Wenyao and ups and downs: the contradiction between the peaceful contradictions and the great earthquake

This reporter Xu Shanghai Home (600315) Chairman Wenyao [Weibo] resigned, the majority of investors do not want to see the end is still happening, and came so fast. On September 17, Wenyao abruptly tendered his resignation, applying for retirement on the basis of age and health.　　This explosive news to the outside world, also hit the capital market a unprepared, the next day, Shanghai home will encounter panic cast, stock prices all day was sealed in the fall of the plate. However, the stock price diving may just be the beginning of a new round of Shanghai's home-Wenyao, because after the early departure, the whole of his management will face the choice.　　In the Japanese industry as a whole weak, competition is increasingly Red Sea, under the background of such a severe earthquake, Shanghai home can withstand it?　　Unexpected departure 1.5 months ago, Wenyao High-profile in Shanghai Jia-brand Strategy conference, and received a group of media visits, no one expected, this conference unexpectedly became Wenyao in Shanghai as chairman of the last public debut. "I am the chairman of the 600315. "This is a remark that Wenyao repeatedly emphasized at the meeting, not only that, Wenyao also made clear that at present is home from the foreign-owned Japanese giants hand" regain lost ground "historic opportunity, he will never give up such important things first to do something else, and hope that the scale of home as soon as possible over 10 billion.　　Unfortunately, the dream after all did not shine into reality, personally will be home into the "tens of billions" of the scale of the Japanese giants, after all, can only be a good wish of Wenyao.　　Although Wenyao the cause of the resignation as a matter of age and health, it is clear that many people believe that the contradiction between the security of big shareholders is the real reason to force the veteran entrepreneur who has been in the house for nearly 30 years. A person close to the peace told reporters, "Wenyao turnover is a matter of morning and evening, because the fashion industry investment, in fact, he and the peace of the iceberg of contradictions." Considering the importance of Wenyao home, institutional investors and small shareholders of the force, and SASAC intervened before the intervention, so, we tend to think before, Wenyao will be as he said before, and then dry for two or three years, in order to facilitate the smooth transition of home to the Wenyao era. "The news is really sudden," said the fund manager. Wenyao leave, the shareholders with the foot vote is predictable, the last Wenyao was deposed group chairman, home has fallen off once, so if we know the wind, will certainly advance shipments, but these two months, home trend is very stable, but also repeatedly hit new highs, It means that no one has heard the wind.　　"Management to be doubtful Wenyao leave, for home is likely to be far-reaching." In Shanghai, Wenyao is not only an ordinary chairman, but the Godfather-level figures, almost the entire family management, are Wenyao a hand promotion and tuning. Of the 13 directors and executives listed in the Shanghai Annual report, in addition to Dongcai and Zhu Yijiang of Ping An, 3 independent directors,As well as Wenyao himself, the other 7, director of Wu Yinghua and Secretary Feng Yu home in 2001 when the listing of the senior management team, the CFO Ding and the outside world as a successor to the king of the family also served for many years, are Wenyao's direct forces.　　When Wenyao was dismissed as chairman of the group in May this year, there was concern that the Chairman of its listed company could be saved. "Even Wenyao have left, peaceful means can be seen, Wenyao successor is absolutely impossible is Wenyao old will, safe Airborne new chairman of the possibility is very large, and the CFO and other core position, are faced with the risk of cleaning."　　"A person close to the Shanghai family said. There are market rumors, although the Wenyao real resignation still need board approval, but the peace has been selected successor, the original Johnson China Region President Xie Wenjian is likely airborne home. Public data show that Xie Wenjian graduated from Fudan University, after studying in the United States, joined Johnson in 2001, as the blood glucose meter in China regional sales director, the results of the record, 5 years later, was appointed Johnson Medical China Region president, is Johnson first localization of the president.　　However, this rumor has not yet received peace and Xie Wenjian himself any response. People close to the family said, "Many of the Wenyao are grateful, or even quite worship, they go, home is loss, they stay, airborne chairman can not bring good team is also a big problem."　　"Can home growth be high?"　　Once the family has a chain of personnel unrest, then the performance of the home can be as in the past, to maintain stable growth? Earnings showed that the first half of the Shanghai home business income growth of 17.4% year-on-year, net profit growth of 35.93%, although compared with the 2012 annual report net profit growth of 70% Year-on-year, home in the first half of this year's growth slowed down, but in view of the daily growth of the industry as a whole slowdown of the big environment, It is not easy for home to have this performance.　　L ' Oreal's semi-annual report showed that its growth rate in the Asia-Pacific region had fallen from 21.9% in the same period last year to 5.1%, with the two major Japanese giants, Procter and Gamble, and Unilever growing weaker, with sales of P & G Q2 2.2% Year-on-year, and Unilever's sales in the first half were only 0.4% year-on-year. People close to home said, "the performance of the home is actually a bit of people do not understand, the home of the report has not disclosed the individual brand of their own profit, just in accordance with the east and north China such areas to be divided, so it is difficult to determine which aspect of the performance of the support of the high growth of the home. "Although the person has doubts about the performance of the home, but he said," home to the management of the equity incentive, and equity unlock is conditional, considering this layer of factors, the external performance of the home has been a lot of confidence. "Last June, home completed the largest equity incentive in history, benefiting four member workers, and set a 3-year solution to unlock the terms of the 2011-year performance benchmark, the 2012-2014 net profitRun growth is not less than 25%, 56% and 95%.　　2012, home net profit Hurricane 70%, easy to unlock conditions, the first 40% of the equity has been lifted on June 7, and the number of semi-annual reports, as long as there is no accident, this year's performance to unlock conditions is also easy. However, in the future, the fate of home is a bit difficult.　　In the previous multi-brand strategy conference, Shanghai home of three new brands, make oneself still in the market cultivation period of the number of new brands increased to 5, at the same time, the home also made clear that the intention to acquire some foreign brands to accelerate the growth of enterprises, this multi-brand strategy was also recognized by many institutional investors. "Whether it is to cultivate new brands, or acquisition of foreign brands, in the short term, means a lot of capital consumption, peace since holding, there is no home to have any financial support, they are willing to support the multi-brand strategy, but also to play a big question mark." The person close to peace concludes.