Shanghai's home reform and development of 7 billion state-owned capital exit

The determination of Shanghai's state-owned capital reform is accompanied by the restructuring process of Shanghai Home group, which is highlighting its strength and path. February 15, the suspension of the home of the group holding the Shanghai Home (600315).　　SH) announced that the restructuring direction of the home group has been approved by the Shanghai municipal Government, the specific program is formulated by the relevant departments. "This is the approval of the reform direction, that is, the national capital of the home to withdraw all!"　　Wenyao, chairman of the home group, told reporters. This newspaper learned that, including Citic, Ding Hui, sequoia, Lenovo Hong Yi, peace and other investment funds and financial groups are expected to become a user. After the suspension, there are some new parties to the intention to appear.　　But it will be hard to talk about who's going to spend the time.　　The value of the state-owned assets of the home group will reach 7 billion yuan, more than the previous estimate of 6 billion yuan, according to authoritative sources. State capital completely withdrew from December 6, 2010, the Shanghai family suddenly suspended because of important matters.　　In the evening, the announcement said, the family group in accordance with the spirit of the higher authorities are planning state-funded reform. According to the home at that time, the family group in what way to carry out state-funded reform, is the whole transfer or transfer of some equity, still in the stage of argumentation. "It is not easy to say whether the reforms will eventually take place."　　Relevant people have told reporters. January 4, 2011, the Shanghai home of the announcement that the group's superior company has with the Shanghai Sasac to confirm the restructuring of the group's scheme, and has reported to the relevant departments for validation.　　The latest announcement shows that the Shanghai municipal government has given a positive answer to the direction of the overall transfer of the state-owned shares of the home group. In fact, in the previous years, the authorities concerned about the "change" or "Do not change" problem has been in a state of indecision.　　The approval of the overall transfer direction from suspension to two months shows the Shanghai municipal government's determination to change the system of Shanghai's outstanding old-owned SOEs. "(overall transfer) direction or the government set the tune, after all, now a general principle of state-owned reform, is from the competitive industry exit."　　"Wenyao said. He refers to the September 2008 Shanghai, "on the further promotion of the reform and development of state-owned enterprises in Shanghai," in the "clear direction of national Capital Strategy adjustment" clearly put forward: "To promote the general competitiveness of the state-funded adjustment exit." "With the support of the Shanghai municipal government, the restructuring of the home group will also face a difficult hurdle, namely, the central Sasac to obtain approval." According to Wenyao, generally speaking, such as home of a state-owned enterprises affiliated with Shanghai, only the local government "nod" can be.　　However, because of the transfer of state-owned shares of listed companies, the central Sasac must be reported. At present, the home transformation related materials have been delivered to the central SASAC office. "This is more complicated than the Shanghai municipal government, and the materials are several centimeters thick," he said.　　But the person told reporters that prior to this, the central Sasac has had communication, so the approval should be expected. "If you can approve this month, you can start the assetAssessment work is expected to be completed after April. If fast, home will probably be listed in 5 June.　　"he said. According to the person briefed on the latest estimates, the total value of the home group's national assets will likely reach 7 billion yuan. The news was that, given the principle of preventing the loss of state capital, the Shanghai government's request was that if the overall transfer would be 90 percent on the basis of existing market capitalisation.　　If the price is calculated by market value, the price will be 6 billion yuan. At that time, 6 billion dollars felt high, but now it seems to be 7 billion and not too high. After all, this period of time inflation is terrible! "The high value of the three Giants is not a barrier to investor interest," he said.　　Wenyao told reporters, because he had previously released "never sell foreign capital" language, so came to negotiate more for financial investors. This reporter learned that before the suspension, the Shanghai municipal government and the home group will be with a group of investment funds and financial groups close contact, including Citic, Ding Hui, sequoia, Lenovo Hong Yi, peace and so on.　　And after the suspension, there are a number of new interested parties appear.　　In the recruitment of strategic investors at the same time, the Shanghai home also quietly began to adjust the internal strategy. In fact, home has been also known as the Shanghai state-funded system "good children": known as "China's first brand of the Japanese industry," The home group, its own listed companies in Shanghai, as well as six gods, the United States plus net, Bai Cao set, such as many well-known day of the brand.　　2009 Annual report shows that its 2009 operating income of 2.7 billion yuan, an increase of 8.2%, including cosmetics sales growth of 12%, attributable to the listed company shareholders net profit of 233 million yuan, an increase of 26.1%. "But once the financial investors enter, the corporate system changes, the demand for the enterprise is higher, the pressure will be even greater, so we have to start thinking about how the future of the home to do better."　　"Wenyao admits that every year before the annual home in September to prepare for the next year's plan, and before the suspension last year, due to the restructuring of the expected, the plan as early as last 5 June has begun." According to Wenyao introduced, in order to meet the imminent restructuring, the current home has developed a "five-plan", its purpose is to do with the 3 major transnational Japanese giants Procter and Gamble, L ' Oreal and Unilever competition.　　This competition includes three aspects, the first is the marketing cost. Wenyao said that the daily industry marketing investment directly determines the size of its market. In the case of Unilever, a year of marketing costs of 2 billion-2.5 billion yuan, and home before the investment in this area is only about 100 million yuan. "Now the family has a certain amount of financial strength, we plan to have 600 million of marketing costs this year, and five years, hoping to reach 1 billion-1.5 billion yuan." "Secondly, it is the reform of the compensation and welfare system," otherwise the talent cannot stay!　　"There have been data shows that from 2003 to 4 years, Shanghai's home marketing, technical staff lost 79 people, middle-level marketing staff lost 13 people." However, in recent years, home has begun to exert its force on the incentive system. 2008, the Shanghai householdThe equity incentive scheme was adopted, with more than 100 backbone members receiving about 30,000 shares. But Wenyao felt it was still not enough. "In the future, our goal is to average pay levels over P & G, l ' oreal them!" "In the end, there is competition for scientific research, and recently home has just dug up a senior research talent from the Procter and Gamble department." Wenyao says that home will focus more on research and development. "I think in five years, the general small foreign-funded enterprises are not home to the opponents." ”