(Original title: Triumph Rongying has self-severed the road to listing)
Illegally obtaining all kinds of sensitive data and accepting more than 70 million US dollars in overseas remittances… The truth that Kaisheng Rongying Information Technology (Shanghai) Co., Ltd. The act of seeking economic benefits at the expense of national security will end up with self-inflicted consequences.
As a leading company in the consulting industry, Kaisheng Rongying’s consulting experts leaked shocking details of state secrets. While making illegal profits, Kaisheng Rongying has repeatedly tried to raise funds in my country’s capital market in recent years. Today, with the company being investigated, Kaisheng Rongying’s listing hope is even slimmer, and it may be difficult to achieve wealth leapfrogging with the capital behind it. Counting the shareholders behind Kaisheng Rongying, well-known capitals are gathered, and after digging deeply, there are many names of capital tycoons.
steal state secrets
After the news that Kaisheng Rongying was suspected of endangering national security was exposed, on the morning of May 9, a reporter from Beijing Business Daily called the company’s official website for customer consultation and service, expert consultation and service calls, but no one answered.
On the evening of May 8, according to CCTV news, recently, the national security agency, together with relevant departments, publicly enforced law against Kaisheng Rongying, a leading enterprise in the domestic consulting industry.
In recent years, in order to realize the strategy of containment and suppression against China, certain Western countries have become increasingly rampant in stealing intelligence and information activities in key fields such as my country’s military industry, economy and finance. National security agencies have investigated several cases and found that many foreign institutions with complex backgrounds will use domestic consulting companies and other industries to steal state secrets and intelligence in key areas of our country. At present, the national security organs have dealt with the companies involved in accordance with the law and regulations, urged the companies to conscientiously fulfill their anti-espionage security protection responsibilities, and worked with relevant departments to further strengthen industry supervision and guidance to standardize corporate behavior.
In the CCTV news report, a large number of details of Kaisheng Rongying becoming an accomplice of overseas intelligence agencies were exposed, including high salaries to lure experts to answer sensitive questions, concealing the real identity of consulting parties under the banner of protecting customer privacy, and asking experts to accept consultations under pseudonyms, etc. It is shocking to see. In recent years, Kaisheng Rongying has accepted more than 2,000 remittances from hundreds of overseas companies, with an amount of more than 70 million US dollars.
According to Kaisheng Rongying’s official website, the company was established in 2008 and is a leading provider of industry expert knowledge information services in China. In 2020, the company will occupy the first market share in the consulting industry, about 33%. As far as Kaisheng Rongying’s business is concerned, it includes three modules: expert interview service, research service, and conference service. Among them, expert interview service contributes more than 80% of the company’s revenue. Its business model is mainly to collect service fees from customers and pay experts. , and the difference in the middle is the firm’s return.
After the above news was exposed, on the morning of May 9, a reporter from Beijing Business Daily called the customer consultation and service, expert consultation and service telephone numbers disclosed on the company’s official website, but all showed that “the number you dialed was not answered”.
Behind the emergence of capital
After being investigated, who is the boss of Kaisheng Rongying and what capital is behind it have also become the focus of attention.
According to the inquiry of Flush iFinD, the actual controller of Kaisheng Rongying is Xu Rujie, who directly holds 28.65% of the company’s shares. Kaisheng Rongying once stated in public information that Xu Rujie was the founder, chairman of the board of directors, executive director and CEO of the company. Before founding the company, he had held management positions in many multinational companies, including China Resources (Group) Co., Ltd., Siemens (China) Co., Ltd., General Motors Investment (China) Co., Ltd., etc.
Kaisheng Rongying did not disclose too much other information about Xu Rujie.
Kaisheng Rongying’s single second natural person shareholder is Fang Wenyan, and it is worth mentioning that Fang Wenyan is the wife of A-share super bull San Zhang Jianping. Zhang Jianping is quite well-known in the A-share market, comparable to Xu Xiang, and is also known as the “master rudder” of hot money in Jiangsu, Zhejiang and Shanghai.
Flush iFinD shows that Fang Wenyan directly holds 5.73% of Kaisheng Rongying’s shares.
In addition to Fang Wenyan, Teng Xuejun also appeared in Kaisheng Rongying’s single natural person major shareholder, directly holding 3.53% of the company’s shares and serving as a director. A reporter from the Beijing Business Daily found that Teng Xuejun was one of the actual controllers of the A-share company New Century (now known as Liaison Interactive), and was born in 1970.
In addition, Tianyan Check shows that Kaisheng Rongying’s natural person shareholders also have multiple equity cooperations, most of them are acquaintances.
On the whole, Triumph Rongying’s second largest shareholder is Guangzhou Yuemintou Kanghe Equity Investment Partnership (Limited Partnership) (hereinafter referred to as “Yuemintou Kanghe”), which directly holds 7.85% of the company’s shares. Penetrating through layers of equity relationships, the major shareholder of Guangdong Mintou Kanghe holding more than 99% of the shares is Guangdong Private Investment Co., Ltd., and the major shareholders behind the company are well-known companies such as Kangmei Industrial, Midea, and Haitian Group. Ma Xingtian, He Xiangjian, Lu Deyan, Pang Kang and others.
Once sprinted for Hong Kong stock market listing
Kaisheng Rongying once sought to be listed on A shares and Hong Kong shares, but failed.
According to Kaisheng Rongying, the company is headquartered in Shanghai, with branches in Beijing, Suzhou, Shenzhen, Hong Kong, New York, Malaysia, and Singapore. The company’s expert network has more than 500,000 members, including corporate executives, business leaders, industry veterans, Academic elites and strategic analysts currently serve more than 4,500 clients.
It is worth mentioning that after the failure of Bajiuling and Think Creator IPOs, Triumph Rongying was once placed with high hopes by the market, saying that it is expected to become “the first stock that pays for knowledge”. As far as the impact on the listing process is concerned, in 2020, Triumph Rongying signed an A-share listing guidance agreement with CICC, but failed afterwards; in 2021 and 2022, Triumph Rongying turned to the Hong Kong stock market and submitted prospectuses to the Hong Kong Stock Exchange twice, but failed improvement.
According to the prospectus disclosed by Kaisheng Rongying at that time, from 2018 to 2020 and from January to September 2021, the company’s expert interview income was 346 million yuan, 404 million yuan, 570 million yuan, and 597 million yuan, respectively. 89.9%, 87.7%, 88.6%, 88.4%. The corresponding expert costs in the same period were 123 million yuan, 160 million yuan, 192 million yuan, and 195 million yuan, and the average hourly consulting fees of experts were 1283.24 yuan/hour, 1330.57 yuan/hour, 1280.01 yuan/hour and 1455.58 yuan/hour .
Financial commentator Zhang Xuefeng told Beijing Business Daily that this incident will have a certain impact on Kaisheng Rongying’s business and reputation, and may also have a certain negative impact on the reputation of the entire consulting industry. It requires companies in the industry to work together to maintain the industry. image and reputation. “After being investigated, it will be more difficult for Kaisheng Rongying to IPO in the future, and the hope of going public will be even slimmer, but this does not necessarily mean that the company will not be able to go public.” Zhang Xuefeng said.
Liu Shengyu, managing partner of Gaohe Investment, further told the reporter of Beijing Business Daily that the investigation of Kaisheng Rongying will arouse the vigilance of the consulting industry and improve the standardization and compliance awareness of the consulting industry. At the same time, it also reminds enterprises and practitioners that they need to pay more attention to themselves. legal and compliant operation to ensure the steady development of the enterprise.
A person in the consulting industry who did not want to be named told a reporter from Beijing Business Daily that my country’s consulting industry is currently developing rapidly, mainly including well-known domestic and foreign consulting companies such as Ernst & Young, Deloitte, and Bain, as well as local leading companies such as Kantar and Zhuoyan. The future development pattern will be more diversified and the market competition will be more intense. At the same time, with the promotion of national policies, the consulting industry will gradually develop in a high-end and professional direction.
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