Reporter/Chen Weishan

On the evening of September 24, the officials of HNA Group released news that Chen Feng, chairman of HNA Group Co., Ltd., and CEO Tan Xiangdong were taken for mandatory measures for suspected illegal crimes.

Although there have been rumors of criminal liability before, many HNA people still said that the incident was suddenly.Gu Gang, the leader of Hainan HNA Group (hereinafter referred to as the joint working group) and the party secretary of the HNA Group, talked about the matter in a letter written to HNA employees overnight. Many people may feel suddenly. I asked some executives.They said they had expected it.But I think many grass -roots cadres and employees may still be more or less stunned at that moment.

According to the equity structure disclosed by HNA Group, Chen Feng held 14.98%of the shares, and Wang Jian, who died accidentally in July 2018, was listed as the largest shareholder of HNA Group.

Chen Feng's fate was set as early as the end of January of January this year.For employees of HNA Group, since the establishment of the joint working group on February 29, 2020, Chen Feng has faded.Before the release of Chen Feng was taken in accordance with the law, the official of the HNA Group officially pushed the information about Chen Feng in April 2020. The content was to investigate the safety of aviation production.

In fact, after the establishment of the joint working group, Gu Gang and the executive deputy team leader Ren Qinghua all entered the board of directors of HNA Group, and served as the executive chairman and joint CEO.Some people from HNA said that although Chen Feng retained the position of chairman, Gu Gang gradually replaced Chen Feng as a representative of HNA's internal and external representatives. Although Chen Feng was still working in the group, he was more popular in programming.

The establishment of the joint working group was a turning point in HNA and Chen Feng, marking the failure of self -rescue led by Chen Feng after returning in July 2018.

From the failure of self -rescue to the criminal responsibility, it may not be within the expectations of Chen Feng.

Why did you fail to rescue himself?

In November 2018, Chen Feng also stated in an interview with many media that the crisis is gradually passing, and it will definitely pass and must pass.After spending over, I still go back to do my own business.It must happen, and what should not happen must not happen.

From this perspective, Chen Feng's forced out of the mountain also belongs to it.

On July 4, 2018, Wang Jian, then chairman of HNA Group, died unexpectedly in France.Wang Jian was the leader of HNA diversified and globalized radical expansion. Because of his opinions, Chen Feng had retired to the second line at the time and was only the chairman of the Board of Directors of the Group.Essence

It turned out that he was doing a lot of jobs, and I went to do what I should do in leisurely.Now all this exceeds my expectations.I suddenly ran to the front line of business again, good guy, painful.I couldn't adapt at first. I was almost inadequate in the first month. I found that I had too little meal.Things are overwhelming, and I can't adapt at the beginning.I adjusted for a long time.Chen Feng said.

At that time, HNA Group was in crisis.

In June 2017, the former Banking Regulatory Commission requested all banks to investigate the support situation and possible risks of HNA Group, Anbang Group, Wanda Group, Fosun Group, and Zhejiang Rosenner Investment Corporation.Cross -border business risks such as mergers and acquisitions, internal insurance and foreign loans.

The telephone notification of this flow is considered to be the starting point of the HNA crisis, and the bank and financial institutions have only received non -loan.Chen Feng has admitted that in this case, HNA has paid more than 100 billion debt in the debt market and the banking market.In this case, any company will have the problem of liquidity.

The liquidity problem was Chen Feng's positioning of the HNA crisis at that time.

The question of HNA is liquidity, do you understand?IntersectionIn April 2019, Chen Feng repeatedly emphasized this in an interview with reporters. He attributed the problem to short -loan long investment, and used some short -term operating funds for international mergers and acquisitions.Too big.Once the external environment changes, the short -term funds can not be collected after being paid back, and there will be problems.

As of the end of 2017, HNA Group's investment scale was nearly $ 50 billion in less than three years.A series of acquisitions reached its peak in 2016. The iconic acquisition of that year was to acquire about 25%of Hilton Group's shares from Blackstone Group for $ 6.5 billion.

Diversity is a problem of reflection on Chen Feng. He has a lot of desire and lack of ability. When he thinks that he can do everything and can do everything, the misfortune is buried.The business adjustment he carried out after returning to the front line can be summarized in one sentence: dispose of non -main assets to return funds and focus on the main aviation industry.He calls the party and state requirements.

The business sector disclosed on the official website of HNA Group was cut from the most seven ways to be cut to only two sections of air and logistics. Chen Feng also completed the cleaning of management. His son Chen Xiaofeng was quickly promoted to the director and president of HNA Group.EssenceChen Feng has explained that the adjustment of personnel is mainly to meet the needs of strategic transformation. It has taken away some people in charge of the operation of the capital market, and arranged some people who have grown up and understand the aviation business to better adapt.

In the first half of 2018, HNA Group disposed of more than 200 billion yuan in assets, and the scale of the annual disposal assets reached 300 billion yuan.It is limited to the economic environment to a considerable extent. Suddenly found that everyone has no money, and good assets are not as fast as we expected.

In November 2019, when Chen Feng was interviewed by the media again, he was still repeating the scale of more than 300 billion yuan in assets a year.However, as of the first half of 2019, HNA Group's total debt still exceeded 700 billion yuan.

The rhythm of dealing with the capital recovery of assets is slowing down, but HNA needs to welcome waves of debt repayment flood peaks. In April 2019, in an interview, Chen Feng had confidently spent peaceful debt repayment peaks in March of that year.And none of the public offering of bonds breach of contract.However, since the second half of 2019, the bonds of the HNA company have continued to explode, especially the group -level public offering bonds 09 HNA Bonds suddenly suspended trading in half a month before the payment, causing market anxiety. Although it was finally successfully paid at the end of December, this balance was finally paid, but this balance was the balance.The twists and turns of the 1.3 billion yuan bond payment are sufficient to reflect the difficulties of the Haihang's capital chain.

Among the New Year's congratulations at the end of the year, Chen Feng admitted that the shortage of Haihang's funds in 2019 has not been resolved, and there is a phenomenon of delayed salary and slow income.

Of course, the last straw that overwhelms the camel is the epidemic in early 2020.

Can't be reborn by no death

No one can know how it will be different if there is nothing happened.But as mentioned earlier, when the joint working group was established at the end of February 2020, Chen Feng was no longer the protagonist of the story.

Many of us have never thought that there will be such a century -old epidemic that has affected us so seriously, so that HNA, which worsen Xue, really came to the edge of life and death.In January 2021, before HNA announced the bankruptcy and reorganization, Gu Gang wrote in a family book written to his employees: But in fact, many people do not know that even without this epidemic, it is difficult for us to go on.

He described the past three years as a three years in the dark tunnel, and this year's work can really see the light from the tunnel mouth.

On January 22 this year, the joint working group entered the seaIn the past year, the Group has only issued the first announcement, saying that due diligence has been completed. In accordance with the principles of rule of law and marketization, risk disposal work ideas and plans have been formulated, and positive progress has been made in various tasks.

The number of foundations of the Haihang Department is undoubtedly the focus. According to the description of Gu Gang in the aforementioned home book: Comrade Tsinghua, who is still working overtime in HNA Building, sent me three photos.The equity relationship tree -shaped map, each of which is nearly three meters.She said that sorting out these equity and business structure diagrams, as if looking at the Ming Dynasty.

After countless deductions and quarrels, we have survived countless nights, and have been supported and contributed by many institutions. Only by bankruptcy and reorganization can we usher in a new life.The conclusion of the joint working group is that it is no longer able to reborn.In fact, the HNA Group has not replaced debts, and it is no longer possible to rely on disposal assets.

During the self -rescue stage of HNA Group, many times they are also using the means of dismantling the east wall to supplement the west wall.

Just in January this year, the three listed companies HNA Basic, HNA Holdings, and Supply and Marketing Collection all issued a announcement on the special self -inspection report on the governance of the listed company, which detailed the non -operating funds occupation of major shareholders and related parties.Guarantee and other conditions.Taking HNA Holdings, which mainly holds the main assets of HNA aviation, as an example, the funds they have occupied are as high as 37.5 billion yuan, and the amount of employees' financial management of major shareholders will redeem 820 million yuan.

HNA Holdings has long been found to have a major internal control of financial reports. In 2018, HNA Group and its affiliated parties applied for a total of 6.57 billion yuan to the bank with HNA Holdings as the main body.The equity of the two companies deducts some of the borrowing principal.In other words, listed companies borrowed the group company to repay the debt, and the group company returned the listed company to lend the principal by transferring assets.The failure of the internal firewall of listed companies and the group company is evident.

Chen Feng's specific situation of illegal crimes has not been disclosed, but there is such a paragraph in the open letter issued by Gu Gang on the 24th: until when ambitions and desires send the group into the abyss, when they encounter a greater crisis again, they are both a greater crisis.Can't soberly understand yourself, do not seize the opportunity, have no courage to tell the truth, and have no courage to give and take responsibility.Until the hope of hundreds of thousands of families and the trust of tens of thousands of institutions, once, even caused a huge loss of hundreds of billions of yuan to the country, at this time, many things are really doomed.

In fact, at the end of June this year, Chen Feng, who had already faded out of the public sight, once again fell into the vortex of public opinion because of a report letter.Operation privately pays fundraising, greedy to turn HNA into a family business, and use its powers to help the association.In particular, when the group disposes more than 300 billion yuan in assets to resolve the liquidity crisis, Chen Feng uses nearly 10 billion yuan of funds to automatically use the power of personal power in his hand to give priority to the fundraising products purchased by himself, friends and relatives, and some senior management groups.The redemption of interest.

Gu Gang wrote that HNA is no longer the company in the past, and the oral language of the HNA has thanked the party and the country from the boss to the heart.

Less than a week ago, Gu Gang disclosed that HNA Group would be split.On September 18, Gu Gang said at the HNA's production safety operation meeting that after the reorganization was completed, HNA split into four completely independent sectors MDash; MDASH; aviation sector, airport sector, financial sector, commercial and other sectors, and other sectors, and other sectors, and other sectors.The new controller shareholders are led by the new controller shareholders.It is also at this regular meeting that Gu Gang confirmed that after the reorganization, the team's team and the Cihang Foundation will be cleared in all the rights and interests of the corporate corporate of HNA Group, and no longer owns relevant equity.

HNA, the future of the company, Chen Feng, holding the Hainan Provincial Government 10 million yuan in 1993, has nothing to do with him.