Wealth

Sometimes the responsibility for the emergence of the problem lies not with the central government nor with the local government in the middle.

Or some people say that this argument is untenable. What does the business matter have to do with the local government? In fact, this is the case because the local government is pursuing political achievements. If a large enterprise as large as Yili does not take action when comprehensively promoting corporate restructuring, it means that the local government has not done its job properly.

But in fact, the local government cares about everything except political performance. Therefore, how to change Yili's system to change whether there is any shady or trickery is not what they care about.

However, if Yili does not restructure, then the local government has to bear certain responsibilities if there are deficiencies in its work.

The predecessor of Yili Co., Ltd. was Hohhot Hongqi Dairy Cow Factory. 1984 was renamed Huimin Dairy Food Processing Factory. Listed in 1996.

Zheng Junhuai served as the factory director. Chairman of the General Plant Changfei Co., Ltd. President.

Like most first-generation Chinese entrepreneurs. Yili's ability to develop from a dairy processing factory in Inner Mongolia to Zheng Junhuai, the undisputed boss of China's dairy industry, is indispensable. It can be said that without Zheng Junhuai, there would be no Yili shares.

Yili shares have always been a representative of blue-chip stocks.

According to the current quarterly report, Yili’s main business revenue in the first half of the year was 4.5 billion yuan and gross profit was 250 million yuan. The total share capital of Yili shares is 190 million. The single share performance has reached 6.4%. It is even more precious that this performance is achieved under the continuous transfer of share capital and the increase in allocation. Now Yili's outstanding shares are 200 million. The 50 million shares have expanded nearly fifteen times from the beginning of the listing.

Yili is not only a high-quality stock, but also a blue chip stock that can bring solid returns to investors.

Opening up the old Yili shares can clearly see that since the listing of Yili shares, Yili shares have not stopped paying cash dividends even when the ten-for-ten plan was implemented.

Although the amount of funds through allotment and refinancing after Yili's listing is not a small number, the insistence on giving investors cash dividends every year is unique in the listing, and the cumulative amount of cash dividends is not a small investment in Yili shares. The person has indeed been rewarded generously.

All of this shows that Zheng Junhuai is a career man and a chairman who can bring returns to investors. This point is fundamentally different from other listed companies that play with capital operations.

But now Zheng Junhuai and his senior management team are facing two accusations of false performance and misappropriation of funds. These two accusations have made Zheng Junhuai's halo not left.

Misappropriation of funds does not mean that the direct consequence of investment in treasury bonds is to expose the illegal shareholding of Yili's senior management.

At the end of 1999, in order to solve the problem of management shareholding, the company was renamed as middle-level Zhang Xian and Li Shuiping to establish Huashi Trading Company to accept the transfer of legal person shares.

This year, it increased capital in the name of the family members of Yili executives and held more than 8.4 million shares of the company's legal person shares. Became the fifth largest shareholder of Yili shares. After many days, the shares of Huashi Trading were transferred to the Hohhot Qiwu Investment Company for management incentives. Although Yili’s clarification announcement stated that the delay in the transfer was due to the CSRC’s regulatory opinions on the transfer of non-tradable shares of listed companies, Yili shares failed to explain where the management’s 15 million yuan of acquisition money came from.

Although Yili is still a popular brand from the perspective of consumers, the competition in the dairy market has heated up. This is very different from the era when Yili became famous. Yili's profit margin will definitely decline. In fact, Yili has never denied it.

Although on the one hand, Mengniu boss Meng Gensheng, who left Yili, was originally the sales general manager of Yili. The growth and expansion energy of Mengniu is not inferior to the peak period of Yili, especially after Mengniu went public, it is on the same starting line with Yili. The market channels of the production line of the base companies of both parties are very similar. Mengniu's squeeze for Yili can be imagined.

One of the hidden pains that Yili shares unforgettable to the Beijing press is the use of public relations companies to defuse the quality and safety of Mengniu's products. Put almost all the so-called mainstream media in the case. Although this incident is not directly related to performance, it can be seen that Yili's market competition has reached the point where it is ubiquitous. Zheng Junhuai's mentality has suffered a major change.

Some people say that Zheng Junhuai has caused trouble so far, but Fan Wuyi analyzed it and thought that although it seemed that someone set up a set, Zheng Jun's arms were still his own ambush. After all, he would not continue to be noble if he had a selfish personality. The same is true abroad.

Yi is not terrible. The uneven distribution in the process is just a matter of time.

The independent director who parted ways with Zheng Junhuai explained that the nuclear incident of the Iraqi incident was not really meant for the management's assistance. If it is for the entire management team to implement it because of hard work, we will not be counter-clockwise. But if it is just for one. The words of one person or two people will not benefit Yili in any way."

With the deepening of the investigation, an existing financial trust company unilaterally holds 14% of Yili’s shares. It happens to be at the core of the vortex of the Iraqi Incident. A lot of skepticism is directed at this trust company. There are reports pointing to this company. The trust company is Zheng Junhuai’s proxy holder of Peng o shares if such allegations are true. Then this trust company’s troubles may not matter whether they know it or not, they actually helped Zheng Junhuai to launder money.

No matter how much funds Zheng Junhuai misappropriated, there is no doubt that most of the equity in this fund belongs to the circulating shareholders because the total amount of funds raised by Yili shares is as high as 800 million yuan. The flaws in the corporate governance structure of Yizhu are not the only ones in the country's more than 1,000 listed companies. A considerable part of them belong to the Yiyantang management model. The shareholders, especially the tradable shareholders, have contributed the most to the greatest losses. The most numerous group. The lack of spokespersons lost the right to speak in the Yilipeng Incident.

Maybe the company's new management and local government. It can claim to be protecting the rights and interests of investors. However, in fact, if the corporate governance structure is not fundamentally adjusted, sooner or later, the new company’s management will be able to educate others. Only by managing their own money will they be the most diligent "repent of Gambei, but the majority of Yili’s circulating shareholders’ real money." I'm afraid I will continue to helplessly entrust others to protect.

Fan Wubing has always been very concerned about Yilishu. The progress of the case is often consulted and Fan Hyung will inform his son after the latest report and let him do a reference. With the in-depth observation of the father and son, there are still many problems here.

As bystanders, Fan’s biggest question is that the well-known entrepreneur Zheng Junhuai is expected to be elected to the next Central Committee. Why is it so urgent? He did not hesitate to take the risk and break the law.

In fact, Niu Gensheng, who was related to Mengniu, was exiled and resolutely left Yili to start Mengniu Dairy. For several years. The sudden emergence of Mengniu is getting closer and closer to Yili. In particular, this year Mengniu entered the foreign investment exhibition to further mention that it is no exaggeration to say that Mengniu, which is holding foreign capital, is the only real opponent that can threaten Yili's survival.

Zheng Junhuai, a well-known entrepreneur who has been in the dairy industry for 20 years, felt the fear of defeat in his heart. why. Because he knows best in his heart that although Yili sits firmly on the top spot in the industry, it has a fatal weakness. The capital structure acquisition of Yili can be done with only 600 million yuan in cash at most.

Niu Gensheng was banished from Yili by Zheng Junhuai. Niu Gensheng once publicly stated that Mengniu and Yili would come together sooner or later enough to show that they did not hide their intention to receive Yili.

Yili's share price has fallen sharply since Mengniu was founded and the share price has been stagnant. Yili's share price has been outperforming the market since its listing, but when Mengniu was founded, Yili's share price has underperformed the market index. This reflects that Weichang investors are worried about the threat of Yili at Mengniu.

Mengniu received more than 60 million U.S. dollars in investment from foreign capital this year. There is no doubt. If Mengniu successfully acquired Yili, Zheng Junhuai and Yili’s management are likely to be expelled from Yili and laid off to find another livelihood.

In this way, Zheng Junhuai and others could not help but feel scared.

If Mengniu acquired Yili as a watcher, it would be beneficial to China Dairy Show no matter who wins or loses. But for Zheng Junhuai, it would be a very serious question.

NS.

As for the so-called gambling agreement between Mengniu and foreign investors, there is no risk at all. They are more like coachmen in the driver's seat. Easily drove an ox cart and the cowl was covered by the Mengniu management who was rushing for tens of millions of rewards a year later.

But Mengniu has annual sales of only 4 billion. How can we achieve a leap in sales of over 12 billion in a year? The acquisition of other powerful competitors to directly integrate the sales of others seems to be the only way to win.

The purchase of Yili is naturally very cost-effective. With a maximum of more than six billion yuan, the annual sales of Yili can be swallowed close to 10 billion yuan. The annual net profit is nearly 100 million yuan of fat. Moreover, the tradable stocks in exchange are still stocks that can be mortgaged or realized at any time. This kind of good thing is best for whom.

Is there anyone else besides Mengniu who is the most powerful and impulsive?

Through the analysis of the profit and loss of the foreign capital department and Niu Gensheng in the process of Mengniu’s capital operation, a problem is found. Niu Gensheng and his management team are always in a passive situation in every step of Mengniu’s listing. Foreign capital will be obtained from the stocks of listed companies. The amount of profit is undoubtedly a drop in the balance compared to the equity plan they rewarded Niu Gensheng and other managements.

Undoubtedly, the relationship between Mengniu and foreign investment departments is more appropriate than the severe erosion that can be described by the term “strong alliance”.

Facing the future situation of China's dairy industry, Fan Wuyi also has this worry. After all, the sales volume from 4 billion kilns to 12 billion kilns means that it must reach a height that no one has ever reached in the Chinese dairy industry. The milk source war between the dairy giants. The price war waits, but Mengniu has lost sight of it in the near future. The price war broke out between Yili. It also reflects that such deep-seated contradictions and vicious competition have begun to affect Mengniu's performance growth.

The other protagonist of the story, Zheng Junhuai, is also in a passive position in this game. If he continues to maintain the high profile of a state-owned entrepreneur and does not consider the use of public funds, the cost of Mengniu's acquisition of Yili is negligible. Only the 28 million state-owned shares held by Hohhot City, Mengniu, can easily gain control.

But Zheng Junhuai must protect himself. He has always been a conscientious state-owned enterprise cadre, it is impossible for him to have a net worth of several hundred million. You can only take the company's public funds.

Either sit back and wait for death or desperately Zheng Junhuai chose the latter.

In this sense, the domestic capital market is still a wasteland~www.wuxiamtl.com~Under the general situation of an extreme shortage of financial tools, Chinese entrepreneurs, in order to obtain their own survival and development, no matter whether they are assisted by the cost of corporate ownership. There is no winner in the game between Niu Gensheng, who has multinational capital to complete the layout of Modu in China, or Zheng Junhuai, who has invested in company funds.

Fan Wubing couldn't help sighing after reading this information, and then his father Fan Heng asked intently. Probably, the remaining old and difficult enterprises in China that cannot be restructured most need the support of cash flow or I should consider setting up an investment company and selectively helping entrepreneurs realize this. This is better than they go to accept the most demanding spare parts for a few dollars at the arms of foreign capital, better than to raise money. The required funds went to jail without hesitation. "

Or this is a good idea. After all, the remaining large state-owned enterprises want to complete Peng. It can only be through the investment company model. However, there are indeed few large domestic capitals willing to do this. Even if there are, the conditions will be very harsh. I personally agree with you to do this. "Fan Henken said.

However, if you want to put it in a relatively simple way, you still need some hard work. For example, it is very important to straighten out this relationship from official channels.

Fan Wuyi believes that by showing the example of Yili's assistance to everyone, it is estimated that there will be no resistance to this matter.