Song Qiaosheng fully affirmed the work of local economic development, and Tian Jiageng and Xu Pei agreed with and welcomed Song Qiaosheng's constructive suggestions for local economic development, which set the tone for the comprehensive development of Xinpu Port, the reconstruction of the Xudong Railway, the development of coal resources in Huaixi, and Meigang's takeover of Xucheng oil refining.

The core project of Huaimei East is the electrification and double-track reconstruction of the Xudong Railway, and the investment of the entire project will exceed 8 billion, considering the current inflation level, it is not unimaginable to invest more than 10 billion yuan in the end.

Not only is the design and approval procedures of the project complex, but also such a large amount of construction funds can not be completed in a short period of time.

However, like the start of construction of the Zhunan Power Plant, Meigang's takeover of Xucheng Oil Refining and the eastern extension of the Xudong Railway, and the establishment of Huaineng Coal Industry Co., Ltd. by Huaineng Group, involving the development of coal resources in Huaixi, can be regarded as a foreshadowing project for the concept of Huai Coal going east, which can be implemented first.

This kind of mutual trust in cooperation projects is not for no reason, whether these paving projects can be carried out smoothly, can also be regarded as a measure of whether all parties have a positive attitude towards the entire Huai Coal East concept, otherwise which party three or five billion funds to drag to death in a project, the loss and blow will be fatal.

At the reception dinner, Shen Huai met with Li Wenzeng, general manager of Xucheng Refining & Chemical Group, secretary of the party group and chairman of Xucheng Refining, a listed company, and others.

Li Wenzeng and other high-level officials of Xucheng refining did not show up in the afternoon, nor did they convey any positive intentions and messages through other channels, and responded to the changes that suddenly involved in the center of the whirlpool with a silent attitude, which can be said to be digested in terms of attitude.

When they appeared at the dinner, Li Wenzeng and others became positive again, and it can be said that in addition to the personal promotion of Xu Pei, secretary of the Xucheng City Party Committee, the plan proposed by Shen Huai also played a key role.

Li Wen was over fifty years old, although he had been struggling and climbing in the refining system for half his life, but at this time he was already a senior official of a state-owned enterprise at the deputy department level, even if Xucheng Oil Refining was taken over by Meigang, there might be greater development, but for Li Wenzeng personally, it may not be worth the loss.

If there is no good plan to settle people like Li Wenzeng, then they will be the biggest obstacle to this matter; even if Xucheng City implements high-pressure measures and directly hands over 400 million corporate shares to Meigang to take over, the huge resistance formed within Xucheng Oil Refining will not be eliminated, and it will seriously affect whether Mei Iron and Steel can truly digest the resources that Xucheng Oil Refining can bring.

The plan given by Shen Huai is actually to agree that Li Wenzeng and others will take a part of the high-quality assets and separate them from Xucheng Oil Refining. Meigang mainly only takes over the main business that is currently causing losses to Xucheng Oil Refining, which can also be said to be the biggest burden of Xucheng Oil Refining.

This plan is obviously more tempting than a rigid takeover and personnel divestiture, and the next step is nothing more than how to divide assets; the final plan also invites securities institutions that hold tradable shares to participate in the discussion.

Shen Huai did not have much time to participate in specific technical negotiations, and the energy of Zhao Dong, Zhao Zhimin, Pan Cheng, Xu Wendao and others was mainly to ensure the construction of Xinpu Steel Plant and the operation of existing production capacity - in addition to Qian Wenhui and Xu Xiting who were temporarily transferred to carry out financial and technical checks, Shen Huai pushed the specific matters to Sun Yalin to be responsible.

"You are a muddy ball, you are not afraid of biting if there are more lice, you really think that we are a bottomless pit that allows you to squeeze without limits," Sun Yalin returned to the room and couldn't help complaining, "Xinpu Shipping Group has just begun to integrate, Hengyang Shipbuilding Heavy Industry, in addition to Hengyang's investment, we also have to invest 100 million yuan in it, and Yexin Bank will issue more than 200 million loans; after New Year's Day, the Xudong Railway East Extension Project will start, and it will be completed in a year and a half, so we will invest 300 million yuan in a year." Now Xucheng refining has not yet made a price, it is estimated that it will not be less than 300 million, you are printing money at home? I am the chairman of Meigang No. 2 Factory, okay, this time I will stay to negotiate, anyway, I know that there will be nothing good for you, but when it comes to financing in Paris, London, and Hong Kong, don't be lazy......

Although the dinner was over, Shen Huai and his side had no way to disperse and rest.

Xiaogu, Xiong Wenbin also had to respond to the second uncle, Song Qiaosheng and others, and Shen Huai summoned Sun Yalin, Song Hongjun, Zhou Zhibai, Yang Haipeng, Chu Yiliang, Guo Quan and others to his room to discuss the next work.

Now it is a project after a project is launched, Sun Yalin and they are also squeezed breathlessly, taking over Xucheng refining, not only has a backdoor operation, but also a new 500,000-ton oil refining project in the Zhunan Industrial Planning Zone is also a small project, and the main thing is how to use the resources of Xucheng oil refining to build a larger refining project in Xinpu.

"Hey, I don't want to," Shen Huai said with a sigh, "Although I have always studied Xucheng oil refining, I never thought of making a move so early, I plan to wait for the completion of the Xinpu plant before considering the development of refining, sometimes the situation is unforgiving." The current situation is that if you don't push yourself, others will force you. Over there in London, do you wait for me to go back to Xiapu first, sit in the seat of the county magistrate for a month or two, and then sit and sit hot?"

Shen Huai was not bluffing when he said this, he really didn't plan to start refining Xucheng so early.

The current foundation of Xucheng is not suitable for the development of large-scale refining, and the most suitable for the development of large-scale refining in Huaihai Province is currently only Xinpu, so Shen Huai is not afraid that anyone can grab this piece of fat before him.

In his plan, he plans to wait until the construction and operation of the Xinpu steel plant before considering the large-scale development of the refining and chemical industry cluster in Xinpu. That should be six months from the earliest.

Shut down

The subsequent changes were also unexpected by him, and he could only adapt in advance, which would also bring great financial pressure to Meigang.

"Now the economic development of China and Southeast Asia is a little overheated, we must be vigilant about the coming of the economic cycle," Liang Ronghua, who was invited to participate in the discussion, his voice was rustling, but the opinions put forward were loud, he said, "In the refining project, I suggest that Meigang should strive for as much capital injection as possible and reduce debt financing, otherwise the bank will put forward a risk warning to Meigang......

At present, more than half of the Bank's loan business in Huaihai Province is concentrated in Meixi and Xinpu, which on the one hand shows that the business situation of the Bank in Meixi and Xinpu is very good, but at the same time, it also means that there are risks related to the development of Meixi and Xinpu.

Once Meixi and Xinpu Construction suffer setbacks due to the major economic cycle, the risk of business credit bank's lending assets will rise sharply.

Strive for more capital injection in project construction, rather than relying too much on debt investment such as loans, and the risks caused by capital withdrawal will be easier to control when the big economic cycle comes.

At present, the Xinpu Iron and Steel Plant is mainly jointly funded and constructed by Meigang, West Youmins, Feiqi Industrial and other parties, including nearly 100 million US dollars of equipment and technical assets of Xiyoumins and 40 million US dollars of industrial land provided by Xiapu County with Xinpu Development Group, Meigang, Feiqi Industrial, Zhongxin and Hongji jointly injected more than 300 million US dollars, so that the debt of the Xinpu project remains at a very low level.

The debt level borne by Xinpu Development Group and Meigang is relatively high.

Xinpu Development Group undertook the important task of infrastructure construction of Xinpu Port and Lingang New Town, and before the construction formed a certain scale, the income from land transfer was limited, and the bank loans currently undertaken exceeded 600 million.

Although the profitability of the first and second plants is very high, the scale of investment involved in the investment is larger, and the total investment in the Xinpu Iron and Steel Plant reaches 1 billion yuan, mainly from loans.

At present, Meigang Group, including the first and second factories and the shareholding of Meixi Power Plant and Meixi Port, has net assets of 13.4 billion. If it is to take over Xucheng oil refining and take over a loan of 300 to 500 million yuan, Meigang's total debt will exceed 1.6 billion, and the huge debt is one thing, and the financial expenditure of more than 100 million yuan will be borne every year for this purpose, which will also directly affect the profitability level.

In addition, Pengyue, Zhujiang Investment, Meixi Development Group and Donghua Beijing Investment all have a lot of debt.

If the Xudong Railway Reconstruction Project is launched at the end of next year, Meixi Development and Investment Group will participate in it and bear an additional $100 million in debt financing.

Everything is a double-edged sword, Shen Huai does not use the core platform to bear such a high debt, there is no way to gather such a huge amount of capital to develop Meixi and Xinpu in a short period of time, but at the same time, he also has to bear the financial risks that come with it.

In the past, they did not turn their faces with their second uncle Song Qiaosheng, and if they really encountered any crisis, they could be cheeky to ask for help; with the ability of the Song system, it was not a problem at all to inject one billion, two billion or even more funds into Meigang in the form of long-term debts to support Meigang's continuous expansion.

In the current situation, once Meigang encounters a crisis, it is a good opportunity for others to attack Meigang.

At present, the sister-in-law only controls the Huaineng Group on the surface, but in fact, the Huaineng Group is a bridge for the second uncle Song Qiaosheng and them to take advantage of the fire to rob Meigang in the future.

Shen Huai grinned at Liang Ronghua's reminder, and said to Liang Ronghua in a somewhat helpless tone: "We really pin our heads to our waists to do things. However, I still want to ask the bank to support us this time, and if something really goes wrong in the future, I will personally withdraw from it......"

Liang Ronghua knew what Shen Huai meant behind such a promise, sighed lightly, and said: "Whether it is Yexin Bank or Evergreen Group, not one person can make the final decision......;

Even if it may encounter a financial crisis in the future, there is no problem for Meigang to form a system foundation that is really stepping up construction. At that time, as long as Shen Huai is willing to withdraw and is willing to come in and take over, there will definitely be a lot of people. Not to mention the rest, even now, there are definitely people who are willing to inject three or five billion funds into Meigang in exchange for control of Meigang.

Compared with the pressure on Shen Huai and Liang Ronghua, Song Hongjun was much more optimistic, and said with a smile: "You guys are really, it's a good thing, so you can say it so tragically." As long as the Xinpu Iron and Steel Plant is successfully completed and put into operation by September next year, what else cannot be solved?"

"Did you get distracted just now?" Shen Huai asked Song Hongjun sideways.

"Huh?" Song Hongjun asked, "I was thinking about where to go for supper later, how do you know?"

"......," Shen Huai patted his head helplessly and said, "I am discussing the financing of the refining project with President Liang. If Xinpu wants to embark on a new refining project, it needs 3 billion to 5 billion yuan of capital. If the funds are raised in the form of debt financing, even if the Xinpu Steel Plant can be successfully completed and put into operation by September next year, it will not be able to resolve the huge risks involved. ”

"Ah," Song Hongjun was stunned for a moment, and said, "What do you say about this? Hongji and Zhongxin don't count, the debts undertaken by Meigang and its affiliated enterprises have exceeded three billion, and you kid still wants to carry another three or five billion, your heart is much more greedy than I imagined!"

Sun Yalin glanced at Song Hongjun with disdain and said, "I really should kick you out and don't take you to play." The contradiction is two-sided: if we bring in more external capital, our control will be weakened, and if we take on more debts, we will have to bear a sharp increase in financial risks -- otherwise what do you think we are worried about?"

Shen Huai looked at Sun Yalin with a smile and "taught" Song Hongjun.

At present, it seems that Sun Yalin absolutely controls the Zhongxin Industrial Investment Fund, and her father Sun Qishan injected 80 million US dollars into it, expanding the investment assets controlled by Zhongxin to 200 million US dollars.

Now everything is very good in the operation and construction situation of Meigang, so Sun Qishan will not interfere with Zhongxin's investment behavior; once there is a big problem here, even if Sun Qishan is for the safety of his 80 million US dollars, it is impossible to say that he will not interfere at all.

Something really went wrong here, not only Shen Huai would have to withdraw to protect the overall situation, but Sun Yalin might also be forced to hand over control of Zhongxin - in the face of huge interests, there is no family affection in this.

Including Liang Ronghua's support, it is not unlimited, even if Liang Ronghua personally supports Mei Gang, but Liang Ronghua is only the president of the provincial branch of Yexin Bank, and there is still the will of the head office.

Song Hongjun grinned and said: "It's too deep, I don't have you as good as you, but I believe in one thing, as long as there are no problems in the domestic economy, we won't have big problems, I'm afraid of a bird." ”

Shen Huai laughed and said, "That's right! It's useless to think too much, even if the sword mountain and the sea of fire are in front, can you still break through?"