Why is Xia Yu so anxious to acquire Chunhui Electronics?

There are dozens of large and small companies facing bankruptcy in Nanyue Province, and there are not many companies that are more famous and larger, but Chunhui Electronics is indeed the most suitable for Polestar at the moment - in addition to Xu Jiahui's own production and management ability, which Xia Yu values and needs the most, his character also reassures Xia Yu.

Moreover, Chunhui Electronics was also a player who made products with heart before, and they even spent more than two months opening the mold by themselves, and they also have a design engineer with quite good technology!

But thinking of the plan he had already pondered, Xia Yu said again: "Uncle Xu, you don't need to say it, I know everything about Chunhui Electronics." Your old partner, Mr. Fan Pingze, is also a big name in the field of industrial design, so I will rush you two, Chunhui and I will also decide!"

Xia Yu didn't give him a chance to answer, and continued: "So this price is not a problem, but I am just preparing to carry out a shareholding reform on Polestar, and I will also officially act as the promoter of the new company, are you willing to participate in Polestar?"

Polestar Electronics originally registered a limited liability company, which was relatively simple, with relatively simple management and financial freedom, and there were only two shareholders, him and Xia Mingde.

But this model is not suitable for the long-term development of Polestar Electronics, so he has long thought of carrying out a shareholding transformation and turning Polestar Electronics into a joint stock company.

As Xiao Wenjing said, because of the increase in the number of shareholders, the company's finance and management will be formalized, and it will not be so convenient for Xia Yu to "raise money".

Xu Jiahui was stunned for a moment, and hurriedly said: "Oh, of course I do, but Polestar's MP3 is so popular that it doesn't need to introduce investment from external shareholders, right?"

Xia Yu didn't hide it from him, and said slowly: "Because I want to make Polestar Electronics develop healthier and longer-term! In fact, there are no external shareholders in this restructuring, but I want to take out some of my own shares and give them to the company's senior management team, and at the same time set up an option pool." ”

These words were unhurried, and there was not much fierce tone, but Xu Jiahui was thrilled when he heard it!

Is this young man really only 17 years old?

The atmosphere of the conversation that followed was much more relaxed.

Xia Yu listened carefully to Xu Jiahui's introduction to Chunhui Electronics' current assets, studied the balance sheet and cash flow statement for a while, and basically confirmed that there were no major omissions, and began to formally discuss the acquisition conditions of Polestar for Chunhui.

First of all, the bank's 2 million loan is about to expire, and the interest has been increasing, which must be repaid in cash first; then the original four partners are now withdrawing except for Lao Fan, which is more than 1.6 million, and all the shares are empty; plus the 500,000 borrowed not long ago, the cash that Polestar wants to take out will be 4.1 million, that is, all of Chunhui's debts.

Or according to Xu Jiahui's simple algorithm, Chunhui's total assets are about 6 million, debts are 4.1 million, and the company's net value is 1.9 million.

Of course, no one would think about buying Chunhui for 2 million, and the price of the new abrasive cutting machine and injection molding machine is very expensive, and the design team led by Fan Pingze is also very valuable, at least there must be a normal premium.

Xia Yu's plan is that Polestar Electronics will take out 3 million cash, plus some of the assets and inventory processed to repay the debt, and after determining the valuation of Polestar Electronics' shares, Xu Jiahui and Fan Pingze will be directly allocated-guaranteed that the direct value of the shares will not be less than 500,000, and it may be increased in the future.

This price is quite kind, the premium is nearly twice as much, Xu Jiahui didn't say anything, and responded on the spot.

"I still have to tell Lao Fan about this, that guy is more stubborn than me!" After talking about business, Xu Jiahui's heart knot also opened a lot, Chunhui is already in the past, since he wants to open it, he must let it go.

"Of course, there are two days before Polestar's share reform. Uncle Xu, welcome to Polestar!"

"Hmm!"

……

Xia Yu did not delay, after Xiao Wenjing made the first draft of the shareholding reform charter, she quickly pulled her and Xia Mingde to discuss it together, and preliminarily finalized the implementation rules for an extremely important step in the development history of Polestar Electronics.

Two days ago, Xiao Wenjing hired a high-level third-party accounting firm to sign a long-term contract, and the first service was to help audit and evaluate the assets of Polestar Electronics and make a preliminary valuation.

Because of the small number of shareholders, Polestar's finances are very simple, and the cash flow is surprisingly good, with zero debt and a large positive inflow in a short period of time, which surprised the three auditors!

After a comprehensive audit of Polestar's core projects such as plant equipment, cash reserves, important contracts and assessment of the prospects of its main business, the final figures given made Xia Mingde sigh for a while.

112 million, which is a remarkable achievement achieved by Polestar in less than half a year since its founding!

Of course, this figure is mainly due to the more than 40 million cash reserves on Polestar's electronic account, even if most of it is margin, but the immeasurable accounts receivable in the next six months are also a huge proportion, and the other parts are not too much.

In fact, the figure of the margin of 40.8 million is already the figure after Xia Yu and Xia Mingde last proposed "temporary dividends". Through Guò cashed out this time, Xia Yu got an extra nearly 10 million in cash, and Xia Mingde also had more than 4 million.

But that's not all Polestar is worth!

In terms of brand value, the leading auditor also gave a high valuation of 39 million. This is also the reason why Polestar Electronics was founded too short and the trademark is not fully understood.

"That is to say, now Polestar can be worth more than 140 million?" Xia Mingde looked at the audit report, still a little incredulous.

Xiao Wenjing nodded: "This is what they assessed, and it can't be completely counted, but it's about the same." If someone really wants to buy shares or acquisitions, the price is only high, not low!"

"This assessment is still a bit premium, and the expectation for the next half a year is much higher than the industry average", Xia Yu took over the conversation, but immediately changed the conversation, "But we are confident that we will do even higher than this!"

"Look at you so proud! Hurry up and tell me your plan!" Xiao Wenjing glared at him and said, she was used to the fact that Xia Yu would definitely have a plan before making a decision.

Be prepared and have no trouble, this is indeed the work habit that Xia Yu has always cultivated, and he did not hesitate to say directly: "This restructuring, just follow this."

I'm going to give 3% of Polestar's equity directly to the executives, and set up a 7% option pool, which is also reserved for the current and future core executives, and this part of the shares will be directly from my share. ”

When Xia Mingde heard this, he immediately said: "Don't, let's get out of my share! I can't play much role in Polestar, it's enough to eat some dividends." ”

"Don't, uncle, I want to cash out the shares, because I am also short of money", Xia Yu glanced at Xiao Wenjing and said resolutely: "Just calculate it according to this official valuation, and the next professional matters will be handed over to Mr. Xiao." ”

"Don't worry, I'll give it to you as soon as I go to work tomorrow!" This little thing is really not difficult for Xiao Xueba.

……

The Polaris K2 has been on the market for a week, and although it has been sniped by major manufacturers, the total sales still exceed 30,000 units, and the daily sales volume is stable at around 4,000 units.

Among them, the most popular is, of course, the 599 yuan 258MB version, but because of word of mouth, the 899 yuan 512MB version and the 1199 yuan 1GB large-capacity version are also not bad, with sales accounting for 19% and 12% respectively.

This also makes Polestar's payment more rapid and timely, and it also makes the whole company excited.

The next day, the new Polestar Electronics top management meeting was held on time.

Because of the personal notice received from Xia Yu, including Yang Chunsheng and Song Xiaogang of the R&D department, Zhang Kui and Ma Dongsheng who were staring at the front line, plus Xiao Wenjing, financial director, Li Xueqin, senior manager of personnel, Li De, purchasing director, Luo Dong and Zheng Wei of the marketing department, and Liu Mingsheng, vice president of operations, and other ten generals gathered rarely.

Coupled with the two shareholders Xia Yu and Xia Mingde, who are not yet in place, this is all the elites of Polestar in the early days.

Liu Mingsheng, the president of operations, made a report, and added a sentence after speaking: "Mr. Xia, isn't it time to give out awards again!"

It was a joke with a lively atmosphere, but who knew that Xia Yu suddenly stood up and walked to the front and said, "Yes! Today, I will give out awards to a group of Polestar's heroes! ”

Xiao Wenjing personally stepped forward to replace the PPT, and then everyone in the conference room had a shocked look on their faces!

Polestar Electronics, which is thriving and has unlimited prospects, actually took the initiative to change to a joint-stock system and automatically sold 10% of the equity? They couldn't help but look at each other.

At this time, Xiao Wenjing had already turned to the company's valuation, 141 million, which did not exceed the expectations of those who were interested.

Then the screen changed to an executive incentive plan, and the entire conference room suddenly fell silent.

After soliciting everyone's opinions, Xia Yu did not continue to discuss the details with them, and directly announced that the 3% existing equity award was directly divided from him, which belonged to the transfer interest, and the value of this part is currently equivalent to 4.23 million yuan, and it will definitely increase in the future;

At the same time, an additional 7% option pool was also officially established, and the specific distribution plan was also announced on the spot.

This time, the equity was officially distributed to the senior management of Polestar Electronics, Xia Yu felt much more stable in his heart, and also made him look forward to some new directions.

MP3 is a way to make money, accumulate talent and industrial base, but it is not a long-term solution. And it's not enough before the smartphone era!

On the other hand, the Internet entrepreneurship tide is gold, and he doesn't want to miss it!

After the specific distribution plan was announced, Xia Yu gave them the opportunity to give their opinions, but everyone was basically satisfied.

Is this a benefit, or a high-end benefit that is unimaginable for private companies, what else can you not be satisfied with?

Speaking of which, until ten years later, this model was also popular in high-tech companies such as the Internet, because talent is too important and is still rare in traditional industries.

Xia Yu then officially announced the upcoming acquisition of Chunhui Electronics, and the upcoming launch of a new round of large-scale recruitment to set up the legal department and the design department, so that everyone actively spoke and discussed.

Finally, two personnel decisions were announced:

Xiao Wenjing was officially promoted from the director of the finance department to the vice president of finance of the company. It's another overdrive since she was promoted to director a month ago, but the ability is there for everyone to disagree.

The other is that Xia Yu himself, officially changed from a temporary "deputy general manager" to president, nominally officially taking over all the affairs of Polestar Electronics.

This is what everyone raises their hands in favor of, and everyone now has to admire Xia Yu.

The entire meeting lasted nearly two hours, which is rare at Polestar, which celebrates efficiency.

At the end of the meeting, leaving the executives with mixed tastes in their hearts, Xia Yu returned to his office first, and looked out through the entire floor-to-ceiling window on the south side, and many views were in his eyes. But because he didn't stand tall enough and didn't have good eyesight, he was only the tip of the iceberg.

There's a bigger world to break into!

Xia Yu's mood suddenly felt much more open. It's been four months since he was reborn, and he finally got his wish and earned his first pot of gold, so he can try more options.

"Yo, my saint boss, what do you feel!" Xiao Wenjing pushed the door in to deliver materials, and looked at Xia Yu's appearance and quipped: "I haven't seen how noble you are, don't be self-absorbed!"

"I didn't say it, it's not how noble I am, but to put it bluntly, I'm still lazy to make everyone work harder, but I also hope that Polestar's development will be smoother, and everyone will have a better time with me. ”

"Is this the official version of 'eating meat with Mr. Xia'?"

"Ah, sort of!"

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