Wealth

Although Fan Wuying is operating in many ways, taking precautions, and worrying about his father's position, his father Fan Heng himself did not regard this as the same thing.

In Fan Heng’s view, he has indeed done a lot in recent years. With the help of his son, whether it is building a rock, developing the economy of Jiangnan Province, or the series of efforts made after entering the State Council, Regarding the breakthroughs of state-owned enterprises in several major projects, they have already made remarkable achievements.

Even though I didn't show up much and spent most of the time behind the scenes, when he reached a certain level, he was unfair and comfortable, and he didn't necessarily have the ambition to fight for power.

On the contrary, the high-level career in the past few years has made Fan Hyung feel this exhaustion. After all, it is really more troublesome to deal with so many things while facing a group of subordinates who are going to be skeptical at any time.

Even in the restructuring activities of this property right change, there are many things that make people annoying.

In this property rights movement, because there is no institutional guarantee and regulation, the property rights reform of almost all enterprises has become a huge risk of right and wrong. There is often no clear line between legal and illegal. The fate of entrepreneurs suddenly becomes extremely dangerous and unpredictable.

In this year, the two legends of China's dairy industry both started their exploration of property rights in their own enterprises, and the difference in their fortunes still made people feel breathless after many years.

One of these two people is Yili’s Zheng Junhuai and the other is Mengniu’s Niu Gensheng.

In 1981, Yili was only a Muslim food factory owned by the Hohhot municipal government, which had a profit and tax of less than 50,000 yuan this year. Under the management of Zheng Junhuai, Yili seized the opportunity of the development of China's pure milk market and built the largest dairy company in China at that time. By 1996, Yili became one of the earliest listed companies in Inner Mongolia. This year's sales revenue reached 40. Yiwu.

As early as 1999, Zheng Junhuai tried to carry out property rights reform. On the premise that it was impossible to directly seek clarification of property rights, he, like many people at the time, chose the path of “curve assistance”.

He and more than 20 executives of Yili invested in the establishment of a Huashi Trading Company and successively purchased a legal person share in Yili held by a state-owned enterprise.

Since Zheng Junhuai’s team did not have much cash, it took a gray approach in the acquisition. Once Zheng Junhuai transferred the 1.5 million yuan of Yili Company’s funds to Huashi Company and used the money to purchase Yili’s legal person shares. The money was returned quietly.

On another occasion, for a sum of 15 million yuan of Yili shares, he instructed a dairy farm that has close business relations with Yili to borrow from the bank for Huashi to purchase Yili shares, and Huashi then pledged the purchased legal person shares from the bank. The loan is returned to the dairy and then the dairy returns the money to the bank.

This empty gloved white wolf method was almost universally used back then.

Zheng Junhuai's approach seemed very smooth and seemed to have the acquiescence of the local government.

By this year, the Hohhot State-owned Assets Administration Bureau will transfer all the state shares it holds to the Municipal Finance Bureau and transfer 5 million of them to the company invested by Zheng Junhuai's team.

At this time, Huashi Trading has changed its name to Qiwu Investment, which has become the second largest shareholder of Yili shares.

Just when Zheng Junhuai tried to curve Yili, one of his old men Niu Gensheng chose another way.

Niu Gensheng, who is four years younger than Zheng Junhuai, used to work hard with Zheng Junhuai. He was a bitter child and was sold to others at a price of fifty yuan by his impoverished parents. The Huimin Food Factory became a bottle washer by hard work and was promoted to the workshop director in 1992. He was appreciated by Zheng Junhuai as the deputy general manager in charge of operations.

Niu Gensheng is very tough in doing the market and he is very sympathetic.

This person doesn't read much but he has a natural understanding of the principle of "distributing wealth and gathering people together".

One year, Zheng Junhuai gave him a bonus to buy a high-end car. As soon as he turned around, he split the money into several low-end cars and distributed it to his subordinates.

Because he was in charge of Yili's marketing and advertising, he was very active in the media.

The relationship between Zheng Junhuai and Niu Gensheng deteriorated rapidly in 1998. Niu Gensheng was suddenly dismissed for no reason.

In the second year, Niu Gensheng brought the company to raise 10 million yuan of funds to start Mengniu. He later recalled that he rented a small*bungalow as an office in a residential area in Hohhot, and the total monthly rent was only more than 50 square meters. More than a hundred.

When Mengniu was founded, there was no source of milk, no plant, no market. It can be said that there is nothing. It ranks more than one hundredth among the national dairy companies. But what Niu Gensheng has is the contacts and experience accumulated in the market operation over the years.

At that time, domestic milk packaging mainly used Tetra Brick and Pasteurized Milk. Tetra Pak, the world’s largest flexible packaging supplier, promoted it in China

"Xing Er Ji" is willing to pay for milk, the factory provides production equipment, Yili, and others are not willing to take risks. Only Niu Gensheng, who has no money to buy a production line, dared to give it a try and unexpectedly succeeded.

By the end of last year, Mengniu's sales revenue had exceeded 700 million yuan and became the fourth largest domestic product enterprise.

Niu Gensheng also carried out equity innovation at almost the same time that Zheng Junhuai was engaged in music this year.

Morgan Stanley in June. CDH Investment. British Union invested in an international institution, Fubu, invested 60 million US dollars in Mengniu. While investing, the two investors also proposed a harsh gambling agreement. If Mengniu’s annual earnings per share compound growth rate is less than 50% in the next year, the management headed by Niu Gensheng will pay a foreign shareholder 7,000. If the management can complete the above indicators, the two foreign shareholders will add 78 million shares to the Niu Gensheng team.

At this time, Niu Gensheng was very eager for the money to take the risk again and signed and accepted the bet.

Regarding the equity reforms of Yili and Mengniu, although there is public opinion, the inside story is not well understood. However, it is obvious that Niu Gensheng's approach is more intelligent from the appearance of this behavior.

In fact, Mengniu’s current gambling approach should fall within the scope of equity incentives. As long as your management has the ability, the investor is willing to pay a large amount of money to reward you and make you a shareholder. If you don’t have this ability, then you just leave. As long as I have money, management can't hire it.

However, Yili’s approach is obviously very problematic. The technique of secretly using a gray method to achieve management's shareholding is inherently untenable.

In fact, the following facts also proved that the fate of Bei Junhuai and Niu Gensheng went in different directions here.

Two years later, Zheng Junhuai was reported to have embezzled state-owned assets. Zheng Junhuai could not argue with the law. In the court, Zheng Junhuai said that everything he did was to solve the problem of the source of management's shareholding. He still doesn't understand that his actions have violated the law.

In the end, Zheng Junhuai was sentenced to six years in prison for misappropriating public funds.

Niu Gensheng became a lucky guy and he won a bet with his management.

In the same month that Zheng Junhuai was reported, Mengniu was listed on the Hong Kong Stock Exchange and raised a total of more than 1.1 billion Hong Kong Wu Niu Gensheng to enter the Forbes list of China's richest people at a value of 125 million US dollars.

Of course, no one can see this at this time. Even those who have seen the problem can't bear it because it is irrational to discuss this matter under the premise of large-scale restructuring, and this matter is especially aided by the gray curve. In fact, the behavior will become the handle of someone. When needed, the rich will be cut from behind and ruined their future.

When discussing with his father Fan Heng, Fan Wubing said that in essence, Peng is a process of privatization of enterprises, and because of this, it is not suitable for monopolistic and resource-oriented industries such as telecommunications, energy, transportation, and other companies. Because of this industry It is related to the national economy and the people's livelihood. It is the economic lifeline of a region and even a country. It is impossible to put it under the control of a few people~www.wuxiamtl.com~ Then Fan Wuyao said that relatively competitive industries are more suitable for applications because of their operations. The unity of the owner and the owner reduces agency costs. The acceleration of market reaction and decision-making speed makes it easier for companies to stand out in the fierce market competition. The state-owned economy must undergo major strategic adjustments and insist on advancing and retreating, doing something and not doing something, which includes providing operational space for relevant enterprises. Of course even smoothly. It is also to be carried out under the legal sun. If it is operated in private without the knowledge of all employees, then it is undoubtedly the embezzlement of state-owned assets. "

You mean that Mengniu’s approach is worthy of recognition, but Yili is very problematic. "Fan Heng asked.

Fan Wubing nodded and replied that this is natural. I think you should pay special attention to Yili's problem. Although this is a deviation between the behavior of the enterprise and the central policy, as the top leader who has been in charge of this matter for more than two years, you can never leave such a story so that someone can use it to attack you in the future. "

After Fan Hyung listened to it, he thought about it carefully and thought that it was indeed such a thing. Even if this person is not used to attack him, it is possible to use this to attack Boss Zhu, the big housekeeper. Therefore, Fan Hyung decided to intervene and see what happened. What issues need to be resolved.

At the same time, the deviations and violent phenomena that occurred in the restructuring of state-owned enterprises also need to be corrected in time.