【Broadcast】Pay attention to "Reading at the starting point", get the first-hand news of 515 red envelopes, and students who have not grabbed red envelopes after the Chinese New Year can show their skills this time.

The clouds of war over the South Seas are beginning to gather, but in the Holy Han Empire itself, merchants are still immersed in the huge amount of export trade this year.

The huge profits from the export trade have stimulated many businessmen who are ready to invest more and make a big profit.

In a large conference room on the third floor of the Tianjin Hotel, hundreds of businessmen were sitting together, all of whom were attending the shareholders' meeting of Xiangtai Timber Mill.

Xiangtai Timber Mill is a 100-year-old veteran wood processing workshop, thanks to the prosperous business environment in the past two years, but also thanks to the change of the business philosophy of the Chen family master who took over the power of the timber mill three years ago, Xiangtai Timber Mill from a Tianjin timber processing workshop with only 400 people, through investment to attract investment, bank borrowing capital, expand the scale of production and other measures, is now a company in Lushun, Dalian, Zhenjiang, Tianjin, Dengzhou, Qingdao, Shanghai, Yangzhou, Nanjing, Hangzhou, Guangzhou, Dayuan, More than a dozen large port cities such as Fuzhou have large timber mills with branch factories.

From the initial board processing, to the current logging, transportation, cellaring, sawing, board processing, and even the establishment of a special variety of commercial wooden boxes, as well as the manufacture and sales of wood furniture as one of the large-scale wood processing group.

Although the rapid introduction of investment, so that Chen Yi's timber mill shares have been diluted and reduced, from the Chen family in the past to the Chen family in the past, Chen Yi only has less than 20% of the shares left, but the scale of Xiangtai timber is also dozens of times larger than in the past.

Today, the annual general meeting of shareholders was held in Tianjin, and hundreds of shareholders of all sizes gathered.

Chen Yi, the largest shareholder and chairman of the lumber mill, put forward a plan for everyone. This year, business is booming, and the lucrative Xiangtai Timber Mill has paid off the interest due on the loan from the bank. The rest of the proceeds are not used as dividends.

Not only does it not pay dividends, but Chen Yi also proposed to go public.

"I have submitted the plan to the board of directors and discussed the listing, and the board of directors has approved the listing financing plan, which is now in accordance with the company law and the securities law. The plan will be submitted to the general meeting of shareholders for approval. ”

A shareholder looks at the listing proposal submitted by the board of directors, which is a detailed report for each shareholder. Tianjin Stock Exchange, there are currently more than 30 companies listed. Even now, due to the new company law and securities law, several new securities companies have emerged, and these securities companies are specifically responsible for underwriting securities for listed companies.

Listed companies are nothing new, and many savvy businessmen have figured out the new rules of the game. The benefits of listing on the stock exchange and issuing corporate bonds are many. For example, the cost of financing is low. Compared with bank loans, firstly, the interest rate is much lower than that of banks, and secondly, the issuance of corporate bonds on the exchange is less restrictive than that of bank loans, and there are not so many restrictions, and the issued corporate bonds can reach 40% of the company's net assets.

Moreover, the interest on the bond is allowed to be paid before the company's income tax, so the company can actually enjoy the tax benefits, which further reduces the company's financing costs. Another one. Issuance of bonds, regardless of the company's profits. Bond buyers can only receive a fixed interest, so if the company has a good return after financing, the increased income can be greater than the interest paid on the bond, which will greatly increase the company's profits.

Of course, this kind of financing method of issuing corporate bonds also has an advantage that shareholders see the most. That is, the people who buy the corporate bonds do not have the right to participate in the management decisions of the company, they are only the creditors of the company, not the shareholders, and the control of the company will not be affected.

To be listed for issuance. The requirements for the company to reach 1 million net assets and past profits, etc., Xiangtai Company have met. They also already have shareholders' meetings, a board of directors and a supervisory board.

"Why isn't it issuing corporate bonds?"

One shareholder exclaimed in surprise.

As soon as the shareholder reminded him, many shareholders also looked at it carefully, and sure enough, they found that the listing plan proposed by Chen Yi on behalf of the board of directors was not to issue corporate bonds on the Tianjin Stock Exchange, but to issue shares.

"Issuing shares?"

Many shareholders were surprised.

Since the establishment of the Tianjin Stock Exchange, there have been more than 30 listed companies, but all of them have issued corporate bonds, and so far, no listed company has issued shares.

Although Xiangtai Company is also a joint-stock company, the shareholders of the company are not shareholders who have been raised through public recruitment and financing, so although they are shareholders, they only have shares in their hands rather than shares.

Stocks, according to the current interpretation of the Securities Law, are only considered to be issued by public recruitment on the stock exchange after being approved. Stocks are very different from bonds, to put it bluntly, bonds are equivalent to IOUs, and stocks are equivalent to equity certificates.

After buying a corporate bond and becoming a creditor of the company, it is the principal and fixed interest that will be recovered at maturity. Buying stocks is equivalent to buying shares in the company, becoming a shareholder, and the company's operating status is divided, or if the company loses money and goes bankrupt, you have to bear a great risk of loss, and stocks and bonds can be traded and circulated on the exchange.

If the shares are issued, then if you buy the company's shares, you will become a shareholder of the company, and you are eligible to attend the shareholders' meeting and have the right to vote on the company's decisions. It is important to know that the management of the company is made by the board of directors elected by the general meeting of shareholders, and the management of the company, such as the manager, is responsible to the board of directors, and the board of directors is responsible to the general meeting of shareholders.

At present, Chen Yi is the chairman of the board of directors of Xiangtai Company, but he also serves as the general manager, but the company's management belongs to the managers, most of them do not have the company's shares, and some only have the right to dividends from some dry shares.

Most of the shareholders are investors who come in later, investing in the company and not directly managing it, just waiting for dividends.

"No company has ever issued shares on the exchange!"

One shareholder questioned the board's plan: why issue shares when everyone is issuing bonds?

Chen Yi is in his early forties and has worked for many years in Xiangtai, a former family workshop, where he was the chief shopkeeper when his father was in charge. Chen Yinian is in the prime of life. The ambition is also very large, and the family controls the operation, although there are some advantages, such as being easy to control, but there are also many disadvantages, that is, it is difficult to scale up. Funding has always been a big issue.

And when the imperial court vigorously supported industry and commerce, especially the rise of the financial industry, Chen Yi, who officially took over Xiangtai, saw a great opportunity to change and expand. He first registered Xiangtai as a company and reorganized the old family workshop according to the new company structure.

Then he mortgaged the company's assets to the bank, and after obtaining financing, he expanded the plant, recruited more workers, and competed for more orders. Expand the scale of the company again, and then compete for more orders.

Now, Chen Yi feels that the scale of the company is still a little insufficient, and the business opportunities outside are so good, the opportunity cannot be missed. However, the cost of financing or directly recruiting shareholders is already high.

"Ladies and gentlemen, there are indeed many advantages to the issuance of corporate bonds, but there are also some disadvantages. First. Corporate bonds, like bank loans, have a fixed maturity time. The need to repay debt and interest on a regular basis has always been a great pressure for our company's long-term expansion. Second, there are many restrictions on the issuance of bonds or bank loans, and our company currently has a lot of bank loans. It's hard to borrow money from the bank again. ”

Whether it is a bank loan or the issuance of corporate bonds, there is a problem of repayment of principal and interest. This makes Chen Yi, who wants to get more funds to quickly carry out a new round of company expansion, is still a little insufficient.

Chen Yi now has a big expansion plan, and the shipbuilding industry in Dahan is quite prosperous, and the demand for timber is huge. Whether it's a keel or a plate. are in great demand.

Wood for shipbuilding is not just usable, nor can it be used at will, it requires specific wood and special processing. Many shipyards are now full of orders, and all shipyards need a lot of timber and need to speed up the order delivery time. Therefore, many shipyards today have a completely different production mode from the Ming Dynasty, and the current shipyards are only responsible for the manufacture of the most critical ships, and many other places are handed over to other manufacturers for processing.

For example, canvas, cables, nails, anchors, plates, masts, keels, etc., can be subcontracted out, as long as the supply is according to their requirements, the shipyard is only responsible for the construction part like the construction workers who build houses, and will not produce bricks, doors and windows.

This kind of subcontracting enables the shipyard to compress the ship's manufacturing cycle shorter, build more ships, and keep the most core technical part, making the most profitable part.

This is of course a great news for Xiangtai Company.

Now Chen Yi has his eye on this market and is preparing to build new shipbuilding factories in Tianjin, Qingdao, Dalian, Hangzhou, Fuzhou and other major shipbuilding bases.

Oak, camphor and nanmu for keels, fir for masts, oak and teak for ship planks, etc., cut down and transport these timbers back, and then they have to be cut, sawed, planed and other processing, and even according to the needs of shipbuilding technology, the wood in different parts of the ship has to be steamed, baked and other processing.

In short, if Xiangtai wants to enter the shipbuilding industry, become an upstream supplier of the shipbuilding industry, and share the dividends of the shipbuilding industry, it will require a lot of investment.

First of all, it is necessary to have sufficient funds to buy all kinds of trees for shipbuilding, which are not cheap, and most of them are deep in the mountains and old forests, and it costs a lot to cut down and transport them.

Secondly, after transporting these trees to the Xiangtai Lumber Factory, where the shipyards are located, in order to process them, it is necessary to purchase various machines, tools, and build special cellars.

For example, in order to increase production capacity, it is necessary to use a hydraulic sawmill, which uses water power to drive huge band saws and circular saws through gears and other transmission tools, and easily saws those huge trees and saws them into planks. This kind of hydraulic sawmill is much more efficient than manual work, but the cost is by no means cheap.

Even if Xiangtai Company only builds a ship processing plant at the beginning, this investment will definitely not be less.

And if you want to compete with other peers, you have to have a production capacity, otherwise, which shipyard is willing to give them orders?

The company's board of directors and the general meeting of shareholders felt that Chen Yi's vision was good, and they both agreed to expand to the shipbuilding industry, but the financial problem was never well solved.

It is not easy to find businessmen to invest and raise such a large amount of money in a short period of time, and this is not actually very conducive to the company's current operating control, but if it is a listed stock issuance, it is not to recruit funds from a small number of businessmen. Instead, they issue shares to many people, and even if they issue 30 percent more shares, if 1,000 or even 10,000 people buy them together, then everyone will have very few shares in their hands, and the equity will be very dispersed, and these small shareholders will join the shareholders' meeting. But it is not easy for the current management to have much influence.

Moreover, the good situation of the issuance of corporate bonds by more than 30 companies that have been listed recently also makes Chen Yi feel that if it is a stock issuance, many people will buy it, and there is no need to worry about no one buying stocks.

"Ladies and gentlemen, there are many restrictions on the issuance of corporate bonds, and the principal and interest must be repaid, but if the issuance is a stock, it is permanent and has no maturity date. And it does not need to be returned, which is the most beneficial financing method for our company's current great demand for capital. ”

Of course, there are disadvantages to issuing shares, and the biggest problem is the problem of control, which is equivalent to adding new shareholders, which will disperse the control of the company and dilute the shares in the hands of the current shareholders. Even the company's dividends, which were previously undivided, will be shared by the new shareholders.

However, Chen Yi, as the chairman and general manager, doesn't care about these. The shares in his hands have long been 100% in the past, and now they are only 20%. For Chen Yi, Xiangtai, which was controlled by the family in the past, made no more than a thousand taels of silver a year. The total assets are not more than 10,000.

But in just a few years, the company has expanded countless times, and now its assets are more than one million silver dollars, even if there is only 20% of the shares in his hand, it is still worth more than 200,000.

Now Xiangtai. However, it is a large enterprise with assets of more than one million and more than 3,000 employees. If the company can be listed and issue shares, it will issue an additional 30 percent, which is equivalent to the company's expansion by 30 percent, and if it can successfully enter the shipbuilding industry. The company will get a better profit point and will be able to make more profits in the future.

"At present, the board of directors has approached Pacific Securities Company and asked them to make a feasibility report for us, and they believe that in our current situation, listing and issuing shares is the best way to raise funds. Now we have hired Pacific Securities Company as our lead underwriter, and hired a special lawyer and accounting office to make a stock issuance financing plan for us. ”

"Pacific Securities has now made a forecast to the Securities Regulatory Bureau and has received feedback from there. The Securities Regulatory Bureau also believes that we can go public and issue shares, and now the board of directors has reviewed the financing plan and passed the resolution of the board of directors, and now we are waiting for the resolution of the shareholders' meeting to pass. As long as the resolution of the general meeting of shareholders is passed, we will immediately report to the CSRC for the resolution of the general meeting of shareholders, and wait for them to make a final decision. ”

If the company wants to list and issue securities, there will be a whole set of very cumbersome processes, and Chen Yi has been doing this during this time. Fortunately, it is cumbersome, in fact, it is also good, there are now special brokers, as long as one is selected as the main underwriter, then they will be fully responsible for the issuance of securities, whether it is for them to investigate the feasibility report, formulate the issuance plan, or hire lawyers, accounting offices and other underwriting agreements, etc., but also for them to produce application materials, to the board of directors and the securities regulatory bureau. If the final board of directors, the securities regulatory bureau, and the general meeting of shareholders all approve it, then they are responsible for the final announcement, roadshow promotion, formal issuance, listing and trading, etc.

None of the shareholders immediately agreed, and no one immediately opposed, and everyone was thinking about it. Most of these shareholders are people with a lot of money, and the money they invested in Xiangtaili is more than 100,000 silver dollars, and some are tens of thousands.

If they agree to go public and issue shares, then Xiangtai may be the first listed company on the Tianjin Stock Exchange to issue shares.

Whether the result will be good or bad is now uncertain.

However, if Xiangtai wants to enter the shipbuilding industry, instead of just sawing planks, making some tea boxes, tables and chairs and other furniture, and wants to get a share of today's hot shipbuilding industry, it is impossible to rely on the current scale and capital.

With the company's current net assets of more than one million, if the maximum amount of additional shares can be issued by 30 percent, then a large amount of silver dollars can be obtained at one time, and these do not need to repay the principal and interest.

If the company goes smoothly and investors see a better prospect, their price per share is higher and accepted, then they can raise more money.

The company's net assets now reach more than one million, if the company's prospects are good, can impress investors, can be valued at a high value, and popular when the roadshow is promoted, then the stock price is set higher, and the company can raise considerable funds.

Pacific Securities estimates that under the current good prospects of the shipbuilding industry, if Xiangtai Company announces their plan to enter the shipbuilding industry, it may make Xiangtai's valuation rise significantly, with the company's net assets of more than one million today, it is no problem to value two million.

Under the favorable prospects of the shipbuilding industry, it is not impossible for Xiangtai to raise seven or eight hundred thousand silver dollars or even millions of silver dollars at one time.

Of course, after all, it is the first company to go public and issue shares, and there is no complete guarantee whether everyone can accept this method at that time.

Moreover, not all of the money raised belongs to Xiangtai, and Pacific Securities has made such a big effort to return, and their asking price for issuance is 5%. If you raise 1 million, you have to pay them 50,000.

"Ladies and gentlemen, now that foreign trade exports are so hot, the foreign trade surplus of the imperial court this year has reached more than 100 million, what does this mean? It shows that foreign trade will only be more popular next year. And foreign trade continues to be hot, the shipbuilding industry will naturally be more popular, we Xiangtai at this time do not take the opportunity to enter the field, what are you hesitating about? Chen Yi shouted happily.

This voice was like waking up a dreamer, and many shareholders were also moved by the wonderful prospects.

"Yes, what are you hesitating about, since it is said that it can be listed to raise millions of silver dollars, then we are still waiting for a hammer, I support Chairman Chen, go public, and issue shares!" Finally, shareholders responded loudly.

Ps. chasing more children's shoes, are there any free appreciation tickets and starting coins~ The countdown to the 515 red envelope list is over, I'll pull a ticket, ask for an increase and appreciation vote, and finally rush a handful! (To be continued.) )

PS: Thanks star? Fish? 、I love my sister and my brother's rewards, thank you for your support!