With the approval of the Gan Provincial Supervision Bureau of the China Banking and Insurance Regulatory Commission and the approval of the industrial and commercial registration authority, "Zhongjiang International Trust Co., Ltd." was changed to "Yimin International Trust Co., Ltd." and a new business license was obtained.
Among the 14 billion equity acquisition funds, Yimin Fortune invested 5.6 billion yuan, and Yimin Wangjin and Yimin Dai each invested 4.2 billion yuan.
The three companies jointly formed a company called "Yimin Investment" and used this company to control 71.3005% of Yimin Trust's shares.
The other nearly 29% of the shares are in the hands of local state-owned assets in Gan Province, including Gan Province Financial Holding Group, State Grid Gan Electric Power, and Gan Province Disabled Persons Welfare Foundation.
Except for a director sent by Gan Provincial State-owned Assets, the entire management power of Yimin Trust is currently in the hands of the Yimin Group.
Ding Siyao serves as the chairman, and Fan Hongyang, Chen Shaojie and others serve as directors.
After taking over the trust company, Ding Siyao immediately transferred personnel from Yimin Wealth and two other Yimin companies, organized and dispatched more than 10 working groups to more than 100 cities across the country, and began to promote the interview and double signing of the income rights transfer agreement.
Record work.
Yimin Trust currently defaults on more than 30 trust projects, involving 7.9 billion yuan in funds, covering nearly 2,000 investors, and the average investment per capita is nearly 4 million.
More than two thousand investors were still clamoring for land a few months ago, thinking that this investment was probably on the line, and even if they wanted to get it back, it would be a long time later.
Who knows, a turning point appears!
Although Zhang Yida does not work at Yimin Trust, he is the chairman of three listed companies under the Yimin family.
The richest man came to acquire Zhongjiang Trust, which was stuck in the quagmire. Many investors were overjoyed. Now they are saved.
Zhang Yida did not disappoint them. Ding Siyao attended the investor meeting and promised that the new shareholders and management team would take responsibility and solve the principal and interest payment issues of all defaulted trust projects.
Some investors are still investment clients of Yimin Wangjin and have great trust in Zhang Yida’s character and strength.
After appeasing all the investors, Yimin Trust spent more than three months to finally complete all the investigation and registration work.
Starting from June, investors’ principal and interest will be paid one after another.
Everything is changing and developing for the better.
The only bad thing is the recovery work for defaulted projects. The staff of Yimin Trust are almost scolded.
There are more than 30 default projects, more than 20 of which are related to political and trust projects and infrastructure projects.
Some of the remaining private enterprises are either about to go bankrupt or have already gone bankrupt and are undergoing legal proceedings, with no hope of getting their money back.
When Ding Siyao reported his work to Zhang Yida, he became bitter: "These bad debts are more difficult to recover than we thought, and local protectionism is serious.
In addition, I was speechless when I saw these projects. Risk control is basically a decoration.
Not a single employee in the risk control department was retained, I fired them all.
If we take things seriously, some people can be held legally responsible."
Zhang Yida chuckled lightly, "Calm down, the big fish ran away a long time ago, and now all that's left are the little shrimps. There's no need to create more trouble, just let it go."
Ding Siyao nodded, "I know the people in the tomorrow department have already left, but the damaged company atmosphere is difficult to repair at once.
Many of the original employees were lazy, like monks who struck the clock every day.
Sometimes I see them in the company, and I feel very disgusted when I see all their eyes are dull and confused.
When they go out to discuss business like this, what do customers think of them? How do they think of our company?"
Zhang Yida frowned, "Is it so serious? Then you need a major blood transfusion."
"It's already being changed. All the senior management have been replaced by our people."
Ding Siyao looked at the globe on Zhang Yida's desk and said: "Time is too short, and we can't take care of the middle and grassroots levels yet."
Zhang Yida said calmly, "Then get your hands dirty and clear out all these old guys.
Those who have just joined the company in the past year or two and have not yet developed any bad habits can be trained and promoted.
It is impossible to kick everyone out. Those who can be reformed and guided correctly must still be given some opportunities."
Ding Siyao smiled slightly. She knew that Mr. Zhang liked to train young people and give them opportunities.
Perhaps because we are both young people, we don’t place much importance on qualifications, but more on ability and plasticity.
"Okay, we will make reasonable arrangements. New trusts will be issued starting next month. If there are ones that come up, we will naturally retain and reuse them."
When Zhang Yida heard about the next month, he frowned a little, "Should we be in such a hurry? Wouldn't it be better to wait until things are straightened out?"
Ding Siyao smiled and said, "This time I spent 14 billion, and now it's all deposited in ICBC as a deposit for the acquisition, and all of Yimin Wealth's funds were drained out in one fell swoop.
Their loans are relatively good, and we can continue to earn our hard-earned money.
There are also hundreds of people working in this trust company, and they are like horses chewing. How can we do this without doing some new business?"
Zhang Yida smiled and nodded. The poorest of the three companies is probably Yimin Fortune, with an annual profit of less than 1 billion, while the other two companies have made an annual net profit of 2 to 3 billion in the past two years.
There are not many people in trust companies. The 68 trust companies in total only have 20,000 people. Zhongrong and Sichuan Trust, which have the largest number of people, only have 700 or 800 people.
Educational qualifications are generally high, with more than 50% of people holding a master's degree or above.
These 20,000 people manage more than 20 trillion yuan in assets and create 700 to 800 billion yuan in returns for customers every year.
However, since the year before last, trusts have been hit hard one after another, and they have become less popular, and their scale has dropped from 26 trillion at its peak to just over 20 trillion.
However, no matter how adverse the market is, there are still institutions that make money, but the industry dividends are less, and more institutions are competing for their capabilities.
Ding Siyao said with a smile: "Actually, there is another reason why I am so anxious to issue new trusts. I want to retain those customers who have just received payment.
Our scale is too small, only 150 billion. The average size of the industry is 300 billion. The largest management scales of CITIC and CCB are 1.65 trillion and 1.4 trillion respectively, which are more than ten times ours.
I know that the top ten are basically state-owned assets, and I don’t want to compete with them, but we should at least be ranked in the middle and upper reaches!”
Zhang Yida said with a smile: "It's a good thing that you have the heart to strive upward, but you can't blindly pursue scale and ignore your own risks."
Ding Siyao nodded to express his understanding and said: "For the new business direction, I plan to combine the industry advantages of Yimin Wealth and the other two shareholders, focusing on family trust, securities investment and personal consumer finance.
Avoid corporate loans, government credit, local debt, and infrastructure projects. They are too risky and difficult to recover if something goes wrong.
Take for example the infrastructure loans Zhongjiang Trust granted to small counties in southwest China. The secondary subsidiary of the Finance Bureau of a small county was able to borrow 200 million from the trust company.
What’s even more frightening is that this small county has raised 40 billion yuan to develop infrastructure and tourism, but it has no historical heritage and the transportation is not convenient.
It’s hard to say that if the employees of these trust, private equity, and asset management companies are not involved and have insufficient benefits, they will not be able to pass the risk control level.”
Zhang Yida nodded, "You're right, let's do something we are good at! Let's just forget that the 200 million from Qianzhou can't be paid back. It's not our money anyway."
Ruixiang has invested a lot in Qianzhou and has a deep cooperative relationship with Maotai. It is not easy for Zhang Yida to worsen the relationship, which is not conducive to unity.
"Then do we still earn our commission?"
The commission Ding Siyao mentioned is the condition set by the regulatory authorities and tomorrow's creditor's rights holders to Yimin Trust, calling back more than 3 billion as a commission, which will be deducted from the subsequent equity balance.
"No, in this situation, let alone 3 billion, it will be difficult to get back 1 billion."
Ding Siyao nodded, "Yes, otherwise Zhongjiang Trust wouldn't be our turn to take over."
"I heard that the top consumer finance guy has lent hundreds of billions in foreign trade loans?" Zhang Yida asked.
"Yes, FOTIC is doing very well and has cooperated with many loan assistance and consumer finance companies.
In addition to Huinong Dai, the other companies under your umbrella include Jincheng Consumer Finance, Ruixiang, Yimin Dai, Yimin Wangjin, and Ruixin's Xinglong Dai, all of which have cooperated with them."
Ding Siyao thought of a rumor, and then said: "Trusts can lend money directly. I heard that Foreign Trade Trust does not plan to earn profit sharing and fixed commissions. It wants to launch a consumer finance APP by itself and lend money by itself."
Zhang Yida smiled and said, "Oh, is this from terminal B to terminal C?"
Ding Siyao said lightly, "It's better not to see big profits and want to end up naked. FOTIC has cooperated with so many consumer finance companies and loan assistance platforms. Some of them are unruly. The annual interest rates exceed 50% and even 100%. There are many complaints and
Negative.”
Zhang Yida thought for a while and said: "How about we develop a consumer finance APP ourselves? You know, our risk control level is definitely not bad. Then we will separate Mung Bean to Yimin Trust, Yimin Loan, and Yimin.com
Their risk control systems and data are also connected and shared."
Ding Siyao's eyes lit up, "This is a good idea. The interest doesn't have to be too high. It's a student loan. Let's control the daily interest rate between 20,000 and 60,000 percent, not exceeding the 24% license red line."
Because the cost of capital is cheap, the profit will not be lower than that of P2P and loan assistance platforms.
Moreover, we have data and mature experience, so we should be more suitable than other trust companies to carry out personal consumer finance business."
Zhang Yida smiled and said, "Okay, let's settle it then. You go discuss it with Lao Fan, Hong Haibo and the others and come up with a specific plan."