Lao Ding was stopped by Guan Yuntian, he looked at the other party blankly, "Why is the matter so serious? Hasn't the environmental protection of the technical transformation of the power plant already reached the standard a few years ago? It's only been less than five years, how can there be environmental protection problems again?"

"Hearing this news, I, like you, also have a lot of questions, I also specifically consulted with the authorities, people said that with the development of science and technology and the continuous improvement of people's living standards, the requirements for environmental protection will become more and more stringent, this is in line with public opinion, justifiable, as an enterprise, only passive acceptance, not even the opportunity to justify. "Guan Yuntian said.

"So, you want to leave traditional manufacturing?"

"Don't leave, wait to throw money in it or close the door?"

Lao Ding nodded, "This is also called taking precautions, do you know when this policy will be implemented?"

"The specific time is not yet known, since the news has been released, presumably the relevant departments are brewing specific measures, I think once the implementation plan is formulated, this policy will be launched nationwide. ”

"How long is it going to be? In the meantime, we really should think about how to deal with it. ”

"I think this policy will be implemented in a year at the latest, or in two or three years at the latest. ”

"What are your plans?" With Lao Ding's understanding of Guan Yuntian, once he raised a question, he basically had a solution to the problem, although sometimes the idea was not necessarily very mature.

"Of course, we are not fleeing immediately, but the shares we hold should be gradually reduced after the ban is lifted. Because once the new environmental protection policy is implemented, the profitability of Changda Holding Company, which is dominated by traditional manufacturing in the future, will inevitably decline sharply, and the stock price of listed companies will inevitably fall sharply at that time. "Guan Yuntian said.

Lao Ding agreed: "It makes sense! If the power plant is shut down, it will cause huge losses to the enterprise, and it is a very wise choice to cash out and leave in advance." ”

"Even if we keep the power plant, we must also require the use of clean energy, and most of the equipment of the power plant will have to be replaced, which will require a huge amount of investment, even if Changda Group can get this money, but after amortizing the cost, the future power generation cost will increase significantly, and the profit of the power plant will be impossible to talk about." ”

"Among the several major assets of listed companies, in addition to the power generation business, other sectors such as oil refining and petrochemical and tire manufacturing sectors can be ensured in the new environmental protection policy?" Lao Ding is the operator of Changda Holding Company, and every move of the listed company worries him.

"It's hard to say, although the leaders of the relevant departments only mentioned the power generation sector, but there is no doubt that the whole trend is that the environmental protection requirements are getting stricter and stricter, and the indicators will be higher and higher, and the refining and petrochemical and tire manufacturing in the previous few years of the governance process, environmental protection is also up to standard, but no one knows whether the regulatory standards will be improved in the future. Guan Yuntian is also anxious about such problems.

"In this way, the traditional manufacturing industry is not good, no matter which industry is facing uncertainty, if only because of market competition is easy to do, in the face of policy uncertainty, enterprises really do not even have the ability to parry. ”

In the face of the difficult market, as long as the method is correct and the effort is at home, you can always get a piece of the pie, even if you return in vain, as long as you do your best, you will not regret it. In terms of policy, things are completely different, in the face of supervision, enterprises do not have a little right to speak, people are swordsmen, I am fish and meat, and I can only unconditionally accept the fact that I am at the mercy of others. So, there are a lot of things that we have to plan ahead. "Guan Yuntian said.

"However, the management of listed companies reduced their holdings, except

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There is a lifting period, and there must be a process, otherwise it will cause panic in the secondary market, and if it attracts the attention of the regulatory authorities, things will be troublesome. Lao Ding said.

"I discussed this matter with you just to formulate a set of operating methods, try not to attract attention from the outside world, and it is best to reduce the shares held by Changda Group without anyone knowing. Don't be too anxious, after the release period, you will personally be responsible for the operation, reduce your holdings in a planned way, and strive to use about two years to hand over the controlling stake. ”

"But even if we don't have a controlling stake, as long as Changda Group is still a shareholder, once the new environmental protection policy is implemented in the future, we still have to cooperate with the implementation. ”

"If the situation is really not optimistic, why can't we transfer all the equity through the secondary market and completely exit the management? Guan Yuntian revealed the true purpose of this move.

"Now there are three months left before the lifting of the ban, and then I will follow the measures we discussed. ”

"The two of us have discussed this matter properly, but Changda Group is a whole, so I will find a time in the next two days, and I will take it to the board of directors to discuss it and obtain the consent of shareholders. ”

Through the office of the group company, Guan Yuntian knew that the members of the board of directors were not on a business trip, and he asked Lin Nan, the director of the office, to inform them of the meeting.

On the morning of the third day, in the small conference room of Changda Building, Guan Yuntian convened all the board members of Changda Group to hold a board meeting, and he presided over the meeting, "Directors, I have convened a meeting today, and I have an important matter to discuss with you. After saying this, the atmosphere of the venue suddenly became serious.

After a pause, Guan Yuntian continued: "Just a few days ago, Mr. Ye told me a news about environmental protection, and afterwards I personally consulted Director Ma of the county environmental protection bureau, and had an in-depth discussion with him on relevant issues, and he confirmed the relevant statement to me, and the above did release rumors, in order to further improve air quality, the next step is to increase the supervision of coal-fired power plants, especially small thermal power plants." Mr. Ye is right, for small coal-fired power plants, the above may give two options, one is to shut down, the other is to change the fuel, in short, the current situation is impossible to continue. ”

"I don't know what the reason, four or five years ago, it took a lot of effort to control the flue gas of the power plant, through equipment renewal and technology upgrading, the flue gas emissions have reached the standard, why do you mention this matter now?"

"People say that with the progress of technology and the continuous improvement of people's living standards, the people's requirements for air quality are getting higher and higher, so the previous standards can no longer meet the new needs. Guan Yuntian explained.

"How do we deal with this situation?" Xu Jianmin asked.

"The purpose of this board meeting is to discuss with you how to solve this problem. Not only the problem of self-supplied power plants, with the implementation of the new environmental protection policy, I estimate that all traditional industries will face huge environmental pressure, and our oil refining and petrochemical and tire manufacturing will of course be no exception. "Guan Yuntian said.

"In this way, can the traditional manufacturing industry survive?" Xue Jianqing asked.

"It will definitely survive, the traditional industries are closely linked to all aspects of social life, and the state will certainly not let them disappear, but the costs of these industries will be great

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The profitability of enterprises engaged in traditional manufacturing will decline. Specific to the several industries involved in Changda Group, such as self-supplied power plants, if they are lucky enough to be retained, they must replace the fuel, and at the same time replace the equipment, natural gas, liquefied gas or fuel oil, which power generation cost is higher than coal-fired power generation, as well as the investment sharing of new equipment, these together, the increase in electricity cost will never be a decimal. ”

Lao Ding took over, "Mr. Guan's purpose is to link it with the listed company Changda Holdings, the assets injected by Changda Group into listed companies are all traditional industries, if the new environmental protection policy is implemented, the company's profitability will inevitably decline, and it will inevitably affect the stock price." ”

"That's true. Therefore, I have an idea to discuss with you, instead of passively waiting for the stock price to fall, it is better to take advantage of the current corporate performance is still good, the stock price is still at a high level, we take the initiative to reduce our holdings to minimize the loss. ”

"Taking the initiative to reduce holdings means giving up the controlling stake in the listed company, and it is a pity to give up the controlling stake now after the backdoor listing fee?" Ye Jiayi was a little puzzled.

"The so-called plan is not as fast as the change, probably this is what it means, the original backdoor listing, the purpose is to push the assets of Changda Group to the market, so as to obtain financing convenience. However, who knew that the new environmental protection policy was coming with ferocity, and it would be difficult for companies to cope. "Guan Yuntian said.

"After the reduction, even if Changda Group relinquishes the position of the controlling shareholder, if the new environmental protection policy comes, we will not be able to stand alone!" Ye Jiayi said.

"This problem is not easy to judge now, can only take one step at a time, if the implementation of the new environmental protection policy, the enterprise is really difficult, Changda Group can transfer all the remaining shares, and walk away. ”

"It's a bit like a victory escape!" Ye Jiayi quipped.

"No matter what it looks like, it's fundamental to get out of it as soon as possible and not get into trouble. As for the original backdoor listing, it now seems that it is not only worthwhile, but also very necessary! If the three traditional industrial sectors of self-supplied power plants, oil refining and petrochemical refining, and tire manufacturing, are not injected into the listed companies, but are still in the hands of the Changda Group, if the new environmental protection policy is implemented one day, what kind of situation will it be? Now, as long as we can reduce the equity held by Changda Group to the greatest extent, even if the new policy is implemented, we will suffer much less losses. ”

The shareholders present admired Guan Yuntian's foresight from the bottom of their hearts. But isn't it, Changda Group through backdoor listing, the assets of traditional industries to the stock market, if the wind is smooth, you can use these assets in the secondary market financing; now there is environmental pressure, so that the business in the future face huge risks, he through the stock reduction, let go of the position of the controlling shareholder of the listed company, or even completely sell the stocks, stay out of the matter, and those risk assets completely out of the relationship.

Ye Jiayi nodded in agreement, "It's a good idea, but can the lifting period of management shareholding coincide with the implementation time of the new environmental protection policy?"

According to the information they have, the new environmental protection policy is only the idea of the top regulator, and before it can be implemented, it will have to be verified by experts and the industry, and the process is said to take two to three years. On the side of listed companies, as far as Mr. Ding knows, there are only three months left before the lifting of the ban, and once it expires, it can gradually reduce its holdings and realize it in the secondary market. ”

Lao Ding took over the topic, "Mr. Guan's idea is very exquisite, even if it is based on the principle of not attracting the attention of the outside world, in about two years, it is completely possible to reduce the shares held by the management of Changda Group to a very low level." ”

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