It is not clear how many materials Hu has in his hands, nor is it clear how wide this turmoil will be affected, Shen Huai and Sun Yalin stayed overnight in Yuanshan, and the two drove back to Xucheng early the next morning.

At this time, he reminded Xu Pei that it was too late. Sun Yalin said.

"We can only do it alone. Shen Huai sighed lightly.

Cui Weiping and Hu Lin launched an offensive against Xu Pei in advance, which means that the turmoil set off by Pucheng Group will not be limited to Huaihai Province, and the development strategy of Pucheng Group over the years has been too radical and speculative, leaving too many handles for others to grasp, and it is not that he can eliminate the disaster by reminding him in time.

Meigang can only stand alone at the moment, as far as possible in the short term to check all debts, flawed debts to clean up in a timely manner, to avoid being implicated.

Fortunately, after more than a year of adjustment, the trust business structure of Guosen Investment has dropped significantly, and the trust business is mainly concentrated in infrastructure and immovable housing investment, and it is not worried that it will be implicated in the debt crisis caused by the turmoil set off by Pucheng Group.

Shen Huai didn't want to ignore it completely, but the debt problem of Pucheng Group mentioned on the phone was too abrupt.

It was not until mid-May that the inauguration ceremony was held in the science and technology park invested and built by Pucheng Group in Zhunan New Town, and at the reception dinner, Shen Huai had the opportunity to meet Li Gu and Xu Pei.

In the past two years, real estate has also been a key direction of Pucheng Group's diversified development.

The first phase of Pucheng Science and Technology Park, which is invested and constructed by Pucheng Group in Zhunan New Town, that is, east of Zhunan Central Business District, is actually mainly the development of villas, hotels and office buildings, with an initial investment of more than one billion.

In addition, Pucheng Group has also invested in a number of residential, hotel and office buildings in the main urban area, with an astonishing total investment scale. In terms of the scale of development in 01 year, the real estate companies under Pucheng Group, or other companies in the name of science and technology development and in fact in real estate property development, the scale of real estate projects developed by Pucheng Group in 01 year is not necessarily slightly smaller than that of Dongjiang Real Estate.

Shen Huai also thought of another possibility for Cui Weiping and Hu Lin to launch an offensive in advance, that is, if the Pucheng Group survived this time, the financial difficulties it faced might be alleviated - once Pucheng was asked to make up for the most problematic financial loans in advance, and the Hu family would use these problems to attack Pucheng and Xu Pei, they would be unable to catch it.

At present, the domestic economic and financial system has not yet been fully established, and many fields are still in the stage of crossing the river by feeling the stones. Judging heroes by success or failure is also a status quo of current reform.

Many new matters, even if there are some procedural irregularities and some rashness, as long as there are no serious consequences, it is a bold and creative attempt or change.

Only the loser will be taken out and swallowed all the bitter fruit.

Shen Huai took the opportunity of not attracting much attention to mention Pucheng's debt problem to Li Gu:

"In addition to the city commercial banks in Xucheng and Donghua, Huaihai State-owned Assets also intends to inject capital into urban commercial banks and credit unions in other cities in the province. After preliminary adjustments, Pucheng Investment has invested a total of 400 million yuan in the past two years to participate in the capital injection and reorganization of commercial banks in Guanyun and Yicheng. However, in the past two years, Pucheng has used its status as a major shareholder to lend a total of more than 3.5 billion yuan from these four city commercial banks. This purchase of capital has made too much money for Pucheng, and I have to consider whether Pucheng's such a radical loan and too much occupation of loans from local commercial banks will affect the subsequent development. I don't know the extent to which Pucheng Investment's thirst for funds has reached, but I am worried that Pucheng has lent 3.5 billion yuan from only four prefectural and city-level city commercial banks, plus loans from state-owned commercial banks and other financial institutions, will the number be unimaginably large?"

"Are you worried about the debt crisis of the Pucheng Group?" Li Gu frowned slightly, knowing that Shen Huai would not mention these issues for no reason.

Shen Huai nodded.

"You are not the only one who raised this question today," Li Gu said in a suppressed voice, "Pucheng now has four commercial real estate projects entering the sales stage, and the return of funds is accelerating, and the integration of M&A assets by the three listed companies has also survived the initial chaotic period, and the situation should improve in the later stage......

Shen Huai didn't speak, and used chopsticks to pluck the dishes on the plate in front of him.

"Are you worried that Pu Cheng may not have such a lot of time?" asked Li Gu with a frown.

"......" Shen Huai nodded, if after the Central Committee meeting was held in November, after Zhao Qiuhua officially took over the work of the State Council in March next year, Cui Weiping, Chen Baoqi, Dai Lesheng, Hu Lin and others launched an offensive again, and the Pucheng Group could still have a key adjustment period of nearly a year in the end, during which it could return two or three billion yuan of funds and plug the most serious loopholes, and perhaps it would be able to ease its breath and escape the catastrophe.

Obviously, Cui Weiping and Hu Lin don't look like they will give Pu Cheng too much time.

Li Gu sighed softly: "Pucheng wants to catch up with the pace of Meigang's development in the past two years, but he is a little anxious. ”

Li Gu is not unaware of the current problems of Pucheng Group.

Any enterprise that wants to develop at a high speed will inevitably face the problem of high debt operation.

Even in the provincial state-owned assets system after Shen Huai presided over, the scale of total liabilities is also increasing.

In addition to Huaihai state-owned assets, Meigang Department participated in the construction of Qingfeng Kengkou Power Plant, participated in the construction of cascade hydropower station in the middle and upper reaches of the Zhujiang River, and participated in the Xudong Railway Double-track Project.

However, a company's ability to take on debt is very different.

The net profit generated by Meigang in one year is nearly 10 billion, and the debt scale of 20 billion can be digested in only two years, so it is natural that it will induce any crisis.

After all, Hu Lin and Rongxin Group were not innocent, and Xu Pei was still in the hands of Xu Pei in the Dongjiang Securities case.

The key is to see whether the integration of Pucheng's large-scale asset mergers and acquisitions can be successful, whether it can continuously generate enough profits, and timely make up for the financial loopholes that have been bred in large-scale loans and mergers and acquisitions.

As long as the financial loopholes are plugged and the debt crisis is not induced, even if Pucheng's behind-the-scenes manipulation of stock prices is confirmed, in the current environment, Zhao Moshi will throw a few scapegoats out of the sky, without worrying about hurting the main body of Pucheng Group, let alone involving Xu Pei's head.

However, Shen Huai is not too optimistic about the integration of Pucheng Group's M&A assets.

Li Gu looked at Shen Huai's face seriously, seeing that he looked solemn, he thought that he might be too optimistic about Pu Cheng's problems. He also knew in his heart that Pu Cheng was eager to catch up with Meigang's development pace in the past two years, but it was not necessarily just Zhao Moshi who was anxious, and he really didn't know what big problems Pu Cheng was really going to make, and how would Xu Pei end up?

Li Gu frowned, and Zhao Moshi came over with wine: "What are Secretary Shen and Mayor Li talking about, Mayor Li looks preoccupied?"

"Oh, nothing. Li Gu suppressed his frowns for the time being, after all, some words should not be told directly by him to Zhao Moshi.

Shen Huai looked at Zhao Moshi with a calm and calm appearance, thinking in his heart that his mentality was really calm, could he conclude that Xu Pei would clean up the mess for him, or did he already have other calculations in his heart, and he was just pretending to be calm at this time?

Shen Huai smiled and raised his glass, and said to Zhao Moshi: "The establishment of Pucheng Science and Technology Park not only strengthens Pucheng's scientific research capabilities, but also contributes to the growth of Xucheng into a scientific and technological innovation industrial city. ”

From Shen Huaishan's lofty eyes, Zhao Moshi could hardly guess his depth, and he just clinked glasses and talked and laughed with him as if nothing happened, and said the scene quite politely.

Shen Huai also thought that Zhao Moshi had secretly sent someone to monitor his residence last year, as if it had never happened at all.

Zhao Moshi held the wine glass and ran to other tables to toast, Shen Huai smiled lightly, and said to Li Gu: "Zhao Moshi still gives people a very confident look......

"Cao Zhengjiang's side doesn't seem to think that Pu Cheng has a serious problem at this time, but what about Jiang Yibin and Ding Jianguo's side?" Li Gu asked.

Shen Huai spread his hands and said: "At least at the meeting of the party group of the State-owned Assets Supervision and Administration Office, there is no feedback of relevant information. ”

"Alas," Li Gu sighed lightly, if Zhao Moshi talked to Cao Zhengjiang, Jiang Yibin, or even directly asked Governor Xu Pei for help, it would show that Pucheng's problem was not so serious that it could not be helped, but the more calm Zhao Moshi was at this time, the more Li Gu was worried about the seriousness of the problem.

Shen Huai wanted to tell Li Gu to guard against the possibility of Zhao Moshi escaping, but after thinking about it, he didn't need to wake up at all.

After the dinner, Shen Huai left the hotel, he believed that Li Gu would communicate with Xu Pei after realizing the relevant problems, so he didn't know what Xu Pei's countermeasures would be.

*************************

In the past few years, Pucheng has opened and closed in the capital market, setting off magnificent waves, and has acquired hundreds of holding and shareholding enterprises in China, mainly concentrated in the province.

Personal grievances aside, Shen Huai did not want Pucheng to collapse all at once, and he did not know how serious the negative impact of the collapse of Pucheng, an enterprise building mainly supported by large-scale mergers and acquisitions in the later period, would have a negative impact on the province's economic development.

In the next few days, Shen Huai noticed that Jiang Yibin came and went in a hurry, and he was rarely seen in the IFC, even if he met him on other occasions, he could see that the expression on his face was very stiff.

Shen Huai guessed that after Li Gu communicated with Xu Pei, Xu Pei, Cao Zhengjiang, Jiang Yibin and others should have realized Pucheng's debt problem, and they had already made the opponent smell the strong bloody smell.

During this time, Shen Huai also further collected the debt materials of Pucheng Group from the periphery.

The total debt scale of the Pucheng system is much higher than Shen Huai's previous estimate, possibly exceeding 15 billion, and the problem is more serious than Shen Huai previously expected.

In addition to borrowing heavily from banks, trust companies and other financial institutions, Pucheng has raised a lot of funds needed for large-scale mergers and acquisitions and for asset integration, enterprise operation and payment of debt interest, delayed a large amount of project and goods payments from relevant parties, borrowed at high interest rates from large and small credit companies in Xucheng and other places, and also sold nearly 2 billion yuan of "guaranteed income" funds through Huaihai Securities Company.

Shen Huai originally thought that the provincial state-owned assets should not be implicated too deeply, but the situation was obviously not as optimistic as he expected, and the two billion "guaranteed income" funds and high-interest loans to credit companies in Xucheng and other places actually involved illegal fundraising.

Shen Huai also couldn't imagine that once Pu Cheng couldn't hold on and the debt crisis broke out, what kind of messy mess would be blown up.

As far as the provincial state-owned assets are concerned, if the two billion loans of the "guaranteed income" cannot be recovered from Pucheng, or can only recover part of it, Huaihai Securities, the largest securities company in Huaihaida and one of the most important components of the provincial financial assets, is very likely to be directly dragged down.

Huaihai Securities is a provincial state-owned securities company.

After the establishment of Shen Huaihai State-owned Assets Group, he was no longer in charge of the work of the State-owned Assets Office and the Industrial Rights, and before that, due to the strong independence of Huaihai Securities, Shen Huai rarely had the opportunity to directly inquire about its business conditions, and belonged to the Provincial State-owned Assets Supervision and Administration Office to supervise more work, and the State-owned Assets Supervision and Administration Office was mainly responsible for it.

Those are mainly in charge of Jiang Yibin and Ding Jianguo.

These problems have never appeared at the party group meeting of the State-owned Assets Supervision and Administration Office, and Shen Huai guessed that Jiang Yibin and Ding Jianguo may have asked Zhao Moshi to drag him into the water.

The total market value of Pucheng's three listed companies is more than 40 billion, and the net assets are nearly 10 billion, and it is said that the total liabilities of Pucheng of 15 billion are not ridiculously high, but the bigger problem is that the stock prices of Pucheng's three listed companies are all manipulated by Pucheng behind the scenes.

Pucheng's borrowings from banks and other financial institutions were mainly secured by the equity of three listed companies.

In the past three years, several securities business offices with a high degree of connection with Pucheng have frequently bought and sold the shares of these three listed companies with a total value of up to 30 billion yuan.

Through such frequent turnovers, Pu Chengcheng has increased the equity of the three listed companies by eight times in the past two or three years.

The current stock price is already intimidatingly high, except for speculators who don't know whether they are alive or dead, and the deceived spouts, other investors and institutions have almost withdrawn from these three listed companies.

In order to support the current stock price, Pucheng can only mobilize a large amount of funds to forcibly acquire all the sold tradable shares in the secondary market, and a large amount of interest expenses also exacerbate the fragility and tension of Pucheng's capital chain.

Once Pucheng's funds cannot be sustained, the stock price collapses, or the interest cannot be paid in time, causing creditors to concentrate on debt demand, it will inevitably be like dominoes, and the crisis and structural risks within and implicated in Pucheng Group will be fully induced.

Although there was no direct news coming out, and Shen Huai had no intention of moving forward, he could guess that Xu Pei still wanted to save Pu Cheng's intentions.

Even if it was Xu Pei, Shen Huai guessed that he couldn't bear the serious consequences of Pucheng's sudden collapse.

During this time, in addition to strengthening the financial and business verification of enterprises owned by Huaihai state-owned assets, Shen Huai has been pondering how Xu Pei intends to alleviate the crisis faced by Pucheng Group, and what way Cui Weiping and Hu Lin plan to deal a fatal blow to Pucheng Group.

However, these two questions did not make Shen Huai struggle for too long.

On the morning of June 9, Shen Huai drove to the IFC, and just after entering the office, he had not yet heated his buttocks, and listened to Tang Baocheng greet Jiang Yibin outside the office:

"Secretary Jiang, are you coming to find Secretary Shen?"

Hearing Tang Baocheng and Jiang Yibin talking in the aisle, Shen Huai opened the door and saw Jiang Yibin standing in the aisle with hesitation and anxiety on his face.

Shen Huai's office and special conference room occupy half of the aisle from the elevator, and Tang Baocheng and Jiang Yibin's offices are all upstairs.

If Jiang Yibin hadn't taken the elevator down with Tang Baocheng, he would have realized that Jiang Yibin had hesitated in the corridor outside his office for a while without knocking on the door.

"What is Secretary Shen looking for me?" asked Shen Huai, inviting Jiang Yibin in.

Tang Baocheng didn't follow up, turned around and walked away.

Jiang Yibin rubbed his hands, walked to the window, looked at the ginkgo treetops in the yard that were almost as high as the window, frowned, and after a while, he turned around and said to Shen Huai: "Zhao Moshi went to France to talk about the project a few days ago, and logically speaking, he should have returned to China the day before yesterday......"

Flight!

Jiang Yibin made a special trip to tell him about this, obviously it was not as simple as Zhao Moshi temporarily delaying abroad for two or three days.

Shen Huai sighed in his heart: At present, all parties have confirmed that Pucheng has a huge problem, why is Zhao Moshi not restricted from going abroad at all?

There are some things that he doesn't need to remind him of, and Shen Huai has no intention of dwelling on the details of Zhao Moshi's escape, and asks Jiang Yibin:

"How serious is the problem in Pucheng?"

"Jianghe Phosphorus Industry and Qianxi Diesel Machinery actually operated at a loss last year, and although Pucheng Electric was profitable last year, it was not as ideal as the annual report announced," Jiang Yibin clenched his fists hatefully, "All this, Zhao Moshi didn't mention it at all, and directly fooled everyone with adulterated financial statements." He's slipped away now, leaving such a big mess, how do you want us to clean it up?"

Shen Huai didn't know how true Jiang Yibin's anger at this time was, and thought that the main problem was that the merger and integration led by Pucheng in the past few years had failed, and the debt crisis faced by Pucheng had no chance to be resolved.

Seeing Jiang Yibin looking at him eagerly, Shen Huai did not give him the response he wanted, but said lightly: "I noticed that there are several subordinate enterprises of the provincial state-owned assets, and they also have business dealings with Pucheng. If the subordinate enterprises are involved in violations of laws and regulations, I think the internal self-inspection of the State-owned Assets Supervision and Administration Office has been insufficient, and it should be submitted to the Provincial Commission for Discipline Inspection to intervene in the investigation......"

Jiang Yibin couldn't see the slightest spark of hope from Shen Huai's indifferent eyes, and knew that Shen Huai couldn't jump into this mud pit by himself, so he could only sigh secretly and leave Shen Huai's office haggard.