The early birds get the worms, sometimes with a quick step. Pen % fun % Pavilion www.biquge.info

Since Sitong implemented China's first MBO, many domestic companies have followed up, and Midea Group is one of the leaders.

In just one year, Midea Group completed the withdrawal of state-owned shares in January 2001, and the management successfully took over the MBO plan to realize the controlling shares.

The management led by the He family officially controls this home appliance kingdom with a market value of more than 10 billion, and they have become a family with a net worth of one billion in China.

When the country was still undecided about the new MBO, the He family successfully completed the equity exchange and obtained a controlling stake in the company.

"There is no problem in preserving and increasing the value of state-owned assets, and the management is committed to redeeming them at a high premium in the coming years. We believe that Midea's management holding will further stimulate the vitality of the enterprise and make Midea a world-class home appliance company. ”

The reason why Midea Group can move so quickly is that the local government is enlightened and decided to carry out a pilot project on the clarity of property rights of Midea Group. Second, Midea Group is a town-level collective-owned enterprise, and the controlling stake is in the hands of the local government. As long as the local government agrees, the equity transaction can proceed smoothly. If the approval power is at the central level, then the equity transfer will not be so rapid.

A local government spokesman replied to the decision to withdraw from the group's stake in the United States.

The reform of state-owned enterprises and the withdrawal of from the highly competitive consumer industry is the leading policy of the state, and now local governments can sell their shares at a high premium, which can be regarded as a safe bag in advance.

In the unlikely event that after joining the WTO, the domestic home appliance giants enter China, and the Midea Group will have operational difficulties and go bankrupt, the local government will have to bear a mess. It is better to take advantage of the current situation to achieve the decoupling of government and business, the government to focus on administrative services, and the management of professionals to run enterprises to cope with market competition.

Compared with the luck of the He family, the restructuring of Jianlibao Group, a neighbor who drinks the same river water, has reached an impasse, and although Li Jingwei has raised 450 million yuan, the district government has frozen the MBO process.

The bigwigs of the Federation of Industry and Commerce promised to endorse Li Jingwei, as long as he needed the funds to acquire Jianlibao, they would be in place immediately. However, the local government did not want to sell Jianlibao to the veterans who single-handedly founded it, because the management headed by Li Jingwei did not have a good relationship with local officials.

As long as the local officials nod, Jianlibao can replicate the fate of Midea Group, but the heavens seem to have played a joke with Li Jingwei, and he stands at the door but is not allowed to enter.

If Li Jingwei's hard stubble is successful by his MBO, Jianlibao will not belong to the enterprise that the local government can control in the future, which is an intolerable move by government officials who rely on Jianlibao to support half of the local economy.

Therefore, if a local pillar enterprise wants to move away freely, under China's current national conditions, it is almost equivalent to breaking with the local government.

As long as other companies offer the same purchase price as Li Jingwei, then the local government will decide to sell the company to the other party, that is, Jianlibao cannot be handed over to Li Jingwei, who founded it.

Local government officials reached a consensus on this, and Jianlibao would die locally.

The reason why Chinese are keen to be officials is because officials control all the power in the country.

"The county order that broke the family, and the mansion that destroyed the door" is not just a casual talk, this is the crystallization of the wisdom of ordinary people from the bloody lessons for thousands of years.

In the face of powerful local government officials, Li Jingwei can only make a positive gesture with a sigh and try to find a relationship to settle the current deadlock.

The success of Midea Group has stimulated many domestic enterprises, and Chunlan Group, which is also a home appliance giant, decided to implement corporate restructuring and adopt the MBO model to issue equity to all employees.

At this time, Chunlan Group no longer belongs to the traditional home appliance enterprises, and its diversified development first entered the field of motorcycles, and later entered the automotive industry.

Chunlan used the truck technology imported from Hino Motors to change the initial light truck strategy and enter the medium-duty truck market, because it was a blank area in the market.

"The large tonnage in the medium truck, the small tonnage in the heavy truck", Chunlan aimed at the truck market of FAW and FAW and the second automobile to launch an impact.

Returning to the restructuring plan, Chunlan's management decided to cut 25% of the collective assets of nearly 5 billion yuan, and use cash to carry out quantitative allotment of shares to the management and more than 10,000 employees at a ratio of 1:1. Such a restructuring plan does not involve the management controlling large shares, but implements the "Generalized System of Preferences".

This seems to be in line with the goal of common prosperity advocated by the state, so Chunlan started a high-profile MBO restructuring journey.

"Everyone can share in the fruits of the company's growth, and our management does not take the big share, but holds a small stake with other ordinary employees. Advocating common prosperity, all Chunlan people collectively strive for the goal of a well-off society. In the future, the company will be controlled by an employee stock ownership committee, and then the management will be elected by the general meeting of shareholders to establish a truly modern corporate system. ”

As the head of Chunlan, Tao Jianxing believes that Chunlan's MBO path is the most in line with the template of China's current enterprise restructuring.

As soon as the MBO plan came out, it was immediately supported by the whole company of Chunlan, and everyone could benefit from it.

"Become a shareholder of the company and work for yourself!"

The agitation slogan expresses the eagerness of Chunlan people to look forward to the success of the restructuring.

Tao Jianxing, together with the CEO of Changhong Group, was elected as an alternate member of the Central Committee, which is unparalleled in the business world. Having reached his personal peak in politics, he intends to make another difference in the economic sphere.

The restructuring plan of Chunlan was jointly drafted by Tao Jianxing and a number of scholars and experts, which has strong practicality and applicability. If Chunlan's experience can be successful, then Tao Jianxing will undoubtedly become the first person in the domestic business community.

The gun shot the first bird, and Chunlan's high-profile restructuring attracted national attention.

Although the direction is correct and the model is novel and seems fair, it has been singled out by many media outlets for criticism.

"Chunlan's restructuring will create thousands of millionaires, hundreds of multimillionaires and billionaires overnight. ”

This report immediately caused an uproar among the people of the whole country, whether the restructuring was for the development of enterprises or for personal selfish interests to create rich people.

Although Chunlan MBO does not have a majority of management like other companies, it is still beyond the psychological cognition of many people.

When ordinary people are still complaining about the annual salary income of less than 10,000 yuan, Chunlan Group, as a state-owned enterprise, can create millions of billionaires only through restructuring, which is a very unfair reform!

As a result, Chunlan's MBO plan was unexpected by all Chunlan people, and it was tested by national public opinion with a magnifying glass, and more ordinary people knew the meaning of the three English letters MBO.

If it is said that before Chunlan, the state still turned a blind eye to the MBO, and the local government explored it on its own. But now that Chunlan, a large state-owned enterprise group, is involved, it is not a matter of enterprise restructuring, which involves the fate of countless large state-owned enterprises.

If Chunlan succeeds, other state-owned enterprises follow suit, and enterprises in the lifeblood of the national economy, such as electric power, telecommunications, automobiles, and steel, also demand restructuring, will China's economy become the Russian oligarchic model that emerged from the economic reform of the collapse of the Soviet Union?

Whether the MBO has unleashed the vitality of the enterprise by clarifying property rights, or whether it has become a tool for the management to turn into a tool for embezzling state-owned assets, is not only debated by the media, but also between the central departments.

MBO has finally begun to take center stage in the history of Chinese enterprise development, and has become the biggest focus of China's political and business circles at the beginning of the 21st century.

Tao Jianxing originally wanted to establish the "Chunlan model" of state-owned enterprise reform, but he did not expect it to attract a storm of public opinion in the media, and even ushered in the State Council working group.

As the name suggests, state-owned enterprises are enterprises collectively owned by the whole people of the country and belong to the nominal assets of every Chinese. The role of the management is equivalent to that of the steward of the enterprise, and now the steward wants to take possession of the owner without directly exercising his authority, which has aroused the general concern of the whole society.

In the end, whether MBO can be carried out or not, and how it should be carried out in China, all parties are waiting for the central government to make a clear statement.

"Large and medium-sized state-owned enterprises are suspended from MBO pilots, especially key state-owned enterprises that are related to the lifeline of the economy, and small and medium-sized state-owned enterprises in competitive fields can carry out pilot reforms on the premise of preventing the loss of state-owned assets. In the evaluation of state-owned assets, there must be a state-owned asset management department at or above the provincial level to intervene in the issuance of an assessment report, submitted to the Ministry of Finance for the record, otherwise it will not be allowed to open this opening!"

The MBO discussion triggered by Chunlan's restructuring finally attracted the attention of the prime minister, and he convened a special meeting to set the tone for this purpose.

The notice from the State Council is like a basin of cold water to cool down the MBO boom that has risen across the country, which of course also affects Brilliance Group, which has been working hard for this purpose.

Brilliance Group, once known as the "Fourth Automobile", has been strongly supported by Liaoyang Province, and has now developed into a large domestic industrial group.

According to the prime minister, Brilliance clearly falls within the scope of companies that have suspended the MBO process, and Kim Yangyong's recent attempt to gain control of Brilliance through legal restructuring has come to naught.

Especially when negotiating with the new head of the Liaoyang provincial government, there are obvious differences between the other party and Jin Yangyong on the route of Brilliance's development.

Jin Yangyong wants to use Liaoyang as a bus base, and put the car project that is now being built at a high cost in Zhehai, although it is very suitable from an economic point of view. But in terms of politics, Kim Yangyong is suspected of misappropriating Brilliance's assets and running away.

"Comrade Yang Yong, the province has decided to build Shenjing City into the Oriental Detroit, and a series of support policies will be introduced in the future. As the industrial banner of Shenjing City and even Liaoyang Province, Brilliance must cooperate with the development strategy of the province.

In recent years, driven by Brilliance, a complete automobile supporting system has been formed in Liaoyang Province. Put the car project in Shenjing, if according to what you said, the transportation is inconvenient, and there is no port, it is inconvenient to cooperate with Rover. Then Bincheng, which also belongs to the province, has a qualified port, and Brilliance puts the car project here, and I think the local government will welcome you to settle in. ”

The acting governor of Liaoyang said this during a meeting with Jin Yangyong.

After investigation, Rover felt that the Yangtze River Delta auto parts supporting system was complete and easy to reduce procurement costs, so they advocated building a factory in Zhehai.

The geographical location of Bincheng is good, and it is indeed suitable for the development of the factory. However, due to the fact that it is a Sino-foreign joint venture project, Rover is very strong, and they hope to build a factory in Dinghai City, otherwise the cooperation between the two sides will be cancelled. We can only make suggestions, not make final decisions. ”

The new acting governor is the former secretary of Bincheng City, so if Brilliance wants to leave Shenjing City, then Bincheng is an acceptable location for him.

Jin Yangyong knew that Liaoyang Province would definitely not let him leave with the car project easily, so he decided to let the foreign Rover Motors act as the front pioneer, and he could hide behind the scenes and wait for the opportunity.

"Cooperation projects can be discussed, what conditions Dinghai gives, and what preferential conditions we can give in Bincheng. As long as we ensure that the car project stays in Liaoyang, we can discuss any conditions.

Now that the state has stopped the approval of MBO projects, you and your team have made great contributions to the development and growth of Brilliance over the years, if the car project can be successfully landed in Liaoyang, then the province will consider your share appeal as appropriate. As for whether you have a controlling stake or not, it depends on the specific situation in the future. ”

Although Brilliance is a municipal state-owned enterprise, the complex equity relationship has caused Jin Yangyong to build a maze of assets, and ordinary people cannot know its true situation.

In order to keep the car project in Liaoyang, even the acting governor, who has always been strong, made concessions. As long as Jin Yangyong cooperates with this work, the province will consider his request for equity.

Over the years, Brilliance Group has been firmly controlled by Jin Yangyong, and if it lacks his leadership, it really can't find a second suitable talent to take care of.

The earth still turns the same without Jin Yangyong, but Brilliance without Jin Yangyong may not be able to continue to operate, and the concessions of the province give him a signal that he is tied to the Brilliance Group and has the strength to play with the provincial government.

"I promise to do my best to convince the Rover side, but I can't guarantee success because the Rover side is more pure. I am also glad to hear that the province is willing to negotiate with our management team on the issue of equity, after all, in fact, Brilliance has developed from scratch so far, and we have doubled all the resources we borrowed at the beginning and returned them to the state. ”

Kim Yangyong wants a controlling stake, but now it seems that the province is not willing to do so, and only intends to give him part of the shares.

This is where the biggest disagreement between Kim Yangyong and the province lies!

Jin Yangyong thinks that Brilliance belongs to him, and he was only founded in the name of the country, but in fact, he relied on his own strength to develop and grow. For this reason, he has now agreed to redeem Brilliance with a huge amount of money, which is really benevolent.

Seeing that Brilliance is now so large-scale, the province is certainly reluctant to hand over the number one industrial enterprise in the province to others, after all, Brilliance legally belongs to the state.

Last year, Brilliance Jinbei made a profit of 1.5 billion, such a powerful cash cow, of course, Liaoyang Province was unwilling to give it away. Especially in the future, when the sedan project is listed, then Brilliance will be even more valuable.

Brilliance's management team is willing to bid 3.2 billion yuan to acquire a controlling stake, but this figure is not so attractive compared to Jinbei's annual profit of 1.5 billion.

"As long as the country needs it, I am willing to dedicate Brilliance to the country for free!"

What Kim Yangyong swore in front of the media at the beginning has now become illusory because of real interests.

In order to make the members of the management follow him to fight the pressure of the provincial government, Kim Yangyong deliberately gave them an option. As long as he gains de facto control of Brilliance in the future, the members of the management will receive a significant amount of equity.