At the age of 32, he first made the rich list, and after 13, his worth soared nearly 100 times. How did he do it?

1989 Shenzhen university 18 financial student Zhang Jin joined the stock market and earned his first bucket of gold. 1997 On the eve of the Asian financial crisis, he left the capital market and turned to real estate, and his Junhua Group became a well-known developer in Guangzhou. Max Zhang ranked 266th with 380 million yuan in the rich list first launched by New Fortune in 2003. In 2008, based on the judgment that the supply of real estate exceeded the demand, he led his Cedar Holdings to shrink its general real estate business, explore the PPP model of affordable housing, lay out new industries, and devoted himself to pushing its commodity supply chain service "Common Cloud", community 020 service platform "Dabai Butler" and automobile industry chain comprehensive service platform "Heman Yun Qi" to the capital market. After a low-key stealth 13 years, Max Zhang also returned to the rich list with a net worth of 33.2 billion yuan.

Author: Sun Hong

Source: New Fortune Magazine, May 20 16.

Original title: Max Zhang who returned to the rich list, 13 years later, what is he doing?

Max Zhang ranked 266th with 380 million yuan in the rich list first launched by New Fortune in 2003. You know, the threshold of the rich list at that time was only 200 million yuan, and it was not easy for Max Zhang, who was only 32 years old, to achieve this result.

At that time, Max Zhang entered our field of vision as the head of the first batch of local venture capital institutions. In 2002, Junhua Group, which it controlled, invested 90 million yuan to participate in the restructuring of Shenzhen Zhongke Rong Venture Capital Consulting Co., Ltd., a state-owned enterprise in Shenzhen, and changed its name to Shenzhen Zhongke Rong Venture Capital Co., Ltd. (after the reorganization in 2004, it was renamed as "Shenzhen SME Venture Capital Co., Ltd." with the special approval of Shenzhen Municipal Government, hereinafter referred to as "SME Venture Capital"). At that time, the registered capital of small and medium-sized venture capital was 65.438+0.5 billion yuan, and Junhua Group invested 90 million yuan, accounting for about 60% of the shares. The other two shareholders are Shenzhen Science and Technology Foundation and PZ International Holdings Limited, holding 6% and 34% shares respectively.

Since then, there has been little public information in Max Zhang. 2065438+July 2005, a news that "a good boss in China doesn't have to go to the rooftop to save his employees" made us pay attention to Max Zhang again.

At this time, Cedar Holdings, the industrial platform actually controlled by Zhang Jin, has gradually surfaced, and its business covers many fields such as commodity supply chain finance, real estate and PPP platform, finance, property operation, community O2O platform, comprehensive service of automobile industry chain, cultural tourism and so on. Junhua Group, a subsidiary of Cedar Holdings, suddenly became one of the leading enterprises in Guangdong, with an operating income of 33.8 billion yuan in 20 14. At the same time, it was selected into the "Top 500 Private Enterprises in China" and "Top 500 Private Enterprises in China 100" announced by the Federation of Industry and Commerce, ranking 65,438 respectively. It is worth noting that there are only two comprehensive enterprises in Guangdong that can be selected into two lists at the same time, and Junhua Group is one of them.

So, after a low-key stealth 13 years, Max Zhang returned to the rich list with a net worth of 33.2 billion yuan. What kind of expansion has Max Zhang experienced in the past ten years? What kind of entrepreneurial experience does he have?

Two conversions

Nanhu National Tourism Resort is located at the foot of Baiyun Mountain in Guangzhou, with beautiful scenery. The Jiangnan aristocratic villa with a construction area of 540,000 square meters developed by Junhua Group is located here. Max Zhang's office with oil paintings and American furniture is also here.

Speaking of his own story, Max Zhang was quite frank: "My first bucket of gold came from the capital market. When I entered the market, it happened that Shenjintian (000003) was listed and the market was very hot. I experienced the process that the Shanghai Composite Index rose from around 100 to above 1000. It can be said that watching China's capital market develop step by step, I have personally experienced many legends, such as the rapid growth of SDB 1 1,000 times. " Shenjintian 1989, which is called "the fifth real estate stock" by investors, is listed on Shenzhen Stock Exchange, and it is one of the first four listed companies in China. Max Zhang, born at 197 1, was only 18 years old at that time, and was still a student at Shenda University.

Before 1997, our main business was in the capital market, but later it moved to the industrial field. The reason is that "many years' experience tells us that we should have awe of the market and know how to be thoughtful and Zhi Zhi"; At the same time, after experiencing the fiery capital market, we deeply understand the importance of industry, and all capital operations should be based on industry. Today, although Zhang Jin is deeply touched by the hardships of doing business, "industry must work hard, step by step, and do things first, then do things", he still believes that "after the industry is done well, the capital operation will have a very solid foundation".

This choice allowed Max Zhang to avoid the impact of the Asian financial crisis on the capital market. After the capital withdrew from the capital market, Max Zhang took aim at the real estate business, taking advantage of the Asian financial crisis that led to the bursting of the first real estate bubble in China to successfully bargain-hunting. With the full implementation of 1998 monetization reform of housing distribution in China, he clearly took real estate as his main business, which also made the Junhua Group, a subsidiary of Cedar Holdings, engaged in real estate business develop rapidly. Since 1998, Junhua Group has successively developed more than ten properties in the Pearl River Delta region such as Guangzhou, such as Jiangnan Shi Jia, Junhua Xiangbai Plaza and Zhongshan Junhua New City, with a development area of several million square meters, and almost all the land reserves are in first-tier cities such as Guangzhou.

However, in the second half of 2008, based on the judgment that the supply of real estate exceeded the demand, Zhang Jin decided to turn again: shrink the general real estate business, lay out industries such as consumption and finance, and gradually form seven industrial sectors currently controlled by Cedar. He said that since 2009, Junhua Group has not purchased new land, and the land developed is the previous inventory.

After eight years of new layout, at present, three business segments of Cedar Holdings have begun to take shape: emerging service segments, including private butler (property operation group and community ecological service platform "Dabai Butler"), car butler (comprehensive service platforms such as "car in front and car behind" and "harmonious cloud and steam" in the automobile industry chain) and Cedar Travel; Public services, including general real estate, affordable housing and PPP model government services; The financial sector, including the fully licensed financial group Cedar Finance and Tongyun, which focuses on supply chain finance, participated in the restructuring of Guangzhou Rural Commercial Bank as early as 2009 and is one of the major shareholders of Guangzhou Rural Commercial Bank and Guangzhou Bank. At present, real estate accounts for only 20% of our sales revenue.

Deepen the supply chain of bulk commodities

Zhang Jin, who graduated from the Finance Department of Shenzhen University in his early years and later obtained a master's degree from the Hong Kong Polytechnic University, admitted that Cedar Holdings is a company that produces and creates "enterprises", but he always believed that although enterprises can reduce the tempering of their life cycle by using different financial tools, the rise of China's economy ultimately depends on industry. So unlike some entrepreneurs with financial background who are more willing to make financial investment, he likes to explore in the industrial field.

He even thinks that "many emerging industries in China should be eliminated by venture capital, which is often considered from the perspective of business goals, not the prospects of the industry itself." Max Zhang hopes to use the power of capital to escort start-ups and make them evolve from "small" to "big" and even become the backbone of social change.

This has also affected the investment model of Cedar Holdings in pursuing the combination of industry and finance and coordinated development. For investment enterprises, Cedar often has an absolute controlling stake. Once the investment is decided, it will start from the concept of the project, organize various resources, incubate and grow the project, and control and cultivate the whole process. In Zhang Jin's words, it is possible to achieve 100% value creation.

At present, the commodity supply chain management and financial service project "Common Cloud" (Common Cloud Supply Chain Co., Ltd.) under Cedar Holdings is a practice of Zhang Jin's concept of combining industry with finance.

The predecessor of the Universiade, Junhua Trade, started with 1997, and was mainly engaged in aluminum and zinc trade in the early days. Later, due to the fierce competition and the influence of the national export tax rebate policy in 2007, the focus shifted to the field of non-ferrous metals dominated by copper, providing services such as procurement, sales, supply chain management and supply chain finance for upstream and downstream enterprises in the industrial chain.

After years of industrial upgrading, Gongyun has become the largest supplier of non-ferrous metal supply chain services and supply chain finance in South China, accounting for 40% of the circulation in South China, with an annual supply of about 300,000 tons. It has a long-term cooperative relationship with upstream large smelters, and is the largest distribution channel of Yunnan Copper (000878), Kunming Copper and Zijin Mining (60 1899) in South China, and the exclusive distributor of Zijin Mining in North China. Downstream, Gongyun has more than 500 enterprise end customers, serving 80% end customers in South China market. It is said that its sales revenue in 20 16 will reach 50 billion yuan. "It is conservatively estimated that there will be a net profit of 1.7 to 200 million this year, and it is estimated that it will be transferred to 500 million to 800 million next year. Because once the supply chain finance breaks through the critical point, the space will be opened. "

Zhang Jin said that at present, Gongyun is horizontally copying the mature model of the copper industry to the fields of bulk commodities such as aluminum, oil and glass. "In 20 16 years, it is estimated that the sales of the common cloud platform will reach 50 billion, but 20 billion of them are no longer copper, because copper has a ceiling, so there are so many copper circulating in China that we can't do it all. In the new field, we are still doing business related to supply chain finance. We hope to achieve platform sales of 200 billion yuan in the future, but 60% of it will not be copper. " Zhang Jin said that the reason why he dared to put forward the goal of 200 billion yuan is because the market of bulk commodities itself is very large. "Gongyun has completed the supply chain throughout the country. When we become the core enterprises in various industries, the market space is there. "

In fact, many financial institutions, including banks, are involved in supply chain finance, but Zhang Jin believes that the key to this business lies in risk control. "As the core enterprise of the supply chain, Yun Tong has achieved the risk control means that banks can't do, and reached the risk closed loop, thus earning money that banks can't earn."

From 1997 Junhua trade to today's common movement, Zhang Jin has been working in this field for nearly 20 years. "You know, Gong Tongyun has spent more than ten years cultivating the market and is knocking on the door one by one." Supply Yun Tong is also a project that Max Zhang hopes to connect with the capital market as soon as possible, because "the financial support for listing Supply Yun Tong will greatly enhance its competitiveness, thus consolidating its monopoly position in some industries".

Exploring PPP mode of affordable housing

In addition to Yun Tong, the PPP model developed by Cedar Holdings in the field of affordable housing has also been highly anticipated by Zhang Jin.

When talking about the initial intention of entering the field of affordable housing, Zhang Jin said, "I have been to affordable housing in many places. Because the cost given by the government is extremely low, developers cut corners, and many affordable houses are built quite poorly. Over the years, in fact, the government has built many sets of affordable housing, but the occupancy rate is very low. "

Can we improve the quality of affordable housing within the cost borne by the government? Max Zhang has done a lot of research, including the Indian "quicksand economy", and has done some practical things for the poor at the lowest cost. Finally, he injected Hayek's idea that "business is the greatest public good".

"Our idea is to regard the supply of affordable housing as a commercial activity, and the government or low-income people buy services from us. We promise that it is our responsibility to have quality problems. Under the current system of affordable housing, no one dares to say whether there are quality problems, because what the government gives you is almost free. " "We have formulated a set of standards for affordable housing, which can be built according to the standards of commercial housing, and it is also slightly profitable. It is definitely not enough for the government to give you 2,900 yuan per square meter to build 30 floors, but it can be supplemented by other operations such as property management in the later stage, and finally it will be slightly profitable. "

There is still a big problem in the construction of affordable housing: payment. The government usually has to pay the money for a long time, sometimes five years, 10 or even 15 years. For enterprises, a series of factors such as capital cost and inflation may lead to the abortion of the above plan. "But we can package these accounts receivable into ABS and realize early collection through asset securitization. Such products are endorsed by the government and are relatively good financial products. We did some demonstrations in Nanning. Nanning's project has changed the situation that the government tried to make residents accept affordable housing before, and developed into an average of 5 households grabbing a house. For the first time, there was a phenomenon that the supply of affordable housing was in short supply. "

Zhang Jin hopes Cedar Holdings will become the largest PPP provider in the field of affordable housing and non-affordable housing in China by the end of next year. Zhang Jin believes that this seemingly ambitious goal is not out of reach. "Cedar is not a heavy asset company. As long as we cooperate with construction companies and do a good job in industrial synergy in design, construction control and finance, there is every reason to do it. "

Of course, this model sounds simple, but it takes a long time to run in and needs constant research and development, and the biggest barrier is the problem of industrial synergy. "Companies that simply do real estate, construction or finance can't do it, and they must have a high degree of industrial synergy. If they don't form a good ecosystem, it is almost impossible to succeed. "

Planning service field

In addition to real estate and supply chain, Cedar Holdings has been planning articles in the fields of community service and automobile aftermarket since 2008. At present, the projects it is vigorously building include the community 020 service platform "Dabai Butler", the automobile sales and aftermarket service platform "Heman Automobile" and Cedar Travel.

"Our property management company has launched the 20 17 Hong Kong listing plan; As soon as this year, our big white housekeeper will be the leader in the field of O2O in the national community; In the automotive aftermarket, we hope to reach the national market share of used car trading 10% by the end of next year; In the field of PPP, our goal this year is to become the largest private enterprise in PPP industry invested by enterprises. All in all, by the end of next year, all industries under Cedar must reach the first place in a certain domestic sub-industry. "

These steps coincide with the current supply-side reform ideas. "We started in the capital market and benefited from the development of real estate in golden decade. Now turn to industrial investment related to' supply side reform'. We are very confident about the future 10 year. "

Zhang Jin said that if you want to be a new industry, you must first have an open mind to embrace the "big coffee" of the industry. "We put forward a business partner plan. For the senior employees of the company, we are not recruiting senior professional managers, we are recruiting bosses and shareholders. Compared with the current market, equity incentive is more like a game between bosses and professional managers. We have adopted the method of giving, directly making executives become shareholders. " Based on the advantages of property management business, Zhang Jin has been committed to the layout of community services and other fields since 2008, and is now making every effort to build a community 020 service platform "Dabai Butler".

Zhang Jin said that the focus of work in the next five years will be to cultivate industries, push well-developed sectors to the capital market, and strive to achieve the goal of listing five of its companies in the mainland or Hong Kong in the next three to five years. We started from the capital market, and after 20 years, we came back.