Qingdao Double Star MBO Encounters Three Questions

It seems that the privatization of double star, which has attracted worldwide attention, has come to an end. However, the results of MBO are not as valuable as TCL. At the end of 2007, Qingdao Double Star announced that it would transfer its shoe industry assets to celebrity industry (Qingdao Double Star celebrity Industry Co., Ltd.). At this point, two years later, the once controversial "privatization" process of the two stars seems to have come to an end. On the surface, the ultimate independence of celebrity industry has dual significance. In the field of enterprises, the property right reform of state-owned enterprises in non core industries and the incentive of professional managers have opened a new road. As for Wang Hai, the "king of shoes in China", the former entrepreneur has finally achieved a good result, which can continue his "shoe king" career and provide a mirror for the fate of state-owned enterprise entrepreneurs. Maybe Wang Hai is in an unprecedented crisis. There has always been a huge gap between the state-owned enterprises and the state-owned enterprises. After decades of hard work, an enterprise has grown up from an early age, but in the end, it is found that their income is far less than the reward they deserve. Even the curse of retirement will deprive the stage of life once regarded as life, and the whole life's efforts will be wasted. This situation makes many entrepreneurs in a dilemma, but also makes people who are worried about the country and the people. How to realize both personal outlet and enterprise under the condition of system permission makes many entrepreneurs search for good policies. However, there were many martyrs and few pioneers. From Zhen Shijian to Zhao Xinxian and Li Jingwei, then to Ni Runfeng and panning, enterprises have become giants, but they either end up in prison or go back to the countryside with nothing to do. To be a real pioneer of the Apollo program, Li Dongsheng should be called "the perfect pioneer of TCL". Li Dongsheng and Huizhou Municipal Government signed a five-year authorized operation agreement: Based on TCL's net assets, the annual return on net assets of enterprises shall not be less than 10%. Of which, the management can obtain a growth rate of 40% to 25%, and the management can obtain a growth rate of 40% to 25%. As a result, the state-owned assets of TCL group have increased more than twice in recent years, and the management and employees of TCL group have also obtained the equity of the group. Among them, the management has obtained 25% of the shares of the group, and Li Dongsheng himself has held 9.08% of the shares, realizing a win-win situation. For enterprises, asset appreciation and maintenance is the basic task, and profit is its ultimate mission, whether state-owned enterprises or private enterprises. This mission, in itself, gives entrepreneurs the opportunity to play games with the existing system, which is the brilliant point of Apollo program. However, Wang Hai's plan does not have this characteristic. Loopholes The reason why the two sides can not accept the proposal is that both the Qingdao municipal government and the Qingdao Haixing municipal government can not accept the equity transaction Choose. " From this point of view, this scheme is not the best choice, it is just a "rough to choose the best" under the pressure of time. The key to the success of the privatization of double star lies in three points: the first is the legitimacy of the acquisition itself. The related party transaction between double star and celebrity has not gone through public bidding, and there are a lot of doubts about the acquisition ability of celebrities. Mingming Industrial Co., Ltd. is mainly engaged in vulcanized shoes business. Its total assets, liabilities and net assets are 152 million yuan, 121 million yuan and 31 million yuan respectively. In recent years, the business situation of Mingxing industry is mediocre, while Shuangxing's cold adhesive shoe business includes house, machinery and land use right, with the base asset price of 128440.8 million yuan. Celebrity industry strength is not enough, where do their funds come from? Without the legitimacy of the acquisition, not only is the transaction difficult to complete, but also there are legal risks for Wang Hai and some senior executives. Second, it lies in the ratio of income obtained by the state-owned major shareholders before and after the acquisition. Enterprises are all profit-seeking. If celebrities make less contribution than before, and their performance is relatively worse, I'm afraid that it will be difficult for the SASAC of Qingdao to agree to the transaction plan, or even though the acquisition is successful, there will be a lot of sequelae. Third, whose MBO? According to the data, Sheng Xishun is the legal representative of Mingxing industry, and his other identity is vice president of Shuangxing group. Wang Hai is the largest shareholder, accounting for 21.88% of the shares, and serves as the chairman of the board. Wang Hai, the largest shoe enterprise in China, has handed over its main business to a natural person. Wang Hai's future risks are too great. After all, MBO of large state-owned enterprises has never been lifted publicly since 2005. In such a special commercial society in China, Wang Hai has a universal reputation and various relationships. Although he can get close to the water in the transaction, he can't break through some bottom lines. At the same time, because of his tough style, Wang Hai is not really able to handle all kinds of relationships. In the face of realistic interests, how to create a win-win situation, not only let the state-owned major shareholders see where the interests lie, but also for individuals and teams to find a place to live, so that they have the power to trade, is the biggest test Wang Hai is facing. We all hope that the reform of the double star system can be successful, but unfortunately, what we see in our eyes is that Wang Hai and other mermaids are walking on a single wooden bridge that is not solid, and under the bridge, there are surging volcanic lava.