In the end, what is the impact of such a big change as the division of shares on the future development of China's stock market, and shareholders choose to vote with their feet.

On the first trading day after May Day, the stock market fell again and did not rebound on the news of imminent full circulation.

Of the 4 stocks included in the pilot, except for Huaxia Automobile, which was suspended, the remaining 3 companies all gained a decline of about 5%.

It shows that the market's confidence in the country's share reform is very insufficient, for fear that this is another anticlimactic reform.

Due to the previous bid for Hunan Torch, Huaxia Automobile announced the suspension of trading and accidentally escaped a catastrophe. Before the share reform plan was officially implemented, Han Hao decided to continue to suspend trading and avoid the current market bottom.

Many Huaxia Automobile investors debated with Yin Qingxun during the May Day period, and each other was exhausted, and after releasing emotional negative emotions, many people's demands for the share reform plan gradually became pragmatic.

Among the many shareholders of Huaxia Automobile's outstanding shares, it is actually the major institutional investors who play a leading role, and their positions are much larger than those of ordinary retail investors.

Since Huaxia Automobile can receive the instructions of the China Securities Regulatory Commission, these institutional investors also understand the intention from above, and make it clear that they will vote in favor of the share reform plan.

They didn't speak out because it was inconvenient, and it happened that a group of retail investors rushed to the front and killed them for them, causing the institution to get more bargaining chips with the major shareholders of Huaxia Automobile.

On the battlefield, there are two camps, one is the major shareholder headed by Han Hao, behind which there are also national forces such as the China Securities Regulatory Commission, and the other is a rival composed of institutional investors and retail investors, who are loosely organized but powerful.

Because of the May Day controversy, Huaxia Automobile has become the object of the most attention of the four pilot stocks, and it is also the earliest to propose a share reform plan.

Now that the two sides of Huaxia Automobile have reached an impasse, the China Securities Regulatory Commission has stated that it will not intervene in the negotiation game as a third-party referee, so the most suitable person to break the current situation is Han Hao, the representative of the major shareholder.

"Blind confrontation can only lead to a lose-lose situation, when the ship sinks, no one can run, we all have to play the spirit of helping each other to face the test of wind and waves together.

As a major shareholder, I would be happy to talk to the shareholders of the outstanding shares, listen to your opinions, and work together to find a pragmatic and win-win solution. ”

Han Hao, who returned from vacation, made new remarks on behalf of Yoon Kyung-hoon, indicating that he would continue to dialogue with shareholders of outstanding shares.

This gave both sides a step down, at least the previous tension between the two sides was greatly eased.

"The richest man is much more personable than that 'Yin Junzi', at least he dares to admit his shortcomings. You know, without us, the small shareholders, their big shareholders are nothing. ”

Shareholders gave Yin Qingxun a nickname, which is homophonic with addicts, and more refers to him as a hypocrite like Yue Buqun.

The harder you are scolded by your opponent, the heavier you are. In the tongue battle group of Confucianism, Yin Qingxun did not fall behind at all, making him famous for a while.

"Anyway, we were not satisfied with the original plan, and we hastily decided without listening to our voice, and the new plan must incorporate our voices. ”

......

It can be said that the blind quarrel has annoyed many people, and retail investors have begun to pay attention to the new plan.

After playing the role of the villain, it was finally Han Hao's turn to appear, so that Yin Qingxun could finally walk out of the line of fire with injuries.

"Tsk, if it weren't for my strong psychology, I guess I would have been drowned by the saliva of the shareholders. Now it's your turn to take the stage and perform well, after my bargaining, I guess they don't dare to open their appetite and ask too much. Give a little sweetness, and maybe you can make a deal. ”

Thanks to Yin Qingxun's dedication, Han Hao began to put on the battle in person.

Why should we vigorously support the share reform, in addition to cooperating with the national strategy, there is also an important factor that Han Hao hopes to build Huaxia Automobile into a larger financing platform.

R&D and mergers and acquisitions require a steady stream of large capital investment, and it is far from enough to rely on the profits accumulated by the enterprise itself, and it is necessary to raise funds through a variety of channels.

Ganggang has acquired ZF's CVT business in a large amount of money, and has also made overseas investments in Russia, India and Iran, and its own research and development of new models, various new projects of the research institute and the construction of new factories require an unusually large amount of capital investment. Coupled with the recent acquisitions of the bus and truck businesses, these areas require new investment of real money.

Now it is enough to support the rapid development of Zhonghua Group, because of the use of high leverage strategy in financial policy, the debt ratio of the entire group has exceeded 80% (ranking first among domestic automobile companies), and once it encounters economic ups and downs in the future, it may cause the capital chain to break.

Although Han Hao is known as the richest man with 80 billion yuan, he can't take out so many assets, and a lot of money has to rely on bank loans, issuing corporate bonds, and listing to raise funds.

A simple example is that although Han Hao has a huge amount of shares in Huaxia Automobile, these shares are deliberately depriced when they are pledged to the bank, because they are not equivalent shares that can be circulated. In the long run, once the shares are fully circulated, the stocks under his name will have more room for movement. Even if Han Hao doesn't want to reduce his holdings, at least there are channels for realization.

In order to show his sincerity, Han Hao personally came to Hujiang City, China's financial center, and met and communicated with many institutional investors, solicited opinions on the spot and answered their questions, which achieved very good results.

The institution hoped that Han Hao, as a major shareholder, could make further concessions on the original plan, and at the same time put forward a proposal of 10 free 6 plus cash compensation, which was of course rejected by Han Hao.

Excessive bids are just a façade, and the ultimate goal is to achieve the true intention.

In the confrontation with the institutions, Han Hao also gradually touched their bottom line, that is, to increase the income by 15% on the original compensation.

The new scheme of "10 free 4 to 15 yuan cash" has been basically recognized by most institutional investors.

In fact, Yin Qingxun has long calculated that as long as most of the institutional investors support it, plus some retail investors, the goal of two-thirds of the outstanding shares can be achieved.

Therefore, the key target of this share reform is institutional investors.

Make the plate bigger first, and when the plate is bigger, the income will naturally be higher. The full circulation of equity division is a future-oriented measure for the stock market.

Institutional investors are securities, funds, etc., and they think about the problem more long-term than retail investors.

When the new plan of "10 get 4 out of 15 yuan cash" came out, shareholders reacted differently. Some say it was sold by institutions and major shareholders, while others say that the new plan has made a lot of concessions and enough.

To win the support of retail investors, we also need to fight a battle of public opinion.

On the three major portals, there is a special page dedicated to discussing the reform of equity division, on which the news of Huaxia Automobile's share reform will be announced every day, of which positive news dominates.

Other company executives, including Han Hao himself, went to other big cities where small and medium-sized shareholders are concentrated to conduct roadshows and communication, and finally implemented the new plan.

In order to convince retail investors of their sincerity, Han Hao also promised to increase his outstanding shares in the company at 15% of his total monthly salary for 12 consecutive months from the implementation date of the share division reform plan.

"This is already the biggest concession I can make, and if the plan is rejected, then we will only face an even more uncertain future, and it is likely to usher in a lose-lose situation!"

Han Hao showed that his bottom line was like this, and he would never back down again.

Against this backdrop, most institutions and retail investors have agreed in principle to the new scheme, and after many rounds of bargaining, they have gained enough benefits.

"In the short term I'm a bit of a loser, but in the long term I'm the biggest winner. ”

Han Hao firmly believes that Huaxia Automobile's stock will continue to rise, and his current loss-making assets will be doubled in the future.

On May 28, the day of voting on the share reform finally came, as a temporary general meeting of shareholders, attracting many institutional investors and retail investors to attend the scene.

More than 50 mainstream media and foreign news agencies across the country sent reporters to the scene, and the number of participants exceeded 600, and even the China Securities Regulatory Commission also sent high-level officials to the scene.

Today, Tsinghua Tongfang and Huaxia Automobile voted on the plan together, but the scene was not the same, and the number of people there was less than 200.

First, because the plan given by Tsinghua Tongfang is considered by the market to lack sincerity and is likely to be rejected, and the second is that Huaxia Automobile has always been a pioneer in share reform, especially involving the richest man Han Hao, and it is expected that the plan will be successfully passed.

After on-site voting and online voting, shareholders and media reporters participated in witnessing the historic scene of China's stock market.

Huaxia Automobile's share reform was successfully passed with a approval rate of 95.33%, marking the successful first shot of China's equity division reform.

In contrast, Tsinghua Tongfang only achieved 61.97% of the support rate, which was rejected without reaching two-thirds of the standard, which further sets off the difference of Huaxia Automobile.

It is said that the results of Tsinghua Tongfang came out first, and the news of the failure made the CSRC building silent. It wasn't until the good news of the adoption of Huaxia Automobile's plan came out that the whole building erupted in cheers. The red phone on the desk of the chairman of the China Securities Regulatory Commission also rang on the same day, conveying the concern and congratulations of the central leaders on the share reform.

After this campaign, Huaxia Automobile opened the ice-breaking maiden voyage of China's equity division reform, known as "China's first share reform", this institutional change brought China's stock market into the era of full circulation, and forever recorded in the history of China's capital market. It pioneered the "Huaxia model" of "sending shares + sending cash", which was widely adopted by latecomers in the share reform and was once known as the "vane of the share reform".

On the first trading day after the successful share reform, Huaxia Automobile ushered in the daily limit, and many new shareholders began to buy the stock of "China's first share reform". China's stock market has also begun to emerge from the bear market and ushered in a new wave of bull market baptism.

Han Hao's position as a representative of Chinese entrepreneur leaders in the new era is unshakable.