What was the once sensational Delong School like?

If you want to know Deron, you must know the helmsman Tang Wanxin.

Tang Wanxin's story began exactly 20 years ago. 1986, Tang Wanxin contracted a color film expansion department named "Friends" and started his career as a businessman. Tang was born in a cadre family in Urumqi, Xinjiang, and his parents were intellectuals in the 1950s. Tang Wanxin is a restless man by nature-he was admitted to the university twice and dropped out twice. He is more interested in business than studying, which is far from his parents' expectations of his son.

It was the commercial prosperity of "one billion people and 900 million businessmen". Tang Wanxin quickly adapted to the new role of "self-employment". Before there was a color photo processor in Xinjiang, Tang Wanxin personally flew to Guangzhou to develop films for his customers, or asked passengers who went to Guangzhou to develop films for him.

Tang Wanxin also demonstrated her self-taught financing ability: the color film development department recruited foreign workers, and Tang Wanxin required unemployed young women at home to pay a deposit first, which provided valuable start-up funds for the color film development.

Besides, Tang Wanxin spent a lot of money. At that time, most of the people who could fly were powerful people in the local economic field in Xinjiang, and Tang had a wide network of contacts in the local banking circle.

It is said that Tang Wanxin earned 600,000 RMB in the color film processing business, which was not a small sum in the 1980s. Later, Tang tried many businesses, such as bicycle locks, satellite receivers and konjac noodles. , but all failed. He once owed the bank a debt of 6.5438+0.8 million yuan and was almost sent to prison.

"For a magician, death is just another adventure of life." However, for Tang Wanxin, bankruptcy is just the beginning of another adventure for a gambler. Tang Wanxin, who was lucky enough to escape from prison, looked for opportunities in Hainan fever and Xinjiang oil development fever respectively, but they were all unsuccessful. China stock market was founded in the early 1990s. The stories of "Yang Baiwan" and "Sun Million" and other stock markets became rich overnight inspired Tang Wanxin, who began to look for opportunities in the stock market.

According to the confession in the public security bureau, 1992, Tang borrowed 50,000 yuan from a friend and came to An alone. In Xi 'an, he bought and sold the legal person share subscription rights of more than a dozen companies, such as Precision Alloy, Xi 'an Minsheng and Shaanxi Jiefang, and then resold them to the next companies in Xinjiang and Shenzhen.

This is a very profitable transaction. Tang Wanxin can earn the price difference from 0.5 yuan to 1.5 yuan per share. Tang admitted in his confession: "By March of 1993, I had earned 50 million yuan to 70 million yuan." Tang Wanxin's previous connections in the financial circle on the plane played a role at this time. Some financial institutions in Xinjiang provided funds for Tang to engage in such transactions, which enabled Tang to complete a large-scale acquisition of legal person shares.

1992, Tang Wanxin established Xinjiang Delong international industrial company. At this point, he has completed the transformation from a self-employed person who has repeatedly lost and fought to a nouveau riche in the stock market.

This is a business that needs high-speed capital operation and a lot of financing. Tang Wanxin is eager to get a financial institution as its own financing platform. Xinjiang Financial Leasing Co., Ltd. entered Tang's field of vision. Through various joints, Tang finally got a piece of Xinjiang financial leasing (publicly held by Delong in 2000) and contracted the seat of Xinjiang financial leasing in Wuhan Stock Exchange Center 1994.

In Wuhan, after knowing something about financial institutions, Tang Wanxin wisely discovered the loopholes and know-how. He began to buy back government bonds boldly, and obtained a huge sum of 300 million yuan from Hainan Bank Trust and China Rural Credit Cooperative respectively to buy back government bonds. This is the first time that Don has made a big bet. Later, it turned out that this gamble became one of the time bombs that detonated Delong in the future. Coincidentally, Wuhan also became the prison of the Tang Dynasty, which is another story.

Xinjiang financial leasing became the first financing platform in Tang Wanxin, and Tang Wanxin started the magic game of "turning the stone into gold". Tang Wanxin continues to search for gold in the primary and semi-primary markets. He always flies to the location of the company preparing to issue new shares at the first time, and then hires a large number of migrant workers to subscribe for new shares to win prizes, and then sells them after the new shares are listed. Tang's primary and semi-primary market business in Shanghai continued to 200 1.

"(I) made a half market and earned 700 million to 800 million yuan." Tang said in his confession.

"Financing Mouse Club" has begun to take shape.

"Ignorance and death rot with vegetation; Being born with enlightenment is for eternal life. "

-Old saying

1995, Tang Wanxin suffered the first big rout of the securities market.

In the "327 incident" of that year, Tang was forced to close his position in the treasury bond futures market, with a huge loss of 1 100 million yuan. In fact, according to the relevant files, since 1994, Tang Wanxin has gathered his former friends and classmates, the so-called "Delong elder", and entered the secondary market and treasury bond futures market in Beijing, Shanghai and Wuhan.

This is the dealer showdown in China's early securities market. Many parties, represented by Zhongjing Giant Panda Kaikai, had a bitter confrontation with Guan Jinsheng from various countries and Kong Fang, represented by the plateau and Gaoling brothers from Liao country. Under the harsh measures of China's economic development, Guan Jinsheng took risks and sold huge short positions, which eventually led to the loss of positions in various countries, and the Gao brothers flew away after crossing the positions. Six years later, Zhongjing Kaikai was ordered to liquidate due to his disgraceful role in the events of Yinguangxia and Dongfang Electronics, and also left his post in 2002.

At this time, compared with these early godfathers of China stock market, Tang Wanxin was just a big follower. Not only that, he also suffered a huge loss of 654.38 billion yuan because of his wrong position in treasury bonds futures.

Fortunately, there is still one and a half markets supporting half of Delong. However, Tang Wanxin, who was heartbroken by the national debt, did not give up the secondary market, and he was still eagerly learning various manipulation methods. Niu Ma Xiao's manipulation of Jielong shares in the stock market left a deep impression on Tang Wanxin.

When speculating Jielong stock, Ma Xiao initiated a new way of capital cooperation with listed companies, securities companies and other institutions. He used his own circulating chips as collateral for financing, and at the same time continued to collect a large number of circulating stocks, so that he almost monopolized Jielong's circulating disk. However, Ma Xiao used this hype mode unscrupulously in tonghua dongbao, but was finally banned.

The leek in the stock market will never be cut. Although Ma Xiao was out in tonghua dongbao, Lvliang, Tang Wanxin and other newcomers in the stock market still took this as the standard and followed Ma Xiao's method. "Delong later fired the third stock in the secondary market without any renovation. Basically imitated Jielong's speculative model in 1994, but lengthened the time. " A trader commented like this.

Xinjiang Tunhe 1996 was listed, when Delong held 9% of the shares. At this point, Delong began to quietly absorb Tunhe's circulation chips in the secondary market; In addition, as of July 1996, 70% of the circulating chips of Xiang Torch were absorbed by Tang Wanxin. At this time, Tang Wanxin mainly traded stocks in the name of individuals, and adopted the method of circulating mortgage purchase by financing his stocks and then buying them again. This stock pledge financing has become another time bomb to detonate Delong in the future.

But at the end of 1996, the stock market changed suddenly and the stock price plummeted. In this case, Tang Wanxin will be forced to close its position without additional margin. More seriously, the central government began to rectify the financial order, checking the financial business of financial leasing companies in various securities trading centers, and the lease license needs to be reissued when it expires.

It rained all night, and Xinjiang financial leasing faced personnel changes at this time, which means that Tang Wanxin's illegal act of misappropriating more than 300 million yuan of funds from Xinjiang financial leasing will probably be exposed. Wang Hong, another senior member of Delong, claimed in the confession materials that at the end of 1996, Delong was insolvent 1 100 million yuan; Delong's total debt is about 420 million yuan, of which 320 million yuan is owed to Xinjiang financial leasing; Delong's total assets are only 300 million yuan.

Facing the second bankruptcy crisis, Tang Wanxin urgently needs to integrate huge sums of money to fill the black hole of financial leasing in Xinjiang. Tang Wanxin admitted in court that his solution to the crisis was to "fight poison with poison".

Jin Xin Trust and Investment Company became the hunting target of Tang Wanxin. Under the storm of the central government rectifying the financial order, the original major shareholder of Jin Xin Trust wants to transfer the equity of Jin Xin Trust. Tang Wanxin, a lavish man, once again broke through various joints and acquired 30% equity of Jin Xin Trust through the Tunhe Curve in Xinjiang. Before the equity delivery, Tang couldn't wait to lead Wang Hong and other Delong elders into the trust.

A similar story was later staged in Jin Xin Trust: Tang Wanxin continued to use the illegal financing of Jin Xin Trust. Delong raised 500 million to 700 million yuan in just nine months through illegal means such as misappropriating funds, bonds and bond custody orders. Tang Wanxin finally solved the crisis at the end of Delong 1996 with greater poison. Wang hong admitted in his confession that as a trainer, he was afraid of it. "I feel scared, scared and helpless."

Jin Xin Trust has gradually replaced financial leasing in Xinjiang, becoming the second most important financing platform in Tang Wanxin. Through Jin Xin Trust, Tang Wanxin has set up more than 20 offices all over the country and established a financing network for entrusted wealth management business. At this point, a nationwide "financing mouse meeting" has taken shape.

In addition, Jin Xin Trust has become a channel for stock trading in Tang Wanxin. According to the indictment of Wuhan Procuratorate, "1March 1997, Tang Wanxin Organization, Tang Wanchuan, Zhang and others used the business department of Shanghai Ningwu Department as an operating platform to buy and sell stocks of' Xinjiang Tunhe'."

The myth of industrial integration under Changzhuang

Tang Wanxin can quickly understand and learn the various operations of the bookmaker. But there are too many delusions in his personality, so that he will never learn the most important risk control ability-restraining inner greed. -A businessman

In the process of trading stocks with Jin Xin Trust, Tang Wanxin gradually felt the disadvantages of Ma Xiao model. Xinjiang Tunhe and Hunan Torch are highly locked. In contrast, Sichuan Changhong, which is heavily held by Junan Securities, has been heavily allotted shares for several years, and its share price has risen by an astonishing 400%. Junan Securities calmly shipped from a high position and made a profit of more than RMB 4 billion.

Jun 'an's success made Tang Wanxin, a stock trader, envious. He realized that the bookmakers need to control the listed companies, and then manipulate the listed companies to send a large proportion of shares in order to make money in the secondary market.

1997 in may, the board of directors of Xinjiang Delong was held in Beijing Dayuan hotel. The Tang brothers have always touted the so-called "Dayuan Conference" as "Zunyi Conference in the history of Delong's development", believing that this conference has established a "strategic line of industrial integration".

The truth is gray According to the indictment of Wuhan Procuratorate obtained by the reporter, at this meeting, Delong actually determined the operation plan of centralized holding of secondary market stocks of listed companies. Since then, Xinjiang Delong has gradually completed the acquisition of legal person shares of three listed companies, including Xinjiang Tunhe, Alloy Investment and Hunan Torch, and continued to organize Dong, Dong, Tang Wanchuan and Zhang to buy and sell the circulating shares of Xinjiang Tunhe, Alloy Investment and Hunan Torch in the secondary market.

Tang Wanxin began to dance in two worlds: First, he continued to obtain funds through Jin Xin Trust's entrusted wealth management, and at the same time, he took all the circulating chips and made profits in the stock market; The second is to complete industrial integration through listed companies and become so-called "successful industrialists" in order to repay their humiliation in the industrial field.

This is a dangerous dance step. After 1997, the scale of Delong expanded, and the off-balance-sheet debt of Jin Xin Trust continued to expand. This is still a game of "filling the previous black hole with a bigger black hole". "There is no source of profit, it is net consumption." Wang hong felt helpless in his confession.

However, Tang Wanxin remains optimistic, at least on the surface. In his eyes, as long as he can make money quickly in the stock market, he can generously fill these black holes with these profits, and the redemption crisis will be solved.

1In August 1998, Tang Wanxin held an enlarged meeting of the board of directors of Xinjiang Delong in Shanghai. According to the indictment, Tang Wanxin further clarified the plan of "centralized shareholding". After that, the business location of "Lao San Gu" was transferred to Shanghai Building 16. Delong's headquarters will be set up in Beijing, with Tang Wanchuan and Wang (his third brother and brother-in-law, respectively) in charge of the traders, who will report directly to him. Tang Wanchuan is specifically responsible for the trading of the "old three shares", and Wang is responsible for the statistics of the old three shares.

In March 2000, Delong acquired Chongqing Securities and changed its name to Deheng Securities. The operating platform of the third stock was also transferred from Jin Xin Trust to Deheng Securities. According to the indictment, Wang coordinated the order of buying and selling the trust and the third share of Deheng Securities according to the statistical data and Tang Wanchuan's instructions.

After Delong sent senior executives to Laosan Joint-stock Company, Laosan Joint-stock Company launched a high-value stock offering plan every year in a few years, and its share price also rose steadily, with huge book profit. Tang Wanxin said in a long letter after Delong's accident: "By 2000, he had earned more than 3 billion yuan in profits for his customers."

However, this has become an unrealized book profit. In the big bull market in 2000, when Tang Wanxin watched the stock market getting crazier and crazier, he was vaguely uneasy. Some friends in the circle advised him to take advantage of high-level shipment to settle profits, but Tang Wanxin stubbornly believed that the stock market could rise to 10000, "there is no need to worry about not selling goods".

At this time, according to Tang Wanxin's confession, in addition to operating the third stock, "I also bought Qilian Mountain, Three Gorges Water Conservancy, Qin Feng Agriculture, Yahua Seed Industry, Renfu Technology, Qingdao Double Star, North China Pharmaceutical, etc."

Therefore, the third stock can only stand, which is the benchmark and brand for Delong to build a "mouse club" and the basic stock of the capital market. Tang Wanxin, whose farm is too big, can't stop in this dangerous game. A trader familiar with him said, "Tang lost control of his inner greed."

In addition, Tang Wanxin even believed the myth of "industrial integration" he invented. Delong industrial system can bring 600 million yuan in profits. However, Tang's support cost in the stock market is one year 1 100 million yuan.

The delivery of the package came to an abrupt end.

This is a game destined to be a domino from the beginning, and finally it has entered the final and most ornamental stage. -Yuan Jian's criticism of China's securities market.

At the end of 2000, Changzhuang shares, founded by Zhongke, collapsed. Mr. K, the forerunner of Changzhuang, fled hastily. Lvliang and Tang Wanxin have deep roots. There are many identities on Lvliang's business card, among which it is impressively written that he is the planner of two stocks of Delong Department.

The collapse of Zhongke Venture is undoubtedly the first domino that fell in this dangerous game. Many entrusted wealth management customers in Lvliang are also Delong's customers. After the collapse of Zhongke Venture, these customers also asked Delong to pay back the money, which was another redemption crisis in Tang Wanxin.

At the beginning of 200 1, Jin Xin Trust had 4 1 100 million yuan of entrusted wealth management funds to pay. In many areas, even angry customers smashed the sales department. For the next three years, he has been in a state of debt collection, so that Tang lamented in his confession: "He has also become a financier."

At this point, Tang Wanxin found that it was impossible to ship the old stocks, and the stock market had gone. Once the old stocks are shipped, it means a collapse. A friend of Tang recalled: "I said to him,' You should relax!'" "But he can't, because he knows that once he relaxes, he and Deron will collapse. "

In 200 1 year, Delong held several meetings in West Lake, Hangzhou, and the contents of several meetings were all about how to save the crisis. Tang Wanxin and the other seven directors have serious differences in two aspects: First, Tang Wanxin thinks that Jin Xin Trust should be saved, while other directors suggest that Jin Xin Trust go bankrupt and break its wrist to save itself; Second, Tang Wanxin advocated shipping from the three companies, but other directors resolutely opposed it, because the huge "mouse warehouse" of Delong System was hidden in it, and the profit was beyond imagination, and the shipping plan was obviously contrary to the interests of these directors.

The final result of the meeting is to play this dangerous game: keep Jin Xin Trust and suspend the shipment of the third share. Tang Wanxin knew she was wearing "irresistible red dancing shoes". In the cold winter of 200 1, the mighty Tang Wanxin was deeply afraid, and her careless character showed a fragile side. He cried to the people around him: "Is Delong still saved? Can I survive? "

But after crying, Tang Wanxin continued to take risks. At this time, Jin Xin Trust has lost the trust of its customers. Tang Wanxin admitted in his confession: "As long as it is said that it is an institution of Delong, there will be a run on it immediately, and it can no longer be done in the name of Delong." Tang Wanxin needs to establish a new financing core platform. 200 1 10 Under the deployment of Tang Wanxin, Shanghai Youlian replaced Jin Xin Trust as the core new platform.

Tang Wanxin extended his greedy hand to city commercial banks, trust companies, securities companies and other financial institutions. The purpose of acquiring financial institutions is nothing more than to facilitate financing and expand the financing rat society. Youlian has gradually become the "headquarters" for integrating many financial institutions in Delong. Delong has 2 1 financial institutions holding shares, and acquired many securities trust companies such as Nanjing Dajiang Guotou, Deheng Securities, Hengxin Securities, Zhongfu Securities and Jianqiao Securities, as well as commercial banks such as Kunming Commercial Bank, Zhuzhou Commercial Bank and Nanchang Commercial Bank.

Tang Wanxin also creatively planned a hidden acquisition mode of "entrusting and holding" to avoid supervision, that is, using the entrusted wealth management funds of customers to acquire the equity of financial institutions, but the register of shareholders still shows as customers, which is actually held by Delong. Tang Wanxin's style of spending money like water and escorting money is the key factor of his repeated success in entering financial institutions.

After the acquisition or shareholding, Delong quickly revealed its superiority: a large amount of funds of these financial institutions were quickly lost in Delong's complex system through misappropriation, mortgage and guarantee. Delong financial institutions raised 45 billion yuan by entrusted financing, of which the outstanding amount was 654.38+072 billion. In addition, Delong enterprises have taken billions of funds from commercial banks in many places. Even Delong's industrial enterprises and listed companies have become ATMs in Tang Wanxin. Chongqing industry was horribly robbed of nearly 654.38 billion RMB by Delong.

Most of Delong's illegal financing funds are invested in the stock market. According to the indictment, from March 2002 to September 2003, Tang Wanxin once again unified the business platform of Lao San from Deheng Securities to Jin Xin Trust; From 2003 10, Delong international arranged for Chinese enterprises to operate the third share in a unified way, and Tang Wanchuan was responsible for the overall transaction.

The prosecutor also conducted a comprehensive liquidation of Delong's manipulation. According to the indictment, from June 1997 to April 14, 2004, Tang Wanxin and others used their own funds and some entrusted wealth management funds to use 24,705 shareholders' accounts to concentrate their capital advantages and shareholding advantages, and bought and sold a large number of three stocks for a long time, which caused abnormal price fluctuations of the three stocks and seriously disrupted the order of the securities market. During this period, Xinjiang Delong and Delong International bought 67.836 billion yuan of "old three shares", and the market value of the remaining shares was1131400 million yuan. According to the calculation principle of moving average method, the calculated residual inventory cost is162.3 million yuan, and the accumulated attributable profit of * * * is 9866533.

This is a game of "robbing Peter to pay Paul". As long as the new customers' funds are constantly cheated and the old customers' funds are returned, this all-inclusive scam can be maintained. In fact, by constantly borrowing old funds and renewing new funds every year, the cost of Delong's early entry into the "old three stocks" has already been recovered, which is not what the insiders call a "good village" or a "stupid village".

Tang Wanxin played games crazily, and a senior executive of Delong said meaningfully to The Economist: "Delong is too big to die."

However, the rope around Delong's neck has been tightened. At the end of 2003, the chairman of Xinjiang hops absconded with money, and the guarantee circle of listed companies in Xinjiang was in jeopardy. Major commercial banks began to self-examine related party loans.

Tang Wanxin felt a catastrophe at the moment. On June 4th, 2004, Delong's board of directors held an enlarged meeting in Haikou, and Tang Wanxin finally made up his mind to cross the rubicon: he secretly decided to sell his old shares even if there was a loss. "Big deal 18 lived in vain." Tang said:

But it's too late. On April 3rd, 2004, it was Tang Wanxin's 40th birthday. 10 days later, the alloy investment suffered a daily limit, and the sound of the first boulder falling before the complete collapse of Delong Empire was clearly audible. The next day, the old shares continued to fall across the board, and the old shares completely collapsed.

In a flash, Delong Empire fell apart.

Delong memorabilia

1992, Xinjiang Delong Industrial Company was established with a registered capital of 8 million yuan, which was the beginning of Delong Empire.

From 65438 to 0993, Delong invested in Xinjiang Financial Leasing Co., Ltd., and later Xinjiang Financial Leasing became an important financing platform for Delong.

From 1996- 1997, Delong successively entered Xinjiang Tunhe, Shenyang Alloy and Hunan Torch, and successively opened positions in three stocks, beginning the history of crazy stock manipulation. At the same time, Delong also acquired Xinjiang Jin Xin Trust to fill the hole left by misappropriating 300 million yuan from Xinjiang Financial Leasing Company.

1In May 1997, Delong held a Dayuan meeting in Beijing. Delong himself regarded this meeting as "Zunyi meeting in the history of Delong's development" and established the so-called "industrial integration" strategy, but in fact it was to determine Delong's stock speculation plan in the secondary market.

During the period of 1997 -200 1, Jin Xin Trust set up more than 30 offices all over the country and began to carry out entrusted wealth management business on a large scale.

From 65438 to 0999, Delong moved his headquarters from Xinjiang to Shanghai. Delong International Investment Co., Ltd. was established.

At the beginning of 200 1, due to the bankruptcy of Zhongke Venture, Jin Xin Trust had 465,438+billion yuan of entrusted wealth management funds to be redeemed, which was another redemption crisis for Delong.

In June, 20001,Shanghai Youlian was established and gradually developed into the "headquarters" of Delong's integration of various financial institutions.

In 2002, Delong successively controlled Kunming Commercial Bank, Zhuzhou Commercial Bank and Nanchang Commercial Bank, and began to reach out to the banking system.

On April 14, 2004, Delong shares such as Xiang Torch, Alloy Investment and Tunhe fell for the first time, and the Delong crisis broke out.

On May 30, 2004, Delong International held a meeting of the board of directors and crisis management, which acknowledged for the first time that "the whole system of Delong is in the most severe crisis and difficult period".

On June 8, 2004, the Delong crisis further escalated. Shanghai No.1 Intermediate People's Court tried two cases about Delong at the same time, and creditors from all over the country collected debts from Delong through legal channels. Most of Delong's assets in various places were frozen.

On August 26th, 2004, Xinjiang Delong, Delong International, Tunhe Group and Huarong Company signed an asset custody agreement. The three companies irrevocably entrust all their assets to Huarong Company, and Huarong Company exercises the right to manage and dispose of all their assets. On September 4th, Huarong was entrusted by the CSRC to host Deheng Securities, Hengxin Securities and Zhongfu Securities.

Although he failed in the end, Tang Wanxin did not choose to escape, and finally returned to China for trial.