When everyone doesn't even bother to scold something, it means that it has fallen to the bottom. The most vivid example is Chinese football, which has been on a bad journey every year since it reached the World Cup in 2002.

Now in the list that Chinese people don't even disdain to scold the street, the term stock has been added. Seeing that the Shanghai Composite Index fell below 1,000 points, accounts with zero returns have outperformed more than 90% of shareholders. With the rapid growth of China's economy, the real money invested by shareholders has shown negative growth.

As a result, a vigorous stock market reform kicked off, and the equity division reform that had been planned for many years took the stage.

Since the birth of China's stock market, there have been tradable and non-tradable shares. In order to ensure the dominance of state-owned shares in enterprises and to prevent the loss of state-owned assets, a considerable number of enterprises that landed on the stock market were non-tradable state-owned shares and corporate shares. This regulation has continued until now, resulting in the congenital deficiency of China's stock market and the unsatisfactory development of the acquired market.

As of February 2005, there were less than 1,400 listed companies in China, with a total market value of 3.82 trillion yuan, of which the market value of the circulating stock market was 1.2 trillion yuan. This shows that nearly 70% of the stocks in China's stock market are non-tradable, which is paper wealth that can be seen but cannot be grasped.

"Different prices and different rights for the same shares!"

How can the remaining 30% of the non-tradable shares of a company reflect the true value of the company if the non-tradable shares account for more than 70% of the shares?

Therefore, there are endless calls for large-scale surgery on China's stock market to achieve the era of full circulation. In 2005, shareholders with 70 million accounts became more and more indifferent to the stock market, so the resistance to reform was minimized at this time, and the long-planned reform of equity division was implemented at the opportunity.

Why can a private enterprise like Delong repeatedly gain control of a local state-owned enterprise at a low price? It has a lot to do with the fact that the state-owned shares in the hands of the local government are not tradable.

In addition to the general background of the country's withdrawal and democratic advancement, there is also the fact that the state-owned shares held by local governments have not been able to be realized, and many governments have sold these shares to private enterprises at a discount under financial pressure and the reform of state-owned enterprises.

What is the real price of state-owned enterprises? The existing stock price is only a reference, and the purchase price of state-owned shares by enterprises that attract investment is much lower than the market price, which actually results in the loss of state-owned assets to a certain extent.

Whether it is Huaxia Automobile, which is listed on the A-share market, or Zhongxia Automobile, which is listed on the H-share market, more than 95% of the shares held by Han Hao are non-realizable non-tradable shares.

Among the 180 million shares circulating in Huaxia Automobile at the time of listing, only 15% of the company's circulation was accounted for, and the rest were the corporate shares of Han Hao, as well as the state-owned shares of the Haizhou Municipal Government, as well as the original shares of some strategic investors.

The stock price at the time of listing was 5 yuan/share, and after additional issuance, share gifts, and a series of turbulent declines in the stock market, it still remained at a high level of 38 yuan/share, which belongs to one of the blue-chip corps in the A-share market.

As one of the new leaders in the automotive industry, Huaxia Automobile has been vigorously sought after by funds, brokerages and retail investors, ranking seventh in A-shares with a total market value of 45.2 billion. Before it, it was all state-owned Chinese enterprises, especially Sinopec 378 billion, Huaneng 87.5 billion, and Baosteel 75 billion ranked among the top three.

Compared with 2004, the total market value of the Shanghai Index has fallen a lot after breaking 1,000 points, and last year Sinopec was still 450 billion yuan, and now it has fallen to 370 billion yuan.

Huaxia Automobile's performance last year was good, with its market value falling by less than 15%, and it still maintained a scale of 45 billion.

On the other hand, SAIC, another boss in the automobile industry, maintained its share price at 38 billion last year, because the profit was cut by more than half in 2004, and the stock price fell below 20 billion, and now it is only more than 19.6 billion.

China's reform and opening up is crossing the river by feeling the stones, and now the reform of equity division that is related to hundreds of millions of assets must also be piloted first. From more than 1,300 listed companies, we have to select companies that are enough to start the first shot as a model, and there are relatively strict high standards for enterprises.

"1. Leading enterprises in related industries; 2. Good profitability; 3. No investigation by the China Securities Regulatory Commission; 4. Major shareholders are willing to cooperate with the reform and will not give up their controlling position; 5. Try to choose companies with different ownership systems as representatives of various fields of the stock market. ”

The senior management of the China Securities Regulatory Commission gave the above five conditions, requiring the selection of four representatives who meet the requirements among the listed companies in the country as pilot first.

The success of the equity division reform of these four listed companies will play a positive incentive role for the remaining more than 1,300 enterprises.

When the China Securities Regulatory Commission privately sent someone to contact him, Han Hao did not expect that Huaxia Automobile would become their most optimistic pilot company.

"Your company's equity is relatively concentrated, and it delivered its best results ever last year, and it has always had a good image in the stock market and is trusted by institutional and retail investors. Moreover, as a private company, your decision-making process is relatively simple, and you are still a leading stock in the automotive industry, so you are the most suitable as a pilot representative of private enterprises. ”

A vice chairman of the China Securities Regulatory Commission said this during a meeting with Han Hao.

When the CSRC discussed who was the most suitable first choice among the representatives of private enterprises, many people voted for Huaxia Automobile. Some people even said that it is necessary to let Huaxia Automobile act as the first person in the entire equity division and fire the first shot of the great cause of reform.

Being able to dispatch a big man like the vice chairman of the China Securities Regulatory Commission to visit him in person can be regarded as giving Han Hao a very big face.

Shooting a bird in the head is a common rule in China.

Share reform is such a major event related to everyone's vital interests, and the requirements of shareholders must be very high, and the slightest carelessness will have a great impact on the company's stock price and even corporate image.

In particular, the shareholders of tradable shares believe that the non-tradable shares of the major shareholders did not purchase the shares in the market in cash at the time of listing, but acquired the shares and controlling interests at a capital valuation lower than the real market price, so they believe that they have suffered losses and need to be fairly compensated in the case of the share division reform.

The China Securities Regulatory Commission (CSRC) has only issued guidance on the division of shares, stipulating that the share reform plan must be approved by two-thirds of the shareholders of the outstanding shares and two-thirds of all shareholders.

In this way, the shareholders of tradable shares, that is, small and medium-sized shareholders, have the confidence to argue with the major shareholders, and once the two sides do not agree with the compensation of the major shareholders, the small and medium-sized shareholders will veto the share reform plan.

The compensation plan is to let the major shareholders of non-tradable shares take out real money to compensate the small and medium-sized shareholders of tradable shares, which can actually be said to be the major shareholders cutting meat to small and medium-sized shareholders.

The first requirement for the success of the share reform is to persuade two-thirds of all shareholders to agree, and Han Hao's ownership of more than 60% of the company's shares, coupled with the concerted action of the Haizhou municipal government, satisfies the first requirement. But it is not a simple matter to obtain the consent of two-thirds of the outstanding shareholders.

The shareholders of outstanding shares include funds, brokers, private equity, individuals, etc., and it is a great headache to obtain the consent of more than two-thirds of the people.

"Mr. Han, the division of equity is a major event related to the country's capital and beneficial to the country and the people. In the face of this intractable problem left over from history, against the background of no experience at home and abroad for reference, we must show the courage of the times to carry out reform.

I've been scolded in the media more these days than I've ever eaten in my life, but there is no turning back when I start working, and someone has to come out and do things as a villain. I sponsored your Huaxia Automobile in front of the chief, if I can't convince you to agree, I have no choice but to resign. ”

If the vice chairman of the China Securities Regulatory Commission, who is known as the "regulatory butcher" of the CSRC, can say such a thing, it can be seen that he has already put his head on this reform and has the determination to become a benevolent person if he does not succeed.

In the context of no reference conditions and to ensure the approval of the plan, Han Hao can foresee that once he agrees to the pilot, he will pay a higher price as a major shareholder than the enterprises that later piloted.

For example, if a latecomer only needs 100 million yuan to settle the negotiation, then at least 10 million yuan contributed by the China Group will be paid free of charge.

In fact, on the eve of this meeting, Han Hao just received a call from his mentor Hu Yiming from the capital.

"The reform of equity division is the first time in the history of China to promote the reform in a democratic and market-oriented way, if Xiaogang Village triggered a new round of land revolution in China with a large package, and stabilized the countryside for reform and opening up, then this equity division is the beginning of a new major change in China's capital market, which plays a vital role in the country's urbanization.

Once you can participate in this share reform and be the first to succeed, you will become a new Xiaogang village in China's capital market!"

For Hu Yiming to say such a thing, as a suggestion given by one of the government's senior staff, Han Hao certainly understands what he should do.

"The responsibility of the state is greater than the profit of the enterprise. Since everyone is unanimously optimistic about Huaxia Automobile, then it is up to me to be the first person to eat crabs!"

Han Hao's answer not only made Hu Yiming nod, but also satisfied the senior officials of the China Securities Regulatory Commission who came to lobby.

As the richest man in China, Han Hao can take the initiative to take the lead in assuming social responsibility, which is an extraordinary first shot for the entire equity division reform.

At 3 p.m. on April 30, the first batch of four pilot companies for share reform was announced, which immediately caused a heated discussion across the country.

Baosteel, Tsinghua Tongfang, Huaxia Automobile, and Zijiang Technology represent enterprises with different ownership systems in the domestic stock market, and in turn represent central enterprises, local state-owned enterprises, private enterprises, and Sino-foreign joint ventures, and belong to the representatives specially selected by the China Securities Regulatory Commission.

"As long as one of these four companies succeeds through the share reform plan, it is the biggest victory!"

Although four representative companies were launched, the CSRC did not dare to be overly optimistic about the market's feedback.

In the morning, he just took the Hunan torch into his arms through the auction, and in the afternoon, he ushered in the title of the pilot of the equity division reform.

"I will never give up the controlling stake in Zhonghua Group in my lifetime, and I have no intention of transferring my equity to Huaxia Automobile or other listed companies. Therefore, the reform of equity division is more symbolic than practical to me, and the sell-off that everyone is worried about will not exist at all.

At the very least, I personally will not sell a penny of my shares in the next 24 months, and will work to convince other major shareholders to follow my lead and ensure the best interests of outstanding shareholders. ”

As soon as the news of the equity split pilot was announced, many media came to the door, and Han Hao, who was specially prepared, convened them to hold the first press conference. I hope that through the microphone of the media, my words will be transmitted to the ears of large, medium and small shareholders of Huaxia Automobile all over the country.

Lay a solid foundation for Huaxia Automobile's equity division plan, because for Han Hao, this reform can only succeed, not fail!