Director Wang didn't say anything more, got in the car, and left the listed company.

When the car arrived in the center of the county, Director Wang got off at a street intersection and asked them to go back first, saying that he wanted to meet a relative. Then, I walked a little way on my own and entered a business and leisure club.

The county where this club is located is quite large-scale, and the service items include bathing, sauna, catering, guest rooms, gyms, beauty salons, singing rooms, foot massages, chess and card rooms, tea cafes, etc., all of which are readily available.

Director Wang came here at the invitation of his close cousin, who called him a few days ago, and after chatting a few words, he said that he hadn't seen him for a few days and wanted to find him to come and walk around. Director Wang told him that he was going to the county in two days, and his cousin heard that he wanted to get together, so he discussed and sat down together after finishing his business.

His cousin informed him when he was in the car.

According to the phone call just now, Director Wang entered a small private room in the café and saw that in addition to his cousin, there was also a person of the same age. As soon as his cousin introduced, oh, it turned out to be a relative of his cousin's family, and it could be regarded as a relative.

Three men, sit and chat, naturally, the next content is a pastime, bathing, sauna, and foot massage are regular pastimes.

After the foot treatment, the relatives of the cousin's family said that there is still a "Guan-style service" here, and they must experience it, so they took two people to the housekeeping department, and picked three from the enchanting little girls, and each entered the water room.

After finishing the exercise, when he returned to the small private room of the café, Director Wang was stunned when he saw Qian Feng and his brother in the family.

"Director Wang is embarrassed, I originally wanted to accompany you early, but I was busy, so I asked your two relatives to accompany you first. Qian Feng stood up and quickly explained, "We are all business partners, so my cousin will come forward and invite you to sit in private." ”

Director Wang understood that after the hasty reception of the listed company, he was waiting for him here. are all people who know routines, after all, he and Qian Feng have only met once in the office, and in this case, to have a private meeting, there must be a familiar middleman to build a bridge.

This is the same as the wine culture and the dinner culture.

"Mr. Qian is too polite. Director Wang smiled.

"Just call me Qian Feng, Brother Wang. Qian Feng sat Director Wang down.

Others used the excuse to play in the chess and card room, giving the two protagonists room to communicate alone.

......

The two communicated for quite some time.

After calculating the accounts, the current situation of the Municipal Rural Credit Union is seriously insolvent of 2.5 billion, and the monthly operating loss is more than 1 million, mainly in the salary of personnel.

The city finance has also put in 1 billion yuan to quell the run, and this money must be made up in a hurry.

Although the run has subsided, the trust of depositors has also been lost, and the balance of deposits cannot be generated, so there is no way to operate normally.

It can be said that the short-term situation is very bad on the surface, which provides a necessary reason for commercial restructuring.

What Qian Feng wants is to gain control after the restructuring at the lowest cost. Of course, this should be based on the degree that is acceptable to the municipal SASAC level, first, the SASAC is the largest shareholder, and the interest relationship is also the largest; second, as the largest shareholder, the SASAC does not submit it to the city for discussion and decision-making, and what to do is in vain.

This is the case in the system, and in many cases, the current official is not as good as the current management. This is also the reason why Qian Feng bothered to communicate privately with Director Wang.

What Director Wang wants, in his words, this piece is clear. To solve the current crisis of the Municipal Rural Credit Union, the restructuring plan will not be too difficult as long as it is adjudicated within the Municipal State-owned Assets Supervision and Administration Commission.

As for the others, Qian Feng didn't wait for him to hint before he reported an idea. After the restructuring, he indirectly held part of the shares in the name of his cousin.

Director Wang wants another thing, that is, to establish a relationship with Qian Feng, a talented person with a deep political background, which has nothing to do with the Municipal Rural Credit Union itself, but the restructuring of the Municipal Rural Credit Union is undoubtedly the key.

In the end, a mutually acceptable plan was formed.

The Municipal Rural Credit Union has carried out commercial restructuring in the form of equity transfer, and has become a legal person commercial bank with a limited liability system, and all shareholders of the existing cooperative system have transferred half of their equity to a third party, that is, to introduce half of the equity into a third-party strategic investor, and the strategic investor and all the existing state-owned shareholders each account for 50% of the equity.

However, in terms of design, the Municipal State-owned Assets Supervision and Administration Commission is still the largest shareholder, and the third-party strategic investor cannot be a single shareholder, but must be cut into small pieces one by one, and multiple strategic investors should be introduced to ensure that the Municipal State-owned Assets Supervision and Administration Commission has a dominant share. Otherwise, this matter will not be able to be put on the table.

Of course, this is a cover-up design. Very simply, Qian Feng only needs to use a number of companies under his control to split 50% of the equity and hold it.

According to this plan, the control is taken, and then there is the question of cost.

If the return on investment of strategic investors is considered, the monthly static operating loss is more than 1 million, which means that it is not only unprofitable, but also bears long-term losses, so there is no way to measure it in PE.

If it is based on the net asset evaluation, the current net assets of the Municipal Rural Credit Union are negative 2.5 billion, according to the equity per share, 50% of the equity, and the capital contribution of 1.25 billion to inherit the corresponding shares.

For Qian Feng, this is of course the smallest price. Since it is a way of equity transfer, it is also logical according to the equity method. If this is an industrial enterprise, it is normal to operate according to the equity method, let alone a loss-making state.

But this is a bank, and if it does this, it will really be suspected of being sold cheaply.

"Back then, when CCB was listed on the commercial H-share market, Goldman Sachs forced the Ministry of Finance to strip off all the non-performing loans of CCB, allocate capital at the price of net assets, and invite it to be a strategic investor. Qian Feng teased.

Director Wang laughed, "It is precisely because we have become a laughing stock that our way to use this way is blocked." ”

Qian Feng just said it, but it was just an example to suppress Director Wang's heart. He understands that since the Municipal Rural Credit Union is carrying out commercial restructuring for the reason of extricating itself from danger and solving difficulties, if it wants to be convincing, it must be based on the premise of extricating itself from danger and solving difficulties.

For banks, the core element is non-performing loans, to put it bluntly, the emergence of non-performing loans means that the same amount of depositors' deposits have evaporated. The difference between deposit and loan interest is only a few percentage points, and if there is a non-performing loan of one dollar, you have to rely on dozens of times the profit of the deposit interest rate difference to hedge that dollar.

The non-performing loan ratio determines the operating risk and operating profit of a bank, and generally speaking, the non-performing loan ratio of a commercial bank can only be controlled in the single digit below 5%. In fact, this indicator is easy to define, that is, it cannot exceed the 100% range of the interest rate difference between deposits and loans.

The non-performing loans of the Municipal Rural Credit Union that are overdue for bad debts are 6 billion yuan, reaching 45% of the total loan volume.

Qian Feng needs to do this, otherwise the city rural credit union will be under control but will be burdened with a heavy burden, which will make the financial situation of the capital fall into a quagmire.

But the price of 60 billion yuan is unbearable, but it can be borne by all shareholders after the restructuring.

That is to say, with the non-performing loans of the Municipal Rural Credit Union as the basis for equity transfer, Qian Feng bears 3 billion, and the state-owned shareholders of the existing cooperative system bear 3 billion, and everyone contributes together to write off the 6 billion non-performing loans of the Municipal Rural Credit Union.