15% Equity incentive staff and return to liquor industry The problem of four-solution reform of ancient well group

"Hope that through restructuring and institutional incentives to enhance the vitality of enterprises."　　Cao Jie, chairman and president of Gu Jing Group, said in an interview with reporters on the morning of June 4. May 21 this year, has undergone three failed to reform the ancient well group opened the fourth time restructuring tour.　　The difference is that in the transfer of the group's 40% stake, including the ancient Well Gong (000596.SZ), the old well group employees will be expected to hold 15% of the group equity as an incentive. Do not rule out the continuation of the transfer of state-owned shares May 21, Bozhou the ancient well group 40% of the equity in the Hefei Property trading Center listed transfer.　　Information from the listing, according to the Beijing Tak Xiang Asset evaluation Company issued an assessment report, as at the end of August 2008, the ancient well group's total assets and net assets of about 1.934 billion yuan and 1.159 billion yuan respectively, the corresponding 40% of the listed price of equity is determined to 464 million yuan. "and the equity transfer program also includes an employee ownership plan for the old Well group," Bozhou relevant government officials told reporters June 4 afternoon, "The plan from the government's remaining 60% stake in 15% of the stake by the ancient well group management and staff held, and the government eventually retained 45% of the shareholding ratio, Remains the controlling shareholder of the ancient well group. "This statement has been confirmed by Cao Jie," there is indeed the idea of employee ownership, employees are also more expected. Through this system setting can inspire the team, to the ancient well tribute this hundred years old brand future development has the great benefit.　　However, Cao Jie also said that because the ancient well group is only a carrier of the restructuring, the dominant power of restructuring is still in the hands of the Bozhou government, so "do not want to make more comments." "In the long run, while this part of the state-controlled stake does not rule out the possibility of exit, but in the short term it will certainly not change the nature of state-owned holdings," said Bozhou government-related sources, "from our point of view, welcomed the presence of powerful companies to bid for this part of the listed stake, and ultimately help the old well gong the brand revitalized. "In December 2008, after the application for the Bozhou government approved, the ancient well group has carried out the replacement work of the employees of the enterprise, the specific scheme shows that the Gong and its subsidiaries involved in the payment of economic compensation for the total of 5508 employees,　　The one-time payment of economic compensation 57.4287 million yuan in the middle of the gong bear 42.1048 million yuan, the remaining part of the old well group to bear.　　Diversification of the past blind diversification strategy is to hinder the ancient well group liquor business development is an important factor. "Formerly, the ancient well group implemented diversity, business in addition to liquor, but also to do bio-fermentation and processing of agricultural products, tourism hotels and businesses, but also to do real estate and some types of financial business," Ancient well group chairman Cao Jie, "is not a good diversification, but this move in the decentralization of resources while also ignoring the liquor market changes. "2008 Ancient well Gong liquor sales income of only more than 1 billion yuan, and as an up-and-comer of Anhui local liquor enterprises cut wineand blast furnace Home annual sales income has exceeded 1.5 billion yuan. In addition, because tasted the sweetness of investment income, ancient well gong was once keen to participate in capital market investment, but with Heng Xin, Fujian and Cambridge three securities brokerage successively happened, directly led to the failure of listed companies to invest in government bonds.　　In the 2008-year account of the 3.81 million-yuan bad debt preparation, the ancient well gong has been the 3 brokerages total 74.96 million yuan other receivables all accounted for completed.　　Under the business strategy of "returning to the main liquor of the industry", the ancient well gong related assets of the ancient well and the Shanghai ancient Well hotel for the asset replacement. "This asset replacement is mainly two considerations, first, the old well auspicious Xiang in the short term can not give the listed companies and their shareholders to bring a lot of income; second, in the long run, the development of the project needs funds and technical support, if placed in the listed companies with other partners will be subject to some constraints. "Ancient well gong before the announcement, 2008 Rui Fu Xiang realized 330 million yuan main income at the same time but the loss of 2.4537 million yuan." At the end of last year, the listed companies planned to invest $203 million for a technical renovation project and a complementary thermoelectric project.　　However, after the completion of the asset replacement, the investment will be replaced by the owners of the 40% stake in the ancient well group.　　The high-end market has yet to open up in the attempt to "digital wine" series operation has not achieved significant results, gong in the second half of last year, the introduction of the year's original pulp wine series, the results hit.　　A survey report from the beginning of May of GF Securities shows that the old well gong subordinates three 5 years, 8 years and 16 years after the original slurry in July 2008 to achieve sales revenue nearly 40 million yuan, the first quarter of this year, about 50 million yuan, is expected to reach 150 million yuan this year's sales revenue.　　Another seller, the Research Institute of Investment Securities, the calculation is more optimistic, the analyst in Chengdu this year's sugar-smoking cocktail party to understand the data shows that the year before and after the original pulp completed 150 million yuan of income, "we estimate that the wine can form a 400 million yuan income."　　In this respect, Cao Jie said that "two data have a certain reason, mainly because we changed the past revenue recognition standards, now is required to complete the collection of goods after the final confirmation of revenue."　　At present, "return to the main liquor and high-end market" has become the entire ancient well group's new development strategy. "On the one hand, we will streamline the brand and plump varieties, such as our current brand only 126, 2006-2008 is more than 1000, 874 and 259; On the other hand, we and the Chinese Liquor Association, from the technical establishment of the ancient well group is a light flavor standard set up the enterprise status.　　Cao Jie told reporters. Now looking back on the Digital Wine series, Cao Jie does not think it is a failure, "after all, in the year before the original pulp has not come out, the digital wine quickly opened a high-end market, well completed its task." After the ' 9 ' series there will be no other castInto the, sell better ' 946 ' will be positioned as high-end gift wine, the following also to carry out price increases. "2008 Ancient well Gong realized pre-tax profit of 77.1 million yuan, however, because of the cancellation of the tax exemption for Hefei Sales company, 55.3% of the actual income tax rate swallowed up the company 34.47 million yuan net profit." But the phenomenon has improved in the first quarter of this year – the real income tax rate has fallen steadily to 27%.　　Cao Jie to reporters that "this year should be able to maintain this level of the first quarter." However, the improvement of excise tax collection is to include the ancient well gong, including the whole liquor industry to face problems. May 8 This year, the IRS issued "on the strengthening of tax collection and management to promote the increase in the leakage of some opinions", the requirements of the approved large winery liquor consumption tax Minimum Tax price, the preservation of the tax base and increase consumption tax.　　This is widely understood by the market as negative news.　　But that has not stopped institutional investors from starting to pay attention to the gong of ancient wells this year.　　Although in February this year Greenwoods Asset management of two funds to reduce the 3.75 million shares of ancient well gong B, but entered the May, by the ancient well group equity listing of the overall restructuring of the news stimulus, including the East Wu fund institutions began to choose to buy ancient well gong. And for the current company faced with the problem, investment Securities analyst Zhu Weihua in its report that "the company's product system is still on the low end, the urgent need to upgrade the product structure." At the same time, ancient well gong will face from the province of the cellar wine and the province outside the Yang Yanghe blue products such as fierce competition. ”