Bao Feiyang had a stick in one hand and a carrot in the other, and quickly made Chen Limin accept the plan proposed by the district. Limin Chemical took off the red hat and became a pure joint-stock private enterprise, the district fully respected the development history of Limin Chemical, recognized the attributes of Limin Chemical's private enterprises, but as a return for Limin Chemical's use of red hat management, Huixun District State-owned Assets Company obtained 15% of Limin Chemical's shares. Chen Limin also invested in the repurchase of 5 percent of the shares of Limin Chemical, and another 10 percent of the shares belonged to the district.

As for Limin Pesticide Company, Chen Limin also accepted the statement that Limin Pesticide was developed on the basis of a pesticide factory, so the pesticide factory is still a state-owned enterprise, but it is entrusted to Limin Chemical for operation, and the business results on this basis should belong to the pesticide factory, not Limin Chemical. Of course, Limin Chemical has meritorious operation, and the district rewards 40% of the shares of Limin Chemical according to historical merits.

After the problems of Limin Chemical and Limin Pesticide were solved, some other companies that were originally plugged into Limin Chemical were minor problems, and a new plan was quickly recognized by the district and the Chen family, and the ownership of assets was redivided.

At the same time as the division of property rights, the district has also reached a set of restructuring measures with Limin Chemical, including Limin Chemical's investment in the acquisition of 20% of the shares of Limin pesticide from the district, and the equity of Limin Chemical to Limin pesticide increased to 60%, in addition to the district will transfer the remaining 30% of the equity to another private enterprise in Jiangbei Province, this company is the partner that Limin Chemical is looking for, that is, Haizhou Agrochemical, after the completion of the restructuring of Limin Chemical, Limin Pesticide will cooperate with Haizhou Agrochemical to build a new production base in Haizhou to help Limin Pesticide open the northern market。

Haizhou Agrochemical is a state-owned enterprise in Haizhou City, when Bao Feiyang was working in Haizhou, in order to build Lingang Industrial Zone, persuaded Haizhou Agrochemical to build a factory in Lingang, and through Tang Sheng's relationship, introduced the investment of a company under Dow Chemical in the United States, and became a Sino-foreign joint venture controlled by state-owned assets. In the following years, Haizhou Agrochemical accompanied the economic development of Haizhou Bay, and the operation was not bad, but Haizhou Agrochemical currently mainly produces some products with technical support provided by Dow Chemical, with relatively few product categories and relatively high product prices.

Of course, although Haizhou Agrochemical had such an idea, it had no plan to cooperate with private enterprises, and it was also under Bao Feiyang's thread that they would cooperate with Limin Pesticides, invest in Limin Pesticides, and build joint ventures at the same time.

However, Haizhou Agrochemical has the idea of expanding the category, and the Limin pesticide has to transfer production capacity, and the cooperation between the two sides can be said to be what they need, and it is also a very good combination. Haizhou Agrochemical has technology, experience, as well as Haizhou's local resources and market resources in the north, Limin pesticide has production capacity, management capacity, according to the cooperation arrangement between the two sides, in Limin pesticide, Haizhou Agrochemical as a strategic investor, in addition to the necessary supervision, will not interfere in the operation and management of Limin pesticides. On the issue of the joint venture company, Haizhou Agrochemical only has 40 percent of the shares, and the US joint venture party will participate in 10 percent of the shares, and Limin Pesticide will account for 50 percent of the shares, which is relatively dominant. Haizhou Agrochemical also promised to mainly implement investment management, and would not directly intervene in enterprise management, and would also look for opportunities for Limin pesticides to go public in the future.

In addition, Bao Feiyang also contributed to the cooperation between Limin Chemical and Fangxia New Materials, at present, Tianjiang New Materials Incubation Fund with Fangxia New Materials as the core has abundant funds and projects, Limin Chemical intends to enter the field of fine chemical new materials, Fangxia New Materials is naturally happy to see it, they have a large number of related achievements can be carried out industrial transformation, the company itself does not look down on this level of products, through cooperation, the technology is transferred, and at the same time can improve its own industrial layout, improve the layout of the industrial chain, but also in line with the development strategy of Fangxia New Materials。

Chen Limin did not buy back all the shares of Limin Chemical and Limin Pesticides, and 10 percent of the shares of Limin Chemical and Limin Pesticides belonged to the district, and according to the arrangements of the district, the Huixun District State-owned Assets Management Company held these shares as an investor.

Huixun District State-owned Assets Management Company was established in ninety-seven years, when the reform of state-owned enterprises was separated from the administration and enterprises, requiring the separation of the management and operation of state-owned assets, many places have set up state-owned assets management companies, at that time Huixun County also established Huixun District State-owned Assets Investment and Management Co., Ltd., as the main body of investment in county-owned enterprises, the board of directors of the company is composed of the heads of the district state-owned assets, finance, organization department, planning commission, statistics, working committee, agricultural committee, commercial committee and other departments.

At this time, the SASAC and the later SASAC are not the same, Pujiang City in the early and mid-nineties began to abolish the industry authorities, the competent departments into industry companies, and at the same time established the Pujiang State-owned Assets Management Committee, that is, the Municipal State-owned Assets Supervision and Administration Commission, and later the districts and counties have also established the district and county SASAC, Huixun SASAC was established earlier than the state-owned assets company. However, at this time, the SASAC is not a permanent department, but by the party committee, the government's leaders in charge, as well as the organization department, the economic commission, the planning commission, the construction committee, the finance bureau and other departments, the director of the Pujiang SASAC is concurrently served by the mayor, and the director of the SASAC of Huixun District is Bao Feiyang, the district head.

At present, the basic function of the SASAC is to hold regular or irregular meetings to make decisions on major issues in the management of state-owned assets, for example, this time Huixun District started the comprehensive restructuring of state-owned enterprises, and the SASAC held a plenary meeting, and before such a meeting was held once or twice a year, the specific work of state-owned assets management is mainly carried out through the district state-owned assets office and the state-owned assets management company. In addition, the Economic Commission, the Planning Commission, the Commerce Commission, the Foreign Economic Cooperation Commission, the Construction Commission, and the Committee of Agriculture are centrally managed, and the system is relatively complex.

This time in order to promote the restructuring of enterprises in the area, Bao Feiyang is also under the framework of the State-owned Assets Supervision and Administration Commission, the State-owned Assets Supervision and Administration Office has been expanded, and the current enterprise restructuring work is mainly carried out under the framework of the State-owned Assets Supervision and Administration Office and the State-owned Assets Company. Bao Feiyang only hopes that in the process of promoting the restructuring work, some of the experience of later generations will be applied to the work, and a set of effective systems will gradually be formed.

According to Bao Feiyang's idea, the State-owned Assets Supervision and Administration Commission of Huixun District will gradually transition into a new State-owned Assets Supervision and Administration Commission (SASAC) that will be widely implemented by the state in the future, centrally managing the state-owned assets of the district and exercising the responsibilities of investors. Comprehensive management of state-owned assets. State-owned asset management companies, on the other hand, focus on capital management, which is equivalent to an investment company.

According to Bao Feiyang's idea, the SASAC is responsible for the centralized management of the state-owned assets in the district, including state-owned holding companies such as state-owned assets management companies. The state-owned assets management company gradually changes to an investment company, such as the equity of Limin Chemical and Limin Pesticides, which is managed by the state-owned assets management company.

In contrast, the SASAC has much more authority, and it has to manage people, affairs, and assets in an all-round way, and also has the power to formulate rules and regulations, and can even flexibly undertake other matters assigned by the government.

In the future, with the weakening of the administrative supervision function of the SASAC, the role of shareholder representatives will be more prominent in the SASAC, but under the special national conditions in China, the administrative supervision function of the SASAC will not disappear in a short time, so the SASAC will also exist for a long time.

Of course, as state-owned assets continue to concentrate in important industries of the national economy and people's livelihood, the role of state-owned assets at the district level will continue to weaken, and it is possible that the state-owned assets management system at the district level may change.

The No. 2 Agricultural Machinery Factory and Limin Chemical are examples of successful restructuring and successful operation, but the situation of some enterprises is not so good. There are more than 200 state-owned enterprises in the district, and less than half of them are enterprises such as the No. 2 Agricultural Machinery Factory and Limin Chemical, and the remaining half are in difficult operating conditions, and some enterprises are even insolvent......

For these enterprises, Bao Feiyang did not rush to restructure, but asked the relevant departments to go down to conduct a detailed investigation first, discuss with the enterprise managers and employees, first clarify the situation of the enterprise, and then talk about the restructuring.

There is no doubt that these enterprises have relatively serious problems, some of which are operational problems, but there are also many problems of many people, and the Commission for Discipline Inspection has received many reports, and then found out many problems.

For those who have made achievements in operating enterprises, the district will not hesitate to reward, and can give dry shares, options, and even installment payment of funds for stock purchases, but for those moths that bring down the enterprise, Bao Feiyang also requires the discipline inspection department to investigate to the end and severely punish the relevant personnel.

Although most of these enterprises are not doing well, it is necessary to say that these enterprises are useless and have no value...... There are not many such enterprises. In fact, according to Bao Feiyang's understanding, in the future, these restructured enterprises, whether they are sold to insiders or outsiders, will develop well. Most of the individuals involved in the restructuring of enterprises have become successful business owners, and there are not many who fail because of the restructuring of enterprises, and even if they fail, it is because they have gone wrong, not because of the problems of the enterprise itself.

Among the problems found by the Commission for Discipline Inspection, some of them are very serious, and the common ones are those who use enterprises to enrich their own pockets, harming the interests of enterprises, causing the interests of enterprises to be embezzled, and the collective interests to be damaged, but fattening individuals. There have even been cases where the management of some enterprises, in order to take the enterprise as their own, deliberately put the enterprise in trouble and lose assets, so as to facilitate the acquisition of enterprise shares at a lower price......