Before The IPO, The Workers Were Swept Away.

The MBO behavior of state-owned enterprises is coming back with another face.

Employees of state-owned enterprises are falling into this category.

Landing soon

According to the market value of the material listed in the market, plus the net assets of the group except the Zheng Hai magnetic material, the personal wealth of the 9 natural persons such as Mi Bohai will reach as high as 3 billion 755 million yuan, of which the wealth of the personal wealth of the Bohai Sea will be as high as 1 billion 680 million yuan.

Behind the myth of being rich overnight, how did the state-owned enterprises achieve the fortune legend of 9 people?

Nine executives

On the evening of April 11th, the SFC website released the announcement of the nineteenth meeting of the gem trial committee in 2011, and the first application of the material was approved.

This means that another group of Billionaires will emerge at the historic moment, but compared with the complicated list of shareholders of most listed companies, the structure of shareholders in the sea is extremely simple.

10 natural persons constitute the final list of shareholders before the company is listed.

Among them, the actual controllers of the company were 9 natural persons such as Mi Bohai, Qu Zhu Li, Chen Xuezhong, Ding Xue Lian, Wang Wenzhe, Wang Qingkai, Zhao Tongkai, Guo Huanxiang, Liu Zijun and so on. Before the listing, they held 91.82% of the sea magnetic material indirectly through the group.

Another 8.18% stake is in the hands of Zheng Jian, a natural person.

At the same time, while acting as the chairman of the sea group and the chairman of the Hai Hai, the Bohai Sea has controlled 44.77% of the shares of the group.

The simple three words of "passing through" are nothing less than a myth of creating wealth for the 10 people mentioned above.

It is noteworthy that after the listing of the sea magnetic materials, will be among the most popular A Rare Earth concept stocks on the market.

Ningbo's 600366.SH and Taiyuan corundum (000795.SZ), which are in the same industry as the magnets in the same industry, were previously hyped up by the market's funds by the concept of rare earth, and their share prices surged from single digit to more than 20 yuan.

Taking Ningbo rhyme as an example, the company's earnings bulletin showed that earnings per share in 2010 were around 0.51 yuan, and its current earnings ratio of 22.90 yuan was about 45 times.

Taiyuan corundum's earnings per share in 2010 were only 0.04 yuan. According to the current stock price of 23.05 yuan, its P / E ratio is 576 times higher.

The prospectus shows that the total share capital of the company will be increased from 120 million shares to 160 million shares after the issue is listed. According to the net profit of 105 million yuan at the end of 2010, the earnings per share were 0.66 yuan.

Even if the valuation of Ningbo's rhyme rise is about 45 times, the stock price will be around 30 yuan after the listing.

The market value of the 110 million shares held by the major shareholders of Zheng Hai's magnetic material will reach 3 billion 306 million yuan. In fact, the owner of the huge wealth is the 9 natural persons, such as the Bohai Sea, which will be up to 1 billion 480 million yuan.

"After the listing of the company, the stock price may be much higher than 30 yuan, or even a hundred."

A private person in Shanghai admitted to our reporter.

In its view, it is related to the concept of rare earths, and is IPO, plus only 40 million shares of circulation, compared with the Ningbo stock market with 400 million shares of circulation, its stock price is obviously more imaginative.

The above analysis means that the wealth that will be acquired in the future will be far more than the data calculated by our correspondent.

How did the former state-owned enterprise achieve the wealth myth of a few people?

Financial technology behind restructuring

As the first batch of pilot enterprises in Yantai, Zheng Hai group still maintained the status of state owned enterprises before 2003.

Beginning in the second half of 2002, the group entered the restructuring process and completed the restructuring in early 2003.

As a consideration of the repurchase of the status of the state employees, the group was sold to the top executives and 1176 employees at a preferential price of 43 million 900 thousand yuan at the time when the net assets were 54 million 750 thousand yuan.

Among them, 14 managers, such as Mi Bo Hai, subscribed 51.39% of their investment, while workers and trade unions subscribed 48.61% of the remaining amount.

The company law stipulates that the number of shareholders of a limited liability company should not exceed 50.

Therefore, 48.61% of the funds subscribed by the above workers and trade unions are held by 14 executives, such as Mi Bohai.

But in the end, the billions of wealth generated by the listing of the company ended up with those employees, and the day when the company went public was their withdrawal.

According to a staff member of the group, who did not want to be named, in November 26, 2009, the group held a general meeting of investors. The chairman of the company, Mr. Bobo, introduced the listing plan of the material in the sea.

At that time, he said that the group shares must be held by the 9 largest shareholders, and all investors would be withdrawn from the group's net assets in accordance with the principle of voluntariness.

According to Zheng Hai Group's net assets of 198 million yuan at that time, the selling price of each employee's contribution is only 3.86 yuan, which is obviously difficult to be recognized after comparing with the huge profits after listing.

"Who does not know the value of the original stock, let alone such a low price, we certainly do not want to quit, but they threaten us with the termination of the labor contract, and finally we have to deprive our shares by layoffs."

The workers in the aforementioned sea magnetic material department had called our newspaper reporters after seeing the relevant reports about the employee stock liquidation.

According to the above staff, in December 18, 2009, more than ten employees, including him, were laid off by the company because they refused to withdraw their shares.

The Limited by Share Ltd, which is lifting the labor contract with the above workers, said in the decision to lay off that the layoffs were caused by the company's difficulties in operation in 2009.

But the workers do not think so.

"Is it possible for a company to lay off more than a dozen people and manage its business?

In fact, it is because we can only withdraw shares if we are dismissed. "

According to its introduction, when the fund was jointly signed by employees, the management measures for staff contribution of the trade union committee of Yantai Zheng Hai Group Co., Ltd. had agreed that when the workers leave, the corresponding amount of capital contribution should be refunded by the labor union with reserve funds.

Reporters learned that in fact, this kind of situation is not uncommon in the process of listing enterprises.

"The securities and Futures Commission stipulates that the shareholders of the listed companies that can be listed should not exceed 200, so the majority of companies with employees' shares must solve the problem of employee stock liquidation."

Shanghai securities brokerage investment bank senior told reporters.

"Almost all employee stock ownership plans will be agreed, and workers will automatically withdraw from their shareholding after leaving office.

Some employees are reluctant to quit, forcing employees to leave their jobs, or completing the clean-up by forced layoffs.

The investment bankers said frankly.

The investment bankers believe that as long as the provisions of the SFC do not let go, almost all companies that have employees' shares have only one way to clean up employee shares.

Because of this, 1176 workers were expelled from the list of shareholders of Zheng Hai Group on the eve of the listing of magnetic materials.

The huge fortune of more than 3 billion 755 million yuan was missed by thousands of workers and eventually fell into the hands of 9 Group executives.

On the afternoon of April 12th, our reporter confirmed the above contents by calling the "Zheng Hai" magnetic material, but no one answered the phone in his prospectus.