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Although it is said that Fan Wuzhi operates in many ways. Take precautions and worry about the stability of Dad's position, but Dad Fan Heng himself didn't take this seriously.

With the help of his son, whether it is the construction of the rock, the development of the economy of Jiangnan Province, or the series of efforts made after entering the State Council, the breakthrough of state-owned enterprises in several major projects has made remarkable achievements.

Even if he doesn't show up much, he spends most of his time behind the scenes, but at a certain level, right and wrong are at ease in the hearts of the people, and he doesn't have the ambition to fight for power and profit.

On the contrary, it is the high-level career in the past few years that makes Fan Heng feel a little tired, after all, it is indeed more laborious to deal with so many things, and at the same time to face a group of subordinates who will play tricks with you at any time.

Even in this restructuring activity of property rights change, there are many annoying things.

In this property rights movement, due to the lack of institutional guarantees and norms, the property rights reform of almost all enterprises has become a huge adventure. There is often no clear line between right and wrong, legal and illegal, and the fate of entrepreneurs suddenly becomes extremely dangerous and unpredictable.

In the same year, two legends of China's dairy industry began to explore property rights in their own businesses, and the difference in their fates still makes people sigh many years later.

Among these two people, one is Zheng Junhuai of Yili, and the other is Niu Gensheng of Mengniu.

In 1983, Yili was just a Muslim food factory with an annual profit and tax of less than 50,000 yuan under the Hohhot municipal government. Under the management of Zheng Junhuai, Yili seized the development opportunity of China's pure milk market and built the largest dairy enterprise in China at that time, and by 1996, Yili became one of the earliest listed enterprises in Inner Mongolia, and its sales revenue reached 4 billion yuan this year.

As early as 1999, Zheng Junhuai tried to carry out property rights reform, and under the premise that it was impossible to directly seek the clarity of property rights, he chose the path of curve MBO like many people at that time.

He and more than 20 directors of Yili invested in the establishment of a Huashi trading company, and successively acquired the corporate shares of Yili held by some state-owned enterprises.

Once, Zheng Junhuai transferred 1.5 million yuan of Yili Company's funds to Huashi Company, used the money to buy Yili's corporate shares, and soon after, quietly returned the money.

On another occasion, for a sum of 15 million yuan of Yili shares, he instructed a dairy farm with close business dealings with Yili to borrow money from a bank for Huashi to purchase Yili's shares, and then Huashi pledged the purchased corporate shares. The loan was obtained from the bank and returned to the dairy farm, which then returned the money to the bank.

This practice of empty gloves for white wolves was almost a common MBO method in those days.

Mr. Zheng's approach seems to be going very well and seems to have been tacitly approved by the local government.

By this year, the Hohhot Municipal State-owned Assets Management Bureau transferred all the state shares held by it to the Municipal Finance Bureau, and transferred 5 million of them to the company invested by Zheng Junhuai's team for a fee.

At this time, Huashi Trading had changed its name to Qiyuan Investment, which became the second largest shareholder of Yili shares.

While Zheng Junhuai was trying to get Yili, one of his old subordinates, Niu Gensheng, chose another way.

Niu Gensheng, who is four years younger than Zheng Junhuai, has worked hard with Zheng Junhuai, he is a bitter child, born a month by his parents who are extremely poor and sold to others for a price of 50 yuan, he has been herding cattle on the prairie with his adoptive father since he was a child, and later entered the Muslim food factory as a bottle washer, and was promoted to the director of the workshop by hard work, and in 1992 he was appreciated by Zheng Junhuai and served as the deputy general manager in charge of management.

Niu Gensheng has a special ruthlessness in the market, and he is very sympathetic.

This person doesn't read much, but he naturally understands the truth of "wealth is scattered, wealth gathers people, and wealth gathers people".

One year, Zheng Junhuai gave him a bonus to buy a high-end car, and as soon as he turned around, he split the money into several low-end cars and distributed them to his subordinates.

Since he is in charge of marketing and advertising at Erie, he is very active in the media. The outside world once only knew Lao Niu but not Zheng.

In 1998, the relationship between Zheng Junhuai and Niu Gensheng deteriorated rapidly, and Niu Gensheng was suddenly dismissed from his post on the grounds that there was no reason.

The following year, Niu Gensheng raised 10 million yuan with several old ministries to found Mengniu, and he later recalled that at that time, he rented a small bungalow as an office in a residential area in Hohhot, with a total of only more than 50 square meters and a monthly rent of more than 200.

When Mengniu was founded, there was no milk source, no factory, no market, it can be said that there was nothing, and it ranked more than 1,100 among dairy enterprises in the country. However, Niu Gensheng has the contacts and experience accumulated over the years in the market operation.

At that time, the domestic milk packaging mainly used "Tetra Brik" and "pasteurized milk", the world's largest flexible packaging supplier Tetra Pak in China to promote "Tetra Brik", and willing to provide production equipment to the milk factory for free, Yili and other large enterprises are not willing to take risks, only Niu Gensheng, who has no money to buy a production line, dared to try, unexpectedly achieved great success.

By the end of last year, Mengniu's sales revenue had exceeded 700 million yuan, becoming the fourth largest product enterprise in China.

This year, almost at the same time as Zheng Junhuai's curve MBO, Niu Gensheng also innovated in equity.

In June, Morgan Stanley, CDH Investments and Associated British Investments announced that they would invest US$60 million in Mengniu. While investing, the three investors also proposed a harsh VAM agreement: in the next three years, if Mengniu's annual earnings per share compound growth rate is less than 50 percent, the management headed by Niu Gensheng will lose 78.3 million shares to the three foreign shareholders. or at an equivalent cash consideration; If the management can meet the above targets, the three foreign shareholders will donate 78 million shares to the Niu Gensheng team.

Niu Gensheng was very eager for the money at this time, and took the risk to sign it again and accepted the bet.

Regarding the equity reform of Yili and Mengniu, although the public is boiling, everyone does not know much about the inside story, but through some behaviors on the surface, it is obvious that Niu Gensheng's approach is more clever.

In fact, Mengniu's gambling practice should belong to the scope of equity incentives, as long as your management has the ability, the investor is willing to spend a lot of money to reward you, so that you also become a shareholder, if you don't have this ability, then you just roll up and leave, as long as I have money, where can the management not be hired?

Yili's approach is obviously very problematic, and the method of secretly using some gray means to achieve management shareholding is indefensible in itself.

In fact, the facts later just proved this, and the fates of Zheng Junhuai and Niu Gensheng went in different directions here.

Two years later, Zheng Junhuai was reported for embezzling state-owned assets, and the practice of curve MBO was originally in the gray area of the law, and Zheng Junhuai had a hard time arguing. Above the courtroom. Zheng Junhuai said that everything he did was to solve the problem of the source of the management's shareholding, and he still does not understand that his actions have been illegal.

In the end, Zheng Junhuai was sentenced to six years in prison for embezzlement.

Niu Gensheng became a lucky man, and he won a bet with his management.

In the same month that Zheng Junhuai was reported, Mengniu was listed on the Hong Kong Stock Exchange, raising a total of more than 1.3 billion Hong Kong dollars, and Niu Gensheng entered the Forbes list of China's richest people that year with a value of 13.5 billion US dollars.

Of course, no one has been able to see this at this time, and even those who have seen the problem have not been able to bear it. Because under the premise of large-scale restructuring, it is irrational to discuss these things, and these things, especially the behavior of the gray curve MBO, will actually become a handle for some people, and when needed, they will be stabbed in the back of these rich people, ruining their future.

When Fan Wuxian discussed with his father Fan Heng, he said, "In essence, MBO is the process of privatization of enterprises, and because of this, MBO is not applicable to monopolistic and resource-based industries, such as telecommunications, energy, transportation and other enterprises, because these industries are related to the national economy and people's livelihood, and are related to the economic lifeline of a region or even a country, and it is impossible to put them under the control of a few people." ”

"Relatively speaking, competitive industries are more suitable for the application of MBO, because the integration of operators and owners reduces agency costs, accelerates market response and decision-making, and makes it easier for enterprises to stand out in the fierce market competition." The state-owned economy must carry out a major strategic readjustment, persist in advancing and retreating, and do some things and leave others undone, which includes providing operational space for the MBOs of relevant enterprises. Of course, even if it is an MBO, it must be carried out under the legal sunshine, and if it is operated by private means without the knowledge of all employees, it is undoubtedly embezzlement of state-owned assets. ”

"You mean to say that Mengniu's approach is commendable, but Yili's MBO is very problematic?" Fan Heng asked.

Fan Wuxian nodded in response, "This is natural, I think, you should pay special attention to Yili's problem." Although this is a deviation from the policy of the central government, as the top leader who has been in charge of this matter for more than two years, you can't leave such a handle so that someone can use it to attack you in the future, right? ”

Fan Heng thought about it carefully after hearing this. felt that this was the case, even if some people didn't use it to attack themselves, they might use it to attack Boss Zhu, the big housekeeper, so Fan Heng decided to ask about it and see what problems needed to be solved.

At the same time, some deviations and phenomena in the restructuring of state-owned enterprises also need to be corrected in a timely manner.

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