Completely Privatization Of Double Star Footwear Industry: Foreshadowing Of Wang Hai'S Fading Out

In November 8th, it was the closing date for the listing of Qingdao's twin stars (love shares, quotes, information) (000599, SZ) for the pfer of footwear assets.

"During the publicity period, no one signed up for the footwear industry assets of Qingdao double star," the Qingdao property exchange official said in November 9th. "We have talked about fees in (and Qingdao double star), and the footwear industry assets will soon be pferred to celebrities (Qingdao double star real Limited by Share Ltd)."

"Next week, Qingdao double star will issue a notice on the pfer of shoes industry assets."

People familiar with the matter said.

So far, the story of Qingdao's twin stars has not ended.

According to the Qingdao SASAC system stakeholders, after the privatization of the double star footwear industry, Wang Hai will leave Qingdao double star in retirement mode, focusing on the development of celebrity industry.

In addition, the related pactions between Qingdao's twin stars and celebrities will continue.

For more than two years since the announcement of the privatization of the double star shoe industry, there has been no interruption between investors and the industry in more than two years from the date of the announcement: the problem of acquisition, the lack of qualification of the evaluation intermediaries, and the violation of related pactions, which also accompanied the suspension of the purchase, and the Qingdao SASAC was involved in the investigation.

"The result of the survey is that there is no problem, so the acquisition can continue," people familiar with the matter said. "The investigation is not easy. Wang Hai is 67 years old, but his mind is still very clear, his speech ability is excellent, and he is easily led by his mind in the investigation, but this survey will also be a deterrent to the double star group."

The privatization of the double star shoe industry can be described as a lot of trouble. In fact, there is another way to encourage double star executives, that is, the equity incentive method of management shareholding.

Why should Wang Hai abandon the equity incentive and risk the risk of being challenged to privatize the shoe industry?

The important reason is that Wang Hai, 67, has been over age as a "national cadre".

Wang Hai is the oldest senior executive in Qingdao's existing large state owned enterprise group. Wang Yuke, chairman of Qinggang group, retired at the age of 65. Wang Hai is 67 years old and is still seriously overaged.

Wang Haiceng, a self appointed double star "life-long president", said he wanted to live in double stars until he was old enough to grow old.

"Wang Hai's status is a cadre of state-owned enterprises. He has his own requirement in his age." life long president "is just a saying.

People familiar with the matter said.

In fact, Wang Hai's open statement also indicates whether he is retiring or not. He has the final say in Qingdao: "(Qingdao) let me work for a day in the city."

Qingdao double star insiders say that Wang Hai's over age makes Qingdao double star unable to carry out stock incentive to him, while Qingdao wants to encourage Wang Hai to retire with strong character. It is necessary to find a plan acceptable by the government and Wang Hai. The related paction of shoes assets is the best choice acceptable to both sides.

"After celebrity industry completed the acquisition of the assets of the double star footwear industry, Wang Hai would retire, continue to make shoes and sell shoes, and continue to be" China shoes king ".

People familiar with the matter said.

The related pactions behind related pactions: Qingdao has clearly stipulated that the related pactions of footwear assets will be carried out simultaneously with the restructuring of Qingdao Binxing group.

In the planned restructuring of Qingdao Binxing group, Qingdao Binxing group will sell 16.5% of the famous industrial shares, and the pferee may be Wang Hai.

Subsequently, the Qingdao Double Star Group will be cancelled, and the management level of Qingdao SASAC will be reduced to one level, reaching the listed companies directly. It will be convenient for the supervision of state assets and facilitate the introduction of strategic investors later.

After the two star group withdrew from celebrity industry, celebrity industry will become a company controlled by Wang Hai and Qingdao double star executives. There will be no property rights relationship between Qingdao listed companies and celebrities.

After the acquisition of cold sticky shoes, celebrities can develop to the footwear industry or to the real estate industry. "It has hoarded a lot of land".

But, the new story will start again.

In the related paction contract between Qingdao's twin stars and celebrities, it is stated that the paction target is "housing, machinery and equipment, construction projects and land use rights" and other assets related to cold sticky shoes business.

In fact, the cold sticky shoes assets of Qingdao double star also include raw materials, inventory and receivables. At present, no specific data are available, but according to the rough estimate of the annual report of 2006, the value should be calculated by tens of millions of dollars.

In addition, in order to maintain the business of cold sticky shoes, Qingdao Binxing also invested in the construction of a logistics operation center.

In addition, Qingdao double stars and celebrities cut off property rights relations, the "double star" trademark disposal has become the focus, such as continue to allow celebrities free use of industries, has hurt the interests of listed companies.

A person familiar with the matter said that after the completion of the related paction, the disposal of the assets must be put on the agenda. If we continue to stay in the listed companies, but continue to be used by celebrities, we will pfer the operation cost to the listed companies, which will greatly damage the interests of the listed companies.

Therefore, the related pactions of Qingdao binaries and celebrities will continue. How to assess the value of these assets will test the listed companies and Qingdao SASAC.