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Gao Yang, chairman of Zhongjing Group, was investigated in connection with the case of Xu Heyi of BAIC.

2024-03-03 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)08/12 Report--

According to the Economic Observer Network, because of the case involving Xu Heyi, former party committee secretary and chairman of Beijing Automobile Group Co., Ltd., Gao Yang, chairman of Zhongjing Industrial (Group) Co., Ltd. And director of Huishang Bank Co., Ltd., was taken away for investigation in late July 2023, and investigators also obtained some documents related to BAIC Group from Zhongjing Group.

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Several sources confirmed the news to reporters. On August 11, the reporter also called Gao Yang's personal cell phone, and the person who answered the phone claimed to be his secretary and said that Gao was not feeling well recently and was inconvenient to answer the phone.

Who is Gao Yang? Gao Yang, born in 1966, originally from Qingtian, Lishui, Zhejiang Province, is now an Austrian citizen. In December 2001, Gao Yang took over the scepter of Zhongjing Group as chairman and legal representative. In January 2003, Gao Yang founded Hyundai Innovation Holdings Limited (hereinafter referred to as "Hyundai Holdings") and served as legal representative and chairman for quite a long time.

In 2002, Xu Heyi, then deputy secretary of the Industrial work Committee of the Beijing Municipal CPC Committee and deputy director of the Beijing Economic Commission, was transferred to the Beijing Automobile Department to become deputy secretary and vice chairman of the party committee of Beijing Automotive Industry holding Co., Ltd., chairman and general manager of Beijing Automobile Investment Co., Ltd., party committee secretary and chairman of Beijing Hyundai Automobile Co., Ltd., party committee secretary and chairman of Beijing Benz Automobile Co., Ltd. Chairman of BAIC Futian Automobile Co., Ltd., Party Committee Secretary and Chairman of Beijing Automobile Co., Ltd., Party Committee Secretary and Chairman of Beijing Automobile Group Co., Ltd.

Gao Yang's first deal came from BAIC. In January 2003, Gao Yang founded Hyundai Innovation Holdings Limited (hereinafter referred to as "Hyundai Holdings") and served as legal representative and chairman for quite a long time. In that year, Hyundai Holdings invested in BAIC at a price of 300 million yuan, Gao Yang became a director of BAIC Investment Board, and Hyundai Holdings became the fourth shareholder of BAIC Investment and is the only private enterprise.

On September 5, 2003, Zhou Zhengyi was arrested by the Shanghai public security organ according to law with the approval of the first Branch of the Shanghai Municipal people's Procuratorate on suspicion of misreporting registered capital and manipulating securities and futures trading prices. Before that, Zhou Zhengyi bought a large stake in Beijing Automobile for 300 million yuan. After Zhou Zhengyi knew he could not escape prison, he entrusted his stake in Beijing Automobile to Gao Yang to manage. The two sides signed an agreement to this end. It is agreed that Gao Yang will buy back half of the shares in two years' time, and the purchase will be financed by the dividends of Beijing Automobile.

In November 2007, the court ruled that Zhou Zhengyi was guilty of bribery by units, bribery of enterprise personnel, bribery, false invoices for value-added tax, and misappropriation of funds, and was sentenced to 16 years' imprisonment for several crimes. Zhou Zhengyi was released in September 2020 after several commutation of his sentence.

After Zhou Zhengyi was jailed, Gao Yang exposed to the media that the 300 million yuan Zhou Zhengyi bought into Beijing Automobile was completely borrowed, was a fictional trading company that traded hands with each other, and then applied for a 300 million loan from the Bank of Communications with a trade contract. This means that as long as Gao Yang repays the loan from the Bank of Communications, the equity of Beijing Motor will also belong to Gao Yang.

In order to repay the loan, Gao Yang began to borrow money and used his BAIC investment shares as a guarantee to borrow money from Bank of Communications. In the second year after Zhou Zhengyi was jailed, Gao Yang made a deal with Jiang Xueming, the richest man in Jiangsu at the time, and he transferred his shares in Beijing Auto to Jiang Xueming for 740 million yuan, making a huge profit of 400 million yuan. However, after paying 20 million yuan, Jiang Xueming found that the transaction could not be completed at all, but Gao Yang immediately sued Jiang Xueming for 100 million yuan in liquidated damages. After two years of wrangling, Jiang Xueming ended up with compensation of 50 million yuan.

By 2013, on the eve of Beijing Auto's Hong Kong listing, Gao Yang's Zhongjing system held 7.75 shares, a total of 387 million shares, through the platform of a Hyundai innovation holding company. Gao Yang revealed to the media that on the eve of the listing, Zhongjing system has already received 600 million to 700 million yuan through dividends, and it is estimated that it will be able to recover 4 billion yuan after cash out.

People familiar with the matter told the Economic Observer that Gao's "contact" with Beijing Automobile had been over for many years, the shares held by Zhongjing Group were transferred and sold around 2011, and Gao withdrew from BAIC's investment board in October 2018.

Xu Heyi, male, born in November 1957, graduated from Beijing Iron and Steel Institute (now Beijing University of Science and Technology) majoring in iron and steel metallurgy. Xu Heyi joined the work in March 1976 and worked in Shougang in his early years. Later, he served as deputy director of the Beijing Municipal Economic Commission, deputy secretary of the party group, deputy secretary of the Beijing Municipal Party Committee Industrial work Committee, and deputy director of the Beijing Municipal Economic Commission.

In 2002, Xu Heyi was transferred to Beijing Automobile Department as deputy secretary and vice chairman of the party committee of Beijing Automotive Industry holding Co., Ltd., chairman and general manager of Beijing Automobile Investment Co., Ltd., party committee secretary and chairman of Beijing Hyundai Automobile Co., Ltd., party committee secretary and chairman of Beijing Mercedes Benz Automobile Co., Ltd., chairman of BAIC Futian Automobile Co., Ltd., party committee secretary and chairman of Beijing Automobile Co., Ltd. Secretary of the Party Committee and Chairman of Beijing Automobile Group Co., Ltd.

On July 31, 2020, BAIC held a meeting of leading cadres. Xu Heyi no longer held the post of party committee secretary and chairman of Beijing Automobile Group Co., Ltd because of his age. Jiang Deyi, former party committee secretary and chairman of Beijing Jinyu Group (Stock) Company, will take over this post.

On March 31, 2023, the Supervisory Commission of the Beijing Municipal Commission for discipline Inspection issued the latest notice: Xu Heyi, former party committee secretary and chairman of Beijing Automobile Group Co., Ltd., is currently under disciplinary examination and supervision investigation. At this time, Xu Heyi led BAIC for nearly 14 years and retired for three years.

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