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Wen / Wu Xiaobo, financial writer, "Business Review" Commentator. .
Recently, the Chinese business community's biggest news is the Lenovo holdings of equity transfer. In order to address the long-term issues of equity overhang, Lenovo's equity trading, whether it is a part time or opportunity to grasp, is typical of human wisdom.
Recently, China's biggest news is the business association holding the share transfer. According to China Beijing Equity Exchange said this was in 2008 into the "Fortune" Global 500's leading companies will be 29% stake up for sale at a price of 27. .55 Billion yuan, ultimately, Asia Standard Group, the only one eligible transferee. .
This is a typical "critic" transfer.
The 65-year-old Liu, Lenovo's property rights reform is the one thing he's largest life and must be complete within the next five years to resolve it. Lenovo's property rights reform would be many difficulties, first, too big, high and low selling prices, very easily lead to great controversy. Second, private capital coming in, can not interfere with the current manager has been formed association governance structure, so the timing and the choice of candidates has become critical. .
First time. Lenovo is a 100% State-owned enterprises (SOEs), LIU Chuanzhi has been clear for Lenovo's shares. In February 1994, the Association was listed on the Hong Kong stock exchange, the critic of the opportunity to put forward a "stock options", according to this plan, the Association's assets 55% owned by the State, 45% is attributable to the employees. However, this programme has now been the Ministry of finance and administration to play back. LIU Chuanzhi immediately and raised the dividend proposal: 65% to 35% of CAs, belongs to the employees. In this section, the CAS has full discretion, open-minded president Zhou Guangzhao a soft spot for Lenovo, and soon agreed to the program. .
At that time, the legend in the siege, the future of chaos and bleak, these figures are the "paper wealth", there is no out-of-interest, therefore, from the leadership of the Chinese Academy of Sciences to the enterprise's employees, have not thought about. 10 years later, Ma said, "today, we did something very important and clever. Because at that time the share of the pie is a blank, who also, if today, have a great meal, to discuss the programme would be difficult to 100 times. "Words that are all lucky.
In 2000, it is the basis of this program, 35% of the dividend right again in Liu's efforts to become a stock at a time when the world is also a year of Internet stocks burst in a very difficult year for business associations. .
But today, in 2009, Lenovo transfer 29% stake in association management, but also very difficult times, critic of the time the transfer of part of the very people on comparable.
Repeat candidates. Lenovo shares listed in the conditions made almost specifically designed for the Asia Standard. From a strategic point of view of investors, Asia Standard Group in terms of the association is "indispensable." The so-called "have" because the veteran Asia Standard is a private enterprise, asset size is very large, Lu Zhiqiang, chairman of the National Federation of the vice chairman of the CPPCC Standing Committee, is a root seedlings of red is a private enterprise. The so-called "can not", Asia Standard's industry is mainly real estate and financial industry, with almost no industry association the possibility of convergence.But from now on become shareholders agreement announced in the next five years the sea shall not interfere with the business strategy of Lenovo now.
Therefore, in terms of timing and choice of candidates, this time the transfer is typical of Liu-type transfer. In Liu of management thought, there is a very famous expression is "objective Shui Chinese and big bend." To this view, he turned the big bend in all, property rights reform is undoubtedly the biggest and the longest one. .
Discussions so far, in fact, an issue already cornered throat: since Ma team on Lenovo's contribution is so big, so full of confidence, since the CAs are determined as part of the Lenovo shares, why not let the entrepreneurial team directly to the subscription, such as Jean associated staff will also participate in the bid, or allow another set of willow team to bid for the Investor? why do I need to pull a road to be irrelevant to the enterprises, but also to how to set the "only" way for sale.
Such a question mark over the past decade the reform of property rights in China is there numerous times, so asked Jianlibao the CW Lee, Changhong's Ni Runfeng so asked, Kelon's Penning asked this, so Chunlan the Tao Jianxing asked, Haier's Zhang also so asked. .
Unfortunately, the railing to shoot again, but no response.
Liu is a business out of the name of the "gentlemen" to Confucian boasted. 20 years, in order to associate the "freedom of property rights" move enough of the brain, in the process, he must first maintain the "evasive" attitude to self-purification, the same time, he also said he must rise and fall of this company bet on life efforts and credit. But perhaps, precisely because of his perseverance and sense of "the greater curvature Po" wisdom, only to Lenovo to become the first times, "luck" of the exception. .
Chinese entrepreneurs in this State may only use the words in verse laments the word to describe – truly is the "mercy".
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