.8 billion yuan, an operating loss of 17.38 billion yuan during the period, and a non-operating loss (including other losses such as litigation, land recovery, equity disposal, and asset appraisal impairment) of 15.03 billion yuan. 100 million yuan, income tax expenditure 6.84 billion yuan,Net loss totaled 39.25 billion yuan。
the first half of the year,Evergrande’s total liabilities dropped slightly from the end of last year to 2,388.2 billion yuan, after excluding advance housing payments, the liabilities were 1,784.2 billion yuan. Among them, 624.8 billion yuan in interest-bearing loans, 1,056.6 billion yuan in payables such as construction materials, and 102.9 billion yuan in other liabilities.
The latest net worth is 59 billion
It has shrunk by more than 80% from the peak
It is worth mentioning that Xu Jiayin’s net worth also fluctuated with the market value of Evergrande Group.
In March 2018, Forbes released the 2018 Global Billionaires List. Xu Jiayin ranked 24th on the Forbes Global Rich List with a net worth of US$30.3 billion, second only to Ma Huateng, Ma Yun and Li Ka-shing.
In August 2018, with the strong performance of the stock price of Evergrande Health (now “Evergrande Auto”) at that time, according to the Forbes real-time rich list at that time,Xu Jiayin’s net worth reached 41.4 billion U.S. dollars, surpassing Ma Huateng to become China’s new richest man。
Later, Xu Jiayin’s net worth gradually shrank. Looking at the past three years, in April 2021, Xu Jiayin ranked 53rd in the “2021 Forbes Global Rich List” with a net worth of US$27.7 billion; in April 2022, Xu Jiayin ranked 267th in the “2022 Forbes List” with a net worth of US$8.9 billion bit.
On August 28, the Forbes real-time list showed thatXu Jiayin’s latest net worth is 8.1 billion US dollars (about 59 billion yuan), ranking 263 in the world, which has shrunk by more than 80% from the peak。
(Source of article: Daily Economic News)
Article source: Daily Economic News
Original title: Evergrande suspended more than 500 days and nights, what was Xu Jiayin doing? The latest net worth exposure, has shrunk by 80%…
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