Chapter 34 Memorabilia of Delong

In December 1986, Tang Wanxin raised 400 yuan to set up a "friend" color printing shop at the side gate of the People's Park on Tuanjie Road, Urumqi. In August 1992, Tang Wanxin organized 5,000 people from Xinjiang to Shenzhen to line up to receive the stock subscription lottery form. At the end of 1992, Tang Wanxin, his eldest brother Tang Wanli and others registered and established Xinjiang Delong Industrial Company, specializing in stock operations in the capital market. In 1994, through the national bond repurchase business, Delong successively raised a total of 300 million yuan from Hainan Huayin Trust and Investment Company and China Rural Development Trust and Investment Company.

In 1996, Delong headquarters moved to Beijing.Delong has successively controlled Xinjiang Tunhe, Shenyang Alloy and Xiang Torch, forming the "troika" of the "Delong family". In 1998, Delong invested 10 million US dollars to purchase the aircraft carrier Minsk, and built the world's first theme park with an aircraft carrier as the main body in Shenzhen. Since 1996, Delong has been the banker of the stock market. By March 2001, the growth rate of the "troika" has exceeded 1000%, becoming the number one banker in the Chinese stock market.Delong made a total profit of 5.2 billion yuan.

After 2000, Delong has successively controlled Beijing Zhongyan, Chongqing Industrial and Tianshan shares, which are called "new three shares", thus becoming the consortium-type enterprise with the most listed companies in the Chinese capital market. It has closely cooperated with as many listed companies as More than 40. Since 2000, Delong has controlled a number of trust financial institutions, carried out legal or illegal entrusted wealth management business, and issued 12%-22% annual interest for a long time, raising a total of 25 billion yuan. In December 2000, affected by the "China Science and Technology Department" incident, the stocks of the "Delong Department" fluctuated, and Jinxin Trust, its most important financing platform, was hit by a run-on storm, and there was a gap of 4.1 billion yuan in outstanding payments.Deron began to fall into a financial crisis.

In April 2001, Shenzhen's "New Finance and Economics" magazine published a large-scale research article - "Delong Family: "Family-like Enterprise" Model in China", which exposed the mysterious "Delong Family" to the world for the first time. In 2002, Delong successively announced investments in rural supermarkets, heavy-duty vehicles, tourism, and animal husbandry. In November, Tang Wanli was elected vice-chairman of the All-China Federation of Industry and Commerce.Delong claims to control assets of 120 billion yuan, owns more than 500 enterprises and 300,000 employees, and is involved in more than 20 fields, becoming China's largest private enterprise group.

Since June 2002, Delong has successively held or participated in six commercial banks in cities. In October 2003, Deron was in danger of losing his blood. In December, Tang Wanxin mortgaged 100 million legal person shares of Hunan Torch, the best asset in the department, to the bank. In the next six months, all legal person shares of listed companies in Delong's hands were mortgaged. On April 13, 2004, Alloy Investment took the lead in lowering the limit, and then the "old three stocks" fell across the board. Within a few weeks, the circulation market value of the "Delong Series" dropped from 20.68 billion yuan to 5.006 billion yuan, and nearly 16 billion yuan was evaporated. Yuan.

On May 29, 2004, Tang Wanxin left Myanmar.The State Council and the Ministry of Public Security set up special working groups for the Delong case. On July 18, Tang Wanxin returned to China to deal with the aftermath and was placed under residential surveillance.The government decided that Huarong Asset Management Company will take full custody of all debts and claims of Delong. On December 14, 2004, the Wuhan Municipal People's Procuratorate arrested Tang Wanxin on the grounds of "suspecting of illegally absorbing public deposits".Deron was dismembered and sold. In April 2006, Tang Wanxin was sentenced to 8 years in prison and fined 400,000 yuan for two counts of "illegally absorbing public deposits" and "manipulating securities trading prices".