.Then it is said that Fan Wubing has made many different works. The position of his father is stable, but his father Fan Heng himself did not take this seriously.

In Fan Heng's opinion, he has done a lot this year. With the help of his son, whether it is building a rock or developing the economy of Jiangnan Province or entering the State Council, the series of efforts made in the breakthroughs of state-owned enterprises in several major projects have achieved remarkable achievements.

Even if I don’t show up for a long time, I stay behind the scenes, but reaching a certain level, it’s unfair and free to be in the hearts of the people, but I don’t have the ambition to fight for power and profit.

On the contrary, the senior careers in recent years have made Fan Heng feel so tired. After all, it is really difficult to deal with so many things and to face the group of subordinates who will always be sloppy with you.

Even in this property rights change restructuring activity, there are many annoying things.

In this property rights movement, the property rights change of almost all enterprises has become a huge adventure due to the lack of institutional protection and norms. Legality and illegality often have no clear boundaries. The fate of entrepreneurs suddenly becomes extremely dangerous and unpredictable.

Just this year, two legends of China's dairy industry have explored property rights in their own companies, and the differences in their destiny make people feel breathless many years later.

One of these two people is Zheng Junhuai from Yili and the other is Niu Gensheng from Mengniu.

In 1981, Yili was just a Huimin Food Factory under the Hohhot Municipal Government, which had a profit and tax of less than 50,000 yuan this year. Under Zheng Junhuai's management, Yili seized the opportunity of the exhibition of the Chinese pure milk market. It built the largest dairy company in China at that time. By 1996, Yili became one of the earliest listed companies in Inner Mongolia. This year's sales revenue reached 4 billion yuan.

As early as 1999, Zheng Junhuai tried to carry out property rights reform. On the premise that it was impossible to directly seek clear property rights, he chose the path of "help" like many people at that time.

He and more than 20 Yili's supervisors invested in establishing a Huashi Trading Company to acquire Yili's legal shares held by this state-owned enterprise.

Since Zheng Junhuai's team did not have much cash, it adopted a gray approach in the acquisition. Once, Zheng Junhuai transferred 1.5 million yuan of Yili Company's funds to Huashi Company to use this money to purchase Yili legal shares and then quietly returned the money.

Another time, for a 15 million Yili shares, he instructed a milk farm that had close business dealings with Yili to lend to the bank for Huashi to purchase Yili's shares. Huashi then pledged the purchased legal person shares as pledge to obtain the loan from the bank to return it to the milk farm and then the milk farm returned the money to the bank.

This practice of making money from nothing was almost a common way of using it back then.

Zheng Junhuai's approach looked very smooth and seemed to have received the tacit approval of the local government.

By this year, the Hohhot Municipal State-owned Assets Administration will allocate all the state shares it holds to the Municipal Finance Bureau and transfer five million of them to the company invested by Zheng Junhuai’s team for a fee.

At this time, Huashi Trading had changed its name to Qiwu Investment, which became the second largest shareholder of Yili Co., Ltd.

Just as Zheng Junhuai tried to get Yili in a curve, while one of his old subordinates Niu Gensheng chose another way.

Niu Gensheng, four years younger than Zheng Junhuai, once worked hard with Zheng Junhuai. He was a miserable child and was extremely poor. His parents sold him to others for 50 yuan. He had been grazing cattle on the grassland with his adoptive father since he was a child. Later, he went to a Huimin Food Factory to work hard and became a bottle washer. He was promoted to the workshop director in 1992 and was appreciated by Zheng Junhuai as the deputy general manager in charge of business.

Niu Gensheng is particularly ruthless in the market and is very sympathetic.

This person doesn’t read much, but he is born to understand the principle that wealth is scattered and people gather wealth is scattered and people are scattered.

One year, Zheng Junhuai asked him to buy a high-end car and he turned around and split the money into several low-end cars and distributed it to his subordinates.

Because he was in charge of Yili's marketing and advertising, he was very active in the media. The outside world once knew that Lao Niu did not know Zheng.

In 1998, the relationship between Zheng Junhuai and Niu Gensheng deteriorated sharply. Niu Gensheng was suddenly dismissed because there was no reason.

The next year, Niu Gensheng raised 10 million yuan in funds with his Ministry of Today to establish Mengniu. He later recalled that he rented a small bungalow in a residential area in Hohhot. As an office, the monthly rent was only more than 50 square meters.

When Mengniu was established, there was no milk source, no factory, no market, and it could be said that it had nothing. It ranked more than 1,100 among dairy companies in the country. However, Niu Gensheng has the connections and experience accumulated in market operations over the years.

At that time, Tetra Pak, a large global soft packaging supplier, promoted Tetra Pak in China, was promoted in China.

"The second record of the Criminal Record" was willing to pay for milk, the factory, Yili and others were unwilling to take risks, but Niu Gensheng, who had no money to buy a production line, dared to try it but unexpectedly succeeded.

By the end of last year, Mengniu's sales revenue had exceeded 700 million and became the fourth largest product company in China.

This year, Niu Gensheng also made equity innovations almost at the same time as Zheng Junhuai.

In June, Morgan Stanley, CITIC Investment, British Unicom Investment, an international institution, Fubu, invested 60 million Meiwu to invest in Mengniu. While investing, the two investors also proposed a harsh bet agreement. In the next year, if Mengniu earnings per share compound growth rate is less than 50%, Niu Gensheng's management will pay 78.1 million shares of shares to a foreign shareholder or pay at an equivalent cash price. If the management can complete the above indicators, the two foreign shareholders will add 78.0 million shares to Niu Gensheng's team.

Niu Gensheng was very eager for the money to take the risk of signing and accepting the bet.

Although the public is full of discussions about the equity reform of Yili and Mengniu, everyone does not know much about the inside story, but through the superficial behavior, Niu Gensheng's approach is obviously more clever.

In fact, Mengniu's gambling practice should be within the scope of equity incentives. As long as your management has the ability, the investor is willing to give you a large capital reward and make you a shareholder. If you don't have the ability, then you can leave as long as I have the money, where can the management not hire you?

Yili's approach is obviously very problematic. The method of secretly achieving management holdings through this gray method is untenable.

In fact, the subsequent facts proved this point. The fate of Bei Junhuai and Niu Gensheng went in different directions here.

Two years later, Zheng Junhuai was reported to embezzle state-owned assets. It was originally wandering in the gray area of ​​the law. Zheng Junhuai was unable to argue. In the court, Zheng Junhuai said that everything he did was to solve the problem of the source of the management's shareholding. So far, he did not understand that his behavior was illegal.

In the end, Zheng Junhuai was sentenced to six years in prison for embezzlement of public funds.

Niu Gensheng became a lucky man and he won the bet with his management.

In the same month when Zheng Junhuai was reported, Mengniu listed on the Hong Kong Stock Exchange raised a total of more than 1.1 billion yuan. Hong Kong Niu Gensheng entered the Forbes Chinese Rich List of the year with a net worth of 1.25 billion.

Of course, no one can see this at this time, even those who see the problem will not endure it because it is irrational to discuss this matter under the premise of large-scale reform. This matter, especially the gray curve, will actually become a handle that someone has. When needed, he will stab the rich people to destroy their future.

When discussing with his father Fan Heng, Fan Wubing said that in essence, Pengo is a process of privatization of enterprises. This is not suitable for monopoly and resource-based industries such as telecommunications, energy, and transportation. This industry is related to the national economy and people's livelihood. It is impossible for a region or even a country to put it under the control of a few people."

Then Fan Wubing said that relatively more suitable applications for competitive industries are reduced because of its characteristics of integrating operators and owners. Market response and decision-making are accelerating, making it easier for enterprises to stand out in the fierce market competition. The state-owned economy must make strategic adjustments to insist on advancement, retreat, and doing something and not doing something. This includes providing operational space for related companies. Of course, even if it is smooth, it must be carried out in the legal sunshine. If it is a private means to operate without the knowledge of all employees, it is a suspicion of embezzlement of state-owned assets."

What you mean is that Mengniu’s approach is worthy of recognition, but Yili has a very problematic one.” Fan Heng asked.

Fan Wubing nodded and responded, "It's natural. I think you should pay special attention to Yili's issue. Although this is a deviation from the central government's policies, as the top leader who has been responsible for this matter for more than two years, you can't leave such a way to make someone use it to attack you in the future."

After hearing this, Fan Heng thought about it carefully and felt that this was indeed the case. Even if there was such a person who didn't use it to attack him, he might use it to attack Boss Zhu, the butler. Therefore, Fan Heng decided to ask about this matter and see what problems there need to be solved.

At the same time, this deviation and ** phenomenon that arises in the restructuring of state-owned enterprises also need to be corrected in a timely manner.
Chapter completed!