U Diesel Engine Factory is the largest state-owned enterprise in U and the only joint-stock enterprise listed on the Shanghai Stock Exchange. There are 2,500 employees under its jurisdiction, and more than 600 retired cadres and employees. It can be said that almost everyone of the 300,000 long-term residents in U City has had direct contact with diesel engine factories.

The diesel engine plant is like a skeleton that closely connects the entire U city. It can be said that half of the former U city was built on diesel engine factories.

Historically, the party secretary and director of the diesel engine plant have been the successors of the main leaders of the municipal party committee and municipal axe. According to the survey, eighty percent of the previous deputy mayors of U City were born in diesel engine factories.

In the entire W city area, the reputation of the U city diesel engine plant is well-known.

The most glorious moment of the U City Diesel Engine Factory was in the two years when it was listed in Shanghai. You must know that there are only two listed companies in the entire W city area so far, and one of them is in the U city. What is this concept? It can be said that the reason why U City was able to be upgraded to a city that year was due to the contribution of the diesel engine factory.

Of course, the glory only belongs to the past, and today's diesel engine factories have long since returned to the grandeur of the past, just like many state-owned enterprises across the country have gone to the twilight and declined.

ST's hat, U City Diesel Engine Factory has been wearing it for two years, and this year is the third year. If the diesel engine plant continues to lose money this year, it will face an outright delisting. The secretary of the party committee of the plant, the director of the factory, and the leaders at all levels of the municipal party committee and the municipal axe of the city are worried about the current situation of the diesel engine plant.

What to do? There is only one way to reform! Asset restructuring seems to be a bright road in front of leaders at all levels.

Although I know that this bright road is not so easy to walk, not to mention the thorns, at least it is difficult, but the grim facts make the main leaders of U City unable to look ahead. Comrade Miao Renjie, former secretary of the Municipal Party Committee of U City, waved his hand: "Comrades, the opportunity of history is in front of us, and we can no longer hesitate!" "The restructuring of the assets of the diesel engine plant has been carried out step by step.

By the decision of the Standing Committee of the Municipal Party Committee of U City, the leading group for the asset restructuring of the U City Diesel Engine Factory, which was led by Mayor Guan Xiaoshan and Comrade Tian Liren, Deputy Secretary of the Municipal Party Committee and Executive Vice Mayor, was formally established on March 9, 6007. At this time, Ye Tian was still outside the decision-making level of U City, and was enjoying his last leisurely life in T City.

There are three difficulties faced by the U-City Diesel Engine Plant in carrying out the reorganization: First, Wuhe Investment Co., Ltd., a subsidiary of the U-City Diesel Engine Plant, owes Huawei Asset Management Company 320 million yuan in debt principal and interest, and the U-City Diesel Engine Plant has made joint and several guarantees. In the case of Wuhe Investment Co., Ltd.'s continuous losses and insolvency, the debt is like a time bomb, threatening the financial situation of the U City Diesel Engine Factory at any time. This huge guarantee knot is tightly attached to the head of the diesel engine plant like a rope sleeve that urges life.

Second, due to various reasons such as aging equipment, poor market development, and backward management concepts, the operating conditions of the diesel engine factory in U City in recent years have been under the circumstances, and the main business has been losing money for five consecutive years, and the asset-liability ratio is as high as 85.3%.

Third, huge employee baggage. The diesel engine factory in U City needs to maintain the usual expenses and medical expenses of 2,500 active employees and more than 600 retired cadres and employees. This burden is not insignificant!

Due to the above three reasons, the restructuring process of the diesel engine plant in U city is difficult.

Ye Tian carefully read the relevant materials of the U City Diesel Engine Factory word by word.

It can be said that the diesel engine plant in U City is in the current situation, which can be described as [***], and it is by no means a natural disaster! If Wuhe Investment Co., Ltd., a subsidiary of the diesel engine factory, did not owe as much as 320 million yuan of debt principal and interest because of the failure of the investment, then the diesel engine factory still has a glimmer of vitality, at least it still has a relatively sufficient cash flow. In the past three years, the diesel engine factory has needed to allocate at least 20 million yuan a year to balance the accounts of Wuhe Investment Co., Ltd. The relevant person in charge of the diesel engine plant knew that if this account was not balanced, the crisis of the collapse of the diesel engine plant was just around the corner. However, the huge amount of 20 million yuan per year is only a drop in the bucket, and it also makes the diesel engine factory fall into a cycle of evil surnames, and gradually loses the last bit of hematopoietic function.

If three years ago the diesel engine factory was curable, now it is terminally ill.

Regardless of the subjective and objective reasons for the failure of Wuhe Investment Co., Ltd.'s investment, Ye Tian can learn a lot from the two words "diesel engine factory" and "financial investment", which are incompatible.

A few years ago, the securities market was booming, and the bull market that continued to heat up made the people of China red-eyed. All kinds of people, as well as state-owned enterprises, private enterprises, and foreign-funded enterprises, have put the money in their pockets into the big dye vat of the securities market.

There are many companies that can be described as "unscrupulous" in order to invest in securities! Some of them have given up the core competitiveness of their enterprises -- upgrading their equipment, expanding reproduction, and putting the money saved into the securities market to make money. Some borrowed huge sums of money through various financing channels and rushed into this market full of speculation and games.

Some went ashore safely, but many more became corpses trapped in the mud at the bottom of the river. It is undeniable that Five Rivers Investment Co., Ltd. is one of these corpses.

There is nothing wrong with financial investment, this is another way for enterprises to survive and make profits, although the three words diesel engine have nothing to do with finance. But the mistake is that in order to win greater profits in the securities market, the diesel engine factory in U City has delayed the equipment upgrade and the great opportunity for new product development again and again. The mistake lies in the fact that the diesel engine factory disregards its own financial situation and invests excessively large funds in the securities market.

Why did the relevant person in charge of the diesel engine plant do this? Ye Tian was thinking about such a question in his mind. There are many answers, but there is only one crucial one, and this one is very simple, and a discerning person can see it at a glance. Small vault!

Although it is not impossible for a listed company to set up a small treasury privately, it is quite difficult. But if you want to set up a small treasury in a subsidiary, it is relatively much easier, and the surname that is found is much smaller. In fact, this phenomenon exists to a greater or lesser extent in many listed companies, but no one in the insiders says it, and the laymen see the flowers in the fog.

In addition, the accounts of investment companies are easier to do, and the profits and losses are actually determined by those leaders.

Through relevant materials, Ye Tian found that the president, vice president and project manager of Wuhe Investment Co., Ltd. are not from the financial profession. And before they joined Five Rivers Investment Co., Ltd., they had never been involved in the financial investment industry at all. It was only by virtue of one or another relationship that they entered the senior management of Five Rivers Investments Ltd. Among them, some are veterans of the U City Diesel Engine Factory, some are old cadres who are unwilling to be lonely and want to give full play to their residual heat, and even more some are shameless people who rely on nepotism to squeeze in and get a piece of the pie!

How can such an investment company win money? A layman leads an investment company with an insider, and its outcome has long been predetermined! Maybe in the case of the stock market is red, the book can maintain profits? But what about after a while? What happens when the stock market enters a bear market? The tragic status quo is the best testimony!

Ye Tian can imagine how those shameless people invest in the bull market - they first buy a large number of stocks or bonds, and then pour a large amount of money into the company to pull up and speculate. Even if they leave the market safely, the company's funds are "adaptable"! In a bear market, shameless individuals use the few remaining funds of the company to enter the market to make a last-ditch gamble in the hope of creating an atmosphere for themselves to get out of the market safely. Whether the company's funds are locked up at a high price point is definitely not a question that the unscrupulous will be concerned about. They will only care about their own interests!

Ye Tian looked at the materials while making guesses and analyses. Some people may say that Ye Tian's ideas are too extreme, but the truth is always so surprising and confusing.

Looking at the list of previous leaders of Wuhe Investment Co., Ltd., and comparing his not yet deep understanding of U City, Ye Tian circled one name after another.

Huang Zhiqiang, the former general manager of Wuhe Investment Co., Ltd., is now the general manager of U Weiyuan Flooring Factory (boss, private enterprise). Zhang Kai, the former deputy general manager in charge of administration of Wuhe Investment Co., Ltd., is now the director of the Kaiyang Lamp Factory in U City (boss, private enterprise). Ma Suan, former manager of the stock investment department of Wuhe Investment Co., Ltd., is now the CEO of U City Honghe Catering Group (boss, private enterprise). Wait, wait, countless!

Could it be that their current success stems from their business talents? Ye Tian was deeply skeptical. If they were really talented, then Wuhe Investment Co., Ltd. and U City Diesel Engine Factory would not be in such a mess as they are now!

Their responsibility, Ye Tian can't and can't hold them accountable now, but Ye Tian dares to say responsibly: They must have a problem.

According to the steps of asset restructuring, the first step of reorganization is to select a cooperative company, and the cooperative company obtains control of the listed company. At present, all the 35 million state-owned shares of the diesel engine factory in U City are still in the hands of U City and have not been frozen by the court. This is also the capital that the municipal party committee of U city can bargain with the cooperative company.

A total of four companies inside and outside the province are interested in the asset restructuring project of the diesel engine plant in U City. They are Shanghai Sino-Ocean Investment Co., Ltd., S Provincial Baoyin Asset Management Group, W Sanjiang Industrial Group and Fujian Ruihe Group. There are also nine companies, and the group has the intention of entering the diesel engine factory in U city.

According to Ye Tian's knowledge and understanding, Shanghai Sino-Ocean Investment Co., Ltd. and S Provincial Baoyin Asset Management Group obviously have incomparable experience and advantages in asset restructuring compared with several other companies. It stands to reason that one of these two companies should be selected to reorganize the diesel engine plant in U City.

But it is strange here, according to the relevant materials in hand, the leading group for the asset restructuring of the U City Diesel Engine Factory seems to be biased towards letting the W City Sanjiang Industrial Group take care of the restructuring project......

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