Chapter 1701: Share Capital Reset

On January 19, Li Dong returned to the distant place again.

Since entering the first month, Li Dong has not been to the company much.

However, even without him, the vast distance is running smoothly now, and everything is developing in an orderly and orderly manner.

...

in the office.

Yuan Chengdao reported the latest work progress one by one.

Dongyu has begun to gradually integrate into Yuanfang Retail. Although it has not officially started, Qi Yunna and Sun Tao are already doing it, including some of Dongyu's management, and some people have been transferred.

And Qi Yunna's goal is to fully integrate Dongyu into the distant retail before New Year's Eve.

In this way, the pre-integration work is completed.

After the new year, Yuanfang Retail can officially prepare for listing.

Speaking of Dongyu's integration into the group, Yuan Chengdao thought for a while before saying: "Mr. Li, after Dongyu's integration into the group, the holding group's shareholding ratio is too high, exceeding 80%.

The shareholding ratio of other people will be diluted again.

A low shareholding ratio is not good, but it is not necessarily a good thing if it is too high. "

Li Dong glanced at him, thought for a while and said, "Then you mean to introduce investors before going public?"

Yuan Chengdao shook his head, now it was Li Dong's turn to be surprised.

Yuan Chengdao said with a smile: "At this time, it is not appropriate to introduce foreign capital, and the introduction of domestic capital will help us to a limited extent.

And I know what's on your mind, I don't want other people to meddle too much in distant affairs.

That being the case, it will be of great help to the integration of the group if employees are properly allowed to hold some shares.

On the eve of listing, we don't need to let employees hold shares in the form of incentives as before.

Instead, in the form of subscription, willing employees are allowed to buy part of the equity. In this way, it will be more helpful to the integration of the retail group.

The stability of the group and the centripetal force of employees ultimately depend on interests.

salary increase,

Impossible to keep adding.

The equity reward plan costs a lot every time and is not suitable.

At this time, investing to subscribe for part of the equity can not only make the employees profitable, but also make the group more abundant, and make everyone willing to bind with the group's interests.

In this way, the integration work is much easier.

The rest of us are okay, most of us own shares in retail companies.

But some corporate executives newly merged into the group missed this opportunity.

At this time, open the authority and let them change from outsiders to participants. I think everyone will be more motivated. "

Li Dong thought for a while after hearing this, and finally said with a smile: "You told me about this plan a few years ago, but I rejected it at that time.

Now, again, the timing is right.

That's fine, just do as you say.

I believe that you have already prepared for it. Interest bundling is indeed a good way to unite the centripetal force of the enterprise. "

Li Dong agreed with his plan, which made Yuan Chengdao feel a lot easier.

Seeing this, Yuan Chengdao said again: "Mr. Li, besides the employee's share capital subscription, you see... Can we, including some original shareholders, increase our holdings?"

Li Dong glanced at him, then laughed and said: "It seems that you have accumulated a lot of capital on hand."

Yuan Chengdao did not deny that, as an executive with an annual salary of more than tens of millions, he still had some money.

What's more, the increase in shareholding is not only for making money, but also for the purpose of making the senior management and distant interests more tied.

The shareholding of these senior executives before, after the last integration of the mall, the total shareholding ratio was only 1.2%.

This time, if Dongyu merged again, it would be even lower.

It is not a good thing for a large group that the senior management holds less than 1% of the shares.

Now it is not in the form of incentives, but in the form of subscription, which is a good thing for the group and executives.

The group can repatriate part of the funds, and the executives and employees can also benefit, which is a matter of mutual benefit.

In the past, Yuan Chengdao would not mention this matter.

But now, Yuan Chengdao felt that the problem was not serious.

And the fact is the same, Li Dong smiled for a while, and then said: "You are right, the form of rewards is still very limited after all, and the spread is not large.

I really want to reward too much, and I don't want to part with it, I'm afraid you don't feel relieved either.

After all, there are too many restrictions on the rewarded equity.

Just like Wu Shengnan, after resigning, he didn't take anything with him. This is probably one of the reasons why you are uneasy.

Although there will still be some restrictions on internal subscriptions, compared to rewards, that will make you guys feel more at ease.

Okay, I agree to the plan in principle, and you can show me the specific plan later, but the subscription will be arranged after Dongyu merges.

It is also a good thing for the group to let the funds outflowed by the group return to the group again and become shares held by employees. "

The two proposals in a row were approved by Li Dong, which made Yuan Chengdao's exhausted spirit recover all of a sudden.

Moreover, these two plans benefit all employees and executive shareholders, which is also conducive to his next work.

Li Dong was able to support his plan at this time, and Yuan Chengdao felt completely at ease.

If there is no accident, I will be the next chairman of Yuanfang's board of directors.

Otherwise, the plan will not be so easy to pass.

Let other people subscribe on the eve of the listing, when Yuanfang is unanimously favored by the outside world, this is actually harming Li Dong's personal interests.

Now it seems that Li Dong doesn't care too much, and he also wants to pave the way for him in this way.

Of course, employee shareholding and executive holding increase are indeed conducive to the subsequent integration and stability, otherwise Li Dong would not agree.

But in the end, Li Dong still thought about it and said: "In this way, the group has too many shareholders, and it will be a little troublesome to go public."

According to the current regulations, if the number of shareholders exceeds 200, listing will encounter some policy restrictions.

Yuan Chengdao didn't care too much, and said with a smile: "This time I chose A-share listing, and the restrictions are not so big.

Because a lot of people want us to go public!

Moreover, the employee's equity, before and after the listing, will be handed over to the employee stock ownership committee for a unified vote on dividends.

Shareholders agree, which is fundamental.

As long as the shareholders agree, the decentralized equity management is unified, and our structure is clear, Yuanfang Holdings is an absolute holding.

With a little work, listing is still no problem.

If you really want to encounter too much trouble, you can also hand it over to Yuanfang Holdings for operation first, and make arrangements after listing.

Of course, it was more troublesome then than it is now.

After all, after listing, if it goes up sharply, we will lose a lot from the book point of view.

If it does not rise, it will be even more troublesome, and employees and shareholders may not be willing to continue buying.

So in order to avoid these disputes, it is best to resolve these troubles before going public.

For the China Securities Regulatory Commission and the Shenzhen Stock Exchange, I will ask someone to consult to see if these troubles can be avoided.

As the largest retail company in China, Yuanfang Retail is even among the top retail companies in the world. I think appropriate policy easing is okay. "

If you have the strength to speak, you will have the confidence.

Yuanfang Retail, as a giant among giant companies, chose to go public in China. At this time, even if Yuanfang really does not comply with the regulations, it is easy to obtain accommodation.

Hearing what he said, Li Dong knew that he had probably talked about it, so he nodded with a smile as a tacit consent.

...

Yuan Chengdao's plan soon came to Li Dong's hands.

Dongyu split most of its business into Yuanfang Retail, where the value of real estate is there, and there is not much room for floating.

Although the investment in Yuanfang City project is not small, the debt is also not low.

After the integration, the debt will naturally also enter the distant retail.

In the end, Dongyu merged partly and merged into Yuanfang Retail with a value of 40 billion.

This value has also been recognized by other shareholders. This is different from the mall. The value of the mall has too much room for fluctuation, and everyone is controversial.

But in terms of property, there are not so many disputes.

Yuanfang City and employee community, among them, Yuanfang City is still valuable, and the employee community is mainly for the welfare of employees. Yuanfang has made some concessions in this regard, so it is not easy to argue at this time.

Once shareholders are excluded by all employees, it is not a good thing.

In addition, Yuanfang has the most shares, so Li Dong took the lead and gave some profits to the employees, and other shareholders did not have much opinion.

After Dongyu merged, Yuanfang Retail shares had some changes again.

According to the budget, after the integration of Yuanfang Retail, Yuanfang Holdings' shareholding ratio reached 80.1%.

Other people's shareholdings have been diluted a little, but not as much as last time.

The total value of Yuanfang Retail has also reached 412 billion in one fell swoop.

According to Yuan Chengdao's idea, at a price of 10 yuan per share, the total share capital will be reset, and the total share capital of the retail group will reach 41.2 billion shares.

Afterwards, an additional part will be used for employee subscription and executives and shareholders to increase their holdings.

Yuanfang Holdings keeps the original share capital unchanged. In this way, the proportion held by Yuanfang Holdings will be reduced to below 80%, which will not damage the controlling rights of Yuanfang Holdings, but also make the group's equity structure more stable.

As for how much new capital to be added, Li Dong glanced at it, and met Yuan Chengdao again not long after.

in the office.

Li Dong took the document and said, "Are you sure it's possible?

Add 2.8 billion shares, according to the price of 10 yuan per share, that is 28 billion.

This time it's mainly internal. Are you sure the far side can digest so much? "

Yuan Chengdao said with a smile: "President Li, you underestimate people from far away, and you also underestimate other shareholders.

In fact, this is the plan I gave after I made restrictions.

Otherwise, an increase of 2.8 billion share capital is not enough.

Those cooperative alliance companies all hope that we can open up higher quotas for them.

They won't talk about it, just talk about ourselves.

When you agreed to the plan before, I mentioned it to others a little bit.

As a result, these guys who usually pretended to be poor suddenly became rich!

Even Mr. Sun coyly said that he would increase his holdings by 30 million shares, and with his original holdings, the holdings just reached 700 million shares..."

Li Dong was a little stunned and said, "30 million shares? That's 300 million. Where did he get so much money?"

Yuan Chengdao said with a smile: "I was also surprised at first, but after thinking about it, it's normal for Mr. Sun to have money.

You forgot, didn't you give Mr. Sun 100 million in compensation before?

In addition to Mr. Sun's own savings and personal investment over the years, he has also made a lot of money. Although it is less than 300 million yuan, Mr. Sun still holds some Weibo and Teng Xun stocks, and made some mortgages to make up 300 million yuan. Pretty much the same.

This opportunity is rare. Mr. Sun has emptied his family. His shareholding is higher than ours, and the upper limit is higher than ours. Naturally, he will not give up this opportunity. "

Li Dong didn't know whether to laugh or cry: "I thought he didn't have much money now, if it wasn't for this plan this time, he might still be hiding it.

If I had known that he was so rich, I should have played the autumn wind more. "

"Who said it wasn't? We were also surprised. Mr. Sun is a frequent visitor to the cafeteria, so he ate less in the cafeteria after getting married. Do you think rich people are so picky?"

The company canteen is free. Of course, if you want to order food, you have to pay extra.

But that's for ordinary employees. For Sun Tao and the others, there are almost no restrictions. Anyway, it doesn't cost money.

But no matter how good the food in the cafeteria is, executives like them won't go there every day.

Sun Tao, on the other hand, usually goes to the cafeteria to eat when he is in the company.

After Yuan Chengdao finished speaking, Li Dong glanced at him and said, "What about you? How much will you subscribe this time?"

Yuan Chengdao sighed a little: "I'm not as rich as Mr. Sun. This time, I've put together things and subscribed to the limit of 5 million shares."

Li Dong glanced at him, this bastard has only been here for a few years, and he can still make up 50 million?

Wouldn't it be greedy?

Of course, just think about it, no matter how courageous these guys are, even if they are really greedy, they would not dare to show it off at this time.

It can be seen that the 50 million should be Yuan Chengdao's own accumulation.

As for patchwork, that's not enough, this guy has been getting an annual salary of tens of millions for several years.

As executives from far away, they will not put the money in the bank when they get it, and they also have their own investment channels.

The higher the position of the station, the easier it is to make money.

They have a lot of experience and know a lot of news. Sometimes Li Dong accidentally revealed that in the stock market in 2008, many of these guys followed suit and made a lot of money.

It's not uncommon for Yuan Chengdao to collect 50 million now.

Even if there is a gap between the other members of the board of directors, it will not be too big, and they are all considered rich.

This time, the subscription at 10 yuan per share is obviously a profitable thing, and it is normal to sell the subscription.

The current total value of Yuanfang Retail is only in the early 400 billion. No one would think that Yuanfang Retail will also be at this price after it goes public.

If it is really going to double, these people will naturally buy as much as the limit.

Since Yuan Chengdao felt that it was no problem to issue 2.8 billion additional shares, Li Dong didn't say anything more, but thought for a while and said, "So, another 28 billion funds will be credited to the retail side soon?"

"right."

"Spend the money as soon as possible. Properties, stores, and Yuanfang City are all time to spend money, especially Yuanfang City. Because of funding problems, it has been unable to speed up the construction period.

Now that Yuanfang City has been merged into retail, the funds will be abundant. I hope that Yuanfang City will be officially opened soon after the Chinese New Year. "

Yuan Chengdao nodded. The funds for Yuanfang retailing are quite sufficient now. Although the previous 300 billion was spent a lot, the remaining funds are as high as hundreds of billions.

Coupled with the funds subscribed this time, it is also a good thing to spend the money and quickly convert it into strength.

He mentioned last time that he should increase investment in Yuanfang City. In this way, even if he faces financial problems in the future, Yuanfang City can be used as an emergency measure to quickly withdraw funds.

Dongyu was not merged before, and due to capital restrictions, it could not be expanded. Now after the merger, there is no restriction.

The two talked about the equity subscription for a while, and finally Yuan Chengdao thought about it and said: "After several mergers and integrations of Yuanfang Retail, the scale is now extremely large.

I am actually not worried about other things now, but I am afraid that after the listing, can A shares support Yuanfang retail? "

Li Dong didn't take it seriously, and said with a light smile: "The domestic potential is actually much greater than that of the Xiangjiang stock market, and Xiangjiang can support Teng Xun, let alone the A-share market.

Don't look at everyone who is going to Xiangjiang to go public now. I don't think it will take a few years for these people to find ways to go to the mainland.

Moreover, Yuanfang Retail is only suitable for listing in the Mainland. No matter what the market is, we have no choice. "

Yuan Chengdao didn't say anything after hearing the words. In fact, Li Dong said that it can only be listed in the mainland, which is not entirely true.

It may not be impossible to go to Xiangjiang, or to go public in both places at the same time.

However, he understood what Li Dong meant. Only choosing A shares may have some restrictions and disadvantages, and the guarantee is also high.

In the past, Li Dong sought change, but now he seeks stability.