Rebirth of the Official Business Route

In the southern suburb of Chengnan District, the Nanjiao Industrial Park adjacent to the development zone was only a factory two years ago. At the beginning of 1995, Chengnan District changed this place into a paper industrial park. The paper mills contracted by Kumho moved into the industrial park six times. Lake invested in the construction of public systems, warehousing logistics and sewage treatment systems, while each factory was only responsible for the construction of production lines to form a complete production system. Most of the funds used came from the state's support funds for technical transformation projects of papermaking enterprises.

After the establishment of Xinguang Paper Group, Zhang Ke overturned the merger and acquisition schedule previously agreed with Chint Group, and planned to acquire all paper mills in one package. Novel chapters are updated the fastest

The M\u0026A price negotiated with various paper manufacturers includes two parts. One is the net asset part. Since most of the new factories are under construction, the land, factory buildings and other assets of the old factory are not within the scope of the merger, including the new paper factory and the new factory. The net assets of the 12 paper mills in the company are only 60 million yuan; the second is the premium paid by Kumho for the merger and acquisition, including the premium paid for the original paper mill’s technical reserves, policy support, agreed tax incentives and other intangible values , This part is asking domestic accounting firms to conduct a fair assessment. According to the calculation of Xinguang Factory's standards, a total premium of almost 140 million will be paid.

The package solution is that Kumho will pay 60 million equal to the net asset value of the merger to the local finance, including the Chengnan District Government, within one year, and the premium will be converted into 10-year corporate bonds, so as to completely solve the problem of property rights in one fell swoop. The problem. Fiction novel chapters are updated the fastest

Most of these twelve paper mills are district-owned enterprises, and the final approval authority is in the city. The mergers and acquisitions of one by one will not attract attention, just like the acquisition of Xinguang Factory, but the other eleven factories must be acquired all at once. Moreover, the Xinguang Paper Group was hyping about the annual salary of 600,000, and many media in the province were watching it. Xinguang Paper Group proposed a package of solutions, and Tang Xueqian could only bring this matter to the Municipal Standing Committee meeting for discussion.

When Zhou Fu was talking with Xu Hongbo about the forestry and paper integration project at Bajin Zhenyaoju. In the meeting room on the second floor of Building No. 8 of Wenshan Hotel, the meeting has been going on for several hours. At this meeting, none of the nine members of the Standing Committee of the municipal party committee were present. Song Peiming, Zhang Zhixing, Cai Yujuan, president of Kumho Holdings, Zhou You, president of Shin Kong Paper Group, and Song Zhiyou, vice president who had just joined Shin Kong Paper for half a month, attended the meeting.

There are three documents in front of everyone. One is the introduction of the basic financial situation and equity structure of Kumho Holdings and its subsidiaries Shin Kong Paper and Aida Electronics after the reorganization. The second is Zhang Ke’s proposal through Shin Kong Paper. The second is the forestry-paper integration project document drafted by Zhou You and later revised by Song Zhiyou.

It is difficult for everyone to accept, an eighteen-year-old boy, the son of Zhang Zhixing, the secretary-general of the municipal government. He actually holds unimaginable wealth, and this wealth has been accumulated in the past two years.

At the beginning of seeing the document, Zhou Fuming said a few words: I knew that Secretary Zhang's family boy is not simple, not simple... After that, he seldom spoke. About Zhang Ke may be one of the core figures of Tang Xueqian and Xu Xueping, as early as when Xie Jiannan came back to Haizhou to visit him,

I heard Xie Jiannan mention it... the beginning of November last year. The news that Aida Electronics competed for CCTV was sent back to the sea that night, and Xie Wanqing informed the city about the situation on behalf of Aida Electronics. At this time, it became the sole shareholder of Kumho,

Du Xiaoshan and Jin Guohai knew more about the situation, but it was only this time that they knew the details.

The atmosphere in the meeting room was a bit dignified. Cai Yujuan, Zhou You and Song Zhiyou sat in it, and they didn't feel relaxed. Zhou You couldn't help thinking what Zhang was doing at this time? Looking up at Zhou Fuming, the expression on his face was quite calm. I can't see what he is thinking in his heart, presumably with Jintian's scale today, even if Zhou Fuming wants to wear small shoes. We must also carefully consider Kumho's rebound.

Zhou Fuming did not speak, and the others were also silent. The documents are not thick. Zhou You and Song Zhiyou only explained for less than an hour. For the rest of the time, everyone was looking at the documents in their hands. No one thought of taking the initiative to speak up. They had to digest the news carefully. just work.

Zhou Fuming was turbulent in his heart, thinking of many details that he hadn't noticed in the past. It is absolutely impossible to say how much he has a good impression of Zhang Ke. It is still surprising that Zhang Ke has such a powerful method. achievement. There is always a gap between people. If there is no gap, people's social status will not be so different; it's just that Zhang Ke makes others gap him too much.

Well, everyone has been looking at the documents for a long time

I have carefully studied it many times, whether I have studied it thoroughly or not, everyone's point of view...

Of the three documents, only the second one can be seriously discussed in the city. Zhang Ke proposed a package solution through Xinguang Paper.

Seeing that no one wanted to speak, Zhou Fuming turned his head to Tang Xueqian and said, Xueqian, you are the mayor, you express your opinion first...

Tang Xueqian straightened his body. After sitting for so long without speaking, he still felt a little tired. He said: Over the past few years, more and more people have realized that it is difficult for the government to play the role of enterprise management. The reform of the state-owned enterprise system is the general trend. Now Everywhere is exploring different paths, and they are taking the same path. The package solution proposed by Xinguang Paper is also the same path. As long as it is possible to better fundamentally solve the problems that have been exposed by state-owned enterprises, it is worth trying...

Kumho Paper Mill competed for state support funds for technological transformation, built a new factory, and invested in a sewage treatment plant, which to a large extent eased the environmental pressure faced by Haizhou City. This package plan also cleanly resolved the legacy property rights question.

When Tang Xueqian said this, Lu Yiguang, deputy secretary of the Municipal Party Committee, turned his attention to others. He must have asked others to speak for him, and said: It is difficult for people to refuse such a plan, but to implement this plan, Xinguang Paper The industry group will take the road of high debt operation, which is similar to the original operation mode of Aida Electronics introduced in the document. Even if Kumho injects the first 60 million acquisition money into Xinguang Paper, the net assets of Xinguang Paper It is only about 120 to 30 million, but the responsibility is as high as 450 million, of which the local government holds 140 million in corporate bonds, and as high as 310 million in national paper industry technology. With a debt ratio of nearly 80% instead of supporting loans, how can Xinguang Paper be as lucky as Aida Electronics and just catch up with the industry?

With the implementation of this plan, the financial risks in the high-debt operations of Xinguang Paper will bring certain risks to the part of the corporate bonds held by the local government.

6 Everyone understood the meaning of Yiguang's words, but no one answered his words.

In 1996, the State Council had a rigid regulation on asset valuation for the transfer of state-owned small and medium-sized enterprises. In addition to cash, it also paid 140 million corporate bonds to the local government as a premium for mergers and acquisitions, and did not leave any legacy for the government on the issue of employee placement. Even though corporate bonds have certain risks, it still seems to be in the Throughout the 1990s, Haizhou City encountered the most relaxed and satisfactory transaction.

Du Xiaoshan said: I think as long as the first 60 million is in hand, it can't be considered a loss. Besides, for the 140 million corporate bonds, Xinguang Paper also has to pay annual interest, which is more than 10 million per year. It is still very impressive, even if there is any mishap in the operation of Xinguang Paper, the company's debts are guaranteed to be repaid first...

6 Yiguang's eyes fell on the third document, and Xinguang Paper actually threw out the investment plan, saying: The form of corporate bonds is also a new attempt. We should not rest on our laurels. If the first tranche of 6,000 Wan's money can be paid off before the implementation of the forestry and paper integration project, so there is probably no problem with this package plan...

The current Aida Electronics is a super cash cow, but it takes time to milk the milk. Aida Electronics’ own development will use up most of the funds, and Xinguang Paper will also increase a part of its working capital. Once the forestry and paper integration is launched , it is necessary to continue to take money out, and Xie Wanqing has to continuously withdraw funds for the private school. With so many things added together, even if Aida Electronics is the top cash cow, it will feel great pressure.

Everyone looked at Cai Yujuan, and then at Zhang Zhixing. Zhang Ke shrank his head and did not show his face. Cai Yujuan was Zhang Ke's official representative, but everyone felt that Zhang Zhixing might be able to speak on behalf of his son.

Zhang Zhixing turned a blind eye to the gazes of the crowd, lowered his eyelids, and calmly watched the documents on the table. The wealth under Zhang's name is really shocking when it comes out of the water. Anyone else would have a lot of worries about whether this wealth will be entrusted to someone else. Zhang Zhixing is no exception, but he sensibly restrains himself from asking. The company's affairs, also agreed with his wife Liang Gezhen, not to intervene in the company's affairs, all will be handled by Zhang Ke alone, whether it is good or bad, the result of intervening will usually only be worse.