Chapter 369 Concerns About Embezzlement of State-Owned Assets

After Hao received Fan Heng's instructions, he hurried back to the factory to hold a meeting of cadres above the level to discuss the issue of debt-for-equity swap.

After telling everyone about the opinions of the provincial meeting, Cui Hao expressed his position, "The situation is very serious now. It is impossible to expect funding from the province. Now the province should not say 200 million, just get 20 million." It’s hard to come out.”

"If we do a debt-for-equity swap, will we change the boss? We used to be state-owned enterprises, but now that we have a joint-stock system, wouldn't we be working for capitalists?" Someone expressed confusion.

Cui Hao glanced at the man and said calmly, "Either restructuring and introducing funds for technological transformation. Even if the company cannot take off again, it can at least provide a backstop. If not, then we will wait. Go bankrupt, the province has no hope anyway, and they will be in even greater trouble.”

Everyone held cigarette butts and stayed in the conference room all afternoon, and they dispersed around nine o'clock in the evening.

At this time, a large group of employees gathered outside the conference room. When they saw everyone coming out, they all asked about the content of the meeting. Can the factory get funding from the province?

Cui Hao stood at a high place, waved his hand to calm down everyone, and then said to everyone, "The factory is in trouble right now, but the province is also in trouble. Direct funding is not enough." Seeing the commotion among the people, he continued, "But Acting Governor Fan is very concerned about the situation of our factory. He proposed a debt-for-equity swap and contacted our cooperative enterprises. Due to confidentiality regulations, we cannot disclose the details first, but we will definitely negotiate a deal within half a month. result."

Someone shouted from below, "Director Cui, our salary for last month has not been paid yet——"

"You have no salary, and neither do we. If we continue to hold on, if we can't come up with results in half a month, I will jump off the provincial government building and die to apologize without you having to say anything!" Cui Hao swore.

Now that the factory director has said this, everyone has nothing to complain about. Such a big factory with tens of thousands of employees is difficult to manage! At present, a wide range of domestic state-owned enterprises are experiencing performance decline, and it is not just Jiangnan Woolen Mill.

After Cui Hao beat these employees. Immediately ordered his secretary. "Contact the Jiangnan branch of Fan Investment Group immediately. We have to hurry up!"

Fan Wu was notified by his father Fan Heng immediately when he fell ill. It was said that Jiangnan Woolen Textile Factory wanted to negotiate with itself about the debt-for-equity swap location. So he immediately instructed the person in charge of the Jiangnan Provincial Branch to proactively contact the Jiangnan Woolen Mill. Negotiations on debt-for-equity swaps will begin today.

In fact, Cui Hao still has some resistance to debt-for-equity swaps. Because he believes that in debt-for-equity swaps.

There is a problem of loss of state-owned assets. And he also felt a little unfamiliar with this Fan Investment Group.

Although Fan's Investment Group has a great influence on the business community across the country. But for relatively closed state-owned enterprises like Jiangnan Woolen Mill. The influence is a bit weak.

The restructuring of domestic enterprises is first done in a secretive manner. The restructuring is a company-wide employee shareholding. But the enterprise itself belongs to the state. In this way, there is a possibility that the interests of the whole people will be embezzled by some people.

There is a saying that the ground is as separated as a mountain. It is difficult for people outside the industry to understand the specific internal conditions of the industry. What's more, it's the internal situation of a company. Outsiders have no way of knowing. therefore. Many corporate restructurings are not made public. And it is an internal restructuring. In other words, only employees are allowed to hold shares. No outsiders are allowed to hold shares. therefore. The principles of openness, fairness and fairness were abandoned. This creates a situation where everyone jointly embezzles state-owned assets. became a community of interests.

Unless the community of interests is broken by a certain group of people, it will not be known to outsiders. You can't imagine that entrepreneurs in Shanghai would openly bid for shares in Beijing's restructured companies, because it is difficult for them to understand the inside story of Beijing's restructured companies. In this case, the loss of state-owned assets is inevitable.

Some people may say that there is no State-owned Assets Supervision and Administration Commission, but the State-owned Assets Supervision and Administration Commission is also subject to local jurisdiction. Even the regional system of banks cannot prevent local officials from making illegal loans from banks, let alone the State-owned Assets Supervision and Administration Commission?

Just look at reports of the Big Four asset management companies packaging up distressed assets and selling them to foreign institutions. Many foreign business management models have been reported in China, and the Chinese have also learned a lot. These non-performing assets exist in physical form and can be revitalized by selling them to foreigners. Why can’t the Chinese do it? Why can't it be sold to the Chinese? Instead, it must be packaged and sold?

Many foreign financial institutions have privileged comprador agents in China and even flout US laws, not to mention China's imperfect legal system? It is indeed very easy to carve up state-owned assets in China.

The person in charge of Fan Investment Group in Jiangnan Province is called Jiang Shengshui. He is also a professional manager recruited by Fan Wubing from the United States. He is very good at capital games. He met Cui Hao and others and talked for a day or two. after

I had a clear understanding of the affairs of the Nan Province Woolen Mill, so I asked him to report to him.

"The biggest problem of Jiangnan Woolen Mill is the funding issue, and the other is management issue." Jiang Shengshui talked to Fan Wubing, "If the provincial government can provide Jiangnan Woolen Mill with an allocation of more than 200 million yuan for technological transformation, then At least Jiangnan Woolen Mill will not be in such a difficult situation. If Jiangnan Woolen Mill can carry out internal reforms, eliminate redundant staff, and change the current large but inefficient management mechanism, then it can save about 30% of the cost. It’s not difficult to turn over.”

After listening to Jiang Shengshui's words, Fan Wubing felt somewhat confident, "Another very important point is, does Jiangnan Woolen Mill really have the new technologies they talked about?"

"I have seen the samples. Both in terms of quality and cost, they are at the internationally advanced level. Coupled with the low labor costs in China, there is no reason to lose money." Jiang Shengshui replied with certainty.

The biggest problem of Jiangnan Woolen Mill is actually that the enterprise is overburdened.

Large state-owned enterprises are generally large and comprehensive. In order to provide employees with convenient welfare benefits, enterprises such as Jiangnan Woolen Mill must bear all the expenses of various welfare institutions such as schools and hospitals hosted by the enterprise. These expenses It is not visible at ordinary times, but when the company encounters difficulties, it becomes overwhelmed.

Jiang Shengshui pointed to the information he had collected and said to Fan Wubing, "If these problems are not solved, it will still be difficult to tell what happened at Jiangnan Woolen Mill."

Fan Wubing took a cursory look at the hospital's expenses and immediately said with some surprise, "So much!"

As a factory-run hospital with less than 300 medical staff, its annual expenditure has exceeded 10 million yuan? ! This really shocked Fan Wubing. Could it be that people in Jiangnan Woolen Mill were getting sick all day long?

"Last year, we spent more than 5 million yuan just purchasing new medical equipment. When the factory is in financial difficulties, this is really a bit malicious. What is the purpose?" Jiang Shengshui pointed out.

After looking at it, Fan Wubing said with some self-deprecation, "Haha, it seems that this hospital should be separated first."

"It is naturally easy to separate the hospital, but the school is a non-profit institution, so it would be more difficult to separate." Jiang Shengshui said to Fan Wubing, "Forced separation is not impossible, but it can easily cause a backlash. Employees Their emotions also need to be fully taken into consideration.”

"I don't recommend separating the school. We can consider increasing investment appropriately so that employees will have no worries." Fan Wubing came from a company. Naturally, he knew that families with two working parents basically had little time control over their children. The school's The importance becomes particularly prominent. If their backyard is not taken care of, everyone's enthusiasm for work will be seriously affected.

Another point that is very clear is that the school's investment is relatively fixed. It is not as endless as a hospital, and there are relatively fewer tricks.

"By the way, how much debt does their factory owe in total?" Fan Wubing thought about this and asked.

Jiang Shengshui replied, "Almost 400 million."

Fan Wubing frowned and thought, "So many! Then why did they say that 200 million would solve the problem?"

"What they mean is that with 200 million, they can complete the technical transformation project, then use two to three years to repay the debt, and strive to turn losses into profits within five years. Many of the debts belong to banks, so it is not a rush." Jiang Shengshui explained.

"Has the agreed equity ratio been released?" Fan Wubing asked.

"Well, their appetite is not very big, 600 million in exchange for 50% of the equity." Jiang Shengshui said.

"Isn't this a big appetite?" Fan Wubing asked in surprise.

How much is their broken factory worth? Fan Wubing thought that the equipment of the woolen mill was definitely not worth much. As for human resources, it might be included in the cost, but it wasn't that outrageous, right? Not only did I have to pay off their debts, but I also had to invest 200 million in technological improvements to get half of the equity. It was really unbalanced.

Jiang Shengshui replied, "Some fixed assets are quite considerable. The textile factory covers a large area, and the factory buildings were all newly built five years ago. There are also some industries near the factory area. If you add up the miscellaneous things, it is really a lot. If used properly, it can still be very profitable.”

Fan Wubing nodded and said, "Okay, I just want to make a point. The price of 51% of the equity remains unchanged."

The first update is delivered today. I came back late today, so the update is a little late. I hope you can forgive me. (