Full Hing Group Restructuring game: Who is the biggest winner?

Ten years of restructuring, whether it is surplus Sheng investment, industrial Hui Investment, or the new investment, in the great interests, always run through the whole Hing Group Management and ordinary employees of the game. "His more than 10 years of experience in the exploration of reform, is also" misreading "more than 10 years. This is the cost of reform that I personally have to pay!　　"August 17, in an interview, Yang Yanki outspoken, employees for the investment company can hold or hold a stake in the interests of how much, that is the cost of reform." Yang Yanki never admits that the restructuring of the whole Hing group is MBO. "1726 people benefit from this huge MBO?" This is a full shareholding.　　He told reporters. Ying Sheng Investment Subscribe to trade unions hold part of the equity reasons for the whole Hing Group to provide the reporter's restructuring materials, said by the Sichuan provincial government approved (Chuan Fu Letter 2003 102th) agreed to implement the "Sichuan Chengdu Xing Group Co., Ltd. State-owned capital orderly exit, the implementation of strategic restructuring of the programme" determined　　The employee of the Union's legal representative who participates in the Trust shares subscribe to the 12.3% of the state-owned shares of the whole Hing Group (the subscription price is 74.96 million yuan), is according to all state-owned enterprise restructuring workers are voluntarily to the restructuring of the total amount of 35.27 million yuan to participate in the establishment of civil trust, personal But voluntary participation in employee trust-holding schemes is not ideal.　　According to Yang Yanki, the whole Hing Group has organized two rounds of propaganda mobilization and the voluntary signing of all staff to confirm that only 777 employees voluntarily choose to participate in the staff Trust shareholding, a total of 36.56 million yuan, only enough to subscribe to the whole Hing Group shares of 6%.　　Related Materials said, another 236 employees voluntarily choose to leave the placement fee in enterprise management use, each year to receive capital occupancy fee, and 472 employees voluntarily choose 退养 or self-employment (which voluntarily deal with 381 of the formalities of 退养), to receive restructuring costs leave the enterprise.　　Due to the serious shortage of staff subscription funds, by the whole Hing Group party and government workers Joint Meeting decided that the other borrow a one-year business loan temporarily lent to the Union to make advance subscription price, for the employee subscription reserve share.　　Since the trade union's share of the shares also no voluntary subscription, the Union is unable to bear the repayment of the principal and interest of the loan, after the Ying Sheng Investment Board, trade unions and staff Trust Management Committee for many consultations, will 6.3% of the share of the shares transferred to the profit-sheng investment. Management let stock to employees in 2008, all Hing Group employees through the Mashi (600779, shares) union will hold the whole Hing group 6% stake to Diageo, received 140 million yuan in cash.　　Reporter forget, the employee civil Trust to remove the initial capital of 36.56 million yuan and pay tax 15.62 million yuan, the trust property yield of up to 240%, initially voluntarily joined the trust of 777 people per capita dividends 113,000 yuan. However, the Journal of Caijing (blog, Weibo) reported that some 退养 workers said they had been deceived or forced to "wash" their companies by the management. "All-hing enterprises in the in-service staff Trust shareholding implementation measures"Clear stipulation: Retire, 退养, be dismissed and so on personnel cannot hold a stock.　　In this respect, Yang Yanki said that this was approved by the Chengdu Municipal Government in 2002, 164th text. 2009, when the reform did not participate in the trust shareholding of the retired, 退养 staff strongly requested to participate in the sharing of reforms, Ying Sheng's management unified reduction of 15.92% (to 4 yuan/share) discount transfer to voluntary re-participation in the trust of the employees and retired 退养 personnel, of whom Yang Yanki owns the whole Hing group of shares from Reduced to 4.486171%. As a result, Trahk was expanded to 1726 shareholders by a 150-member senior team.　　Among them, the whole Xing group of 1185 employees, 410 retired employees, 退养 staff of 131 people, still in order to entrust 49 equity representatives as natural persons holding surplus. 2010, some employees want to increase their shares, through the offer transfer method, the whole hing part of the high-rise and reduce the number of 2.279% (to 6.12 yuan/share) to adjust to employees, of which Yang Yanki shareholding to 4.362171%.　　Total employees hold TRAHK Civil Trust share 18.201754%.　　Yang Yanki said that since the restructuring, as of 2011, the whole Hing Group and TRAHK Investment has been the former state-owned enterprises retired 退养 staff to pay the overall cost of the co-ordination of 44.43 million yuan, according to the current implementation of the standard until the end of December 2020, surplus Sheng Company will also bear nearly 40 million yuan of expenditure. The investment of Gong Hui was established in 2010.　　Water Wells Square relevant responsible person said, shareholder structure and Ying Sheng investment shareholder structure is basically the same, is also in service, retirement, 退养 all kinds of people have, a total of more than 1700, all shareholding according to my seniority is divided into four stalls average enjoyment, daily by the water well Square trade union representatives of common management.　　By 2011, the investment company began to pay dividends. In December of that year, Ying Sheng Investment first profit distribution, the total dividend of 462 million yuan, of which more than 1000 employees were 85.78 million yuan (pre-tax).　　In July this year, Diageo's takeover of Trahk was a 47% stake in the whole Hing Group, with employees earning 240 million yuan. As at the end of August this year, in addition to the above dividends and equity transfer, plus staff capital use fees, surplus investment financing to help workers Hui investment in the operation of the whole Hing wine Industry equity distribution proceeds, senior managers to set up gifts for retired old employees of the family mutual assistance fees,　　Employees enjoy the reform results of 695 million yuan, of which 580 million yuan in cash, physical assets of 110 million yuan.　　Investment continues, but this time, the earlier profit of the whole Hing Group management increased the share reduction. This year, Yang Yanki and all Hing Group vice-president and vice director of Finance Du Peming, respectively, funded 900,000 yuan and 100,000 yuan to set up the investment. Trahk, which holds a 47% per cent stake in the whole Hing group, is sold to Diageo, of which 312.6 million yuan is used to supplement the registered capital of Sia. With more than 1700 managers and employees investing in the same shareholding as TRAHK, 16 of the group's top executives have transferred 22.056815% per cent to their employees collectively at 20 percent of the price. From this, Xin Aviation investmentThe proportion of employees holding shares was increased from 18.201754% to 40.496217%. Yang Yanki lamented that the establishment of the investment, so that employees to invest in direct ownership of the project, this is the real "gold gloves."　　"From the performance of Wells Square can be seen, employees through the surplus investment in the indirect holding wells square incentive effect is weakening." For the full stock, Shanghai long Rui Investment Consulting Co., Ltd. Li Xiaochun that, as a state-owned enterprise property reform way, can fully mobilize the state-owned enterprises employees "ownership" consciousness, and whether the acquirer is foreign capital or domestic private enterprises, corruption is the least, because the staff holding a large number of people, the proportion of the acquisition is small　　The cost of bribery is high. However, the State Council SASAC has found more than 10 Hebei enterprises in the field of research and investigation, after the employee shareholding, the business decision-making process is indeed democratic and transparent. But in the distribution of interests, workers and operators often difficult to reach a consensus, and sometimes even affect the business decision-making, decentralized equity has to enable enterprises to form a new "pot enterprise" trend.　　The most outstanding performance is, the employee shares after the equity gains pay special attention, "the enterprise every earn a penny, they will demand the proportion of equity dividends."　　Yang Yanki's personal wealth and ordinary staff compared to Yang Yanki, led by the whole Hing Group Parent-subsidiary company management in the restructuring in the end how much profit? "Over the years, countless people for me to calculate the posting, and some say I have billions or even hundreds of billions, are inaccurate."　　Yang Yanki to this newspaper reporter said. In 2011, Diageo held the whole Hing Group, Yang Yanki once to Chengdu Business newspaper reporter calculated a account: "The whole Hing group restructuring, I hold Ying Sheng investment 6% Equity, according to the group of 57.8 million yuan registered capital to calculate, I have to contribute about 3.468 million yuan." The first money is my job margin 1.5 million yuan, this early in the restructuring before the enterprise set. Secondly, the two years before the restructuring of my salary after tax, two years a total of 424,000 yuan. Third, the implementation of the "two" pilot work, our team's incentive funds a total of 11.104 million yuan, the money is at that time more than 120 middle-level management share, of which I personally have 666,200 yuan. These three sums of money add up to 2.5902 million yuan, the remaining 877,800 yuan is the trust repayment of principal and interest after my personal name. He then said, according to the calculator, in 2011, after a number of reduction, he still holds the 4.362171% stake in Trahk, after Diageo's indirect holding Wells Square, Ying-sheng Investment holding a 47% stake in the whole Hing group, the whole Hing Group also holds a 39.71% stake in Wells Square, The total equity of the water well Square is 488.55 million shares, the closing price of the water well square on July 7 was 23 yuan/share.　　In this way, the so-called net worth of about 91.48 million yuan. "The algorithm was wrong, it was market capitalisation, and it was changing."　　"This August 17, sitting in the opposite of our correspondent, Yang Yanki to the outside world for the first time to disclose the wealth through restructuring." "December 2011, the first dividend profit, the total dividend 462 millionYuan, I share 16.44 million yuan (after tax) according to my share ratio. However, 12.1 million yuan is the Diageo's acquisition of the 40% Equity holdings of surplus to cash (this is the acquisition of 47% Equity, due to foreign exchange settlement amount limit, successively according to 40% and 7% dozen funds), Surplus Sheng Company has a cash in place.　　"Yang Yanki said. "In June this year, the whole Hing group 40% equity transfer, according to the proportion of shares I divided to 43.14 million yuan (after tax)." It is expected that by September 2013, I will be able to share 9.48 million yuan after another 7% transfer. He added, "The total cash to be taken in my name is 69.06 million Yuan." "But I really got hands not so much. He explained, one is deducted oneself to the whole Hing Group retires the old comrade's 2.58 million yuan.　　The pension assistance fee by the 9-member group, including Yang Yanki, in the name of a personal investment set up, a total of 13.2 million yuan, voluntarily donated 165 to retire before the old employees. The second is to participate in the investment to expand the company's registered capital.　　Xin Aviation investment registered capital later amounted to 312.6 million yuan, according to Yang Yanki in surplus Sheng investment in the proportion of 4.362171%, he personally contributed 12.74 million yuan. "These two buckle down my hand cash is 53.74 million yuan, I in the real assets of Xin Hang is 5.73 million yuan, this is my reform since all real wealth."　　"Yang Yanki said.　　And the reporter through another algorithm--income minus cost to read Yang Yanki dividend. First, the cost.　　It is mainly composed of the following pens. Trust financing costs and interest.　　2002, the whole Hing Group management through the Equity trust financing 260 million yuan. Self-financing part of the cost and interest.　　Surplus Sheng total of 412.6 million yuan in the acquisition costs, self-financing part of 140 million yuan. 6.3% stake in the acquisition of trade unions.　　2002, Surplus Sheng looking for enterprises to borrow more than 30 million yuan. Acquisition of Shenzhen vector cost.　　2004 and 2006, when the original restructuring of the strategic investors in Shenzhen Vector exit, surplus Sheng acquisition of its ownership of the whole Hing Group 20%, the acquisition amount of 140 million yuan. Full-hing group liabilities.　　When the system was reformed in 2002, the whole Hing Group had a debt of 520 million yuan. Wholly Hing Group to increase capital.　　In 2009, Diageo held the full Hing Group equity stake of 49%, the whole Hing group to increase the capital to 100 million U.S. dollars, of which surplus to increase the capital of 100 million yuan. Equity transfer tax.　　Diageo's equity transfer includes corporate income tax, stamp duty and personal income tax, which is no less than 15% of the income from equity transfers. Besides income.　　This includes the water wells Square over the years shareholder dividend, Diageo multiple equity transfer income, TRAHK investment other companies sales revenue. In accordance with Yang Yanki in the proportion of surplus holding, its transfer through the share of the net income of 517 million yuan x6%+1.4 billion x4.362171%+21.98 billion x4.362171%=1.3298 billion yuan this net income plus dividends such as revenue, deduction of the above, according to the proportion of their shareholding should standThe cost of selling is the wealth Yang Yanki through the investment of profit.　　To say that Yang Yanki individuals for many years of investment wealth, in addition to restructuring dividends, but also the direct holding of the water wells Square about 220,000 shares (not to be) and its investment in the capital gains equity transfer. What about the wealth of other management?　　According to the management list provided to reporters by Yang Yanki, the company has a total of 24 senior-parent companies, with a total of 43.596256% shares in the whole Hing group, and individual shareholdings ranging from 0.45% to 4.362171%. According to the minimum shareholding ratio of 0.45%, the dividend amount is 8.79 million yuan (before tax). The reporter calculates, in addition to this one person, the other 23 senior executives dividend amount is above 10 million yuan.　　Reporter to the whole Hing Group former chairman of the Union Zhu Guoying calculate, its holding Ying Sheng Investment 1.776699%, restructuring 10 Its dividend amount of 34.72 million yuan (before tax). Middle-level assistant and positive, deputy total of 123 people, holding a total hing group 35.540433%, individual shareholding from 0.14% to 0.41%. According to the minimum shareholding of 0.14%, the amount of dividends is 2.74 million yuan (before tax).　　Therefore, the whole Hing group restructuring, resulting in a total of more than 147 millions millionaire. There is no doubt that, despite the continuous transfer of shares to employees by the management of the screeching group in the course of the ten-year restructuring, the Yang Yanki and his management team are the biggest winners in the reform effort, with management and staff holding the big stakes in state-owned enterprises that have stopped and never opened doors.