AutoBeta(AutoBeta.net)04/04 Report--

On April 4, Jiang Liming, former director of the supervision department of rural small and medium-sized financial institutions of the China Banking Regulatory Commission, was expelled from the party on suspicion of serious violations of discipline and the law, according to the discipline inspection and supervision team of the Central Commission for discipline Inspection in China and the Heilongjiang Provincial discipline Inspection Commission.

After investigation, Jiang Liming seriously violated political discipline, colluded confessions, falsified evidence, transferred and concealed illegal gains in violation of discipline, and confronted organizational examination; violated the spirit of the eight regulations of the Central Committee, accepted gifts and gifts that may affect the fair performance of official duties; violated organizational discipline, failed to report personal matters in accordance with the regulations, and illegally sought personnel benefits for others. Violate the discipline of integrity, run enterprises in violation of regulations, own shares in non-listed companies, and accept property in violation of regulations. Make use of the convenience of position and the convenient conditions of the formation of authority or status to seek benefits for relevant units and individuals, illegally accept a huge amount of property, and are suspected of accepting bribes.

When Jiang Liming was a party member and leading cadre of the financial supervision department, she lost her ideals and beliefs, abandoned her original mission, and wantonly intervened in the examination and approval, operation and management of agricultural financial institutions by using her regulatory power and position influence, and accepted the transfer of huge benefits; in order to evade discipline and punishment, she deliberately planned to leave her job, and after leaving her job, she continued to use the influence of her original position to seek personal interests, which is typical of "escape resignation" and "revolving door" of politics and business. Jiang Liming's behavior has seriously violated discipline and the law, and is suspected of accepting bribes, and does not restrain and stop after the 18th CPC National Congress, which is of a serious nature and bad influence, and should be dealt with seriously. In accordance with the regulations on Communist Party of China Disciplinary Action, the Supervision Law of the people's Republic of China, and the Law of the people's Republic of China on Administrative punishment of Public officials, Jiang Liming was expelled from the party after being studied and decided by the party committee meeting of the China Banking and Insurance Regulatory Commission, and his income from violation of discipline was confiscated. After the Jiamusi Municipal Supervisory Committee studied and decided to transfer Jiang Liming's suspected crime to the procuratorial organ for examination and prosecution in accordance with the law, the property involved was transferred with the case.

According to the data, Jiang Liming, female, Han nationality, was born in July 1962, worked in August 1984, and joined Communist Party of China in December 1994.

From May 1985 to September 2003, Jiang Liming worked in the people's Bank of China, serving as a cadre, deputy director and director of the Planning and funds Department, Credit Management Department and the first Department of Banking Supervision of the people's Bank of China. Jiang Liming was transferred to the former China Banking Regulatory Commission in September 2003. he has successively served as the director of the supervision department of China Construction Bank and the deputy director of Hubei Banking Regulatory Bureau. In December 2004, he was appointed member of the Party Committee and Deputy Director of Hubei Administration of China Banking Regulatory Commission; in February 2006, he was appointed Deputy Director of the Supervision Department of Cooperative Financial institutions of China Banking Regulatory Commission; in January 2011, he was appointed Director of the Supervision Department of Cooperative Financial institutions of China Banking Regulatory Commission; in March 2015, he was appointed Director of the Supervision Department of Rural small and medium-sized Financial institutions of China Banking Regulatory Commission. Jiang Liming, 54, resigned from the China Banking Regulatory Commission in November 2016, ending 32 years of financial work.

After resigning from public office, Jiang Liming went to Evergrande Group to take up the post of supervisor. According to the disclosure of China Evergrande's 2017-2019 financial results, Jiang Liming is the vice president of Evergrande Group, helping to manage the system funds of the group. In February 2021, Jiang Liming, as "vice president of Evergrande Group", led senior executives of Shanxi and Xinjiang companies to hold strategic cooperation talks with Shanxi Construction and Construction Group. In April 2021, China Evergrande disclosed its 2020 financial results, and Jiang Liming was no longer among them. In April 2022, the State Supervisory Commission of the Central Commission for discipline Inspection in the discipline Inspection and Supervision Group of the China Banking and Insurance Regulatory Commission and the Supervisory Commission of Heilongjiang Provincial discipline Inspection Commission informed that Jiang Liming was investigated on suspicion of serious violations of discipline and law.

During Jiang Liming's more than four years at Evergrande, the total debt of the group has soared. At the end of 2015, Evergrande's total debt was 614.893 billion yuan; at the end of 2016, Evergrande's total debt was about 1.16 trillion yuan; according to China's Evergrande, by the end of 2021, its total debt was 1.9 trillion yuan.

Judging from the cash position on hand, China Evergrande's disposable cash balance is not high. According to the announcement, the cash balance of Evergrande Group (excluding the cash held by Evergrande Group's listed subsidiaries, Evergrande property, Evergrande Automobile and their respective subsidiaries) is about 53.422 billion yuan, and only 1.341 billion yuan is unrestricted cash. Space Group's comprehensive cash balance is about 3.229 billion yuan, 762 million yuan is unrestricted cash. Evergrande has only 2.103 billion yuan in disposable cash.

In terms of operation, the current situation of Evergrande in China is not optimistic. According to previous disclosure, its core task in the next three years is "Baojiaolou", which will strive to maintain "resumption of work and production" to maintain orderly operation, and is expected to require additional financing of 250 billion to 300 billion yuan. During this period, the unleveraged free cash flow of existing projects will be mainly used to repay the additional financing needed for the continuation, and the ability to repay the unsecured debt at the level of Evergrande in China is weak.

This means that China Evergrande currently in the "Baojiao Building" this core task, there is still a large funding gap.

China Evergrande also expects that starting from the fourth year (after debt restructuring), assuming that China Evergrande can basically return to normal operations and continue to develop old projects that have not yet been identified as the main body of implementation, China Evergrande's unleveraged free cash flow is expected to increase gradually. It is estimated that the annual unleveraged free cash flow will be about 110 billion to 150 billion yuan from 2026 to 2036.

China Evergrande said that as of the date of the announcement, no resumption conditions have been met, and the company will continue to strive to meet the resumption conditions as soon as possible, and the company is still compiling unpublished audited annual results.

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