亚洲 欧美 图片 自拍 视频

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          Wang Weiyong was persuaded to re-enter the founding shareholder of Ganzhao Optoelectronics to repeat the "Chinese partner"

          In the first half of 2013, the film "China Partner", which was a hit in the first half of 2013, caused many resonances. People were moved by the "new dreams" of the three founders in the early days of their entrepreneurial ventures, and they also succumbed to the expansion of wealth after the three "cut and continue to chaos" Interest disputes.

          In fact, this scene is also constantly being staged in the turbulent capital market. It is the representative of the a€?Mytha€? that once created the fastest listing of the GEM. With the recent termination of the a€?Consensus Action Agreementa€? by the three founding shareholders of the company, the real-life version of a€?Chinese Partnera€? was more ups and downs than the movie version.

          Ganzhao Optoelectronics is currently in the state of no actual controller, which is also the situation faced by nine GEM companies. Some investment institutions believe that the company's "no master" has the risk of stock ownership disputes and even being placarded. It should be alert to the management of the company. The gains and losses of the company's shareholding structure arrangement are worthy of reflection.

          Today's concerted action alliance collapses

          In Xiamen in late November, the heat of the summer has not yet been exhausted. In a newly built high-rise building in Xiang'an District, Deng Dianming, the chairman of Ganzhao Optoelectronics Co., Ltd., looked seriously at the window and had a lot of thoughts.

          If the time goes backwards for three years, the moment when the dry photo-electricity listing bell rings, Deng Dianming must have never thought that the myth of "creating wealth", which he worked hard with his management team as the core, will slip down in three years. To some unbearable circumstances.

          Three years ago, on August 12th, Ganzhao Optoelectronics successfully landed on the GEM. The issue price was as high as 45 yuan per share. The wealth of the company's seven founding shareholders expanded to hundreds of millions of dollars overnight. The joy of starting a business makes the company the top three. The founding shareholders of the core, Deng Dianming, Wang Weiyong and Wang Xiangwu, agreed to jointly exercise the actual control of the company by signing a concerted action agreement, and became the a€?three carriagesa€? of the public. What is more worth mentioning is that two of the three people are tied for the first major shareholder with the same equity. The chairman and the general manager even take the same salary, and the ones have the momentum of a€?joining and retreating, and couragea€?.

          Today, everything has changed. After the listing of Ganzhao Optoelectronics, the companya€?s share price has fallen to a high level in the past. The companya€?s share price has fallen below 10 yuan, and it has been repeatedly reduced after the lifting of the ban. To make matters worse, the former "Consensus Action Alliance" was announced by a company announcement on November 6. According to the announcement, after the above-mentioned concerted action agreement expired on August 12, it was decided that it would not be renewed after consultation with the three major shareholders. The company is currently in the state of no actual controller.

          This situation once made many investors who once saw more than Zhaozhao Optoelectronics very puzzled. People can't help but ask: No actual controller will affect the stability of the company. Why don't the three major shareholders say they don't sign? The company has come this way, what happened in the end?

          In this regard, Deng Diming, the chairman of the company, is also embarrassed. He told the China Securities Journal that the experience of the company has been "interesting".

          The old "old youth" entrepreneurship was hard

          On Xiangyue Road, next to Xiang'an Avenue, Xiang'an Industrial Zone, Torch, Xiamen, there is a row of low-rise buildings that look like residential quarters. It is not until the residential building, but a company. Office building. In the movie "China Partner", Zhongcheng Dongqing initially rented an abandoned factory as a starting point for business. Ganzhao Optoelectronics started from the three units of No. 19 Xiangyue Road in this residential office building.

          Seven years ago, in this small building, which was called the a€?No. 19 Factory Areaa€? by the old people, Deng Dengming, who resigned from the general manager of Sanan Optoelectronics, began his entrepreneurial journey into the LED industry. He brought Wang Xiangwu and Ye Sunyi, who were the chief engineers and financial managers of Sanan Optoelectronics respectively. They also met Wang Weiyong, who was deeply involved in Xiamen's industrial and commercial circles. The four people invested 15 million yuan (the first phase of paid-up capital of 8 million yuan). ) Established Ganzhao Photoelectric Co., Ltd. (the predecessor of Ganzhao Optoelectronics).

          That year, Deng Dianming was 52 years old, Wang Xiangwu was 47 years old, and Wang Weiyong was 38 years old. He belongs to the "old youth" who are interested in the domestic entrepreneurial army.

          Like most entrepreneurs, Deng Dianminga€?s biggest difficulty in the early days of entrepreneurship was the shortage of funds, especially for the capital-intensive LED industry.

          Deng Dianming recalled to the China Securities Journal reporter that when the dry photo was limited, the most important thing was to purchase production equipment, but the core German MOCVD epitaxial furnace had to be tens of millions of yuan and only 8 million yuan of dry light on hand. Unlimited, undoubtedly can not afford to buy, the only way is to borrow from the bank.

          a€?When the company was first established, it was difficult to borrow from the bank.a€? Deng said that the first two epitaxial furnaces imported from Germany in 2006, three days before the shipment, the funds have not yet landed. In a hurry, he ran to the bank a dozen times a day, and even drove the car to the local bank governora€?s doorway for two days and two nights. This moved the president to grant a 25 million yuan credit line. . "If the equipment payment is delayed, it will not only cause a few million yuan in deposits, but may even cause international commercial disputes. I have been sleeping all night and I am worried."

          The bank's money is all invested in production equipment, but there are still large gaps in infrastructure construction costs including company leases and renovations. a€?When the equipment arrives, the factory is not built, what can I do?a€? When the entrepreneurial team was again guilty, Wang Weiyong, who was the most funded at the time, borrowed 13 million yuan from his wife Zhou Yi, thus the companya€?s infrastructure work. I started to work non-stop.

          "Three computers, two phones, eating instant noodles every day, living in the company's factory building, tired of directly hitting the ground floor to rest." Deng Dianming introduced, at that time the entire entrepreneurial team was heart-warming, determined, finally on January 18, 2007 On the day, the first batch of epitaxial wafer products were officially put into production.

          In the exhibition room of "No. 19 Factory", a photo was hung. At the launching ceremony of the day, several founders held the first batch of epitaxial film products produced by the company, and they smiled very brightly.

          Deng Dianming admits that the company's entrepreneurial start-up period, the three core founding shareholders are all in their own roles, each doing their best, the same. According to the China Securities Journal reporter, at that time, Deng Dianming overall coordinated, Wang Xiangwu specializes in technology, Wang Weiyong is contributing to the fundraising of the "lack of money" companies. According to the dry photo optoelectronic IPO prospectus, in 2007, the company began to expand its scale. In the meantime, Wang Weiyong once again provided the company with a total amount of RMB 46.625 million through the Xiamen Jinluwang Paper Co., Ltd. controlled by his wife Zhou Yi. . In fact, the total net financing of the limited amount of dry photos in 2007 was 540.924 million yuan, which means that most of the financing from the limited time is derived from these loans.

          Perhaps because of this, the core position of the "troika" is also evident in the company's initial shareholding structure. Deng Dianming initially held 50% of the shares, Wang Weiyong held 30% of the shares, and Wang Xiangwu did not hold shares. However, in May 2007, Deng Dianming transferred his 20% equity to Wang Xiangwu without compensation, and his shareholding ratio fell to 30% equal to Wang Weiyong. The a€?partnershipa€? shareholding structure of the three core shareholders has been laid, and this basic structure has been maintained to this day. At present, the shareholding ratios of the three core founding shareholders are Deng Junming 16.97%, Wang Weiyong 16.97% and Wang Xiangwu 11.32%.

          "Two Kings" Wang Weiyong was dismissed

          Deng Dianming said that until the beginning of 2008, Ganzhao Optoelectronics was a€?phaseda€? by PE predator Sequoia Capital, and increased the companya€?s capital by 10.22 million US dollars (timely RMB 71.727 million). In addition, the companya€?s business has begun to exert its strength. The situation of money has been effectively alleviated. From this time on, the company's founding team's energy began to shift to management and push performance.

          One day in January of that year, a flight from Canada landed slowly at the Gaoqi Airport in Xiamen. On the plane, one person came out. He was Wang Weiyong, one of the a€?three carriagesa€? of Ganzhao. He just learned that the company is running a listing, so he decided to come back and actively participate in company management.

          This is like the scene of Meng Xiaojun who came back from the United States to join the "new dream" in "China Partner". Ita€?s just that Wang Weiyong, who was full of passion at that time, may not realize that his return to the three shareholdersa€? once a€?honeymoon perioda€? began to gradually drop to freezing point.

          Deng Dianming told the China Securities Journal that during the difficult period of entrepreneurship, everyone did not distinguish between you and me, and contributed to the construction of the company. However, after entering a period of stable development, a series of problems that had been concealed gradually surfaced, and the relationship among several shareholders. Subtle changes have also begun to occur.

          Deng Dianming said that after Wang Weiyong's return, the dry photo limited share reform was renamed as Ganzhao Optoelectronics Co., Ltd., and successfully landed on the GEM in 2010. At that time, the specific division of the "Troika" decided by the board of directors was: he served as the chairman of the company, Wang Xiangwu as the general manager, and Wang Weiyong was responsible for the company's procurement and sales as the deputy general manager. Wang Xiangwu specializes in technology research and development, and Deng Dianming is responsible for commercializing research and development results.

          In Deng Dianminga€?s view, when Wang Fengyong first focused on procurement and sales, Wang Weiyonga€?s management philosophy showed a very different relationship with the old a€?Sanan peoplea€? represented by Wang Xiangwu. The barriers began to grow.

          For the details, Deng Dianming did not specifically disclose that although the China Securities Journal reporter had contacted the "two kings" through multiple channels, it was ultimately fruitless. However, a person familiar with the previous departure from Ganzhao Optoelectronics told the China Securities Journal reporter that Wang Weiyong was in charge of the procurement work, and he had to deal with everything in the end, even including the use of each procurement fund. This makes Wang Xiangwu, who is in charge of technical research and development work, very uncomfortable. In Wang Xiangwu's view, he is a technical authority. He chooses the necessary technical equipment. He is naturally the most clear, and Wang Weiyong does not understand these.

          As for the contradiction between the "two kings", Deng Dianming, as the chairman of the board, initially balanced positively and both sides appease. However, as the gap between the two became deeper and deeper, they eventually developed into a situation where the water and fire were not allowed. Realizing that the situation is difficult to balance, Deng said that one day he found Wang Weiyong and told him to continue this way. The company's normal operation management will be greatly affected, so he was advised to leave. "He started as a small business, and the idea of a€?a€?business management is incompatible with the requirements of the modern enterprise system. I have to do this because of the responsibility for the stable development of the company." Deng said.

          The above-mentioned insiders said that as the first step of the company, Wang Weiyong has a strong sense of responsibility for the company's development and growth. Although some work methods are not appropriate, I believe that everyone's original intentions are It is good for the company. a€?When the company first solved the capital bottleneck, the assets of Wang Weiyong and his wife Zhou Yia€?s company were all hollowed out. Even if it was only for investment returns, this contribution is worthy of respect,a€? he said.

          After the "halo" of the successful listing of Ganzhao Optoelectronics gradually faded, the company's performance and secondary market performance began to decline. Although there are many reasons for this, it cannot be ignored that the embarrassment between the company's management and shareholders has contributed to this situation.

          In addition to the continuous deepening of the "troika", other early shareholders Sequoia Capital, Ye Sunyi and Zheng Shunyan also began to vote "with their feet" during the period of the 2011-2012 partial share ban, and the stock price was significantly reduced by the stock price. Shareholdings fell below 5%. Ye Sunyi, one of the founding shareholders, resigned from the company's deputy general manager and secretary-general in 2012 after cashing in several hundred million yuan. It is said to have moved to the PE industry. The China Securities Journal reporter contacted Zhou Wei, a partner of Sequoia Capital China, and he now said that there is nothing to say compared to the high-profile of the company.

          The current situation is that the performance of Ganzhao Optoelectronics in the first three quarters of 2013 continued to decline year-on-year. The company's share price fell from the listed issue price of 45 yuan to less than 10 yuan. At the company management level, Wang Weiyong resigned as the company's deputy general manager on October 25, and a€?go awaya€? to live in Canada. At present, Wang Weiyong and Ye Sunyi, who resigned earlier, still retain the title of director in the company.

          The above-mentioned insiders said that on the surface, although Deng Minming and Wang Weiyong have always maintained close ties, they may not be monolithic. a€?Otherwise, why can't the two shareholders choose to renew the concerted action agreement and continue to maintain the actual controller status of the company?a€? he asked.

          Deng Dianming insists that he can be a good "captain"

          At present, Ganzhao Optoelectronics has no actual controller situation, which has led to many associations of investors. For example, with the lifting of the concerted action, several major shareholders may substantially reduce their shareholdings, or potential shareholders under the a€?no-ownershipa€? situation. The competition for control is even a€?listeda€?, a€?acquireda€? by outsiders, and so on.

          This kind of worry is not a worry. An industry insider told the China Securities Journal that 76 companies in the A-share market are currently in a state of a€?no ownershipa€?, of which 9 are on the GEM. Although their respective situations are not the same, this may lead to hostile takeovers leading to instability of the controlling stake, or delaying the efficiency of decision-making due to differences in opinions of major shareholders, which in turn affects the company's operations, such as Jinzhou Port and Jiulongshan Case. There are also the two major shareholders of Xinning Logistics, "You sing to sing me to debut".

          However, Deng Dianming repeatedly stressed to the China Securities Journal reporter that the stability of a company's operations does not depend on whether there are actual controllers, but more is the actual ability of management to control the company's decisions. As far as the current dry photo optoelectronics is concerned, all aspects of the company are healthy and orderly, and the so-called risks cannot be discussed.

          Despite this, it must be mentioned that the case of the board of directors of a listed company has been resolved to a€?defecta€? at the shareholders meeting. China Securities Journal reporter noted that Xiamen Sanwei Silk Environmental Protection Co., Ltd., another listed company not far from the new office of Zhanzhao Optoelectronics, rejected its board of directors in July this year due to opposition from some shareholders. The plan to acquire a 90% stake in Beijing Loka Environmental Technology.

          Deng Dianming also reflected that if the company's shareholding arrangement was not so dispersed, but as the chairman of the board, he maintained a certain controlling position, and the situation may be more controllable. a€?The decision-making ability at the board level, the company's current senior management can be coordinated, but to the shareholders meeting, especially some major issues such as restructuring, mergers and acquisitions, may be a bit of a setback,a€? he said.

          The above-mentioned insiders pointed out that for a listed company with a partnership structure, the shareholding ratio of the largest shareholder should be at least 50%, and the shareholding structure should be arranged according to the odd number principle, so as to maintain the basic stability of the corporate governance structure, especially This is especially true for the emerging industrial companies that have not been established for a long time and are in the growth stage.

          Deng Deming said that the current shareholding structure of Ganzhao Optoelectronics has historical causes and also contains an idealized vision of his time as a leader. "The highly concentrated shareholding structure of a family-owned company has deep understanding of its drawbacks, and this is not what I want."

          Lin Zhaohui, the director of Ganzhao Optoelectronics, added that the issue of the a€?three highsa€? of the GEM has been very prominent, and the hidden hidden dangers cannot be underestimated. If the current issue price of Ganzhao Optoelectronics is not so high, there may be no subsequent shareholders to reduce their holdings at a high level, and the consequences of the company's share price will continue to fall.

          "The current dry photo optoelectronics is like a big ship sailing on the sea. Don't worry too much about who is the shipowner. Instead, under the unified command of the captain, ride the wind and waves together. I am confident that I will continue to be the captain of the photo. '." Deng Dianming said meaningfully.

          (This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)

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          亚洲 欧美 图片 自拍 视频
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