Yu-fu does not rely on monopoly management and administrative power to profit

For Chongqing Yu Fu Asset Management Co., Ltd. (hereinafter referred to as "Yu Fu Company"), Liu Qingxuan can be called an important "trader" one. Earlier, Liu Qingxuan was responsible for the preparation of Yu-fu company and the company as the first chairman.　　Now, despite leaving office, Chongqing Sasac is still the deputy director of the identity of Yu-fu company to date. Liu Qingxuan participated in almost all the major decisions of Yu Fu company.　　June 25, this reporter on Yu-fu company's business model, core competitiveness and future trends and other issues on its interview. Chongqing fu Positioning "21st century": The recent Southwest Securities and other companies have been strong stock prices, Yu-fu company's book value increased by nearly 10 billion yuan. Many market participants believe that Yu-fu company can obtain the current success depends on monopoly management and administrative power. What do you think? In Liu Qingxuan: There is such a view of Yu-fu Company's situation is not known. In fact, from Yu-fu Company's income structure can be seen, Yu-fu Company's revenue has two, one is the reorganization proceeds. For example St Dongyuan, at that time in Shenzhen auction price is lower than net assets, but no one to buy, because we can not judge the future trend.　　Since then, in the two-tier market through the increase in shareholding to gain a holding position by administrative means is unable to solve, these are market behavior. South-West Securities restructuring is also so, the securities market at that time the mystery, the majority of old shareholders want to withdrawal, Yu-fu company is resorted. None of them were willing to invest at the time.　　Chongqing Bank, St. Second, land income, so far, Yu-fu company sold land is not a piece of market prices, the outside world, the state-owned enterprises and the second three land sold to Yu Fu company, Yu-fu monopoly and gain benefits from it. This is only Chichi half, because Sasac has a system arrangement, a land-selling enterprise, as long as there are other people out of high prices, you can not sell to Yu Fu company. If Yu Fu Company's price is higher than other companies, it can only be sold to Yu Fu company. Such benefits have two points, one is that the sale of enterprises can not be as low as in the past to sell to the enterprises he wants, the same, Yu-fu companies can not low-cost to take other people's land.　　The highest bidder, this is a basic principle of marketization. On the contrary, the city government and Sasac sometimes co-ordinate the higher prices of Yu Fu to buy the land of state-owned enterprises. For example, Chongqing Iron and Steel Group 7000 mu of land, is the government coordinated acquisition.　　It can be said that Yu-fu company has sold the land is not a piece of the administrative power to obtain a low price.　　Moreover, Yu-fu companies in the restructuring is also risky, make these decisions are also pressure. "21st century": So, Yu Fu Company's behavior is enterprise behavior?　　What is the positioning of Yu Fu when it was founded? Liu Qingxuan: Yu-fu Company, although not by administrative force and monopoly management to obtain benefits, does not mean that Yu-fu company's behavior is pure enterprise behavior. This is related to the positioning of Yu-fu company.　　Yu-Fu Company was established at the beginning of the positioning is strategic restructuring, strategic investment, a year later produced a land function. The so-called strategic restructuring and strategic investment,My understanding is to conform to the Zhongqing government's economic and social development strategic intention of some reorganization, investment behavior, as well as some of SASAC's work requirements. such as the acquisition of ICBC's debts, the bank of Chongqing, the reorganization of the southwestern securities, and the formation of the Three Gorges guarantee. It may be the need of the reform and development of state-owned enterprises, the need of financial stability and the economic development of the Three Gorges Reservoir area.　　St Dongyuan, St Heavy Reorganization is also so, at that time in order to dissolve the risk of listed companies, promote the reform, Yu Fu company acted as a pioneer of reorganization. Yu-Fu companies in the promotion of these restructuring, investment, followed the market rules, the use of market tools, the ultimate goal is to achieve the government's intentions.　　The most typical explanation is that, when arranging Chongqing-rich company to acquire the non-performing assets of ICBC, the city leader's request is, "the finance does not subsidize, the government does not intervene, the state-owned enterprise should be satisfied, Yu Fu should profit".　　The core competitiveness lies in innovation "21st Century": How can Yu-FU company maintain the profit maximization of state-owned assets in operation? Liu Qingxuan: This must be a matter of state-funded perspective. Sometimes you need to play games with your opponents. Opponents may be foreign capital, may also be the capital market investors, may also be their own subordinate enterprises.　　Sometimes there are very exciting games. For example, in 2006, the Bank of Chongqing in the process of introducing Daxin Bank, the first is Chongqing Bank and Daxin Bank talk, after several rounds of negotiations, Daxin Bank is not willing to invest in Chongqing Bank, the president of Daxin Bank and other related personnel to Chongqing, hoping to bid farewell to the relevant leaders. Huang Qifan, deputy mayor of the city, hopes to meet the representative of Daxin bank in person.　　Then Chongqing Sasac rate Yu Fu company, Chongqing Bank to negotiate.　　At the end of the negotiations, there were two major differences, one is the Chongqing Bank and Daxin Bank on the participation in risk and financial management after the disagreement, the second is 50 million yuan management expenses extraction. The Bank of Chongqing believes that Daxin Bank can not participate in the risk and financial management of Chongqing Bank after taking a stake. Daxin Bank insisted on participation.　　Yu Fu company thinks can participate. I think that the introduction of strategic investors is different from the general financial investors, strategic investors are to carry out strategic cooperation, improve business management. The risk of Daxin Bank and the technology and idea of financial management are beneficial to the development of Chongqing Bank. Therefore, Daxin Bank and Yu Fu Company as the investor in this point is the same interests.　　Finally, the leader agreed with Yu Fu Company's views. Second, Chongqing Bank and Daxin Bank in the negotiations, consider from the acquisition of funds to arrange 50 million yuan as a management training costs. But in fact, this means that Yu Fu has reduced the price. Yu-Fu company proposed that the acquisition should be paid in full, as for the actual training costs should be assessed by the shareholders. So resolutely opposed.　　The final scheme was modified.　　"21st century": What do you think is the core competitiveness of Yu Fu company? Liu Qingxuan: Yu Fu Company's core competitiveness lies in seizing the opportunity and innovating continuously. ICBC's acquisition of non-performing assets, if according to general considerations, should be a single enterprise or a single group to talk about, certainly protracted, miss this difficultOpportunity.　　If you do not dare to innovate, according to general lending ideas, before the state-owned large banks never agreed to loan billions of yuan to acquire non-performing assets. For example, Chongqing Industrial enterprises Environmental Protection relocation financing problem, the government relocation plan after the formation of the relocation of the enterprises have no funds, the purchase of enterprises for the time being not to get the land, lack of confidence, and the purchase of banks do not agree, deadlocked. Yu-Fu company proposed that the first batch of 28 environmental protection relocation enterprise Land assets packaging, to the National Development Bank financing, the main point of this idea is to open the bank, the overall asset packaging security, while the purpose of the loan is for environmental financing rather than simply for the purchase.　　The bank agreed to this idea, agreed to package loans, environmental relocation quickly opened the situation. In fact, the bank of Chongqing, Southwest Securities, the Three Gorges Guarantee Company's reorganization and investment of billions of yuan, are relying on innovative ideas to the National Bank for soft loans, no innovative spirit is impossible to achieve. Opportunity is fleeting.　　Such soft loans ceased to be issued a year later.　　"21st century": Yu Fu Company will be how to move forward? Liu Qingxuan: I think, from the form and task of state-owned enterprise reform, as well as the goal of local economic development, Yu-fu company should be a capital management company with financial investment and strategic investment. In the future, there may be three tasks that need more work, one is in investment management and research, the other is the identification and control of risk, and the third is to maintain innovative ability, which is the most important point. Seizing the opportunity and innovating unceasingly is the soul of Yu Fu company. But what I mean by that is that the ability to innovate does not just mean the company itself. Because, Yu Fu company many important behavior of decision-making center may not be in Yu Fu company.