In today's China, it is very rare for a company as large and unlisted as Hanhua to be listed, which has to be said to be the result of the misunderstanding of the word "listed" by the whole people, and is a manifestation of the abnormal development of the stock market.

According to the theory of enterprise management, the stock market is a place for allocating production resources, which includes capital and management. The purpose of listing an enterprise is to solve the problem of insufficient production capital of the enterprise, and while attracting public funds, the enterprise also needs to accept public supervision and transfer a part of its control and profits to shareholders.

For enterprises, whether to choose to go public depends on whether the company itself lacks funds, whether it is unable to obtain funds from other channels, and whether it is willing to cede this part of control and profits. If the enterprise itself is relatively well-funded, and the original owner of the enterprise wants to maintain control of the enterprise, and is unwilling to let others share the profits of the enterprise, then there is no need to choose to go public.

In fact, in Western countries, there are many large companies that have always chosen not to go public. For example, Koch Corporation of the United States is said to be the world's largest unlisted company, with an annual output value of up to 50 billion US dollars, engaged in business including crude oil extraction, refining, trading, pipeline transportation, agriculture and animal husbandry, financial services, road asphalt, etc., and has a history of nearly 100 years.

Koch has always used its own family's funds to expand its business, rather than raising money from the capital market. As a result, although the scale of financing has been affected somewhat, all the company's profits no longer need to be distributed with other investors, and the final accumulation will be more.

In China, for a long time, listed companies had little obligation to pay dividends to shareholders, and the decision-making and supervision mechanism of shareholders' meetings was also non-existent, which allowed listed companies to sit back and enjoy the funds raised from the market without paying any price. In such an atmosphere, the listing of enterprises has become a simple money-making behavior, and enterprises do not need to consider the question of whether to be listed, whether to be listed or not, but whether they can obtain the qualifications for listing.

Lin Zhenhua is a person with a technical background, and he is quite rigorous in his work. In his mind, if the company wants to go public, it must strictly follow the rules of listed companies, one of the most important of which is that the profits of the company should be taken out to distribute dividends, so that shareholders can enjoy the benefits of investment. Lin Zhenhua can't do the practice of withholding shareholder dividends in the name of other companies.

But in this way, the development of the enterprise will be affected. Over the years, Hanhua has been putting most of the profits back into production, so that the company continues to grow and develop. As an unlisted company, there is nothing wrong with this, after all, Lin Zhenhua himself is the largest shareholder of the company, and the Jiangnan Provincial Economic Commission, which holds shares on behalf of the state, also supports such an approach. The two largest shareholders are on the same page, and no one else has anything to say.

If Hanhua is listed, the situation will be different, and it will be unfair to the majority of small and medium-sized shareholders to keep all the profits for expanding reproduction. To explain the once popular principal-agent theory, minority shareholders entrust decision-making power to the controlling shareholder, and the controlling shareholder will refuse to pay dividends out of the motive of pursuing the maximization of their own control, because this can keep more money in their own hands, and this is the agent's behavior that harms the interests of the principal.

Of course, Lin Zhenhua doesn't understand these theoretical statements, and even Xiang Zhe, who was born in an MBA, knows very little about it. However, they have one thing in common, that is, they believe that Hanhua is not yet at the point where it needs to be listed for financing, and if they learn from other companies to "circle money", it will inevitably conflict with their values. In this way, Hanhua Group has always achieved an annual output value of 20 billion US dollars, which is second to none in China, but it is still a non-listed company, which has been used by brick professors in various universities as a negative case for teaching. According to the analysis of the bricks, there are two reasons why Hanhua is not listed, one is that the leadership of Hanhua has a sense of small farmers and does not understand the operation of the capital market; The second is that the securities regulatory authorities deliberately did not allow Hanhua to be listed. For the latter statement, from time to time reporters go to the China Securities Regulatory Commission for verification, which has caused the China Securities Regulatory Commission to bear a lot of pressure.

Now, from Lin Zhenhua's mouth, the word "listed" finally came out, which surprised Huang Gang.

"Why, Mr. Lin, your group has such a great determination to invest in the Kra Canal, and it does not hesitate to change its original intention and plan to raise funds from the stock market?" Huang Gang asked.

Lin Zhenhua shook his head and smiled: "This is wrong, although we attach importance to the Kra Canal project, it is only done as a public welfare project, how can it be possible to take out the entire company's family foundation." We did need financing recently, but not for the canal project. Director Huang, you are only eight buckets high, do you want to guess what project are we optimistic about? ”

Huang Gang counted around with his fingers, electronics, automobiles, gas turbines, large machine tools...... All of these are what GCA is doing, but none of them are worth the CGA effort to finance. Based on his understanding of Hanhua, if it weren't for the funding gap of more than 10 billion yuan, Hanhua would not need to go to the stock market to raise funds at all, and Hanhua's own cash flow would be a lot, and all banks were ready to lend money to Hanhua at any time. So, what will be the project worthy of Lin Zhenhua to smash more than 10 billion yuan?

"At present, the biggest investment hotspot in China is the construction of high-speed railways, and Hanhua doesn't want to make a difference in this market, right?" Huang Gang guessed.

Huang Gang also made a guess based on the future investment priorities of the State Development Planning Commission, but he also knew that this guess was a bit unreliable. The construction of high-speed rail, compared to any enterprise, is a bottomless pit, 100 billion thrown down, can only be repaired a small section, from the map of China, I am afraid that there is not even a centimeter in length. This kind of infrastructure construction can only be led by the state, and it is naturally impossible for Hanhua to participate in it.

As for the equipment related to the construction of high-speed rail, it is Hanhua's strength, but the investment required in this area is relatively small, so as not to make Hanhua hurt.

Sure enough, hearing Huang Gang's speculation, Lin Zhenhua smiled again and said: "Of course we won't miss the high-speed rail project." In fact, we have already been in contact with the Ministry of Railways and its subordinate enterprises, and they are interested in asking us to provide special machine tools for automatic rail quenching, heavy rail correction, etc. There are also core accessories on high-speed bullet trains, and we may also undertake some of them. However, these are small projects for GCA, and the upfront investment we need to spend is only in the single digits. ”

"Single digit ......" Huang Gang pouted, he knew that the single digit that Lin Zhenhua said was "100 million". He, the deputy director of the State Planning Commission, did not dare to speak in such a loud tone.

"Then I can't guess." Huang Gang gave up his efforts and said, "I thought, if you want to go public and raise funds, you need at least 3-figure funds, right?" I can't really imagine a project worth a three-figure investment from Hanhua. ”

Unconsciously, Huang Gang also learned Lin Zhenhua's counting method, that is, the numbers behind "100 million" are all decimals, I have to say that this counting method is still quite domineering.

"Haha, there are still things that Huang Gang can't imagine, which makes me feel a sense of accomplishment." Lin Zhenhua said happily. He beckoned Huang Gang to walk to a map pasted on one wall of the office, pointed to one of the locations, and said to Huang Gang: "You see, the recent investment hotspot of our group is here. What is posted on the wall is neither a map of the world nor a map of China, but a map of a certain region. Huang Gang is also a man with a global mind, and he recognizes it just by looking at the names of the surrounding oceans and the names of the countries, which is a map of southern South America. In the middle of the map, a large color block was drawn, and around this color block, there were many smudges that were obviously left by repeated finger touches, that is, Lin Zhenhua and his team had been staring at the map for a while, discussing the matter of this color block.

"This is ......," Huang Gang desperately recalled his geographical knowledge.

"Bolivia, Province of Santa Cruz." Lin Zhenhua prompted.

"Santa Cruz Province?" Huang Gang understood, "This is Mutong Iron Mine. What, Mr. Lin, are you going to invest in Mutong Iron Mine? ”

"That's right, the mining rights of the Mutong iron ore mine, the first phase of no less than $2 billion investment, and the investment in the construction of a railway for the export of iron ore, is also expected to be more than $1 billion." Lin Zhenhua said with great ambition.

"That's at least $3 billion, or 25 billion yuan, which is really a lot of money." Huang Gang gasped, but he was still a little puzzled: "Mr. Lin, you are engaged in equipment manufacturing, why did you suddenly change your career to mining?" I've always known that you have some mining rights in Africa, but that's just a side business. If you really invest 25 billion yuan to develop the Mutong iron mine, won't your main business become mining? ”

Lin Zhenhua said with a smile: "It doesn't matter, we will not give up the equipment manufacturing industry, but now other domestic enterprises are also rising, and the pressure of market competition has become more and more great. ”

Huang Gang nodded and said, "Of course you can, for a group as big as Hanhua, mixed business operation is inevitable." Still, I'm a little confused about your decision. First, the profit of iron ore is not very large, how can you recoup your investment by investing so much money to develop an iron mine? Second, even if you really want to engage in iron ore, you don't have to choose Mutong Iron Mine, right? As far as I know, that's a lot of chicken ribs. ”