After signing the agreement, Qiao Yiqun and Huang Chaocheng didn't have the heart to stay for the banquet, so they each left with someone Qiao Yiqun was not worried that Dashang Capital would change his mind, but he had to take people to keep an eye on Huang Chaocheng and transfer 300 million funds out of the account controlled by Huang Chaocheng in order to really feel at ease.

Huang Chaocheng came over here, and there were four strong bodyguards by his side, but these four bodyguards were not hired by him at his own expense, but were sent by creditors behind him to prevent him from fleeing with money.

Now that he is being watched by two waves of people, he can only obediently hand over the control of the capital account, he does not dare to guarantee that he will really cheat, and Qiao Yiqun and other creditors will not jump over the wall in a hurry to use any extreme measures against him.

Watching Qiao Yiqun and Huang Chaocheng go down the mountain, Xu Yuanzhou stood against the railing, and said with emotion: "In our circle, Huang Chaocheng was originally the number one person, but now he is red, I don't know if there is a chance to turn over?"

"I'm afraid it's difficult, he used to steal other people's food too hard, everyone couldn't see his jokes, who wants to play with him?" Ding Yang said with a smile.

Chen Li glanced at Huang Chaocheng's distant figures, smiled slightly, and said to Xu Yuanzhou: "We want to complete the equity delivery with Qiao Yiqun, and we have to pay one billion funds, and the acquisition fund we have set up at present is still short of 120 million, Mr. Xu and Mr. Ding, are you interested in taking 120 million out and handing it over to Dashang Capital for operation?"

"Okay!"

How could Xu Yuanzhou and Ding Yang refuse the money they gave away in vain?

Previously, Chen Li dismantled the fifth phase of the real estate fund in advance, and after deducting the principal and agreed income returned to other investors, as well as the management and dividend sharing of Dashang Capital, he will attribute the 1.4 billion funds in the names of him and Zheng Wenyuan to set up a special equity M&A fund, of which 240 million is in the name of Zheng Wenyuan, 100 million in the name of Zhou Bin, and 1.60 billion in the name of Chen Li.

After that, the acquisition of the shares of Dingxin Chemical 44 from the secondary market, using 820 million, there are still 580 million remaining funds, and now one billion is going to be used to acquire the remaining shares in Qiao Yiqun's hands, there is still a gap of 420 million.

Chen Li can naturally raise money from other places to fill this gap, but in addition to Qian Wanli, Hu Guoming, He Wan, Zhao Yang, Liu Tongjiang, Li Junfeng, Miao Jing, Feng Xin, Gao Can, Tang Huaqing, Wang Xiaojing, Gao Fengming and other management shares, he decided to leave an additional investment gap of 120 million yuan for Xu Yuanzhou and Ding Yang.

Qiao Yiqun and Huang Chaocheng are emotionally headed, if it were not for Xu Yuanzhou and Ding Yang, who have a strong background behind them and have strong connections, to help mediate, it is unlikely that they will come forward to solve the matter so smoothly, and it may even complicate the problem.

If there is no follow-up asset restructuring operation, Xu Yuanzhou's participation at this time is equivalent to subscribing at a price of 4.2 yuan, which is unprofitable in Dingxin Chemical, which has been tossed so badly and Chen Li has no intention of carrying out the reverse operation, but since Chen Li will next load Xinruicheng Project Co., Ltd. as a whole for asset restructuring, when this part of the stock can be sold, it will be more than double the profit.

At present, Chen Li's asset restructuring plan for Dingxin Chemical is as follows: first, Xinruicheng invested 1.5 billion yuan to acquire the equity of Jiangwan Yueyuan 80 held by Xinchaorui Real Estate, one is Qiao Yiqun to invest 500 million yuan to acquire Dingxin Chemical's new rubber synthesis plant in Pujiang Chemical Park, and the chemical production part of Dingxin Chemical will be divested out, and the listed company Dingxin Chemical will issue 1.6 billion new shares to all shareholders of Xinruicheng Project Company to replace all the assets of Xinruicheng Project Company, and the first is to issue 300 million new shares at a share price of 7 yuan per share to Kong Wenzheng and other investors of the five-phase real estate fund, and raise an additional 2.1 billion yuan of new project development funds

After the completion of the asset restructuring, Dingxin Chemical will be renamed Xinrui City Construction Group Co., Ltd., with a total share capital of 2.4 billion, and will own Xiushan Xinyue City, Qingquan Xinrui City, Jiangwan Yueyuan and Dashang Plaza and other projects

At that time, Xinchao Rui Real Estate will hold 700 million shares of Xinrui City, Xinchao Rui Commercial will hold 100 million shares of Xinrui City, Dashang Capital Phase III and Phase IV funds will jointly hold 800 million shares of Xinrui City, and the special equity acquisition fund will continue to hold 4.2 billion shares, in addition to 3.8 billion shares scattered in the hands of other investors and retail investors.

Dingxin Chemical held a general meeting of shareholders in late October to approve the new board of directors selection and asset restructuring plan, Zheng Wenyuan, He Wan, Qian Wanli, Zhou Bin and others into the newly re-elected board of directors, Qian Wanli as chairman, He Wan as president, Tang Huaqing, Zhao Yang, Yan Qiwei, Gao Fengming, Miao Jing and others as vice presidents after two and a half months, in early December the asset restructuring plan through the review of the Securities Regulatory Commission, officially renamed Xinrui City listed and traded.

After the asset restructuring, Xinrui City Construction Group has three super large-scale projects under construction, Xiushan Xinrui City, Xinrui Star City and Qingquan Xinrui City, excluding some houses sold, with project reserves that have been built, under construction and unbuilt, with a total of 3.2 million square meters in terms of construction area.

This part of the net assets, estimated at the current land price, has accumulated up to 8 billion.

In addition, through asset restructuring, additional issuance of new shares and early housing sales, Xinruicheng has accumulated cash reserves of up to 6.7 billion, while the debt scale is only 1.5 billion.

That is to say, with the addition of some of the assets left by Dingxin Chemical, the net assets of the backdoor listed Xinrui City have been as high as 13 billion, and the annual development area of 800,000 square meters, not counting others, is just the current project in hand is developed in four years, and it will continue to contribute 2.5 billion excess net profit every year.

Although Chen Li did not artificially interfere with the stock price of Xinruicheng, after the completion of the reorganization, the stock price of Xinruicheng soared all the way, pulling the daily limit of eleven yuan in a row, and the price limit rose to thirteen yuan seven per share before opening the daily limit, but slowly returned to oscillating up and down twelve yuan.

The average price-earnings ratio of real estate companies in the domestic securities market is about 10 times, and the annual profit of Xinrui City can be expected to be no less than 2.5 billion yuan in the future, and the market value should be about 25 billion yuan based on the average price-earnings ratio of the current real estate listed companies, but at present, it has fluctuated to about 30 billion yuan, which is also a normal market phenomenon.

Chen Li indirectly holds the shares of Xinrui City 26, in addition to other assets, the market value of the Xinrui City Construction Group alone has soared to 7.2 billion yuan, and Wanli indirectly holds the shares of Xinrui City 14, and the value of the Xinrui City is as high as 4.2 billion. The market value of Hu Guoming and the two of them in Xinruicheng is also close to 1 billion, Zheng Wenyuan's market value in Xinruicheng has also reached 640 million, and Zhou Bin's market value in Xinruicheng has also reached 270 million, and the members of the company's management also hold shares with a market value of 350 million in Xinruicheng.

Xinrui City invested 1.2 billion yuan to acquire the equity of Jiangwan Yueyuan 80, plus some other income, and Xinchaorui Real Estate has more than 1.4 billion funds in its hands.

Chen Li finally took out 1.4 billion yuan from Xinchaorui Real Estate, and transferred 50 of the equity of the commercial company held by Feng Xin, Zhao Yang, Miao Jing, Gao Can, Zhou Bin and others, as well as 60 of the equity of Jinjiang County Government to the name of Xinchaorui Real Estate, and then he took the 1.25 billion yuan he earned to repay the debts of Nanhua Group.

At this point, in addition to the shareholding of Xinrui City Construction, Dashang Capital, Xinchaorui Commercial and Xinchaorui Real Estate, the projects under construction directly held by Xinchaorui Real Estate are only located in Gulou Street, Baota District, covering an area of 1,200 acres, and Xinrui Star City, in addition to holding three property assets of Zhongda Guanlan Entrepreneurship Park.

After the adjustment of the equity of the commercial company, in addition to the 20 held by Nanhua Group and the 30 held by Zheng Wenyuan, Hu Guoming, Qian Wanli, He Wan and Zhou Bin, the remaining 50 shares are concentrated in the hands of Xinchaorui Real Estate.

At present, the commercial company, in addition to holding the shares worth 1.2 billion yuan of Xinrui City, also holds the properties of Qingquan Building, Xinchaorui City Plaza, Qingquan Jinghai Road Store and the podium of Nanhua New Town Commercial Complex, and operates five Xinchaorui City Plaza, six Xinrui Hongji large supermarkets and the newly rolled out community supermarket network, as well as a new supporting logistics center for the commercial network in Qingquan and Shangdu.

The biggest significance of the backdoor listing lies in the fact that investors of Dashang Capital want to withdraw their investment from real estate investment funds in the future, and there is a direct and smooth channel.

Under the current circumstances, if an investor wants to withdraw his investment from the real estate fund, as long as the shares held by the fund have passed the lock-up period, Dashang Capital can sell the shares to the public in exchange for the funds withdrawn by the investors through block trading, and even transfer the shares directly to the investor's private account to complete the delivery.

Otherwise, in addition to Dashang Capital finding more powerful investors to take over the equity of Xinruicheng, it can only let Xinruicheng take out a huge amount of funds to repurchase shares from real estate investment funds and reduce shares.

The latter seems to be more direct, but it is not easy to sell houses to recoup funds and a large amount of profits, and do not continue to build new projects, but consume them in stock reduction, which will directly affect the subsequent rapid expansion of Xinrui City.

After the backdoor listing fundamentally solves this problem, all the funds and profits that Xinrui City will return in the future can be used for subsequent expansion.

In addition, since the shares of Xinruicheng can be directly listed and traded, it has become easier to raise funds by issuing new shares in the future. This asset restructuring and listing, supporting the issuance of 300 million new shares and raising more than 2 billion funds, did not deliberately do any work, Kong Wenzheng and other investors took the initiative to come to the door.

For Kong Wenzheng and other investors, it is optimistic that the Qingquan property market will continue to erupt and the performance of Xinrui City will rise year after year.

In addition, with the status of a listed company, it will also be possible to raise funds through public issuance of bonds.

At present, the interest rate of bonds issued by listed companies is only six to eight points, and the financial cost is lower than that of bank loans, not to mention the high interest rate of Qingquan's current private lending market, which has exceeded 20.

Wanbang dared to invest a huge amount of money to operate Jiangwan Jialong City, that is, through listed companies, borrowed tens of billions of low-interest loans from the bond market.

At present, the net assets of Xinrui City have reached 13 billion, of which the cash reserves are as high as 67 billion, while the debt scale is only 1.5 billion.

Theoretically, Xinruicheng can borrow tens of billions of yuan in various ways for the expansion of new business.

This was simply unimaginable before a backdoor listing.

The successful backdoor listing of Xinruicheng has straightened out a lot of complicated work.

Xinrui City was successfully listed on the backdoor, and the real estate projects under construction directly held by Xinchao Rui Real Estate are left with a new Star City.

Qian Wanli, He Wan, and Tang Huaqing have to deal with a bunch of affairs of listed companies, including the various problems left over by Dingxin Chemical, including the follow-up treatment of the previous fire and explosion accidents, which have also become the responsibility of Xinrui City, and Chen Li can only put more energy on the construction of Xinrui Star City.

In addition to the first and second phases of the project, which is directly acquired from the Haimeng Group, the demolition and renovation of the Haimeng Building and the Haimeng Garment Factory, Xinrui Star City has also reserved 800 acres of construction land for the third phase through various replacements in the early stage, and has now negotiated a small demolition and renovation project covering an area of only 50 acres and the residential building of the old staff of the Pagoda District Radio and Television Bureau.

Chen Li personally rushed to the signing site and gave Luo Yiheng a platform.

Demolition and renovation projects to ensure that the demolition of households to move back or to the demand for housing, the profit is very low, other developers are not willing to undertake such projects at all, but the new tide of real estate agents in the pagoda area, Jinshui District dozens of real estate sales, grasp a large number of cost prices of less than 4,000 end of the house, its business in the city has 200 stores, more than 2,000 real estate agents, accompanied the demolition owners to see the house selection.

In this process, for each household, Xinchaorui Real Estate will give an additional reward of 10,000 yuan to the real estate agent, but in the end, the cost of demolition and renovation land can be controlled to about three or four million per mu, which will make the future floor cost of Xinrui Star City control less than 2,000 per square meter.

This also ensures that the new trendy Ruicheng real estate can get sufficient profits from the new star city project in the future.

At present, there are six high-rise apartment residences in the second phase of Xinrui Star City, with a total construction area of up to 500,000 square meters, after more than half a year of construction, it should be able to catch up with the structure capping before the year, and then it will be able to get the pre-sale permit and officially open for sale.

After the new demolition and reform project was signed collectively, Chen Li followed Luo Yihuan to his house for dinner, he was busy with the backdoor listing during this time, and he didn't see Luo Rongmin for a while.