The past 10 billion unicorn burst!Founder: We are not a liar, the broken chain of funds, and the wages are not a subjective will.

Source: Securities Times ID: wwwstcncom

The much -watched Hui Orange.com ushered in the latest progress.

On the evening of July 25, Guangzhou Huangpu Public Security issued the latest announcement saying that Guangzhou Boao Zongheng Network Technology Co., Ltd. (Hui Orange Network) was suspected of illegally absorbing public deposit crimes. People take criminal compulsory measures according to law. Currently, the case is under further investigation. The public security organs will increase investigation and fully protect the legitimate rights and interests of the people, and the relevant situation will be notified to the society in a timely manner. In order to protect the legitimate rights and interests of investors and punish crimes, relevant investors can register and record through two ways of reporting and mailing reports.

"At the place where the sun rises, we stand at the peak to meet the glory, so that the banner of the world's knowledge of business fluttering." This is the theme song lyrics sang the theme song of the well -known singer Sun Nan. The situation of the net today is endless.

Once a tens of billions of unicorn

Boao was established in July 2013. The actual controllers are Xie Xuhui, holding 51%of the shares. In 2013, Boao established the "Hui Orange Network" website to provide intellectual property operation services; in 2016, it established a "Zhishang Finance" website through the wholly -owned subsidiary Guangzhou Zhishang Internet Technology Co., Ltd. to carry out Internet financial business. Since 2014, Boao has obtained well -known PE/VC investment such as Hoeing Investment, Dark Horse Fund, IDG Capital, and Yuemin Investment. "Unicorn" enterprise.

Public information shows that the company received a round A financing in January 2015, and the registered members exceeded 1 million that year. Among them, the proportion of corporate members accounted for more than 40%, and it was initially successful. In 2017, Hui Orange received a Series B financing and entered the unicorn -level enterprise sequence. By 2019, it reached 2.45 billion contract results and 1.39 billion operating income.

According to the information of Tianyancha, the main body of Hui Orange Network is Guangzhou Boao Zong Heng Network Technology Co., Ltd., the founder Xie Xuhui is the legal person and holds about 50.98%of the shares. ), 27.87%of the shares; Guangdong Hou Pu Industrial Co., Ltd. (the controlling shareholder of Xiangxue Pharmaceutical and the company's company) holds 10.95%; and the Dark Horse Fund's dark horse Zhitong (Jiaxing) Investment Management Co., Ltd., holds 0.22%, etc. Essence

As of now, the company has involved a total of 1,242 legal lawsuits, and the total amount of the complaint has exceeded 1.3 billion yuan.

Incident illegal operation of Internet finance

According to the public account "Shenzhen Stock Exchange Research" report, the original Huiji.com provided online standardized products and trading services, hired a large number of business promotion teams nationwide, and launched intellectual property operation services combined with "online+offline".

Until 2016, the company established an intellectual financial finance to provide a variety of intellectual property pledge loan products around the intellectual property operation chain, with an annualized loan interest rate of about 5%-13%, and another 1%-3%service fee. In order to raise loan funds, Zhishang Finance issued high-interest wealth management products to the public, with an annualized yield of 6%-13%, and the term ranges from March to 1 year. In 2016, Huicu.com achieved profit for the first time, with revenue in 2017 exceeding 1 billion yuan.

At this point, Boao has formed two interconnected business lines: one is to provide intellectual property transactions and operation services by Huicu.com; the other is to absorb public funds by the Zhishang Financial Platform and operate the Internet loan business in the field of intellectual property rights.

However, Zhishang Finance has not obtained relevant financial qualifications and licenses. In addition, according to public information, Zhishang Finance has held promotional activities for a long time, and the annualized yield of the issuance of wealth management products can be up to 20%. P2P rectification list.

Since 2017, Huicu.com has vigorously promoted a service product called "Technology Treasure". This product is like this: (1) Promise "cultivating" enterprises through relevant scientific and technological project qualifications, apply for up to 10 million Government subsidies, 20%of government subsidies will be charged as a service fee after the incident; (2) In terms of service fee payment, the enterprise only needs to pay 20%when signing the contract. If the subsidy application fails, the service fee can be refunded in full.

This business model has attracted a large number of small and medium -sized enterprises that hopes to obtain government subsidies, their own funds and tense funds, and delay the payment service fee. The scale of Hui Orange.com and Zhishang Finance have grown rapidly. According to CEO Xie Xuhui's public speech, in 2019, Huicu.com contract performance is 2.45 billion yuan, operating income of 1.39 billion yuan, 5.6 million registered members, and established 40 branches across the country to establish 40 branches in the country Essence As of April 2021, the cumulative turnover of Zhishang Finance was 4.14 billion yuan, 316,000 registered investors, and a cumulative income of wealth management products of 220 million yuan.

However, since the end of 2019, companies have reported that the amount of government subsidies or government subsidies has not been received much than the amount of the agreement commitment, and Hui Orange Network does not provide intellectual property operation services according to the agreement. Essence After being rejected or delayed by Hui Orange Network, a group of enterprises filed a lawsuit, and Hui Ju.com faced a large number of service contract disputes.

When the government subsidies have fallen and the service fee has not yet refunded, some enterprises have refused to continue to repay the principal and interest of the loan. In addition, under the impact of the new crown epidemic and the changes in the macroeconomic situation, some other small and medium -sized enterprises that have the normal loan of Zhishang Finance cannot be repaid in time due to difficulty in operating. As a result, Zhishang Finance has formed a large number of bad debts, causing a broken capital chain, and unable to pay the principal and interest of wealth management products issued to the public, causing a large number of investors to petition and alarm. It is reported that since 2018, Hui Orange.com has raised more than 1 billion yuan in interest through interest in business finance. In September 2020, the police in Huangpu District of Guangzhou officially filed an investigation of Zhishang Finance, saying that "the damaged personnel in the case spread all over the country, involving a huge amount" and "suspected illegal fundraising."

The actual controller once came from Bai Shu: I want to jump off the building

On September 29, 2020, Xie Xuhui published an article on Hui Ju.com's public account "The Heart and Seeking of Hui Orange -A Confession Book to All the Society of Society to Zhizhang and All the Society of Society". There is really no money in the account, and the cash flow is extremely tense, not everyone thinks that we have the money and deliberately arrears without paying wages. " If the expenditure is expenditure, Hui Orange can basically achieve the balance of the monthly income and expenditure, and the normal revenue can basically cover the monthly expenditure and no longer be in a state of blood loss.

Xie Xuhui claims that since this year, in order to allow the company to survive the crisis, all real estate and other property have been traded and mortgaged, including his equity in Hui Orange, all the money raised was lent to the company for daily operations. Since the establishment of Hui Orange in 2013, he only got a salary of more than 10,000 in the company every month, and he has not risen a penny for more than 7 consecutive years. I arrived in the company every morning, and I was off work at the latest, and I did not get off work on Saturdays and Sunday 365 days a year.

Xie Xuhui said: "We are not liar, and we have no subjective intention and need to deceive people at first. We have been exploring and trying the commercial development of China's intellectual property protection operation."

He said he had suffered tremendous pressure. "No one knows how I came here in the past nine months. How many grievances and insults I had endured every day. My hair was halfway this year. I felt that I saw the abyss in the middle of the night. I want to climb up the top of the floor to liberate, it's too painful ... "

He also concluded the reason why Huiji.com was in trouble: "First, it is my personal reasons. I use strategic hard work to cover up tactical laziness, pursue the grand and fast of strategic goals, and ignore the implementation and management. Second, It is the company's development too fast, the steps are too large, and the system of systematic internal management, customer service and talent echelon have not kept up, and the cost is high. Overall, it has not really achieved customer -centric and product -driven. Nise cycle development. "

The development process of Hui Orange Network:

In July 2013, the China and Foreign Intellectual Property Network was established (the predecessor of Hui Orange Network);

In 2013, Huiju.com announced that it had achieved 230 million revenue (Xie Xuhui's confession book in 2013 was 300 million), with more than 2,000 employees, and the number of agents of 50 branches, trademarks and patents in the country, and the number of agents of trademarks and patents in the country. More than 10 million pieces;

In 2015, 210 million yuan of RMB A round of financing that claimed to have received Hou Pu Industrial Investment;

In 2017, it was announced that the 1 billion yuan B billion yuan round B financing was announced;

On February 5, 2018, it was announced to obtain a huge amount of financing of IDG capital, and the amount was not announced;

On April 8, 2018, Huicu.com announced a new round of RMB 680 million in financing. The investors were the Guangdong Branch of the Construction Bank, the Bank of China Guangzhou Branch, CITIC Bank Guangzhou Branch, Industrial Bank Guangzhou Branch, Zhejiang Commercial Bank Guangzhou Branch;

In October 2019, Huicu.com announced that 1.3-16 billion yuan of war investment financing for the Dark Horse led by entrepreneurship (has been rumored);

In 2019, the Capital Capital increase of 10 million yuan in capital increase of 0.22%of the shares;

In February 2020, the employees of Huicu.com broke the company's arrears of the company and faked in financing;

On February 18, 2020, Xie Xuhui revealed that Hui Orange.com's transaction volume exceeded 40 billion in 2019;

In March 2020, Hui Orange Online List "2020 China Unicorn List TOP100";

In June 2020, Xie Xuhui pledged 78.695 million to the Construction Bank. In July, 78.417 million was pledged from the Changdu Gaotang Enterprise Management Company.

In September 2020, Zhishang Finance was investigated.

Responsible editor: Luo Xiaoxia

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