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In the next few days, Dongdu quickly acquired 10% of the shares of Zhang Biyun, Gu Liangning and other individuals in Xinghu Industry in the form of share exchange, making the final step of preparation for Xinghu's return to Tianxinghu. Pen "Fun" Pavilion www.biquge.info

On May 24, the United Stock Exchange traded with 2. 100 million yuan to acquire 51% of the shares of the listed company Tianji Holdings from the provincial financial management company, and at the same time throw out the plan to restructure ST shares Tianji Holdings. Prior to this, Xinghu Industrial had been negotiating with the provincial financial management company to buy a shell, and planned to first list Xinghu Industrial with the shell resources of Tianji Holdings, and then gradually merge the assets of Tianxinghu, Haocheng and Jiacheng into this listed company to realize the merger of several companies. In order to speed up the merger, it had to be acquired by United Securities Investment, and in the restructuring plan of ST Tianji Holdings, Liantou, Dongdu and Hutchison made great concessions, and at a price of 30% of the current stock price, ST Tianji issued new shares to the three companies in exchange for the shares of Xinghu Industry and Tianxinghu in the hands of the three companies, and fully integrated the assets of Tianxinghu and Xinghu Industrial into ST Tianji Holdings through a single operation. After this restructuring, the total number of shares of Tianji Holdings surged from the original 900 million shares to 5.6 billion shares, and the name was changed to Xinghu Holdings, and Liantou, Dongdu, Hutchison and United Securities Investment controlled more than 90% of the shares.

In May and June of 05, the domestic securities capital market fell into the lowest ebb in several years, and before the restructuring news was revealed, the share price of ST Tianji Holdings fell to 1. 71 yuan, a premium of 30% of the additional issue share price of 2. 22 yuan, but this restructuring will completely change the asset structure of ST Skyline Holdings, after the reorganization of Xinghu Holdings before the financial audit, although it will not take off the hat of ST shares for a while, but it has not prevented it from squeezing into the ranks of the best real estate listed companies in China.

It is famous for developing unfinished buildings, and Xinghu Industry has the reputation of the king of unfinished buildings, although it has been established for a short time. However, with Hutchison Real Estate as its foundation, many of its projects are still classics in the industry. Most importantly, in the 02nd, 03rd and 04th years, unfinished buildings have become the fastest and most lucrative tool for real estate companies to make profits with an extremely short development cycle. In the past three years, Xinghu Industrial has been one of the companies with the largest number of unfinished buildings in the industry, with a total development scale of 20 billion. If Liantou and Hutchison do not continuously extract profits from Xinghu Industrial, the industry conservatively estimates that Xinghu Industrial's net assets will exceed 10 billion, but Xinghu Industrial will only include ST Xinghu with a net asset of 5.6 billion yuan.

Tianxing Lake Real Estate is confined to a corner of Jinghai, but in 04, Tianxing Lake developed small-scale housing for the first time, assisting the Jinghai Municipal Government to open the prelude to the regulation of the local property market and became famous all over the world. Tianxing Lake Real Estate has a unique monopoly position in Jinghai City, a thriving second-tier city with excellent potential, but it has never had the desire to go out of Jinghai, and has not even reached into the surrounding cities. It was not until the beginning of this year that Gu Liangyu stepped down as president of Xinghu Industrial and was replaced by Xu Jian, and analysts in the industry suddenly understood that Tianxing Lake and Xinghu were actually under the control of the same behind-the-scenes boss.

At the same time as the China Securities Regulatory Commission deliberated on the restructuring plan of ST Xinghu's additional issuance, ST Xinghu suspended trading ■■■■■■■ month. But industry analysts believe. Even in a once-in-a-decade bear market, there is little power to stop ST Xinghu from rising on the first day of resumption.

Shen's real estate of the same size, its real estate assets are slightly stronger than ST Xinghu, but there is a considerable gap between profitability and ST Xinghu, but the share price of Shen's real estate has continued to fall for a year, and the stock price still maintains a position of about 4 yuan

After the reorganization, Liantou, which will become the largest shareholder of ST Xinghu, will once again become the focus of the securities capital market. Analysts familiar with the securities market will not forget that less than a year ago, Liantou acquired a 45% stake in Jinghai Construction from Lijing Group at a price of less than 500 million. Subsequently, the creditors of all parties were invited to throw out a plan to restructure Jinghai Construction with an extremely strong attitude, not only to reduce part of the debts of Jinghai Construction Group, but also to raise a huge amount of funds from the creditors to restart the Century City project. In one fell swoop, it reversed the desperate situation of Jinghai Jianzong. Although the Century City project has not yet been developed for the second opening pre-sale, it has only been in a few months. Jinghai Construction's share price has risen fivefold from its all-time low.

Affected by the news of ST Xinghu's restructuring, Jinghai Construction Corporation, which has the same controlling shareholder, began to rise sharply.

At the same time, the joint investment underwent industrial and commercial changes, placing the joint investment completely under the control of the joint shareholding committee. The Chen Family Foundation controls 18% of the shares of the Joint Investment Shareholding Committee, and the United Lin Foundation, registered in Amsterdam, the Netherlands, controls 51% of the shares of the Joint Investment and Shareholding Committee

Prior to this, Liantou acquired nearly 20% of Xu Jian's equity in Tianxing Lake in the form of a share swap, and became the third largest shareholder of the Liantou shareholding committee in addition to the Chen Family Fund; Liantou also acquired Zhang Chenglu's 12% stake in Jinghai Electric in the form of a share swap, and they and Zhang Bibi. Siming and other management hold a total of 21% of the committee's shares

Guo De's family also integrated their original in Xiushui Pavilion and later into the Four Seasons Group

The shares are exchanged with the shares of the joint investment and become a member of the joint shareholding committee. The shares of Four Seasons Group, controlled by Xinghu Industry, also took the opportunity of ST Xinghu's restructuring and were transferred to the names of Liantou, Hutchison and Dongdu.

The three companies formed Xinbo Qinglonghu Development Group, which is headed by Chen Zhili, and is also responsible for real estate, infrastructure construction and development in second- and third-tier cities in the central and western regions in addition to Xinbo City. Although the mainstream of the domestic real estate market is still the first-tier cities in the east, the second- and third-tier cities in the central and western regions have greater development opportunities in comparison when the state regulation is becoming increasingly strict.

Before the world speculated about the true face of joint investment, joint investment took the initiative to adjust the financial level and structure, revealing the behemoth in front of the world.

This is a huge group that controls four listed companies, including ST Xinghu, Four Seasons Group, Jinghai Electric, and Jinghai Construction Corporation. It includes the scale of assets of entities such as United Securities Investment, United Venture Capital, United New Energy, Xinbo Silicon Industry, Qinglonghu Development Group, etc., as well as Tonghai Port Transportation Group, which was jointly established by Dongdu, Hutchison and Liantou as early as early May.

The joint investment, which has been dodging in front of the media, has suddenly come to the fore, and the shock to the securities capital market cannot be expressed in words.

Among Jinghai Electric, ST Xinghu and Four Seasons Group, the shares held by Dongdu and Hutchison are only listed after Liantou. The combined shares of the three companies firmly control the three listed companies. In particular, in the capital structure of United Securities Investment and United Venture Capital, Dongdu, Hutchison and Liantou are the main investors.

As early as 04 years, Hutchison changed its registration place from the provincial capital to Jinghai.

Although more detailed information is not available for a while, it does not prevent analysts from agreeing that the fact that these three enterprises, which are registered in Nangang Town, Jingnan District, Jinghai City, are the same large entities, and they have formed a close consortium relationship in the process of Jinghai City's thriving development.

Dongdu owns large groups such as rubber manufacturing, microelectronics, and paper industry, and Hutchison's investment direction in recent years has mainly focused on infrastructure investment. At this time, Hutchison owned 27% of the Jingtong Railway and 31% of the Jingtong Expressway. With a 21% stake in Jingchi Expressway, the three preparatory and seaport transportation groups are also led by Hutchison to raise nearly 2 billion yuan to acquire a 51% stake in Tongnan Ocean Port, a port under development, from the National Shipping Group

As long as the price of ST Xinghu does not fall below the previous low, the total asset value of the tip of the iceberg exposed by the joint investment will exceed more than 10 billion, which is still the most pessimistic time in the securities capital market. Connected transactions announced from four listed companies. The assets under the potential water of the joint investment are also looming. Some economic media and analysts are inclined to a view, that the unnamed joint investment and other partners (Dongdu, Hutchison) actually control at least 60 billion yuan of huge assets, and in this part of the assets, Liantou directly controls at least nearly one-third of the assets, and in this world where wealth means power, Liantou is a well-deserved upstart.

Falling, the abyss-like cliff seems to have no end, and the soul is swallowed by a whirlpool of foreign objects......

Shen Zaixing suddenly woke up from the nightmare and wiped his face. Sweating with one hand, he found that his wife Lu Bingqian was not around, the morning light came in through the tulle curtains, and Shen Zaixing sat at the head of the bed, waiting for the shock to settle down. Then he put on his clothes and went downstairs. His wife, Lu Bingqian, sat on the sofa in the hall downstairs, her head leaning on the back of the sofa. With his eyes closed, he was covered with a newspaper.

Due to the air conditioning, the heat inside and outside could not be felt, Shen Zaixing sat down next to his wife and wanted to tell her about his dreams, but found that he couldn't talk about it, perhaps because of the fear in his heart.

"You're up......" Lu Bingqian opened her eyes, the mental torture she had been suffering from these days, and her eyes had a tiredness that she couldn't hide. Lu Bingqian spread out the newspaper and handed it to her husband Shen Zaixing, "The China Securities Regulatory Commission passed the plan for the restructuring of ST Xinghu, ST Xinghu resumed trading today, and the Securities Journal specially set aside a page to publish a special topic of ST Xinghu, on which there is an article introducing joint investment, which is more detailed than the information we have collected......"

Shen Zaixing took the newspaper, read it roughly, and said: "United Investment is the largest shareholder of ST Xinghu, but the chairman of ST Xinghu is Luo Yitong of Hutchison...... Dongdu, Hutchison and Liantou are actually one, and their strength is not weak! ”

"That's fine, if the other party doesn't threaten at all, how can I convince the members of the board of directors......" Lu Bingqian's voice was hoarse, "The reorganization of ST Xinghu has threatened the status of Shen's real estate in the province. I see the ambition of Jinghai's gang too

The establishment of Qinglonghu Development Group is also an opportunity to see the stubbornness of the real estate industry in second-tier cities in the central and western regions, and it is bound to conflict with Shen's real estate westward expansion strategy......"

"But T Xinghu can only be regarded as a potential threat, and it has not directly hindered the interests of the Shen Group, but I am afraid that the board of directors may not agree to make a move on ST Xinghu......"

"Why don't you agree?" Lu Bingqian's eyes widened. A cold light flashed, "Jinghai Municipal Government has regulated the local property market since 03 years, 03 and 04 years, Jinghai real estate growth rate is far lower than other eastern cities, but Jinghai City's economic growth in the past two years has not fallen. The country is clamoring for a bubble in the property market. You and I both know in our hearts that as long as the domestic economy maintains rapid growth, the so-called property market bubble will not burst for a day. Compared with the so-called property market bubble in other regions, the property market in Jinghai City is simply a hotbed of bubbles, I think the hot money with a little vision will pay close attention to the trend of the Jinghai property market, even if ST Xinghu will not become a threat to Shen's real estate, some people on the board of directors are afraid and do not want to let go of this hunting opportunity......"

"Do you want to promote the hot money of property speculation to pour into Jinghai and disrupt the Jinghai property market......"

"The hot money for speculation poured into Jinghai, and the property prices in Jinghai skyrocketed, aren't the local real estate developers who benefit the most?" Shen Le leaned down the stairs. He was just standing at the corner when he heard what his parents had just discussed, and when he heard this, he couldn't help but speak, "Are you sniping or helping Liantou?" ”

"Business wars are like national wars. Defeat such a large force as the joint investment system. It is impossible to achieve it overnight," Lu Bingqian patiently explained, "Over the years, Liantou has been hiding from the public eye, but it is an invisible chaebol rooted in Jinghai, according to the information we have collected, this invisible chaebol has a very deep political network in the province, and its status in Jinghai City is incomparable to other foreign conglomerates." Without Qice, it is impossible to shake the foundation of Liantou. What is the foundation of Liantou? You have also read these materials, in the history of Liantou's development, who is behind the vigorous promotion? Tianxing Lake was established in 99, and in 99, Geng Yimin started the construction of Jinghai New City. Geng Yimin prepared Nangang Investment Group to be responsible for the construction of Nangang New City in 99, and Tianxing Lake was responsible for almost half of the development of Nangang New Town; When Hutchison launched Danshan Apartment in 00. Liu Qingshan, who was the deputy mayor at the time, launched the municipal expansion project on the north bank of the Fuqing River in a timely manner; Xinghu acquired two unfinished buildings in Tianrun and Jing'an in 01 year to start the Pengrun Home project, and Liu Qingshan, who was promoted to executive vice mayor, launched the renovation plan of Biqing Lane in a timely manner; In 03 years, Liu Qingshan proposed to completely solve the problem of unfinished buildings in the provincial capital within two years, and Xinghu Industrial has acquired nine unfinished building projects in a row before this, becoming the biggest winner of the solution of unfinished buildings in the provincial capital; In 04 years, the Jinghai Municipal Government General Election, Liu Yetian unexpectedly jumped the vote and won, the former mayor of Jinghai City, Zhang Quan, suffered a cerebral hemorrhage and became a vegetative person. Zhao Zeng served as the secretary of the Tongnan Municipal Party Committee for half a year, and Liantou acquired Xifu New Energy to form the current United New Energy. Zhao Zeng promoted the reconstruction and expansion project of Beishan Scenic Area, the then Xiushui Pavilion, now the Jinghai Branch of the Four Seasons Group, entered the Beishan Hotel, prepared to build the first five-star hotel in Tongnan, and later became the Beishan Zelu International Hunting Base, and in 02, expanded the Beishan Resort Villa. Zhao Zeng has successively promoted the construction of large-scale projects such as Jingtong Expressway, Jingtong Double-Rail Railway, and Tongnan Ocean Deep-water Port, and Hutchison has successively invested in these large-scale projects. On the occasion of the completion of the construction of the first phase of the Tongnan Ocean Deepwater Port, the Jinghai Port Group formed by Liantou, Hutchison and Dongdu split its capital by 2 billion yuan to acquire 51% of the equity of the Tongnan Ocean Deepwater Port. What does it mean behind all this, Liantou is not a separate Liantou, but a dense net, to defeat Liantou, we must first tear this net apart! ”

"But......" Shen Le had never been in contact with business matters, and his thoughts were inevitably simpler, but he was more worried about other things in his heart, "If he holds on to Chunjiang's affairs, what should we do?" ”

"Be calm," Lu Bingqian's face was a little ugly, "The interrogation stage is about to end, and the first trial is about to be, I believe they don't have any evidence in their hands." If he really wants to use the Chunjiang incident to attack us, it is nothing more than relying on the political resources of the joint investment and using the upper echelons to exert pressure on Chunjiang City and even Xijiang Province, so we must disrupt their steps. In 04 years, Liu Yetian was elected mayor by jumping vote, which is a very sensitive political event, and the reason why it did not cause a political earthquake in Jinghai City is that the net is very dense, and someone in the province resists the pressure for him. After Liu Yetian was elected mayor of Jinghai, in order to gain political reputation, he more strictly regulated the Jinghai property market. However, the national regulation and control policies are becoming more and more stringent, and the property market in Jinghai City, which was once a star city of property market regulation, has experienced violent shocks. If the property market in Jinghai City collapses and causes resentment among the people, will anyone bring up the Liu Yetian ticket bounce incident last year? This is the first card of the dominoes! ”