Ma Yun'S Partner System Is Increased By 13 Thousand Prying 6 Billion 500 Million.

< p > > a href= "http://www.91se91.com/news/index_c.asp" > partner system < /a > means that two or more than two partners have the company and share the profits of the company, the partner is the organizational form of the company's owner or shareholder.

Its main characteristics are: partners share the proceeds from the operation of enterprises, and assume unlimited liability for operating losses; it can be jointly operated by all partners, or can be operated by some partners; other partners only contribute and assume profits and losses; the size of the partners can be large or small.

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[P] Ma [micro-blog] controlled Alibaba [micro-blog] was intending to go to Hongkong to list, and in August last year, it proposed a "innovative plan" to the HKEx to introduce partner system. Hongkong securities exchange, therefore, insisted on the "same share" system. After that, Ali announced its listing in the US.

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< p > refinancing of up to 6 billion 500 million yuan, the introduction of Ma Yun and Shi Yuzhu [micro-blog] two big names, Hua number media (28.09, 0.00,0.00%) yesterday earned the market "eyeball".

Scrutinize its ingenious scheme design, investment bankers are talking about it and even joking: Ma Yun is showing off his partner system in the A share market for many years in real cases.

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< p > look back on the plan of increasing the number of media in China. The only issue is Yunxi's limited partnership. Its shareholders are Shi Yuzhu, Yun Huang investment and Xie Shihuang, with a shareholding ratio of 0.9943%, 0.0002% and 99.0055% respectively.

Among them, Shi Yuzhu is a general partner, executive partner, Yun Huang is a general partner, and Xie Shihuang is a limited partner.

Yun Huang's shareholders are ma Yun and Xie Shihuang, with a shareholding ratio of 99% and 1% respectively.

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According to P, Shi Yuzhu's contribution is only 65 million yuan in the investment of up to 6 billion 536 million yuan, and the personal contribution of Ma Yun is less than 13 thousand yuan.

However, according to the limited partner enterprise system, Shi Yuzhu, a general partner, and Ma Yun, general partner of Yun Huang, the controlling shareholder of investment, ultimately control the control of the partnership, and will charge the management fee of the partnership.

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< p > because the profit sharing ratio of partner enterprises is very free, it is almost impossible for the outside world to know the specific terms of the contract.

In the limited partnership enterprises, limited partners provide about 99% of the funds and share about 80% of the profits. The general partners enjoy economic benefits such as management fees and profit distribution.

Among them, the management fee is generally charged by a general partner in a certain proportion of the total assets, about 3%. In the profit distribution, general partners can get 20% of the investment income by 1% of capital.

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< p > an investment bank who does not want to be named will point out to the Shanghai Securities Journal reporter that from the current investment structure, Shi Yuzhu should take this opportunity to invest and invite Ma Yun to participate.

With this special design, Shi Yuzhu and Ma Yun have equal status on the surface (both ordinary partners), while the so-called limited partner (gold owner) Xie Shihuang is just a surrogate for Ma Yun's arrangement.

From the content of the announcement, Xie Shihuang's funds come from Zhejiang Tmall [micro-blog] to provide loans, the loan principal amount is not more than 6 billion 537 million yuan, the loan period is 10 years, the compound annual interest rate is 8%, with the Yunxi investment partnership enterprise's share of property to provide guarantee to Zhejiang Tmall.

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< p > according to the foregoing investment bankers, in the case of a href= "http://www.91se91.com/news/index_s.asp" > listed company < /a >, there are many precedents for leveraged operation by partner companies, but the leverage ratio is much smaller, and the reputation of general partners is also less than that of Ma Yun and Shi Yuzhu.

For example, one of the subscriptions is the Hengqin New Area equity investment fund (limited partnership) of Zhuhai Hengqin new area, such as Mei Du Holdings (6.22, 0.00,0.00%), and its general partner, Zhuhai Hengqin new area capital limited, holds only 2% of the shares. The Beijing International Trust Limited has paid 98% of its capital contribution as a limited partner.

Statistics show that since 2010, partners have always been one of the main force in the market. Some private enterprises will adopt the form of partner enterprises to operate leverage, and even banks will issue "fixed Plus + partnership" financial products.

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< p > > a href= "http://www.91se91.com/news/index_h.asp" > Ma Yun < /a > and Shi Yuzhu's cooperation, let A share market once again see the power of partner enterprise system.

People with investment bankers have evaluated this opportunity. Ma Yun and Shi Yuzhu have won this investment opportunity on their personal names, and have given strategic cooperation agreements between the controlling shareholders of listed companies and Alibaba to raise their share prices.

Before investing in China digital media, Ma Yun just invested in Hang Seng Electronics (25.98, 0.00,0.00%), and some market players joked that with the help of a high proportion of leverage and Tmall's cash flow, how many listed companies could Ma Yun buy? < /p >

Another consequence of the P increase is that the partner system is once again the focus of the market.

Prior to this, Vanke President Yu Liang in the internal speech blow, put forward the "business partner" system, hope that in the next ten years can build 200 billionaires.

The ophthalmology department (37.920, 0, 0%) also announced its partnership plan yesterday: the core talent as partner shareholder and the company jointly invest in the establishment of a new hospital (new establishment, acquisition and extension).

After the new hospital achieves a certain level of profitability, the company will acquire the equity of the hospital held by the partners at fair prices through issuing shares, paying cash or combining the two.

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