Chapter 327 A package of solutions

Located in the southern suburbs of Chengnan District, Nanjiao Industrial Park, adjacent to the development zone, had only two or three factories two years ago. In the early 1995, Chengnan District changed it to a paper industry park. The paper mills contracted by Kumho have successively moved into the industrial park. Kumho invested in the construction of public systems, warehousing and logistics and sewage treatment systems, and each factory is 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 technical transformation projects of papermaking enterprises.

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

The merger and acquisition prices negotiated with each paper manufacturer include two parts. One is the net assets. Since most of the new factories are for loan construction, the land, factory buildings and other assets of the old factories are not within the scope of the merger and acquisition, the net assets of the twelve paper mills, including the new factory paper mills, are only 60 million yuan; the other is the premium paid by Kumho for the merger and acquisition, including the premium paid for the intangible value of the original paper mill, such as technical reserves, policy support, and agreed tax incentives. This part is being asked to conduct a fair assessment by domestic accounting firms. According to the standards of Xinguang Factory, a total of 140 million yuan is to be paid.

The package solution is that Kumho will pay 60 million yuan to the local finances, including the Chengnan District Government, a net asset value of the merger within one year, and the premium is converted from ten-year corporate bonds, thereby completely solving the property rights problem in one fell swoop.

Most of these twelve paper mills are district-affiliated enterprises, and the final approval authority is in the city. Mergers and acquisitions will not attract attention. Just like the acquisition of Xinguang Factory, it will have to acquire other eleven factories at once. Moreover, Xinguang Paper Group is speculating on an annual salary of 600,000 yuan during this period, and many media in the province are watching. Xinguang Paper Group proposed a package of solutions, and Tang Xueqian could only take this matter to the Municipal Standing Committee meeting to discuss.

When Zhou Fu was talking about the forest-paper integration project with Xu Hongbo at Bajin Zhenyaoju, the meeting had been held 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 missing, including Song Peiming, Zhang Zhixing, Jinhu Holdings President Cai Yujuan, Zhou You, President of Xinguang Paper Group, and Song Zhiyou, Vice President who had just joined Xinguang Paper for half a month.

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 subordinate Xinguang Paper and Aida Electronics after the reorganization. The second is a package of solutions proposed by Zhang Ke through Xinguang Paper. The second is the forest and paper integration project book formulated by Zhou You and later modified by Song Zhiyou.

What everyone is unacceptable is an 18-year-old boy, the son of the secretary general of the municipal government, Zhang Zhixing, who actually holds wealth that everyone can't imagine, and this wealth has accumulated in the past two years.

At the beginning of the document, Zhou Fuming said a few words: "I know that the boy from Secretary-General Zhang's family is not simple, not simple..." Next, he rarely spoke. Regarding Zhang Ke, perhaps one of the most 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 that Ida E-sports won the CCTV bidding king that night came back to the sea. Xie Wanqing informed the city of some situation on behalf of Ida Electronics. Zhou Fuming knew a little, but he did not expect that Zhang Ke would be the main founder of Ida Electronics and became a single shareholder of Jinhu at this time.

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

The atmosphere in the conference room was a bit solemn. Cai Yujuan, Zhou You and Song Zhiyou sat inside, and it was not easy. Zhou You couldn't help but wonder what Zhang Ke was doing at this time. He looked up at Zhou Fuming. The expression on his face was quite calm, and he couldn't tell what he was thinking. I guess with Jintian's scale today, even if Zhou Fuming wanted to wear small shoes, he had to 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 less than an hour. For the rest of the time, everyone was looking through the documents in their hands. No one thought of taking the initiative to speak. They always had to digest the news.

Zhou Fuming felt unstable. He remembered many details that he had not noticed in the past. It was absolutely impossible to say how much he liked Zhang Ke. It was still surprising that Zhang Ke had such powerful methods. There were such achievements that attracted attention from the world. People always had gaps. Without gaps, people's social status would not be so different; it was just that Zhang Ke made others too much.

"Okay, everyone has read the document for a long time, and I believe they have studied it carefully. Regardless of whether they have studied it thoroughly or not, everyone will express their opinions..."

There are only the second ones in the city who can seriously discuss the three documents, Zhang Ke has proposed a package of solutions 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 should express your opinion first..."

Tang Xueqian straightened his body. After sitting for so long and not talking, he still felt a little tired. He said: "In recent years, more and more people have realized that the government is difficult to compete with the role of enterprise managers. The reform of the state-owned enterprise system is the general trend. Now all over the country are exploring different paths. Haizhou Holdings is taking a path, and the package of solutions proposed by Xinguang Paper is also a path. As long as it is possible to better fundamentally solve the problems exposed by state-owned enterprises, it is worth trying..."

Jinhu contracted and operated papermaking factories, competed for state support funds for technical transformation, built new factories, and invested in sewage treatment plants, which greatly alleviated the environmental pressure faced by Haizhou City. This package of plans completely solved the remaining property rights issues.

When Lu Yiguang, deputy secretary of the municipal party committee, saw Tang Xueqian talking, turned his attention to others. He must have wanted to let others say the next words on his behalf, saying: "It is difficult for people to refuse such a plan, but if this plan is implemented, Xinguang Paper Group will take the path of higher debt operation. This is similar to the original operation model of Aida Electronics introduced in the document. Even if Jinhu injected the first acquisition money of 60 million to Xinguang Paper, Xinguang Paper's net assets were only about 120 to 30 million yuan, but the responsibility was as high as 450 million yuan. Among them, the local government has 140 million yuan of corporate bonds, as high as 310 million yuan of national paper industry technical transformation support loans, with a debt ratio of nearly 80%. Can Xinguang Paper be as lucky as Aida Electronics, just catch up with the good opportunity in the industry?"

By implementing this plan, the financial risks in Xinguang Paper's high-debt operation will bring certain risks to the part of the corporate debts in the hands of local governments.

Everyone understood what Lu Yiguang said, but no one answered his words.

In 1996, the State Council had a rigid provision on the asset valuation of state-owned small and medium-sized enterprises. The merger and acquisition price must 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, it also paid 140 million corporate bonds to the local government as a merger and acquisition premium, and did not leave any harm to the government in the issue of employee placement. Even if there are certain risks in the corporate bonds, it still seems that the easiest and most satisfactory transactions in Haizhou City during the 1990s.

Du Xiaoshan said: "I think it's not a loss if I get the previous 60 million yuan. Besides, Xinguang Paper also has to pay annual interest for the 140 million yuan corporate bonds. The annual interest of more than 10 million yuan a year is still considerable. Even if there are any mistakes in Xinguang Paper's business, the corporate bonds will be guaranteed to be repaid first..."

Lu Yiguang's eyes fell on the third document. Xinguang Paper actually threw out a six billion investment plan and said: "The form of corporate debt is also a new attempt. We should not be self-satisfied. If the first 60 million yuan payment can be paid before the implementation of the forest and paper integration project, there will probably be no problem with this package of plans..."

Currently, Aida Electronics is a super cash cow, but milking also takes time. Aida Electronics' own development requires half of its funds. Xinguang Paper also needs to increase part of its working capital. Once the forest and paper integration is started, it will continue to take out money. Xie Wanqing also needs to withdraw funds in a steady stream of preparations for private schools. Together, so many things will add up, even if Aida Electronics is a super cash cow, she will feel great pressure.

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

Zhang Zhixing turned a blind eye to everyone's eyes, his eyes were low, and he stared at the documents on the table calmly. The wealth under Zhang Ke's name was really shocked. If it were someone else, he would have many worries about whether this wealth would be entrusted to others. Zhang Zhixing was no exception, but he rationally restrained and refused to ask about the company's affairs. He also agreed with his wife Liang Gezhen that Zhang Ke would not interfere in the company's affairs alone, and Zhang Ke would deal with it alone. Whether it was good or bad, the result of intervening would usually be worse.
Chapter completed!