The Biggest Printing And Dyeing Enterprise In Shaoxing Is On The Verge Of Collapse, But The Chairman Is Mysteriously Missing.

In October 8th, the Zhejiang Jiang long Holding Group Co., Ltd., a salesman, came to the unit to feel strange. All the flowers and trees that were leased on the steps were removed. The office doors were all open and messy, and valuable things such as computers were taken away.

The magnificent office of the president, scattered several real estate certificates, the value of the building are millions of dollars.

In the huge fish bowl beside the table, several million dragons were dragging away, leaving only a few tropical fish swimming very lonely.

Everything is very sudden.

The biggest printing and dyeing enterprise in China suddenly collapsed, and the chairman and his wife suddenly disappeared, and creditors came home.

The printing and dyeing factory of the group is still working overtime during the National Day holiday. In October 6th, workers suddenly received the notice that they stopped their activities. 7 nights, computers and other objects in the head office were all looted.

According to reliable news, Jiang long holdings owed 1 billion 200 million of bank loans, and at least 800 million of private lending.

The bank loan of Jiang long also involves the mutual guarantee of many local leading enterprises.

Legend Begins

The founding of Jiang long holdings is quite legendary. The chairman and his wife came from Jiangsu. In 2000, they came to Shaoxing county. Tao Shoulong, a foreign trade salesman of a factory in Shaoxing County, was very sensitive to thinking and had great ideas about the operation of the capital.

His wife, Yan Qi, was the president of Jiang long holding company. He acted very forcefully and had a strong hand in trade development.

Especially in the Middle East, almost everyone who is engaged in textile trade knows that a Chinese woman with long hair waist is doing business and drinking very much.

The two people magically built Jiang long in almost three or four years, and was listed in Singapore in September 2006. The stock is called "China printing and dyeing".

There is a red flag hanging outside the office building of Jiang long holding. The gold dragon pattern is magnificent and can be seen far away.

According to public information, it is a large textile enterprise integrating textile, printing, dyeing, clothing and trade. It has a total assets of 2 billion 200 million yuan and more than 4000 employees, with sales volume of 2 billion yuan in 2007.

A problem or a capital chain

Jiang long has been thinking very much.

Last year, we started a series of more advanced practices such as "grey cloth supermarket" and invested 200 million yuan to import 11 advanced special wide production lines. Once the production line is put into operation, Jiang will become the world's largest home textile and wide width printing production base.

This is also the biggest bright spot for Jiang long to be listed on NASDAQ.

Relevant departments of the company's financing department said that it was preparing to go public, and the company put all the funds in one basket and deployed the liquidity of the subsidiaries, which had a serious impact on normal production.

Also, at the end of last year, the bank was tightening, and the bank recovered more than 1 billion loans.

However, what is frightening is that under the circumstances of financial difficulties, Jiang long turned to private lending.

Since the second half of last year, senior executives have come to contact private lending.

The creditors who came to the house yesterday said that last year it was 3 points profit, and in June and July this year, they made a profit of 7 points.

In terms of 6 profit, interest is equivalent to about 70% of the principal.

Reporters yesterday in the president's office found a July 22nd Shaoxing Entrepreneurs Forum on Jiang's speech, when talking about the recent situation, repeatedly stressed the tight funds.

The government tried to pull a hand.

In the case of Jiang Long, the local government tried to pull together.

The reporter got a copy of the "policy explanation letter", which is stamped with the seal of the Keqiao Economic Development Zone Management Committee of Shaoxing County, Zhejiang province. The date of inscription is September 18th. There is such a content: in order to help the dragon group get out of the financial difficulties and smoothly realize the listing in Nasdaq, it will give policy support to the dragon group.

First of all, when Jiang long group (including subordinate enterprises) divest part of the non principal assets for "slim down and healthy body", both sides carry out the policy support of assets paction tax, production, operation, taxation and local retention.

Secondly, on the basis of increasing the cash flow of 200 million ~3 billion, Jiang agreed that the industrial land of South Science and Technology located in Ke Bei should be changed to commercial and residential land, and that part of the supporting policy of land leasing should be retained.

This policy once made Jiang long and those who lend it seem to see hope.

Take the lead and move the whole body

However, Tao Shoulong and his wife lost their cell phones to their secretaries in October 3rd.

It can be confirmed that the bank loans to Jiang long are 1 billion 200 million, all of which are guaranteed by enterprises with similar size.

All of these enterprises are local leaders.

Jiang long had an accident, and the companies that guaranteed huge sums of money were immediately in trouble.

Yesterday, the government working group was formally stationed in Jiang long and paid wages to staff members.

But they are not willing to reveal where Jiang will go.

Financial personages analysis, if the liquidation is bankrupt, Jiang long is estimated to be insolvent, the bank may immediately start proceedings for the guaranty enterprise, and the guarantee enterprises often have loans, which will trigger a series of chain reactions.

If it doesn't go bankrupt, it can only be restructured.

Either way, it is a heavy blow to the textile industry of Shaoxing county.

At present, the most painful thing is the total amount of money owed by Jiang long. The local version is different. The money owed to the supplier is at least 2 hundred million. It is even more difficult to collect private loans. There is news that the money borrowed from a local enterprise brother (including interest) is nearly 100 million yuan.

Last night, people who provided private loans to Jiang long were gathered in a small restaurant. Among them were the chief executives of the textile enterprises, the heads of foreign trade companies, the heads of real estate enterprises, and some "representatives" who could raise huge amounts of private capital. They sat down to talk about the total number of private loans and the way to recover them.