It is not clear how much materials the Hu Shi has, nor is it clear whether this storm will affect how much it will affect. Chen Huai and Sun Yalin stayed overnight in Yushan, and the next morning, the two drove back to Xucheng.

"I'm afraid it's too late to remind Xu Pei at this time." Sun Yalin said.

"We can only keep our care." Chen Huai sighed softly.

Cui Weiping and Hu Lin launched an offensive against Xu Pei in advance, which means that the storm caused by Pucheng Group will not be limited to Huaihai Province. Moreover, Pucheng Group's development strategy over the years is too radical and speculative, leaving too many handles for others to catch. It is not possible for him to promptly remind him to eliminate the disaster.

The Meigang Group can only be safe at the moment, and check all debts as much as possible in the short term. Flawed debts should be cleaned up in a timely manner to avoid being implicated and caused trouble.

Fortunately, after more than a year of adjustment, the proportion of corporate debt rights has dropped significantly. The trust business is mainly concentrated in infrastructure and real estate investment, and there is no need to worry about the storm caused by Pucheng Group to cause a debt crisis.

Chen Huai didn't want to completely ignore it, but the mention of Pucheng Group's debt problem on the phone seemed too abrupt.

It was not until mid-May that Pucheng Group held a completion ceremony in the Science and Technology Park invested and built by Zhunan New City. At the reception dinner, Chen Huai had the opportunity to meet Li Gu and Xu Pei.

In the past two years, real estate has also been a key direction for the diversified development of Pucheng Group.

The first phase of Pucheng Science and Technology Park, which was invested and built in Zhunan New City, east of Zhunan Central Business District, is actually mainly a villa, hotel and office building property development, with an initial investment of more than one billion.

In addition, Pucheng Group has invested in the construction of many residential buildings, hotels and office buildings in the main urban area, with an astonishing total investment scale. To discuss the scale of development in 2001, Pucheng Group's real estate companies, or other companies whose real estate development is actually based on real estate property development, the scale of real estate projects developed by Pucheng Group in 2001 is not necessarily smaller than Dongjiang Real Estate.

Chen Huai also thought of Cui Weiping and Hu Lin's attack in advance, that is, the financial difficulties faced by Pucheng Group after this period may be alleviated. Once Pucheng is asked to make up for the financial loan that has the biggest problem in advance, the Hu faction will use these problems to attack Pucheng and Xu Pei, and they will be unable to catch up.

The current domestic economic and financial system has not been fully established, and many areas are still in the stage of crossing the river with their skills. Judging heroes by success or failure is also a current situation of reform.

Many new matters, even if there are some violations in procedures and some are reckless, will be a bold and creative attempt or change as long as there are no serious consequences.

Only losers will be taken out and swallowed all the bitter fruits.

Chen Huai took advantage of the opportunity to attract attention and mentioned Pu Cheng’s debt problem to Li Gu:

"In addition to Xucheng and Donghua City Commercial Banks, Huaihai State-owned Assets also intends to inject capital into urban commercial banks and credit cooperatives in other cities and cities in the province. After preliminary adjustments, Pucheng Investment has invested a total of 400 million yuan in the past two years, participating in the capital injection and restructuring of urban commercial banks in Guanyun and Yicheng, including Guanyun and Yicheng. However, in the past two years, Pucheng has used its major shareholder to lend 3.5 billion yuan in total from these four city commercial banks. This purchase has made too much for Pucheng, and I need to consider whether Pucheng's aggressive loans and excessively occupying loans from local commercial banks will affect the subsequent development. I don't know how hungry Pucheng has for funds to reach. I am worried that Pucheng has borrowed 3.5 billion yuan in funds from four municipal-level urban commercial banks, plus the loans borrowed from state-owned commercial banks and other financial institutions will be so large that it is unimaginable?"

"Are you worried about the crisis in Pucheng Group's debt?" Li Gu frowned slightly, knowing that Chen Huai would not mention these issues for no reason.

Chen Huai nodded.

"You are not the only one who raised this problem today," Li Gu said in a tight voice. "Pucheng has now entered the sales stage of four commercial real estate projects, and the recovery of funds is accelerating. The integration of mergers and acquisitions by the three listed companies has also survived the initial chaotic period, and the situation should improve in the later stage..."

Chen Huai didn't say anything, and took the chopsticks to pull out the dishes on the plate in front of him.

"Are you worried that Pu Cheng might not have such plenty of time?" Li Gu asked with a frown.

"..." Chen Huai nodded. If he waited for the Central Session in November and after Zhao Qiuhua officially took office in the State Council in March next year, Cui Weiping, Chen Baoqi, Dai Lesheng, Hu Lin and others launched another offensive, Pucheng Group could still have a critical adjustment period of nearly a year, during which 20 to 30 billion yuan of funds can be recovered and blocked the most serious loopholes, and perhaps he could recover and escape.

Obviously, Cui Weiping and Hu Lin did not seem to give Pu Cheng too much time.

Li Gu sighed softly: "Pu Cheng is a little anxious to catch up with Meigang's development pace in the past two years."

Li Gu is not aware of the current problems of Pucheng Group.

Any company that wants to develop rapidly will inevitably face the problem of high debt operation.

Even the provincial state-owned assets system after Chen Huai presided over, the total debt scale is constantly increasing.

In addition to Huaihai State-owned Assets, the Mei Steel Group participated in the construction of Qingfeng Kengkou Power Plant, participated in the construction of the middle and upper reaches of Zhujiang cascade hydropower station, and participated in the Xudong Railway duplex project. The second phase of Xinpu Steel has reached a stage of fire and coating. Next, the first phase of Lanshan Refining and Chemical will be fully launched. The PX and ethylene project that will be postponed by Xinpu Refining and Chemical will be launched soon, and the total debt scale it has already exceeded 20 billion yuan.

However, there are huge differences in the ability of enterprises to bear debts.

The net profit generated by the Mei Steel Group in a year is nearly 10 billion yuan, and the debt scale of 20 billion yuan can only be digested in two years, so it will naturally cause any crisis.

Xu Pei can avoid suppressing all kinds of illegal and illegal actions by Pucheng Group in the process of large-scale lending as long as there is no major loophole. After all, Hu Lin and Rongxin Group are not innocent, and Xu Pei is still caught in his hands in the Dongjiang Securities case.

The key is to see whether the integration after the large-scale asset merger and acquisition of Pucheng can be successful, whether it can continuously generate enough profits, and timely make up for the financial loopholes that have been breeding in large-scale lending and mergers.

As long as the financial loopholes are blocked and the debt crisis is not triggered, even if the matter of Pu Cheng's behind-the-scenes manipulation of stock prices is confirmed, in the current environment, Zhao Moshi threw out a few scapegoats to the sky, without worrying about hurting the main body of Pu Cheng Group, let alone involving Xu Pei's head.

However, Chen Huai was not too optimistic about the integration of the merger and acquisition assets of Pucheng Group.

Li Gu looked at Chen Huai's face seriously. Seeing his solemn expression, he thought that he might be a problem with Pu Cheng, and he thought he was too optimistic. He also knew in his heart that Pu Cheng's development pace in the past two years might not be just Zhao Moshi. He really didn't know what big problem Pu Chengzhen was going to cause, and how would Xu Pei end it?

Li Gu locked his eyebrows, and Zhao Moshi came over with wine: "What are Secretary Chen talking about with Mayor Li? Mayor Li looks worried?"

"Oh, nothing." Li Gu temporarily suppressed his frown. After all, he shouldn't say something directly to Zhao Moshi.

Chen Huai looked at Zhao Moshi with a calmness without any trouble, thinking in his heart that his mentality was really calm. Could it be that he decided that Xu Pei would clean up the mess for him, or that he had other plans in his heart, and that he was just pretending to be calm at this time?

Chen Huai smiled and raised his glass and said to Zhao Moshi: "Pucheng built a science and technology park not only strengthens Pucheng's scientific research capabilities, but also contributes to Xucheng's growth into a scientific and technological innovation industrial city. I would like to congratulate you here."

From the eyes of Shen Huaishan Mountain and the waters far away, Zhao Moshi could not guess his depth. He just clinked glasses with him as if nothing had happened, chatted and laughed, and spoke very politely.

Chen Huai thought that Zhao Moshi secretly sent someone to monitor his residence last year, and it seemed that it had never happened at all.

Zhao Moshi held the wine glass and went to other tables to toast. Chen Huai smiled lightly and said to Li Gu: "Zhao Moshi still gives people a lot of confidence..."

"Cao Zhengjiang doesn't seem to think that Pu Cheng has any serious problems at this time. Where are Jiang Yibin and Ding Jianguo?" Li Gu asked.

Chen Huai spread his hands and said, "At least at the meeting of the Party Group of the State-owned Assets Office, there is no feedback on relevant information."

"Oh," Li Gu sighed lightly. If Zhao Moshi had to go with Cao Zhengjiang, Jiang Yibin, or even directly asked Governor Xu Pei for help, it showed that Pu Cheng's problem was not serious enough to be cured. However, the more calm Zhao Moshi was at this time, the more serious Li Gu was worried about the problem.

Chen Huai wanted to tell Li Gu that he would be wary of Zhao Moshi's possibility of escaping, but he gave up even though he thought about it. He didn't need to wake up such a thing.

After the dinner, Chen Huai left the hotel. He believed that Li Gu would communicate with Xu Pei after he realized the relevant issues, so he didn't know what measures would be taken against Xu Pei.

******************************

Pu Cheng has made great progress in the capital market in recent years and has caused great turmoil. He has acquired hundreds of holding and participating companies in China, mainly concentrated in the province.

Putting aside personal grudges, Chen Huai did not want Pu Cheng to collapse suddenly, and he did not know how serious negative impact the collapse of Pu Cheng, a corporate building that was mainly supported by large-scale mergers and acquisitions in the later period, would have on the province's economic development.

In the next few days, Chen Huai noticed that Jiang Yibin came and went in a hurry, and he rarely appeared in the Guojin Building. Even if he met him on other occasions, he could see that his face was very stiff.

Chen Huai speculated that after Li Gu and Xu Pei communicated, Xu Pei, Cao Zhengjiang, Jiang Yibin and others should have already realized the debt problems that Pu Cheng existed, and they had already caused their opponents to smell a strong smell of blood.

During this period, Chen Huai further collected debt materials from Pucheng Group from the outside.

The total debt scale of the Pucheng Group is much higher than that of Chen Huai’s previous estimate, and may exceed 15 billion, and the problem is also serious than what Chen Huai had expected.

In addition to making large-scale borrowing from financial institutions such as banks and trust companies, Puxing raised a lot of funds needed for large-scale mergers and acquisitions and for asset integration, corporate operations and debt payments, delaying the relevant parties' large and small loan companies, borrowing high interest rates from credit companies of all sizes and places such as Xucheng, and also issued nearly 2 billion yuan of "guaranteed income" funds to the outside world through Huaihai Securities Company.

Chen Huai originally thought that the provincial state-owned assets should not be too deeply involved, but the situation was obviously not as optimistic as he expected. The 2 billion "guaranteed income" fund and the high interest debt borrowing from credit companies in Xucheng and other places actually involved illegal fundraising.

It is hard to imagine that once Pu Cheng can't hold on and the debt crisis breaks out, what kind of messy situation will come out.

As for the provincial state-owned assets, if the 2 billion yuan loan of "guaranteed income" cannot be recovered from Pucheng, or can only recover part of it, Huaihai Securities, the largest securities company, and one of the most important components of provincial financial assets, is very likely to be directly dragged down.

Huaihai Securities is a provincial state-owned securities company.

After the establishment of Huaihai State-owned Assets Group, Chen Huai no longer took charge of the State-owned Assets Office and the industrial rights work. Before, due to the strong independence of Huaihai Securities, Chen Huai rarely had the opportunity to directly inquire about its operating conditions, and was subject to more supervision work of the Provincial State-owned Assets Office, which was mainly responsible for the Supervision and Administration Office of the State-owned Assets Office.

Those are mainly the work of Jiang Yibin and Ding Jianguo.

These problems have never appeared at the Party Group meeting of the State-owned Assets Office. Chen Huai speculated that Jiang Yibin and Ding Jianguo might have asked Zhao Moshi to drag them into the water. I am afraid that no matter how they cut it, it will be difficult to survive.

The total market value of the three listed companies under Pucheng is more than 40 billion yuan, and the net assets are nearly 10 billion yuan. In theory, the total debt of the three listed companies under Pucheng is not ridiculously high, but the bigger problem is that the stock prices of the three listed companies under Pucheng are all driven by Pucheng.

Pu Cheng's debts from banks and other financial institutions are mainly mortgaged by the equity of three listed companies.

In the past three years, several securities business offices with extremely high correlation with Pucheng have frequently bought and sold the stocks of these three listed companies. The total value of the total value is as high as 30 billion yuan.

Through such frequent back-up operations, Pu Cheng has increased the equity of the three listed companies by eight times in the past two or three years.

The current stock price is already dauntingly high. Except for the ignorant speculators and the deceived retail investors, other investors and institutions have almost withdrawn from these three listed companies.

In order to support the current stock price, Pu Cheng could only call a large amount of funds to forcibly acquire all sold outstanding shares in the secondary market; and the large amount of interest expenses also aggravate the fragility and tension of Pu Cheng's capital chain.

Once Pucheng's funds cannot hold on, the stock price collapses, or the interest cannot be paid in time, causing creditors to collect debts in a concentrated manner, it will inevitably cause the internal and related crises and structural risks within Pucheng Group and the involved crises and structural risks like a domino.

Although there was no direct news and Chen Huai had no intention of getting forward, he could guess that Xu Pei still wanted to save Pu Cheng's intention.

Even Xu Pei, Chen Huai guessed that he could not withstand the serious consequences of Pu Cheng's collapse.

During this period, Chen Huai has been thinking about how Xu Pei plans to alleviate the crisis facing Pucheng Group, and how Cui Weiping and Hu Lin plan to use to give Pucheng Group a fatal blow.

However, these two questions did not make Chen Huai tangle for too long.

On the morning of June 9, Chen Huai drove to Guojin Building. He had just entered the office and had not sat down on his butt, so he listened to Tang Baocheng greeting Jiang Yibin outside the office:

"Secretary Jiang, are you here to find Secretary Chen?"

Hearing Tang Baocheng and Jiang Yibin talking in the aisle, Chen Huai opened the door and saw Jiang Yibin standing in the aisle with hesitation and anxiety.

Chen Huai's office and special conference room, and the half-altitude aisle from the elevator, and Tang Baocheng and Jiang Yibin's offices are all upstairs.

If Jiang Yibin hadn't taken the elevator with Tang Baocheng, he would have realized that Jiang Yibin had hesitated in the aisle outside his office for a while and had not knocked on the door.

"What's wrong with Secretary Chen looking for me?" Chen Huai asked, asking Jiang Yibin to come in.

Tang Baocheng did not follow in and turned around and walked away.

Jiang Yibin rubbed his hands and walked to the window. He looked at the ginkgo treetops that were almost as tall as the window in the yard. He was frowning. After a while, he turned around and said to Chen Huai: "Zhao Moshi went to France to discuss projects a few days ago. Logically speaking, he should have returned to China the day before yesterday..."

Escape!

Jiang Yibin came here to tell him about this matter. It was obviously not as simple as Zhao Moshi delaying abroad for two or three days if he had something to do.

Chen Huai sighed in his heart: All parties have confirmed that there are huge problems in Pu Cheng, why is Zhao Moshi still not restricted from going abroad?

There are some things he didn't need to remind him, and Chen Huai had no intention of entangling the details of Zhao Moshi's escape, asking Jiang Yibin:

"How serious are Pu Cheng's problems?"

"Jianghe Phosphate Industry and Qianxi Chai Machinery were actually operating in a loss last year. Although Pucheng Electric Appliances made a profit last year, it was not as ideal as the annual report released," Jiang Yibin clenched his fists hatefully. "Zhao Moshi didn't mention all this at all, and just fooled everyone with adulterated financial statements. Now he has left such a big mess, how can we clean up?"

Chen Huai didn't know how real Jiang Yibin was at this time, and thought that the main problem was that the merger and integration led by Pu Cheng in recent years failed, and the debt crisis facing Pu Cheng had no chance to be resolved.

Seeing Jiang Yibin looking over with earnest, Chen Huai did not give him the desired response, but said lightly: "I noticed that there are several subsidiaries of the Provincial State-owned Assets Corporation, and they also have business dealings with Pucheng. I will check the Huaihai State-owned Assets Corporation. I don't know if Director Ding can do something in time and reduce some losses. I should do it as much as possible. If the subordinate enterprises involve illegal and irregular behaviors, I see that the internal self-inspection of the State-owned Assets Corporation has already insufficient, and I should ask the Provincial Commission for Discipline Inspection to intervene in the investigation..."
Chapter completed!