Gold Investor

chapter 61
"Today's meeting, I will also learn from my father-in-law and his elders, and I will only talk about three points." Fei Yunpeng raised his voice, "First, the heads of the branch companies present here are the backbone of the company's key training, and all of them have a bright future. You have the opportunity to grow into the leader of the group, so you have to look at things from a high level. Don’t blame me, Fei Yunpeng, for moving your cheese, but think that it was my predecessors who planted trees so that your descendants can enjoy the shade; Not only the leaders of the head office, but also exchanges between various departments, so don't just stare at the petty profits in front of you; third, I feel cold occasionally, and I can't hold a marathon meeting with you young people here, and directly announce the plan in a while, and announce After the plan is completed, the meeting will be adjourned."

The venue was silent, as if a needle could be heard falling on the ground.Fei Yunpeng leaned back on the leather chair and told the vice president beside him: "Announce the plan."

The vice president took out the document and read it in rhythmic rhythm.The people in the audience listened very carefully, lest they miss a word.Fang Yubin knew that Fei Yunpeng would make a move, but he didn't expect that this day would come so soon, and what was even more unexpected was that he would attack so hard!

This set of business organization structure adjustment plan can be roughly summed up as - cancel all branches of Rongding Capital, and the company's business in the future will no longer be restricted only by region.Next, several companies will be established to be responsible for developing different businesses.For example, some companies focus on the field of venture capital, mainly as venture capital for growing companies; some companies focus on IPO business listing; and some companies focus on mergers and acquisitions in the capital market...

After the cancellation of the branches in various places, the staff will be dealt with in a unified manner in accordance with the method of "stand up first, then sit down".From the general manager of the branch to ordinary employees, they will all be dismissed on the spot, and they will participate in the job competition of the newly established company uniformly. After the competition process is completed, they will be re-appointed.

Anyone with a discerning eye can tell at a glance that this reform plan is aimed at the top leaders of each branch.A high-ranking person like Fei Yunpeng can still sit firmly on the Diaoyutai even if you are under him.Even when the people below were battling with blood, he was able to display his balance skills.Ordinary employees, whether you stand up or sit down, no matter how the company's signboard changes, he still sits in the cubicle and works to earn money.But the leaders of those branch companies are different. It is easy to stand up today, but where will they sit down tomorrow?Will the magnificent office in the past, the soft and spacious boss chair still belong to you?
After the meeting, the general managers of many branches quietly rebooked their air tickets. They wanted to stay in Beijing and try their best to make contacts and find ways to get a share of the upcoming competition.Fang Yubin was too lazy to do this, and returned home early.First of all, his foundation in the company is still shallow, and he has climbed steadily in the past, all thanks to Ding Yifu's appreciation. Now that Ding Yifu is gone, there is no way out.Secondly, there is too much entanglement with Fei Yunpeng, he is covering the sky with one hand now, no matter what tricks you use, it will not help.

The news of the adjustment of the management organization structure quickly spread throughout the company, and the personnel directors below were extremely active, and various gossips were released one after another.No matter what kind of gossip, it seems that Fang Yubin is very unfavorable.Even Lin Shengfeng, who was going through the retirement procedures, also called. While scolding Fei Yunpeng for his wolfish ambitions, he was eager to eliminate dissidents and install cronies as soon as he took the stage. At the same time, he also comforted Fang Yubin. If the result is not ideal, don't be discouraged.

At this time, Su Jin asked Fang Yubin to go to the music hall to listen to a recital on Saturday afternoon.Fang Yubin was really not in the mood, so he declined a few words.But Su Jin said: "You must come. My brother will be there then, and he has to inspect you on the spot."

Fang Yubin had heard of Su Jin's elder brother a long time ago, but he had never met him.Su Jin's elder brother is Su Hao, who is Su Jin's cousin.Su Hao's parents passed away early, Su Jin's father, who was the second uncle, took the child to his side as if it were his own.Su Hao and Su Jin grew up together, and their relationship is like brother and sister.

Fang Yubin had no choice but to say: "Since your brother is coming, I will definitely go."

"Then it's settled." Su Jin said happily.

On Saturday afternoon, Fang Yubin and Su Jin came to the music hall to participate in a recital of classical poetry.Such recitals are far less popular than concerts by pop singers, and the seats are empty.After being seated, Fang Yubin said: "Your family is really a scholarly family. Your brother came all the way to Shanghai just to listen to a recital."

"Of course." Su Jin smiled triumphantly.

"Where's your brother?" Fang Yubin asked.

Su Jin said: "He has something to do at the moment, and he is still backstage. He sent me a text message just now, saying that he will meet us after the recital is over."

The standard of the recital is very high.The reciters on the stage are all well-known old artists. In addition, the composer also specially composed music works based on poems and sentences and the voice of the reciters. The top domestic symphony orchestras performed at the same time, making poetry and music seamless.

As a lover of classical literature, Fang Yubin soon became infatuated with it.He was even a little lucky, if it wasn't for Su Jin's invitation, it would be a pity to miss such an artistic feast.The only thing that made him feel that there was a fly in the ointment was that too many works of Su Dongpo were selected for the whole recital.It's not that Su Dongpo's articles are not good, but that there are too many peaks in Chinese classical literature.Generations of literary giants say goodbye to Baidi, Po Fengqiao at night, Shitou at twilight, Qingxiang at Xiaoji, as well as their writings about thousands of miles of warblers, thousands of miles of clouds, hundreds of feet of dangerous buildings, and a dream of rain in spring. No matter which one, maybe They are all worthy of "a single article covers the whole Tang Dynasty".

After the reading was over, Su Jin led Fang Yubin to the front row.Su Hao enthusiastically extended his hand to Fang Yubin: "This is Yubin, right? Hello, I'm Su Hao."

"Hello!" Fang Yubin said.

Su Hao said: "I'm sorry just now, I was busy dealing with some things in the background, so I didn't take care of greeting you. I'm free now, let's go and sit outside for a while."

Su Jin pursed his lips: "Brother, why do you ignore your own sister and go greet outsiders first?"

Su Hao laughed: "What outsider? Didn't you tell me that we're going to be a family soon?"

A blush appeared on Su Jin's face: "Brother, why are you talking nonsense!"

The three of them were walking out when a man in a suit and leather shoes came over and said with a smile on his face, "Mr. Su, are you satisfied with the effect of the recitation?"

Su Hao nodded and said, "Not bad."

The man said: "According to your request, we specially selected several works of Su Dongpo."

Su Hao said politely: "It's not a request, it's just a personal suggestion. How about it? Other audiences don't think Dongpo's works are too many?"

"No, no." The man said, "I asked a few audience members just now, and they were all most satisfied with Su Dongpo's works."

"That's good." Su Hao laughed.

The man added: "Thanks to your sponsorship, this recital ended successfully. However, the cost was a bit higher than the original budget, mainly due to the increase in the rent of the music hall and the overrun of the round-trip air tickets for several old artists." Originally, it was said that the artists themselves flew in first class, and their assistants flew in economy class. However, there are several assistants of artists who also flew in first class.”

"It's all trivial matters." Su Hao said, "You can directly contact the company's finance department. Just say that I said it, and let them reimburse you."

"Okay." The other party smiled.

Fang Yubin noticed that Su Hao should be an executive of the company, and this recital was also sponsored by this company.Because Su Hao himself loves Dongpo, the organizer only chose what he likes when arranging the program.

5 Five Ways to Defend Against Hostile Takeovers

There is a coffee shop not far from the music hall.After the three sat down, Su Jin said: "Brother, you have loved reading Su Dongpo's articles since you were young, and you haven't changed it until now."

Su Hao nodded and said: "I can't change it! When I was seven or eight years old, I was able to recite Su Dongpo's 'Da Jiang Dong Go'. When I was twelve or thirteen years old, I couldn't put it down. When I was in college, I even made up my mind to write for Su Dongpo. Write a book. Unfortunately, this wish has not been realized until now.”

Su Hao asked Fang Yubin again: "You are also a genius, and you are also a fellow of Su Dongpo. What do you think of this literary giant?"

Of course, Fang Yubin could only follow Su Hao's emotions and say: "Su Dongpo not only writes well in poems, words, and articles, but also writes well in calligraphy and painting. What's even more extraordinary is that he has gone through ups and downs in his life and is always open-minded and optimistic."

Su Hao laughed happily: "I found a bosom friend. It seems that you also have research on Su Dongpo."

Fang Yubin said truthfully: "I have read a lot of his poems and articles since I was a child, but I can't talk about research."

Su Hao didn't seem to care about Fang Yubin's answer, and said to himself: "What I like the most is Su Dongpo's leisurely attitude. He has a short poem, which can be understood by even a farmer and a village woman through the scenes he sees in his eyes. Spoken language, telling the truth of life. Can you recite this poem?"

Su Dongpo had so many words, how could Fang Yubin remember them all?Had to shake his head.

"I'll recite it to you." Su Hao recited with great interest, "The orchid buds at the foot of the mountain are short of the dipping stream, and the sandy road between the pine trees is clean and mud-free. The rain crows at dusk. Who knows that life is endless? The water flowing in front of the door can still go west .Hugh will sing the yellow chicken with white hair."

Watching Su Hao's incomparable chanting, Fang Yubin fully appreciates the true temperament of a real Su Dongpo admirer after being intoxicated by the artistic realm of Su Ci: no self, no dignity.

But Su Jin came out and interrupted: "The recitation is over, don't keep indulging in it."

"My sister reminded you right." Su Hao shook his head and sighed, "If you shake your head here again, you will be suspected of showing off."

Su Jin asked: "When will you leave Shanghai?"

Su Hao said: "Tomorrow morning."

Fang Yubin immediately invited: "Let's have dinner together tonight!"

Su Hao waved his hands: "Not at night, I have some friends." He continued: "Yu Bin, I came to see you this time, and I actually have something to ask."

Fang Yubin said: "You're too polite, if you have anything to say."

Su Hao said: "I went to Binhai after returning from studying in the United States, and have been engaged in the insurance industry. The Da'an Life Insurance where I work has been developing well in recent years. Next, we plan to make efforts in the investment field and allocate part of the funds. Let’s enter the investment world with a strong partner. You have worked in Rhodium Capital for many years and are very familiar with investment, and I would like to hear your opinion.”

Fang Yubin didn't know Su Hao's position, but from his tone, he was at least a senior executive.Fang Yubin asked: "Which area are you planning to invest your money in?"

Su Hao replied: "The preliminary plan is for company mergers and acquisitions. Especially for some listed companies with good qualifications, we plan to directly acquire them." Su Hao took a sip of coffee: "What are the usual modes for acquiring listed companies?"

This kind of problem is just a piece of cake for Fang Yubin. He talked eloquently: "There are about five modes of merging a listed company. First of all, it is naturally the most common agreement acquisition. You are willing to buy it, I am willing to sell it, and everyone is happy.”

Fang Yubin went on to say: "The second model is to buy with a placard. The acquirer purchases the tradable shares of the listed company through the secondary securities market."

Su Hao interrupted: "What kind of company is suitable for the acquisition model?"

Fang Yubin said: "Those companies whose shares are mostly tradable shares, whose shareholding structure is very scattered, and have no major shareholders with special advantages, are the most likely to become the targets of placards in acquisitions."

"Let's give an example," Fang Yubin continued, "Peking University Founder's acquisition of Yanzhong Industrial was a classic case of acquisition. Yanzhong Industrial is a typical three-no concept stock - no state shares, no personal shares, no foreign shares. , the shareholding structure is extremely scattered. Founder of Peking University and related companies acquired Yanzhong Industrial in the secondary market, and then injected high-quality assets such as computers and color monitors into it, and changed its name to Founder Technology, becoming the first company in China to completely pass the secondary market. An example of using a card to acquire a listed company.”

"What about the third mode?" Su Hao asked while holding a coffee cup.

Fang Yubin said: "The third model is to 'follow the other way' and directly acquire the parent company of the listed company, so as to achieve the purpose of controlling the listed company. This method can avoid many legal and policy obstacles. Carlyle Investment The plan to acquire Xuzhou Construction Machinery Group, the parent company of Xugong Technology, is an example.”

Fang Yubin continued: "The fourth model, I call it 'resurrecting the dead'. For those listed companies whose business performance is poor and already precarious, it is the most cost-effective to use this model for mergers and acquisitions. One of the classic cases is Beijing Housing Corporation. The group’s backdoor Qiong Minyuan. This model is basically divided into four steps: the first step, through the way of administrative transfer of equity, the acquirer obtains the control of the shell company; the second step is to form a backdoor company with the nature of a joint-stock company; The first step is to increase capital through private placement; the last step is to exchange the company shares obtained by the acquirer with private placement shares with the circulating shares of the shell company to achieve "resurrection from the dead."

"This model may have worked back then. Under the current policy background, it is too difficult to operate." Su Hao commented.

Fang Yubin nodded. It seems that Su Hao has seriously studied the company's mergers and acquisitions.He went on to say: "The fifth model is bankruptcy first and then replacement. The listed company declares bankruptcy first, and the acquirer then puts its high-quality assets into the shell of the listed company, and the controlling shareholder of the listed company sells the listed company at a symbolic price. controlling interest."

After a pause, Fang Yubin continued: "The Suning Group's acquisition of ST Jizhi uses this model. First, it enters bankruptcy proceedings to resolve debt disputes. Then, it pays off the debt in one go and realizes the clean shell. Afterwards, the acquirer transfers the assets Injection. Finally, acquire equity to achieve control of listed companies.”

After pondering for a while, Su Hao spoke again: "The five models you mentioned seem to require the cooperation of the original company's management."

"Of course." Fang Yubin said, "Any good intention acquisition requires the cooperation of the acquiree's management. If the acquirer does not know the management and takes action alone, it is a hostile acquisition, which is what people often say' barbarian'."

Su Hao laughed: "How can there be any kindness or malice in capital? Such a simple division is really ridiculous."

Fang Yubin said: "It is true that capital cannot distinguish between good and evil, but when it comes to operations, it will be more difficult to bypass the management's hostile takeover, and the chance of success will be much smaller."

"The chance of success is small, but it's not without chance." Su Hao said, "Britain's Vodafone that shocked the world when it acquired Germany's Mannesmann, wasn't it a so-called hostile takeover?"

Of course Fang Yubin knows the example Su Hao mentioned.Founded in 1984, Vodafone Group focuses on the telecommunications industry.Mannesmann is an old German consortium, established in 1890, with a solid industrial foundation.In front of Mannesmann, Vodafone is just a brat.

In 1999, this brat launched a hostile takeover of the old man. The two sides fought for several rounds, even alarming the leaders of the two countries.German Chancellor Schröder criticized the hostile takeover, saying that the German people could not accept this behavior psychologically, but British Prime Minister Blair came forward to support Vodafone.In the end, Vodafone acquired Mannesmann as it wished, and the acquisition amount reached a record 1760 billion euros.

Fang Yubin said: "The whole process was full of twists and turns, and Vodafone was lucky to win. More importantly, Vodafone has several strong supporters behind it. Goldman Sachs, France Telecom, and Li Ka-shing of Hong Kong, China have all provided great support for Vodafone."

Su Hao waved his hand lightly: "It's just some old tricks of bribery and collude. We Chinese are many times stronger than the British when we play this trick."

Su Hao crossed his legs: "Tell me again, if the management of the acquired company wants to resist the acquisition, what methods does it have?"

(End of this chapter)