"The share reform is definitely going to be changed, but it is not a good thing for us to start with Huaxia Automobile. Consumers have lost so much money in the stock market over the years that we will become the enemy of all outstanding shareholders, and they will not be satisfied even if they offer high compensation.

In particular, in order to ensure the success of the share reform, we will be at a disadvantage in the dialogue with small and medium-sized shareholders. In order to fight with major shareholders, the first batch of 4 pilots is likely to usher in a desperate counterattack by small and medium-sized shareholders. The more fierce the trouble, the bigger the chips in their hands in the future.

In my opinion, the third batch of pilots is the most opportune time, when both sides will lose their idealism and become more realistic and conducive to bargaining for an agreement. ”

As the financial officer of Zhonghua Group, Yin Qingxun strongly opposed Han Hao's decision to accept the first share of the share reform pilot.

According to the current development of Zhonghua Group, taking the lead in share reform is not necessarily a good thing for Huaxia Automobile, but it will cause sharp fluctuations in stock prices, and there is also the dilemma of burning yourself with public anger.

"Somebody has to be the first to take this step, and even if it fails, it doesn't matter to me personally. In the long run, China's stock market will definitely rise along with the economy, and the immediate gains and losses are not worth thinking too much about.

Moreover, I believe that the small and medium-sized shareholders of Huaxia Automobile are still reasonable people. ”

From the moment he accepted the task, Han Hao had prepared for the worst in his heart, he felt that the game between the two sides would definitely not be a win-win situation, and in order to form a win-win situation, they had to make concessions.

Based on the total share capital of Huaxia Automobile on April 30, 2005 of 1.23 billion shares (30 million shares have been issued in the middle of a private placement), according to the plan proposed by the underwriters CICC and Minsheng Securities, the shareholders of non-tradable shares will compensate the shareholders of tradable shares with the plan of "10 free 3 distributions of 12 yuan in cash". Based on 180 million outstanding shares, Han Hao and other major shareholders have to pay more than 54 million shares and 216 million cash compensation, and further reduce their shareholding ratio.

According to Han Hao's current 61.2% stake in the company, after 10 to 3, it will drop to 56.8%, with a total market value of more than 4.4% and more than 2 billion assets, and nearly 150 million cash compensation.

As a rough calculation, all outstanding shareholders will receive compensation income of more than 35% of the market value of their shares.

I thought that such a large profit plan would make small and medium-sized shareholders excited, but I didn't expect that as soon as the news was announced, it ushered in a wave of complaints and protests.

They believe that the major shareholders of the small and medium-sized shareholders of the tradable shares are not enough to give profits, the major shareholders held the Huaxia Automobile shares at a cost of less than 5 yuan per share, and now the high level of 36 yuan per share is the price raised by the majority of shareholders of tradable shares with real money. The book reaps more than 7 times the dividend, and the major shareholders should compensate more in order to calm the grievances of small and medium-sized shareholders.

"The richest man with a net worth of more than 80 billion, but he only wants to take out more than 2 billion assets as money to buy roads. Once Huaxia Automobile is fully circulated, he can easily cash out tens of billions of assets, and it would be a fool to agree to this plan. I was sold and paid for the money!"

"After weighted calculation, the cost of holding shares of tradable shareholders is basically more than 16 yuan, compared with less than 5 yuan for non-tradable shareholders, there is a huge cost gap. If we want us to agree to the share reform plan, we must make the shareholding costs of both sides equal and stand on the same starting line, otherwise it will be naked exploitation!"

"This plan was introduced without soliciting the consent of our shareholders of tradable shares, which is a plan of oppression by force, and contradicts the guidance of the China Securities Regulatory Commission. ”

......

Sure enough, as soon as Huaxia Automobile's share reform plan was announced, it attracted attacks from all sides. The dissatisfaction of the shareholders of the entire tradable shares was poured on Huaxia Automobile.

With the rising market of Huaxia Automobile in A-shares in recent years, as well as a large dividend once every three years, as long as the long-term holders of tradable shares are basically profitable.

Among the outstanding shares, the top 25 ranks are all institutional investors, which is enough to show that Huaxia Automobile's performance is excellent.

Even if the shareholding cost of small and medium-sized shareholders is calculated at 16 yuan, the existing stock price of 36 yuan has more than doubled.

Han Hao can be regarded as having realized what the vice chairman of the China Securities Regulatory Commission said about the scolding that shook the sky, he was like a mascot who served as a blood sacrifice before the share reform, and was greeted by the majority of shareholders hundreds of millions of times for the whole family.

Reform is the redistribution of interests, and if we are not willing to back down, the whole situation will get out of control and reach a stalemate. If you want to enjoy the benefits but are not willing to sacrifice, there is no such good panacea in the world.

"When you've lost half of your assets in the stock market, and now you finally have the opportunity to voice your dissatisfaction, any emotional catharsis is understandable. The reason why the CSRC chose to announce the plan on the eve of May Day is to give everyone a buffer period during the holiday. If the stock market opens today, it is estimated that it will be the rhythm of the fall limit again.

Shareholders of tradable shares are most afraid that once the ban is lifted, the major shareholders of non-tradable shares will begin to sell their shares and smash the market, after all, the impulse to arbitrage millions of dollars is an instinct that no rational person can suppress.

The butt is different, and the focus of the immediate focus is also different. The major shareholders feel that they have worked hard to develop the enterprise, and finally ushered in the moment of arbitrage returns, but they have to be picked up by small and medium-sized shareholders, and the compensation given is enough. It is really unfair for small and medium-sized shareholders to think that the stock price is raised with their own money, and the major shareholders sit and reap the benefits of the fisherman without doing anything stupid.

The reason why the stock market reform has not been changed for so many years is because the congenital defects need to be made up by latecomers, and everyone is not satisfied!

You are the only one who is willing to do such a thankless job. ”

As an old man in the capital market, Yin Qingxun's evaluation of the share reform is to the point.

"In order to ensure the success of the share reform pilot, it seems that I will have to continue to be a good person to convince other major shareholders to raise the compensation plan so that the minority shareholders will agree to our new plan. ”

was originally prepared, but from a people's entrepreneur to being scolded as an indefatigable "Han Peel", this made Han Hao feel very uncomfortable.

The previous plan of 10 to increase 3 shares is not too problematic, but the need to send 12 yuan in cash has met with the opposition of many major shareholders, after all, this has to take out real money from their own pockets to subsidize small and medium-sized shareholders. In particular, the second largest shareholder, the Haizhou Municipal Government, did not agree to this plan, and the dividend money had already been spent on the government financing platform, and now it is very difficult to embezzle it to make up for it, or Han Hao took a lot of words to make the other party reluctantly agree. If the compensation package continues to be raised, the Haizhou municipal government may take the lead in opposing it.

"No, if we propose changes now, it will further boost the appetite of small and medium-sized shareholders. Even if we want to compensate, we will have to wait until our war of words is over. The role of the bad guy is up to me, competing with the small and medium-sized shareholders who want the lion to open their mouths. This time we exposed our hole cards too early and were too eager.

Seeing that you're in a bad mood, find a place to take a break and clean up after the holidays. ”

Yin Qingxun rejected Han Hao's opinion, and he decided to personally stand on the platform to fight with small and medium-sized shareholders.

As the financial officer hidden behind the scenes of the Chunghwa Group, Yin Qingxun is not known to the public, but this time he became famous and was known.

"Minority shareholders should put themselves in the right position and get rid of irrational emotions. Now the relationship between major shareholders and small and medium-sized shareholders is like a couple in the same bed with different dreams, if no one is willing to give in and divorce is the inevitable outcome, and it is the enterprise that will be hurt in the end.

I used to raise pigs in the countryside, and it was a big pig with a group of small pigs looking for food. It's like they find a bucket of pig food hanging on the wall, and if the big pig doesn't arch the bucket down, the little pigs around them won't be able to eat it. Now, after the big pig arched the food down, a group of small pigs began to make trouble, saying that the big pig was not kind, and even proposed to let the big pig go away and let the little pig eat first.

In my opinion, only when everyone works together and makes reasonable concessions to their own duties, can the big pigs and the little pigs eat pig food together. ”

Yin Qingxun's "arch pig theory" immediately attracted criticism from the majority of shareholders of circulating shares, and his views were distorted and evolved into "big pigs don't make trouble when they eat small pigs" and "the person in charge of Huaxia Automobile's share reform scolded the majority of shareholders for being pigs" and other things circulated on the Internet.

"My original intention was to make everyone look at the problem rationally and make concessions to the share reform plan, but now it is misinterpreted as such, at least it shows the tough attitude of the major shareholders. Let this fire burn as hot as possible during the seven days of the holiday, and when everyone is exhausted, Han Hao will come forward to clean up the mess. ”

Since he chose to play the role of the villain, Yoon Kyung-hoon has no intention of retreating.

He first publicly clarified his views in the media, especially the complete rejection of rumors such as comparing shareholders to pigs, and in Yoon Kyung-hoon's view, personal attacks are the most inferior means of negotiation.

"As a financial background, let's do a good calculation. In the end, after the share reform, the market value of the tradable shareholders will increase or decrease......"

"I call on small and medium-sized shareholders not to focus on the present, but to take a long-term view. Think about the stock price after full circulation really reflects the actual value of the company, which can make more stocks have investment value. ”

"Once the share reform plan is rejected and fails, it will be far away to enter the pilot again, and when the stock of Huaxia Automobile can return to its free body, it is not something we can lead. We must not give up the bright prospects of the future for the sake of small profits in the future. ”

......

During the entire May Day period, Yin Qingxun was undoubtedly the most dazzling figure, and he openly debated with the majority of shareholders in the media. The courage of at least one person against 10,000 people, the basis for the argument that is sufficient to justify itself, and the unshakability of the Huaxia Automobile share reform plan have all been clearly and thoroughly conveyed to the ears of the shareholders of each company.

At this time, people realized that Zhonghua Group could develop so rapidly, and Han Hao was assisted by capable people.

When Yin Qingxun was fighting against Confucianism, Han Hao disappeared from the public domain.