Chapter 327

Located in the southern suburb of Chengnan district and adjacent to the Development Zone, there were only two or three factories in the southern suburb industrial park two years ago. At the beginning of 1995, Chengnan district changed it into a paper industrial park. The paper mills contracted by Jinhu successively moved into the industrial park. Jinhu invested in the construction of public system, warehousing logistics and sewage treatment system, while each factory was only responsible for the construction of production lines to form a complete production system, Most of the funds used come from the state's support funds for technological transformation projects of paper enterprises.

After the establishment of Xinguang Paper Group, Zhang Ke overturned the M & a schedule previously agreed with Chint Group and planned to acquire all paper mills in a package.

The M & a price discussed with various paper manufacturers includes two parts: one is the net assets. Since most of the new factories are prepared for construction with loans, the land, plant and other assets of the old factories are not within the scope of M & A, and the net assets of the 12 paper mills, including the new paper mills and the new factories, are only 60 million; Second, the premium paid by Jinhu for M & A, including the premium paid for intangible values such as technical reserves, policy support and agreed tax incentives of the original paper mill. This part is being evaluated fairly by domestic accounting firms. According to the standard of Xinguang factory, it is almost 140 million in total.

The package solution is that Jinhu will pay the local finance, including Chengnan district government, 60 million yuan equivalent to the net asset value of M & A within one year, and the premium part will be converted from 10-year corporate bonds, so as to completely solve the problem of property rights in one fell swoop.

Most of the twelve paper mills are District owned enterprises. The final approval power is in the city. Mergers and acquisitions one by one will not attract attention. Just like the acquisition of Xinguang factory, it is necessary to acquire 11 other factories at once. Moreover, Xinguang Paper Group is hyping about 600000 annual salary at this time, and many media in the province are staring at it. Xinguang paper group proposed a package solution, and Tang Xueqian could only take it to the Municipal Standing Committee meeting for discussion.

When Zhou Fu was talking about the forestry paper integration project with Xu Hongbo in Bajin Zhenyao residence, the meeting had been going on for several hours in the conference room on the second floor of Building 8 of Wenshan hotel. At this meeting, none of the nine members of the Standing Committee of the municipal Party committee were left. Song Peiming and Zhang Zhixing, President of Jinhu holdings, Cai Yujuan, President of Xinguang Paper Group, and song Zhiyou, vice president of Xinguang paper, who has just joined Xinguang paper for half a month, attended as nonvoting delegates.

There are three documents in front of everyone. One is the introduction of the basic financial situation and equity structure of Jinhu holdings and its subordinates Xinguang paper and Ida electronics after the reorganization. The second is the package solution proposed by Zhang Ke through Xinguang paper. The second is the forest paper integration project written by the tour organizer and later modified by song Zhiyou.

It's hard for everyone to accept that an 18-year-old boy, the son of Zhang Zhixing, the Secretary General of the municipal government, has unimaginable wealth, and this wealth has accumulated in the past two years.

At the beginning of seeing the document, Zhou fuming said two words: "I knew the boy of Secretary General Zhang's family was not simple, not simple..." next, he rarely spoke. Zhang Ke may be one of the core figures of Tang Xueqian and Xu Xueping. When Xie Jiannan came back to Haizhou to visit him, he heard Xie Jiannan mention it... In early November last year, The news of Aida electronics competing for the title of CCTV came back to the sea that night. Xie Wanqing informed the city on behalf of Aida electronics. Zhou fuming had some numbers in his heart, but he didn't expect that Zhang Ke would be the main founder of Aida electronics and become the single shareholder of Jinhu at this time,

Du Xiaoshan and Jin Guohai know more, but only this time do they know so specific.

The atmosphere in the conference room was a little dignified. Cai Yujuan, Zhou you and song Zhiyou were sitting inside. They didn't feel relaxed. You couldn't help thinking about what Zhang Ke was doing at this time? He looked up at Zhou fuming. The look on his face was calm. He couldn't see what he was thinking. It must be based on the scale of Jintian today. Even if Zhou fuming wanted to wear small shoes, he should carefully consider the rebound of Jinhu.

Zhou fuming didn't speak, and the others were silent. The documents were not thick. Zhou you and song Zhiyou only explained for less than an hour. For the rest of the time, everyone was looking through the documents in their hands. No one wanted to take the initiative to speak. They always had to digest the news.

Zhou fuming's heart is uncertain. He thinks of many details he didn't notice in the past. It's impossible to say how much he likes Zhang Ke. It's still surprising that Zhang Ke has such a powerful means. He has such achievements that attract the attention of the world. There is always a gap between people. Without a gap, people's social status will not be so different; It's just that Zhang Ke let others lag behind him too much.

"Well, everyone has read the documents for a long time. I think they have studied them carefully for many times. Whether they have studied them thoroughly or not, everyone will express their own views..."

Of the three documents, only the second 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 to Tang Xueqian and said, "Xueqian, you are the mayor, you give your opinion first..."

Tang Xueqian straightened up and sat silent for so long, but he still felt a little tired and said: "In recent years, more and more people have realized that it is difficult for the government to play the role of enterprise manager, and the reform of state-owned enterprise system is the general trend. Now all localities are exploring different roads. Haizhou holding takes the same path, and the package solution proposed by Xinguang paper is also the same path. As long as it is possible to better fundamentally solve the problems exposed by state-owned enterprises The problem is worth trying... "

Jinhu contracted to operate the paper factory, competed for state support funds for technical transformation, built a new plant and invested in sewage treatment plant, which greatly alleviated the environmental pressure faced by Haizhou city. This package solution cleanly solved the remaining property rights problems.

Lu Yiguang, deputy secretary of the municipal Party committee, turned his eyes to others when Tang Xueqian said this. He must want others to say the next words on his behalf, saying: "It's hard to refuse such a plan, but implementing this plan, Xinguang Paper 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 Jinhu injects the first 60 million purchase money into Xinguang paper, Xinguang paper's net assets are only about 123 million, but its responsibility is as high as 450 million Tens of millions, including 140 million corporate bonds in the hands of local governments and 310 million national technical transformation support loans for the paper industry. With a debt ratio of nearly 80%, Xinguang paper can be as lucky as Aida electronics, just in time for the industry? "

By implementing this plan, the financial risks existing in the high debt operation of Xinguang paper will bring certain risks to the part of corporate bonds in the hands of local governments.

Everyone understood the meaning of Lu Yiguang's words, but no one took his words.

In 1996, the State Council made a rigid provision on the asset valuation of the transfer of small and medium-sized state-owned enterprises. The M & a price shall not be lower than the net asset value of the transferred state-owned enterprises. In addition to paying 60 million cash equivalent to the net asset value in advance, Jinhu also paid 140 million corporate bonds to the local finance as the M & a premium, which is not at all clear on the issue of employee placement It left a legacy to the government. Even though there were certain risks in corporate bonds, it still seemed that Haizhou city had encountered the most easy and satisfactory business in the whole 1990s.

Du Xiaoshan said: "I don't think it's a loss as long as the first 60 million yuan is obtained. Besides, Xinguang paper also has to pay annual interest on the 140 million corporate bonds. The annual interest of more than 10 million a year is still considerable. Even if there are any mistakes in Xinguang paper's operation, the corporate bonds are guaranteed to be repaid first..."

Lu Yiguang's eyes fell on the third document. Xinguang paper unexpectedly threw out a 6 billion investment plan and said: "the form of corporate bonds is also a new attempt. We should not be complacent. If the first $60 million can be paid off before the implementation of the forestry paper integration project, there will probably be no problem with this package..."

At present, Aida electronics is a super cash cow, but milking also takes time. The development of Aida electronics itself needs to use more than half of the funds, and Xinguang paper industry also needs to increase part of the working capital. Once the integration of forestry and paper is started, it is necessary to continue to take money out. Xie Wanqing also needs to draw money continuously to prepare for the private school. So many things add up, that is As a super cash cow, Aida Electronics will also feel great pressure,

Everyone looked at Cai Yujuan and Zhang Zhixing. Zhang Ke shrunk his head and didn't show up. Cai Yujuan is Zhang Ke's official representative, but everyone thought Zhang Zhixing might be better able to speak on behalf of his son.

Zhang Zhixing turned a blind eye to the people's eyes, lowered his eyes and calmly stared at the documents on the table. The exposure of the wealth under Zhang Ke's name really startled people. If others were to worry about whether the wealth would be entrusted to others, Zhang Zhixing was no exception, but he rationally restrained himself from asking about the company and agreed with his wife Liang Gezhen, Don't meddle in the company's affairs. Zhang Ke will deal with them alone. For better or worse, the result of meddling is usually worse.

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