October 1995 was a very important month for China Pingchuan Textile Machinery Group. In this breezy golden autumn season, the international joint venture contract between China Pingchuan Textile Machinery Group and KTBL Company of the United States is about to be signed in the provincial capital, and the stock code of 0688 "China Textile Machinery" will also be officially listed on the Shanghai Stock Exchange. These are undoubtedly two major events of historical significance for the economically underdeveloped Pingchuan, and the whole city is a sensation. Zhang Datong, the president and party secretary of the group, became the most famous figure in Pingchuan City. From Wu Mingxiong, secretary of the municipal party committee, and Shu Huaru, mayor of the city, to tens of thousands of Pingchuan citizens who hold the original shares of China Textile Machinery, they are all paying close attention to the dynamics of this super group.

Wu Mingxiong and Shu Huaru are most concerned about the huge contract between the Textile Machinery Group and KTBL of the United States, with a total investment of 110 million US dollars. The two top party and government leaders know that the significance of this huge contract is not ordinary, and it marks that it is no longer a dream for Pyongcheon's economy to go global. At the same time, it also proves to the developed cities and regions in the province that today's Pyongchuan is fully capable of accommodating the large investment and large projects of famous international group enterprises. Qian Xianghui, secretary of the provincial party committee, personally called Wu Mingxiong to congratulate him and said that this is the largest project investment in the province in the past two years. Qian Xianghui said that if the signing ceremony is finally decided to be held in the provincial capital, he will attend it with Governor Liu Ruinian.

The citizens of Pingchuan are most concerned about the Chinese textile machinery stocks in their hands. They looked up to the senior employee who worked for them, Zhang Datong, the president, as if they were looking up to the Big Dipper, and how he would act on the eve of the stock market and how he would present a good image of a new joint-stock company to ordinary investors in Pyongcheon and the whole country. China's textile machinery shares are not ordinary, is one of the two companies approved by the China Securities Regulatory Commission in the year, the issuance of 70 million social tradable shares is unprecedentedly successful, the coupon is one yuan, the premium is four yuan, each investor can only buy 100 shares, the dispersion of equity is the largest in the country. Half a month before the listing, the psychological expectation of Pingchuan shareholders on the opening price of the stock has reached 8 yuan, Beijing shareholders see 10 yuan, and Shanghai shareholders see 12 yuan. As a result, Zhang Datong could not work in the group office at all, from work to work, several phone calls were non-stop, and the consultation and suggestions from Pingchuan and all over the country almost made him unable to cope. So much so that in the end, I had to give up my efforts to be an excellent part-time worker and simply cut off the phone in the office.

This is the most glorious day of China Pingchuan Textile Machinery Group, and it is also the most glorious day of Zhang Datong.

On this glorious day, Zhang Da couldn't help but think of three people.

One is Guo Huaiqiu, the late former secretary of the municipal party committee.

Guo Huaiqiu was the first to support him to set up a group company to carry out the authorized operation of state-owned assets, for this reason, he ran to Beijing several times and ran the provincial capital, so that the pilot of the authorized operation of state-owned assets in the Pingchuan textile machinery industry was the first in the province, so that he occupied a commanding heights of reform that others could not reach.

Zhang Datong believes that Guo Huaiqiu is farsighted in this regard, and it must not be said that Guo Huaiqiu is a scholar and has no sense of reform at all. The facts of Pingchuan Textile Machinery Group have proved that Guo Huaiqiu has this kind of reform consciousness, but he lacks some courage and experience to do big things.

The second is Wu Mingxiong, the current secretary of the municipal party committee.

Wu Mingxiong gave him authoritative political and policy support when the group carried out a comprehensive shareholding system reform, so that his group continued to grow and expand in the process of deepening reform in just over three years, expanding from 400 million yuan in fixed assets to a huge scale of nearly 2.1 billion yuan in assets at present. More importantly, the Pingchuan Municipal Party Committee and the city ** led by the secretary of the municipal party committee also gave him a brand new Pingchuan, so that KTBL of the United States today chose Pingchuan Textile Machinery Group as its only partner in China after traveling all over Chinese mainland.

He Zhang Datong can no longer forget that more than a year ago, it was the secretary of the municipal party committee who was sick and carried an oxygen bag to participate in the negotiations with the president of KTBL Far East, so that he fainted on the negotiation table on the spot and deeply moved the other party.

The third is Bai Zhilin, who is now the director of Textile Machinery Co., Ltd. and a private Asia-Pacific company.

Bai Zhilin is one of the few figures in Pingchuan who can be regarded as a modern entrepreneur. Three years ago, when the textile machinery group was still in difficulty, it was none other than this young private entrepreneur who first foresaw the glory of the group today. It was his Asia-Pacific company that was the first to purchase 5 million corporate shares of China Textile Machinery, which opened the prelude to the issuance of 80 million corporate shares. In the financial operation of the 28-story International Building, Bai Zhilin also gave him vital help. In the economic downturn, Asia-Pacific contracted sales miraculously sold the off-plan house of the 14-story building in just over two years, and raised almost all the construction funds for the textile machinery group for the group, even the building's partner Fahrenheit Group felt incredible.

Naturally, Bai Zhilin's Asia-Pacific company did not only fulfill its obligations, but also made a net profit of about 5 million in sales contract fees alone. This is exactly equivalent to the corporate shares purchased by Asia-Pacific, which means that the Textile Machinery Group is equivalent to giving away 5 million shares to Asia-Pacific.

Some people in the textile machinery group talked about the loss of state-owned assets.

Zhang Datong immediately became angry, and unceremoniously pointed out at the group meeting: "State-owned assets are not lost, but value-added!" We barely invested a third of the building! Who earned it for us? It's people Asia-Pacific, it's people Bai Zhilin! This Bai Zhilin's annual salary in Western countries is worth five million, and some of our so-called general managers are only worthy of serving dishes! If there are ten Bai Zhilin in our group, I, Zhang Datong, dare to go to sleep every day. ”

Later, Zhang Datong also specially invited Bai Zhilin, young people from the Asia-Pacific region, as well as some experts and professors, to give a course on market economy to the middle-level and above cadres of the group, which changed everyone's ideological and economic concepts step by step. In the later stage of the restructuring, the issuance of public shares was brewed, and the group set up a securities department.

Zhang Datong's unconventional practices were bound to arouse the dissatisfaction of many people inside and outside the group, and letters of complaint were sent to the Municipal Commission for Discipline Inspection one after another, saying that the relationship between Zhang Datong and Bai Zhilin was not clear, that the boundary between state-owned enterprises and private enterprises was not clear, and that Zhang Datong was even suspected of accepting bribes from Bai Zhilin and Asia-Pacific.

Under the arrangement of Xiao Daoqing, the Municipal Commission for Discipline Inspection sent an investigation team to investigate, and the results of the investigation proved that Zhang Datong was economically innocent and his relationship with Bai Zhilin was also clear. As for the boundary between state-owned enterprises and private enterprises, Wu Mingxiong clearly pointed out at the city's industrial conference: "I think it is a good thing for private enterprises to participate in our state-owned enterprises and strengthen the strength of our state-owned enterprises!" Since the textile machinery group issues corporate shares, all legal persons in the territory of the People's Republic of China have the right to buy, why can't the private Asia-Pacific company be bought? What's the boundary here?! I think these comrades are either conservative or ignorant! ”

Thanks to the firm support of the Pingchuan Municipal Party Committee, especially Wu Mingxiong, Zhang Datong and his shareholding reform finally gained a foothold. It has just issued corporate shares, internal employee shares, and public shares, and has raised more than 500 million yuan.

What touched Zhang Datong the most was that before the investigation by the Municipal Commission for Discipline Inspection was over, Wu Mingxiong came to the group to inspect the work and told the cadres and masses in Pingchuan a very clear message, saying that he, the secretary of the municipal party committee, could trust this restructured enterprise and Zhang Datong.

In the past three years, how many such ups and downs, right and wrong, have finally passed today.

In the midst of infinite emotion, Zhang Datong hung up a phone call to Wu Mingxiong, reported to Wu Mingxiong about the recent work of the group, and asked Wu Mingxiong's opinion when the signing ceremony with the American KTBL company was scheduled.

Wu Mingxiong said on the phone: "You are the boss of your group!" I am here to make a statement on behalf of Mayor Shu, on which day you are set, Mayor Shu and I will put down our work and go with you. ”

Zhang Datong said: "Then set it at 8:18 a.m. on October 18, for good luck." When I was in New York last month, I told Americans that the date would be in the middle of the month. ”

Wu Mingxiong said: "Okay, the 18th will be the 18th, and Mayor Shu and I will also say hello in advance." ”

Zhang Datong said again: "There are still days when the stock is listed, I don't know if you and Mayor Shu know?" The Shanghai Stock Exchange has officially notified us that it will issue an announcement in the "China Securities Journal" and "Shanghai Securities News" tomorrow, and the listing date is set for the 28th of this month. ”

Wu Mingxiong smiled and asked, "Is it also 8:18?" ”

Zhang Datong also smiled: "I want to set it at 8:18, but the opening time of the Shanghai Stock Exchange is 9:00." ”

There was silence on the phone for a moment, and Wu Mingxiong said again: "On this good day, you Zhang Datong and the entire group should not forget one person." ”

Zhang Datong had already thought of who it was, but he still asked, "Who is this person?" ”

Wu Mingxiong said: "Guo Huaiqiu, Secretary Guo." How nice it would be if he were alive today! Look at you, a large group that has made stocks to the world, and also look at our steaming international industrial park. ”

Zhang Datong was silent.

At 8:18 a.m. on October 18, 1995, the signing ceremony of the joint venture between China Pingchuan Textile Machinery Group and KTBL Company of the United States of America to jointly manufacture a new generation of computerized large-scale textile machinery was officially held in the American Hall of the five-star international hotel in the provincial capital.

Qian Xianghui, Secretary of the Provincial Party Committee, Liu Ruinian, Governor, Wu Mingxiong, Secretary of the Municipal Party Committee, and Shu Huaru, Mayor of the Municipal Party Committee, attended as scheduled.

Mr. Vance, Consul General of the Consulate General of the United States of America in Shanghai, Vice Chairman and CEO of KTBL, and Mr. Billy, Director and President of the Far East, attended the meeting on behalf of the country** and the company.

When Mr. Zhang Datong and Mr. Billy, on behalf of the China Pingchuan Textile Machinery Group Corporation and the United States of America KTBL Group Corporation, signed their respective signatures on the tables with the national flags of China and the United States, the cameras and camcorders in the hands of the Chinese and foreign reporters were all raised, leaving this historic scene on film and tape.

The champagne was opened just in time, and the fountain of wine and foam rushed to the golden roof.

After the signing ceremony in the provincial capital, Zhang Datong and the comrades of the group took the express train of the day to Shanghai to attend the press conference on the listing of "China Textile Machinery" stock held on the Shanghai Stock Exchange.

At the press conference, Zhang Datong introduced in detail the restructuring and operation status of China Pingchuan Textile Machinery Group Co., Ltd., as well as the company's future development prospects, to 700,000 investors across the country, including Pingchuan, and promised investors that as the president and legal representative of the textile group with a controlling position in state-owned shares, he will give the holders of ordinary shares a satisfactory return on investment under the premise of ensuring the preservation and appreciation of state-owned assets.

A reporter asked: "Mr. Zhang, what do you expect the opening price of China's textile machinery on the first day of listing?" ”

Zhang Datong replied cleverly: "It will be an appropriate price." ”

A shareholder asked: "I heard that your company has just signed a joint venture contract of nearly one billion yuan with KTBL in the United States, does the company have any plans to issue B shares or issue H shares overseas?" ”

Zhang Datong replied: "There is no such plan at present, as for whether there is such a possibility in the future, it depends on the development of the cause and the company's situation at that time, and there is no comment now." ”

A bank brokerage asked: "As a restructuring company, and it is a restructuring company in Pingchuan City, which is economically underdeveloped, may I ask Mr. Zhang, do you have full confidence in the company's operation and profit prospects after the restructuring?" ”

Zhang Datong replied: "I and the 18,000 employees of our company have full confidence. As for the underdevelopment of Binhcheon's economy, I do not deny it. But I would like to say that Pyeongcheon is trying to catch up, and the fact that the internationally renowned KTBL company spent $110 million on the company in Pyeongcheon speaks for itself. ”

Finally, the question comes back to the opening price of the first day.

Zhang Datong really couldn't answer.

Representatives of the listing recommender and lead underwriter, as well as some securities experts, expressed their opinion that the opening price of the stock should be between $10 and $12 on the first day, and will eventually remain at the level of about $8.

No one expected that due to the high degree of dispersion of equity, the opening price of China's textile machinery on the first day reached 16 yuan and 5 jiao, and on the same day it rose to 18 yuan and 4 jiao, and then closed the city with 17 yuan and 8 jiao, creating an amazing record of original stock profits.

That night, Bai Zhilin called Zhang Datong and said: "Mr. Zhang, is your textile machinery really worth 17 yuan a share?" Will our Asia-Pacific 5 million corporate shares be transferred to you at a fraction of this market price? ”

Zhang Datong smiled proudly: "Mr. Bai, you have to be confident in our stocks!" Seventeen dollars now, maybe one hundred and seventy dollars in the future! ”

Bai Zhilin said: "Come on, Mr. Zhang, I calculated for you, according to today's closing price, the price-earnings ratio of your stock has reached eighty-five times, that is, I Bai bought your stock today, and I will not be able to recover the investment until eighty-five years later." Does this crazy speculation make sense, your dude? ”

Zhang Datong said: "Brother, what we are facing is such a complex economic situation in the transition period! Speculation and investment coexist, and both have their own rationality. Don't tell lies in front of real people, I admit that my stock is not worth so much money. But since someone wants to take a risk to speculate, I can't be responsible for the outcome of their risk, which is common sense in the world stock market. There are eye-catching reminders in the securities markets across the country: the stock market is unpredictable, and investment risks are at your own risk. ”

Bai Zhilin Zhile: "Okay, you Mr. Zhang, you learned to swim in swimming, and you are more chic than me, a self-employed person." Forget it, don't be idle, let's be serious with you. You know, I'm on a housing project here, waiting for the money, taking advantage of the high opening of the stock today, I mortgaged the five million corporate shares in my hand, and I will go to your group tomorrow to go through the procedures. ”

Zhang Datong was surprised and asked Bai Zhilin: "How much money have you mortgaged?" ”

Bai Zhilin smiled: "Guess what? ”

Zhang Datong said: "The discount can be worth four or five million, right? Everyone knows that according to the regulations, state-owned shares and corporate shares cannot be listed and circulated in recent years, so what do people want your corporate shares for? Don't you have a backlog of funds?! ”

Bai Zhilin said: "If he wants me to give it back!" One day, corporate shares will be listed, and the same shares and equal rights are also the practice of the world stock market. Besides, I still have some confidence in your brother, so I went out and didn't transfer it. ”

Zhang Datong asked again: "How much money have you paid?" ”

Bai Zhilin said lightly: "It's not much, it can't be compared with the big deal in your country, and it is worth 3.1 million US dollars, which is equivalent to more than 25 million yuan." ”

Zhang Datong was stunned for a moment: This Bai Zhilin is simply a genius in investment and management! The 5 million bought corporate shares, more than 25 million to be out, that is to say, at a high price of five times, while maximizing the revitalization of the stock assets, while not giving up the prospect of the future profitability of the textile machinery group, it is really amazing.

It seems that large and medium-sized state-owned enterprises still have great potential to be tapped and much to do in revitalizing their stock assets. The transfer, replacement, and mortgage of property rights of enterprises can be boldly tried. He believes that once a large state-owned company supported by national policies enters the role, its momentum is not comparable to that of a private company like Bai Zhilin.

Of course, the most important thing is to have the guts and courage to try.