Tong Yu: Equity balance

After a slump in the economic crisis, Yutong is aware that it has to be a leader in institutional innovation.　　Intern reporter Zhu Jian when China Yutong Holding Group (hereinafter called Yutong Holdings) Chairman Chen Xiaoqing began to "Zhejiang business" reporter recalled that chisel and hammer jingling of the handmade workshop, his Yutong sewing machine and agricultural machinery were busily engaged in the Armani production line and the fields of the autumn harvest. "Yutong can become a company under the jurisdiction of a large group of 9 subsidiaries, in addition to market expansion and the external causes of technological reform, dynamic ownership structure is the core of the enterprise fission-type development."　　Chen Xiaoqing to the "Zhejiang business" reporter said. The dynamic of static stock right today, share cooperation has long been the common imitation of private enterprises, the potential of the system seems to have been mined out. After a slump in the economic crisis, Yutong is aware that it has to be a leader in institutional innovation. This coincides with the Taizhou government's proposed equity restructuring plan.　　Different from the first list of other enterprises eager to introduce external assets, its restructuring of equity, beginning with the dynamic of internal equity. "Innovation is the dynamic process of development." This reminds me of whether the original static ownership structure can be dynamic? Chen Xiaoqing to the "Zhejiang business" reporter This exposition of his innovative insights.　　And the concept of "ownership dynamic" was put forward, then the pilot operation of the new project of Yutong holding was run. At the beginning of this year, Yutong began to dabble in new materials and energy fields, starting with two projects of high strength aluminum alloy and biogas recycling respectively.　　To netting professional management and technical personnel, Yutong Holdings has adopted the equity rationing system, the plan will account for its registered capital of nearly 20% of the 7.5 million shares (1 yuan per share) as a rights issue incentive. Among them, the company's executives with their professional achievements in the savings can be used as equity participation in the new company. At the same time, the group of senior executives with capital to give 100% of the allotment incentive. Take the general manager of the post as an example, if in accordance with the upper limit of 600,000 yuan equity participation, the group will give a 600,000 yuan allotment.　　All department heads and engineers may also share the shares in the company. In addition to the new company, the savings are still few young employees, the implementation of the remaining annual investment measures. As long as the assessment standards, staff annual salary of the remaining part of the daily expenses, you can refer to its corresponding position and contribution size of the joint venture, and supplemented by 50% of the allotment incentive.　　At the same time, for the employees who have completed the plan, 8% of the net profit will also be included in the company and given a rights issue incentive. The enthusiasm of the company's share participation is high, and 7.5 million shares are likely to be depleted. Chen Xiaoqing said that in addition to the 1 million shares reserved for this purpose, or will be further increase in capital shares.　　In addition, in accordance with the Trade and Industry Bureau, the registration procedures for equity changes need to be processed after 3 years, and Yutong holding internal, the employee's participation in the record, the implementation of dynamic management. The stock rights incentive and the surplus annual salary mechanism are not only universally applicable to the newly-launched project of Yutong Holdings, but also the equity mechanism of the whole group of Yutong Holdings.described in fine-tuning. At present, the shareholding structure of the group level is as follows: The Chairman Chen Xiaoqing shareholding 30%, each executive and 8 sponsors respectively holding about 20% and 50%. Group of China Yutong Sewing Machine Co., Ltd., Zhejiang Yutong Locomotive Industry Co., Ltd, Shanghai Yutong Machinery Electronics Co., Ltd., and other major subsidiaries, are set up by the group, accounting for about 50% of the stock, executive shareholding 20%-40%.　　China Yutong Sewing Machine Co., Ltd. has completed a shareholding system transformation. The dynamic change of static and stable stock right under dynamic ownership is the static stability of enterprises. "Allotment incentive and participation mechanism, will make the company's existing senior executives, backbone and potential young people to form the core management, technology team."　　"Chen Xiaoqing said. Through the decentralization of internal equity, improve decision-making mechanisms to "hard skills" at the same time, Yutong Holdings also try to draw on external forces. For High-strength aluminum alloy project set up in Zhejiang Xin Ding Aluminum Co., Ltd., is the Yutong and road and bridge two of the local enterprises-giant branch group, Yong-yuan group jointly financed the establishment. Equity, the funding side of the world, each accounted for 33%, Chen Xiaoqing as chairman, the company to recruit the general manager responsible for day-to-day management. "Three groups of new materials for joint research and development, but also in the financial crisis, ' holding group heating ' one way."　　"Chen Xiaoqing said. At the same time, Yutong Holdings also with the United Kingdom Leung on Mr. PONG joint investment in the main garden machinery manufacturing Zhejiang Tong Yu Industrial Co. Among them, Yutong Holdings 60%, and sent a member as a subsidiary of the Chairman and the general manager, while the United Kingdom to appoint representatives as technical director. "The reason why cooperation with the British side, one is technology, the other is the channel, technology, market networks are borrowed from them."　　"Chen Xiaoqing said. It is also one of the important issues of the stock-rebuilding movement proposed by Taizhou, which makes the intention of introducing strategic investors bigger and stronger.　　The so-called "strategic investment" refers to both large-scale state-owned enterprises, including foreign enterprises, VC funds. The above three in Chen Xiaoqing view, the similar industry's people, VCs or foreign capital into private enterprises in the process of restructuring is more likely; state capital is unlikely, because the scope of business of private enterprises is not in itself the state-owned companies willing to enter the field. "Private enterprises are unlikely to introduce state-owned capital, but investment companies, folk capital and foreign funds." Foreign capital not only can bring financial investment, but also can bring the improvement of technology and market channel. "For Taizhou to vigorously promote the private ownership structure of the restructuring action, Chen Xiaoqing that the government's homeopathy." He said that in the overall economic and policy environment of the great environment, Yutong holding by virtue of its product transformation, will be from 4:6 of the export domestic sales ratio gradually adjusted to 2:8, and more than 60% of the debt rate to 58%, so that enterprises in the continuous three years after the realization of the listing target.