The construction of Wu's capital Empire: a drama of collective assets

Since 4 years ago successfully will hand main motorcycle aluminum alloy wheel of Wanfeng (sz.002085) operations listed, Zhejiang Xinchang Wu family's capital empire Dream On a moment never stopped. October 20, 2010, Zhejiang daily Hair Digital Precision Machinery Co., Ltd. (hereinafter referred to as "Daily Hair digital") sprint SME. If this succeeds, it means that the Wu family's capital map is another city.　　In recent years, the Wu family is not only satisfied with the simple industrial development, but also repeatedly involved in stock investment, PE investment and asset operation listed.　　With the disclosure of prospectus, the Xinchang of the Wu clan and the collective-owned Textile Investment Fund Association (hereinafter referred to as "foundation") are also surfaced.　　October 19, Jiangsu Local investment bankers told reporters that the current audit agencies to the proposed company's corporate restructuring is extremely concerned about the alleged state-owned assets and the loss of collective assets is strictly reviewed. The 173 members who withdrew from the foundation. The Wu family of the Imperial group includes three assets: China Bao Industrial group, Zhejiang Daily Hair Group and the Wanfeng company. One of Wu's boss Wu Liangding and his daughter Wu Nan control the Bao industrial group, its son Wujie control Zhejiang Daily Hair Group, Mrs. Ailian control Wanfeng Group.　　All three groups are funded by the foundation. Pre-disclosure information shows that Zhejiang daily Hair Holding Group Co., Ltd. (hereinafter referred to as the "Day of the group") holds a digital 67% per cent equity. The Wu family, led by Wu Liangding and Wujie, is the real control person who holds the 77.24% equity of the daily Hair group.　　Among them, Wujie holds the 60.603% shareholding of the Daily Hair group, Wu Liang will hold the 13.479% shareholding of the daily Hair group.　　However, the Wujie to get a 60.603% stake in the Japanese group of a process is quite strange. Japan Hair Group formerly known as Zhejiang Textile Machinery Co., Ltd., 1997 by the Xinchang Textile Equipment Factory staff Collective Fund Management Association (predecessor of the Foundation, hereinafter referred to as "Workers ' association") and to Wujie for the representative of the 20 natural persons funded.　　The registered capital of the company is 104 million yuan, the staff association has invested 80 million yuan, Wujie and other people contribute 24 million yuan. It is noteworthy that the above 24 million yuan funding is not derived from Wujie and other people, but by the staff association.　　Wujie and other shareholders enjoy the right to cash dividends earned by the Fund. December 1995, the staff association has combined Zhejiang Sanjiang Industrial Group, Wujie and other 10 natural persons jointly funded the establishment of Zhejiang Shengzhou Textile Machinery Co., Ltd. (hereinafter referred to as "Shengzhou Day").　　In this contribution, Wujie and so on 10 people's 25 million Yuan capital contribution actually also by the staff and Workers Association pays, it also enjoys the investment dividend right by the representative shareholder identity. Information shows that the Shengzhou date was dissolved on July 1, 1997, with a total of $244.4093 million in assets up to the end of 1996 with a total liabilities of $93.7922 million and total shareholder equity of 15061.72Million Yuan, 1996 to achieve a net profit of 54.4506 million yuan.　　Then Wujie 10 people enjoy the 2006-year profit dividend has 10.7338 million yuan.　　Staff Association was established in 1993, is in fact the collective ownership of enterprises Xinchang Textile Equipment General Factory (hereinafter referred to as "textile mill"), the rights of the collective assets of the plant exercise of possession, right to use, income and disposal rights, its purpose is to ensure that the collective enterprise workers in accordance with the law to exercise Since the middle of the 80 's, Wu Liangding has been the director of Textile mills, and his older son, Wujie, has been transferred from 1990 to the plant as Director's assistant.　　The Wu clan is a textile chief executive. And the digital also in the pre-disclosure recognition, Wu Liangding as Xinchang Textile Fund Association (Staff Association renamed after 1997, hereinafter referred to as "foundation"), the founder of long-term as the foundation's chairman, won the Broad trust and support of members.　　Wu Liangding and Wujie father and son in the company and the foundation has the high prestige. April 18, 1999, the foundation members of the Congress passed the investment in the Japanese stock of the quantitative plan.　　The Foundation has a total of 268 members. The quantitative program is based on the member's work unit at the time, reference to work years, work experience, contribution size based on the responsibilities of members and historical contributions.　　In addition, after the formulation of the program need to be publicized, and by the member Assembly for consideration.　　Based on the final quantitative plan, the foundation will invest in the 80 million-dollar stake in the Japan group to 95 members, which means that in the quantification, 173 original members withdrew from the foundation. As for the above equity quantification, the daily issue of digital in the pre-disclosure wrote, "The members of the Congress as the foundation's highest authority, the above matters to consider the procedure is lawful, the results are valid." Since then, 95 members in November 1999 and September 2003, respectively, 1 yuan/capital contribution of two large-scale equity transfer.　　As a result of the transfer of the shares, the member held by the Wujie and other 5 holders, so the transfer has not been registered for industrial and commercial change, and the Japanese digital also did not disclose the specific circumstances of the transfer. After two transfers, the membership of the Foundation has been reduced from 95 to 24 members. Among them, Wujie held 29.146 million yuan capital contribution, accounted for 28.03%, Wu Dingliang held 25.61 million yuan capital contribution, accounted for 24.63%.　　The company's previous list of shareholders has also proved that, starting from the 1999 day of the group's stock ownership quantification, Wu Liangding father and son hold the stock of the group has been more than 50%, in the daily hair group occupies an absolute holding ratio. In 2009, on the eve of the digital IPO, its controlling shareholder, the daily Hair group, also experienced an asset injection, the shareholders meeting agreed to be 1 yuan/funded by Wujie to invest additional 86 million shares, other shareholders voluntarily waived the priority of the increase in the purchase of capital. After the increase in capital, Wujie's cumulative contribution to the group is 115 million yuan, and its shareholding ratio has risen from 28.03% to 60.603%.　　In 2009, Wujie a large capital injection of 1 yuan/capital into the group, expanding the holding stake. Fund dividend beneficiaries data show that the Foundation from 1994 to 1998, the annual income is more than million.　　In 1995, the highest income was 64.4279 million yuan, the 1998 was the lowest, but there were also 23.4362 million yuan. and the foundation since 1999 to the Japanese group's investment quantification, gradually withdrew from the historical stage, to the Japanese group's shareholding control also from the self holding to the internal member holding.　　The 1999-year Foundation, which lost a chunk of fat in the group, was only 425,800 yuan, a sharp reduction of 98% from the previous year. And from 2000 to 2009, the foundation, with the exception of 2006 and 20,072, has been earning tens of millions of dollars annually, and the remaining 8-year average annual income is only 3.8579 million yuan.　　And 2006, 2007 12.1558 million Yuan and 49.9343 million yuan of annual income from the foundation in the stock market investment. According to reporter statistics, since the beginning of the four quarter of 2006, Wu Liangding and the foundation's name frequently appeared in the list of the top ten circulating shares of listed companies, which held Xinjiang Tian Ye (sh.600075), Great Wall Electrician (sh.600192), Nanshan Aluminum (sh.600219), Hai Zheng Pharmaceutical Industry (sh.200267) and the Asian Sheng Group (sh.600168) and other listed companies stock.　　and the Foundation by virtue of the strong investment style and the precise grasp of stock price movements, in the stock investment income is quite abundant, once by the retail investors that is the identity of the secret private organizations.　　After the 2008-year Foundation's name disappears from the A-share market, its annual income returns to 7.7452 million Yuan again, 2009 year income is only 4.9668 million yuan. The foundation, in a lucrative 7-year period, has rarely paid dividends, but has been generously paid since 1999 after an average annual income reduction.　　The Foundation allocated a total of $40.491 million from 2003-2009 to 7. And the dividend scheme for the wash out of the exit of the 173 members, the impact is enormous.　　In the 8 years in which the 173 members held a stake in the foundation, the total dividend was only 1.53 million yuan.　　The 24 shareholders who have undergone 2 equity transfers will not only enjoy a large dividend from the foundation starting in 2003, but may also be able to double their wealth after the date of the digital listing by holding a daily digital share of the equity indirect holdings of the group.　　And for the Wu family's other two major industries-Wanfeng and China Bao Industrial Holdings, the accumulation of capital or with the Japanese group is quite similar.　　November 1992, the foundation invested 19.33 million yuan, the establishment of Zhejiang Zhong Bao Industrial Co., Ltd. (Zhejiang Zhong Bao Industrial Holdings Co., Ltd. predecessor, the core company of the Bao Industrial group). March 1998, the foundation invested more than 40 million yuan, set up Zhejiang Xinchang Aluminum Wheel Co., Ltd. (hereinafter referred to as "Xinchang"), the company is nowWanfeng Holding Group Co., Ltd. predecessor.　　April 1999, after the resolution of the member Congress and the approval of the relevant departments, the foundation will be held in the Xinchang in the stock of 111 natural persons, and then its holdings in Zhejiang Bao Industrial Holding Co., Ltd. to quantify the shares of 175 natural persons.　　Up to now, the Wu family total holdings of China Bao Industrial Holdings Limited 49.8% of the equity, total holdings of the million Austrian group 65.86% equity. An unnamed securities industry lawyer said that the foundation's rights body is the member Congress, the Wu clan relies on its special status, has the very high decision-making power in the member Congress. In addition, the foundation member two times the transfer of shares did not carry out the industrial and commercial changes, the existing disclosure of information on its share quantification and transfer is a stroke. From the whole reform process of the foundation, it is more likely to use power low price to collect collective assets into their own pockets.