Qian Feng sent Gao Zhengji away, and after another half an hour, all the guests left, leaving only Qian Feng, the Wu family brothers and sisters, You Qide and other company executives, everyone was a little tired.

You Qide explained to everyone some things that were not yet over the funeral, assigned everyone, and dispersed.

Xing Jimei still went back to the hotel with Wu Shanshan first, and during this time, she always kept a dark face on Qian Feng and ignored him.

Qian Feng returned to the office, he still had a lot of things to deal with, and his brother and Hao Zhongren were waiting for him to come up with an idea in the office.

"On my side, the second flagship fund of 50 million has been raised, and the custody procedures have been completed, and the market operation can begin. The elder brother of the family said.

Qian Feng nodded, "In the follow-up fund issuance, the management must standardize the procedures and procedures in accordance with the requirements of the regulatory rules, but now it is different, we are doing a real private equity investment institution." ”

"The administrative and logistics booth I am in charge of has also been set up, this apartment is a little smaller, and I want to get a decent office space. The elder brother of the family continued, "Otherwise, this place will be left for you alone, and Hao Zhongren's piece will also be moved out." ”

"Yes, but the trading team needs to be separated from the administrative and logistics booths, and it is not possible to work in a hybrid manner. Qian Feng replied that this is the rule of the investment company, and the trading team is not allowed to communicate with each other, especially with other staff.

"Okay, do you want to select the people in the administrative logistics section again?" the elder of the family asked again.

Qian Feng smiled, "You are polite to me, I don't care about your personnel, in the final analysis, you are better at the daily operation and management of the company than me." ”

"Okay, anyway, we will take care of the daily chores for you, don't involve your energy to make investment decisions. The elder brother of the family also smiled, "Isn't it, the head of the family?"

Qian Feng smiled and turned to Hao Zhongren, he could not care about the administrative logistics and logistics, but the trading team had to ask.

"How's it going over there?"

"It's my turn to report?!" Hao Zhongren was rubbing his hands again, "I interviewed several traders, and I think there are 5 that are suitable, and I will find 3 people first according to the plan, and Mr. Qian can pick them from among them." ”

"You can schedule a time for me to meet those five people. Qian Feng said, slapping Hao Zhongren's hand, "Your habit of rubbing your hands is going to change." ”

Hao Zhongren smiled awkwardly, "Also, Mr. Qian has already given me the operation account of the second fund, how are we going to open a position?"

"I'll give you instructions in the next few days. Qian Feng replied.

......

After dealing with their affairs, Qian Feng put them aside, he still had important things to deal with.

On the desk are two financial statements, one is the listed company that You Qide is preparing for Hao Zhongren to take over last time, and the other is the municipal credit union, and he is now going to start the joint-stock commercialization framework plan of the municipal credit union.

Qian Feng carefully studied the two reports.

The financial situation of the city credit union is even worse than I expected,

The first is non-performing loans, which have accumulated over the years and have been overdue for bad debts of 6 billion yuan, reaching 45% of the total loan volume.

The total amount of loans is 13.5 billion, and the other 7.5 billion is unoverdue loans, with different maturities in the near, medium and long term.

In other words, the effective assets under the loan account are only 7.5 billion yuan, the statutory deposit reserve is included in the central bank 1.6 billion yuan, the savings cash balance is 6.5 billion yuan, the interbank funds are 2.4 billion yuan, and the effective monetary assets are only 18 billion yuan.

Looking at the balance of book deposits, a total of 21 billion deposits were absorbed.

The effective monetary assets are 18 billion, and the debt compared to the deposit balance is 21 billion, and the difference between the two is 3 billion, that is, from the monetary side, it is seriously insolvent.

However, there are 500 million yuan in fixed assets such as real estate, and the real estate includes the office building of the head office and the self-owned stores of the 60 outlets below.

That is, the insolvency reached 2.5 billion.

Looking at the income statement, the book shows that the break-even, the gross profit generated by the interest difference between loans and deposits covers the operating expenses such as personnel salaries.

However, considering the collective nest case, the breakeven on the books is unreliable, and there may be a situation where corrupt people eat up part of the depositors' deposits, that is, the 6.5 billion yuan of the savings cash balance is water.

This has shown that the Municipal Rural Credit Union is a seriously insolvent bank that continues to operate at a loss.

Coupled with the run, Qian Feng estimated that the 6.5 billion yuan of the cash balance in savings had been exhausted, and the depositors who had been run on had withdrawn it. Although from both ends of assets and liabilities, the 2.5 billion yuan of insolvency will not change, but the immediate huge problem is that the bank has no depositors' money, what to use to lend and operate. Even the rice in the pot is gone, the cost remains the same, and there is no loss even more.

Now not only is there no rice in their own rice tank, but also the meaning of Director Wang of the Municipal State-owned Assets Supervision and Administration Commission, and the municipal finance has borrowed rice, which makes matters worse.

Looking at it this way, the city credit union is a highly toxic asset, and to buy such an asset, we must first fill in the big hole of 2.5 billion yuan, smash it into it to balance insolvency, and balance it in real time.

From an investment point of view, it is to throw money into the water and throw it into it without a sound.

......

But the dynamic view is different, the bank is not different from other industries, it can operate without capital, use other people's money to make money, as long as it can continue to collect savings, it can operate normally. So, there are no bad banks, only people who don't run well.

This is also the reason why since the reform of the economic system, all state-owned enterprises that cannot survive can be sold to the market, but the banks have not sold them. Because, the bank has the barrier protection of the license.

Imagine how much financial turmoil a large number of financial institutions that have not yet learned how to swim in the market would be in the face of competition if financial barriers were liberalized.

Qian Feng wants a banking license, and naturally, he has to pay a huge financial price.

In order to obtain the banking license of the municipal credit cooperative, it can only be entered in the name of the transformation of the joint-stock commercial bank, and the commercialization of the joint-stock system can have the institutional way for private capital to enter.

......

There are two ways to commercialize the joint-stock system.

One is to increase capital and shares, that is, under the existing disk, you add 100 to become 200, so that each gets half.

The other is equity transfer, the existing disk remains unchanged, and a part of the disk is given to you at a price.

The former has a large investment, while the latter has a small investment. If Qian Feng wants to actually control the city credit union, choosing the latter will cost half of the capital less.

There will be several different forms of equity transfer, such as the valuation of total assets or net assets.

If the total assets are taken as the price, the total assets of the city credit union are 25 billion yuan, and if Qian Feng wants to control half of it, he will have to spend 12.5 billion yuan; if the net assets are calculated, the city credit union is already insolvent, then it can only be counted as the part of negative assets, about 2.5 billion yuan of liabilities, and half of the 12.5 billion yuan is enough.

Of course, it is a good thing to think in terms of net worth, this is a bank, not a broken factory, and there will be no such situation as throwing off the burden with a dollar. It is also true that in the once mighty torrent of state-owned enterprise restructuring, there are many examples of taking a few yuan or using land to make up for it in disguise.

Qian Feng had to think of a plan that he could afford.

At present, this plan cannot be rushed out, because it is not clear how much deposits have been withdrawn by the run on depositors, the social impact of the run, and the ecological damage to the municipal credit union caused by the collective corruption case.

It is necessary to communicate privately with Director Wang of the Municipal Credit Union to further grasp the situation.

The key is that this plan should not only maximize the benefits, but also make it acceptable to the SASAC, and be willing to submit the plan to the city for decision-making.

To do this, it is necessary to negotiate privately and reach a compromise.

In fact, Qian Feng had already arranged the first move in advance.