Wenyao Four guesses: the end of infighting or the beginning of a new struggle?

"I asked our company to do the Peace project, and Wenyao dispute is not resolved, I can buy Shanghai home (market, interrogation) (600315. SH) stock. "One day in August, an employee of Ping an trust said so. Financial profit, the current savings rate increased 1000% one months later, the answer to the question: On the evening of September 17, Shanghai's Wenyao announced that chairman of the board, because of "age and Health relationship", the application for retirement. The next day, the Shanghai home of the stock fell, closed at 48.35 yuan. 　　Next is a long holiday, a shares are temporarily closed. Wenyao's resignation has already been foreshadowed. September 14, he said on Weibo: "I have only done one thing in my life, I believe that the home of the brand and home will last forever, even if I left." 　　"And in the eyes of the people in Shanghai, his resignation is not only" age and health relationship ", but with the parent company Home Group (" Shanghai Home (Group) Co., Ltd. "), the Shareholder Peace Trust of the results of the conflict intensified. 　　According to a number of people close to Wenyao said that at present Wenyao at home to rest, only with friends telephone contact, do not accept media interviews, also not see other outside people. 　　The above mentioned many people to Wenyao leave all have a statement, the future Wenyao will not assume a full-time position, then his successor will endure a difficult time--------------------------------------- In addition, a close to Wenyao people told reporters, because the ping ' an trust in the investment of the home group is not true, so the future of the Shanghai household stock down, ping An trust will bear greater pressure. 　　And that could bring a turnaround for Wenyao's return to Shanghai. 　　Guess one: Who will take over Wenyao? Last November, Wenyao accused Ping An trust through Weibo, disputes with major shareholders surfaced; this May, the two sides again dispute: Wenyao was removed from the home group chairman of the post, Wenyao again through micro-blog accused of Ping An trust, the latter is publicly stated that the Shanghai household management of major violations, the operation of the deposit of kangaroo coffers, 　　Encroach on the interests of the company and other disciplinary issues. Until this time, Wenyao sadly away, for the Shanghai home as if an era of the end. 　　Where does the Wenyao of Shanghai go? First, who will take over the chairman? A financial circle believes that if the peace trust within the election of people, so a few months ago, Zhang Liqing chairman of the home group is not the best candidate, and the current deputy chairman of the Peace Trust Wang Jiafen will be better. He believes that Wang Jiafen to the original bright dairy (market, interrogation) (600597. SH) Chairman of the history of the relationship with the Shanghai state-funded system, "can live in the town, can help to stabilize the situation." 　　And if Wang Jiafen not willing to take over, then other people take over, will be difficult to serve the public, the Shanghai household stock may not carry. However, the Shanghai state-owned system personage Zhang Xun (alias) thinks, Wang Jiafen is unlikely to be assumed. Zhang Xun and Wenyao and Wang Jiafen are quite familiar with, he told reporters: "They in Shanghai, so much capitalThe relationship was pretty good, and in fact both of them would have deliberately avoided the problem. Now to Wang Jiafen on behalf of peace to take over the Shanghai home, then everyone will be more uncomfortable. I guess it's unlikely. 　　"Secondly, after Wenyao gone, what about the employees and distributors in Shanghai?" 　　Familiar with the people of Shanghai's home, you know, Shanghai's home of the senior management staff is quite stable, many managers are graduating from college was recruited into the Shanghai home, followed by Wenyao play Jiangshan. One of the reasons for the stability of the employees in Shanghai, a home-ownership analysis, is that "the wages of home are very high." 2000 years ago, it was definitely higher than the general state, probably a little lower than l ' oreal, but not too much. Zhang Xun pointed out: "GE this person, for front-line workers is relatively good, for retired workers are also more care." Many businesses don't care about retired workers. He also gives retired workers gifts and subsidies on holidays, even if they retire for a long time. Wenyao is known as the "Godfather of Home", not only because he has been in charge of Shanghai for many years, but also because of his deep-rooted influence within the group. 　　His departure, the company's internal staff is a great centrifugal force, do not rule out the next new boss to come, or with the staff is difficult to running-in, may also appear the original management have to leave. In addition, a close to Wenyao personage Choshuyang (alias) told reporters, September 18 that day, many of the Shanghai household staff and distributors advised Wenyao not to retire. There are many dealers hate Wenyao, with GE's departure, I am afraid there are some dealers with the loss of the night of 22nd, the Shanghai home of the announcement, the board resolution: Wenyao resignation was approved, independent director Zhang Chun as Acting chairman. 　　Zhang Chun, who has worked for many years at Shanghai University of Finance and Economics and is currently a professor of accounting at Shanghai University of Finance and economics, looks like a transitional arrangement. 　　Guess two: Wenyao? 　　This April, July, Wenyao in the interview with this reporter, mentioned separately, will be the Shanghai International Fashion Federation president, the national fashion industry Fund's chief advisor; he will still be part of the Tianjin Seagull (full name is "Tianjin Seagull Watch Group"), but also as a consultant's identity. The National Fashion industry Fund was set up in July this year, and the trader is Chen. Chen, deputy general manager of the former Ping An trust direct investment department. November 2011, Ping An trust to defeat a competitor, in Shanghai, Chen is the head of the project. 　　Chen was transferred to the Ministry of direct investment in March 2012, this May, the Peace Trust and Wenyao contradictions escalated, Chen formally from the Ping An trust separation. These are interpreted as Wenyao to the Peace trust of the compromise, but also Wenyao in the search for other platforms to achieve its industrial dream-the original Peace Trust in the investment before the commitment to the home group for the platform, in the fashion field of 7 billion additional investment. These will certainly not be discussed after the deterioration of the relationship between the two sides, and Wenyao as the president of the relevant association, as a fund advisor, Tianjin Seagull consultant, behind him in Shanghai outside the home, about the fashion industryIndustrial Dream. This reporter learned that the ping ' an trust in contact with the family group, has expressed interest in Tianjin Seagull, but peace in the home group, but not the project. In April, Wenyao said that many funds wanted to invest in Tianjin Seagulls, and that money was not a problem; he could serve as a consultant and recruit a team of 4 to 5 people to help manage. 　　None of this will affect his focus on Shanghai's home business. Zhang Xun pointed out that Wenyao before thinking about doing Tianjin Seagull, are the representatives of investors to assist, now Tianjin Seagull to introduce investors have not settled, Wenyao to become a consultant, the natural undecided, more will not be full-time to do Tianjin seagull, "Tianjin Seagull scale than Shanghai home, he resigned from the position of the Shanghai State, What is running to Tianjin as a state-owned enterprise? 　　He believes that Wenyao in the national Fashion industry fund is only to serve as a consultant, will not be the main business. Zhang Xun judge, Wenyao will not take up any full-time work for the time being. So he will not take people away from the Shanghai home, "because he is not out of business." 　　Guess three: How long can the PE cycle of Ping An trust be carried? In 2011, Shanghai's home stock was about 423 million shares, and the home group held about 120 million shares. November 8, 2011, Ping An trust in the announcement of the day, the Shanghai home of the stock price closed at 35.80 yuan. Ping An trust to buy home group's total bid of about 5.1 billion yuan, of which only the home-owned group of Shanghai's home stock market capitalisation is about 4.3 billion yuan, it can be said that this part of the stake is the most important asset. Financial profit and demand savings rate increased 1000% in the following two years, Shanghai home to the middle and high level to make an equity incentive plan to shareholders and to increase shares. At present, the Shanghai household stock is about 672.5 million shares, of which, ping an trust or the home group holds about 180 million shares. 　　Based on the closing price of September 18, this part of the stock market value of 8.7 billion yuan, in other words, in less than two years, the Ping An trust investment has doubled. Perhaps this is an important confidence in the Ping An trust: Shanghai's home-stock prices even if halved, the investment for them is still capital preservation. Moreover, after the Shanghai family had dividend dividends. 　　For example, in May 2013, Shanghai home to all shareholders after 10-share tax dividend 6.4 yuan, that is, ping An trust has been returned 76.8 million yuan. On the face of it, ping an trusts bear little pressure. By the closing price of September 18, Shanghai's home is 52.9 times times the static P/E. A shareholder in Shanghai has pointed out that in recent years, as a large market shares, in the competitive cosmetics industry, the price-earnings ratio can be maintained at 40-50 Times, one is because of the good performance of Shanghai's home, and the second is that investors, especially the public offering fund to give management an additional premium. 　　Although Wenyao's resignation will put a big downward pressure on share prices, it is hard to imagine a fall of half. Choshuyang points out that things are far less simple than they seem. He said that the Ping an trust investment in Shanghai home to the platform is Ping Pu investment, from the industrial and commercial information, ping Pu investment for PeaceTrust wholly owned; however, in fact, the amount of investment in the ping-pu, only a small part of the Ping An trust own funds, most of the peace Trust through the sale of trust products obtained by the fund-raising. Among them, Ping ' an trust in the series of products, there will be to Shanghai home. 　　Other projects in the trust investment also include funds raised through trust products. But Choshuyang was unable to produce the relevant evidence. Because the Ping an trust in the sale of trust products, even to customers, will not disclose the name of the company. 　　Because a trust is raised to invest in a business, the IPO may not be available because the actual shareholder is more than 200 people. 　　Ping An trust investment in Shanghai home of money, is through the way of trust to raise, this is widely circulated in the PE session, and no lack of peace trust staff to inform reporters privately. Reporter through the search engine, easy to find "Ping An trust seven products" material, the material informed trust products are PE investment, by the Peace Trust direct investment team fencing. If this material is true, then the Ping An trust is very likely to have irregularities-Ping an trust in the past investment, in the prospectus, listed company announcements, all show that the Peace Trust is basically China Peace (market, interrogation) (601318. 　　SH) All, that is, hundred cent by China Ping An capital contribution, logically, ping An trust does not need to raise funds to carry on the PE investment. Choshuyang pointed out that because the Ping an Trust investment group is not owned funds, so the pressure is quite large. In May, when the relevant departments of the Shanghai municipal government came forward to adjust the contradictions, they made it clear that the peace trust should not change the assets of the family group within five years. 　　In this demand, the Shanghai household stock price is in decline, may bring greater pressure on the Peace Trust. If the Choshuyang is true, and Shanghai household stock prices fell more, ping An trust may not be able to regress, please Wenyao mountain. 　　But this is not going to happen anytime soon. 　　This reporter asked the Peace Trust, as of press, did not get any reply. 　　Guess four: Post-investment management, relying on people or system? The head of a large equity fund said in an interview with our correspondent that at present, in the domestic mergers and acquisitions of the most crucial is the person, in a holding-type acquisition of an enterprise, divided into two situations: one is to recognize the management layer, retain the original team, through the system design to protect the interests of the controlling party; one is a rescue takeover, 　　The acquirer needs to replace the original management and rebuild the management team. This view, in the PE industry is quite prevalent. Hui Rui Capital Senior partner Shen Jingwu in the smell of Wenyao, he has also tried to invest in Shanghai home, only because Wenyao refused to sell the family group to foreign funds, was shut out. "If we were lucky enough to join, it would mean that we would have recognized him and his team," he says. So today, in this company's performance is so outstanding premise, he will not so sadly leave. "The implication is that unless the peace trust is discovered after the investment, Wenyao and the team have great questionsQuestions, such as the previous case of the Treasury is true, otherwise it is difficult to imagine, Wenyao such outstanding performance of the Chairman, can only sadly leave the service for many years of business. Peace Trust an employee privately told reporters, "Peace and Chen to Wenyao attitude is different, Chen value the role of entrepreneurs, and peace of mind is to use system to ensure the safety of investment, lack of who enterprises can run as usual." "There is no one-sided support for this idea within the Ping an trust. Anecdotal legend, Chen in May this year sequel, and Ping An trust chairman Dongcai had such a dialogue: Chen said: "If you want to get rid of old GE, then I ask you, if the MA from peace take away what?" Dongcai asked: "Is this so serious?" "More serious than that," Chen said. The cosmetics industry is a highly competitive industry that relies heavily on the team. ”