Dunke Secret Level reveal Lenovo - Lenovo evolved into state-owned enterprises to private groups
I. Introduction
Second, the establishment of the Hong Kong Association - a breakthrough from state to private
1988 established a joint venture in Hong Kong Enterprise - that is calculated by the company), technology transfer subsidiary of China Trade Promotion Corporation (technology transfer company) and the Hong Kong guide far the company (equal four Hong Kong Lui Tan) set up a joint venture company - the Hong Kong association. the original capital of 900,000 Hong Kong dollars, which Beijing Lenovo 30 million investment, technology transfer company invested 30 million, the two were holding 67% of state-owned enterprises, the party holding 33%. While still holding the joint venture of state-owned enterprises, but the Hong Kong press the State transfer is registered in Hong Kong Chinese-funded institutions by Support: First, relying on Beijing Lenovo in the country's security at the end market, each year tens of thousands of Beijing to sell Lenovo PC, you can get the AST computer or other computer distributor. Beijing Lenovo Lenovo Hong Kong to give the agent to do , of course, have a good profit. Second, there is technology transfer company of huge loans, when the Beijing Legend also took any money in Hong Kong, Hong Kong is limited to 30 million, there is no obligation to re-investment and capacity. distributor requires huge financial support, a mere 90 million Hong Kong Lenovo equity capital is only symbolic. only the technology transfer company in Hong Kong's existing strengths, but also the credibility, to provide foreign currency loans. Thus, the rapid development of Hong Kong, Lenovo up.
three pillars of the Hong Kong business association is Lenovo fortune in the history of Hong Kong's contribution is no small matter. It is no exaggeration to say that Hong Kong can not think of Tan Lu Ping, Tan Ping Zhang a change, Wang Tan Ping will do, but not without technology transfer company. in the whole of Hong Kong and the whole overseas Lenovo in Beijing was Mr. Book is the company's chairman. not only Hong Kong, Legend of the huge loans provided by technology transfer, it was Liu, Ni Guangnan and other Beijing leaders and key Lenovo offers a dozen multiple-entry visa. at the time of this types of visas is extremely rare, if not for the scarce resources of this special, simply do not think of it in Hong Kong.
association of Hong Kong made a creation and development of such a major contribution to the technology transfer company, then the. In addition to Lenovo's technology from Beijing, products and intangible investment, technology transfer companies registered in Hong Kong as it is a partner of Lei Feng type too.
Fourth, the results can not be attributed to the Hong Kong association of foreign
as AST Lenovo distributor in Hong Kong, mainly by the end of the market Guaranteed Beijing Lenovo. Hong Kong Lenovo PC board card business, but also by the Beijing association of technology, talent and technology transfer company of the loan, to support up. Lui Tan Equal familiar with Hong Kong businessmen's investment environment and market rules, although the contribution of management and marketing, but they were not familiar this business, far from satisfactory. Some people commented that if your motherboard from Taiwan to do to manage the company's manager, would surely be a good Tan Ping Lu. Later 1996 - 1997 years, the Hong Kong Legend huge losses occurred in succession (up to 245 million Hong Kong dollars ) also publicly criticized even Liu, Lu Ping Tan is not the ability to manage large companies.
calculate the company later changed its name to Lenovo Group, as at the end of 1995, Lenovo's performance in Hong Kong are mainly provided by the Chinese Academy of Sciences personnel, scientific and technological achievements and industry implementation of policy. Of course, have to rely on the credibility of Beijing and the technology transfer association loan company, which has become historical facts without explanation.
five, listed in Hong Kong think the strategy is to promote the transfer of private associations in Hong Kong continuously
win benefits for three years, with the main conditions listed in Hong Kong, the Liu seize the opportunity to reduce the proportion of state-owned shares and from higher authorities to monitor and promote the process of state-owned to private.
Hong Kong is a company law sound, according to international practice to run the capital markets. listed company decision-making, management, financial supervision, funding must be invested in accordance with the shareholders and the holders of the shares to determine. shareholders pro rata share of profits, to take risks, has become self-evident common sense.
Legend of the original ownership structure of Hong Kong is holding two state-owned Chinese enterprises (67%), and if so listed, or state-controlled. To this end, Liu through the capital increase of the shareholding structure has been transformed.
a state-owned asset holding company, according to China between 1992 to 1996 restructuring of the economic system into a to allow shareholders of the joint venture company to contract management, are also required to declare a special case and obtain government approval.
Therefore, let the foreign operations, managing the association, only the first increase in the share of foreign investment holdings, and then let the Beijing Legend rights, authority to make foreign investors to exercise the equivalent of with the skills and Beijing do not understand the game rules of the Hong Kong stock market, and promote Hong Kong listed shares.
six state-owned shares of the targeted technology transfer company
state-owned shares is a hot debate in recent years, the stock market topics. recalling the past, the state-owned legal person shares held by the Hong Kong association, of course, Beijing Lenovo and technology transfer company. In contrast, only the technology transfer company chosen as the object of state-owned shares. reason is very simple, because it When Liu Gu book has left the company to the Ministry of Justice, based in Hong Kong Chinese legal services company chairman, while Chinese law firms also participated in the Hong Kong association of market planning and operation. Willow Valley book, Mr. leading technology transfer company during the performance outstanding, great value of state assets, have enough strength to promote the association listed in Hong Kong. If only to raise foreign exchange market, Hong Kong'd optional, vary in the shareholders. However, Mr. Liu left the valley of the book, can not assistance in technology transfer company take care of his son free, but they who are charged with the task recommended by the Hong Kong listed Lenovo, only forward looking, not retrospection. technology transfer company know the market, know the listing program, agree to increase their investment, Willow Valley, these are to succeed in his new leadership book thing.
later are: Legend Performance in Hong Kong listing requirements are met, issuance of shares to be listed under the circumstances, the most money transfer companies in China actually does not raise capital, found that only Beijing and Hong Kong Legend Capital. in accordance with the January 25, 1994 Hong Kong public offering prospectus of the records listed Lenovo (P.133-134), 1992 年 10 月 15 at Beijing Lenovo invested 98.9 million Hong Kong dollars (about 12.7 million dollars), Lu Tan equal four 100,000 Hong Kong dollars for foreign investment to increase their investment. prospectuses and annual financial reports a formal announcement, the public disclosure: Hong Kong issued a total of 675 million Lenovo shares, was 261,800,000 shares of Lenovo Beijing, four have 208 million of foreign shares. The four foreign-invested 100,000 Hong Kong dollars only why to get 208 million shares, the prospectus did not disclose the inside information on.
Thus, prior to listing in Hong Kong has passed Lenovo to increase their investment in the form transformed into One half of the state-owned, less than half of private enterprise. technology transfer company, though familiar rules of the game in Hong Kong and the cash tips, but held shares (015,000,000 shares) can not be compared with any one of Hong Kong, right to participate in decision-making, management, it is difficult Get insider shareholder planning to become irrelevant third party.
seven, how to interpret the holdings of foreign debt, Hong Kong overnight, holding 208 million shares to become rich, Lu Ping and three of Hong Kong Fanggu Dong Tam, holding a total of 30.819%, plus they hold office, is sufficient and Beijing Lenovo (38.785%) rival, and thus control of Hong Kong Lenovo power management.
the same period as prospectuses and financial reports of foreign funding were not disclosed to subscribe for four shares the inside story 208 million, leading to concern about the interests of countries and a number of Lenovo employees who require high-level description of reason. Later, Liu, who Maochao and other recognized associations prior to listing in Hong Kong, Beijing, Lenovo loaned $ 5,525,800 Hong Kong (43 million Hong Kong dollars) to increase their investment. so that people suddenly realized, offering the book, Beijing Legend (through its wholly owned subsidiary of the Southern Ming) capital increase of 98.9 million Hong Kong dollars, of which 43 million was lent to the Hong Kong capital increase.
was suspected, so Hong Kong investment holding money, is probably derived from the Bank of China to Beijing's special association loans?
by the relevant sector survey, said Hong Kong's $ 5,525,800 loan, the Bank of China is neither special loans, but not Liu's private deposits. Anyway, Beijing is the amount of foreign loan associations have the right (of course, is public money and foreign exchange )! Since then, the truth of sealed documents in the association. as late as after 1999, Mao had Korean, Liu, Lu Tan equality only people who will interview them some inside information revealed to the press. excuse for their own reports, Liu acknowledged holdings of foreign debt to the basic facts, and made dubious ; fair and reasonable Originally the two should be 15% of the share, due to the Bank of China and Beijing Legend borrowed from the money, so Lenovo 20% Beijing, Hong Kong lead away to 10%.
three shares after this capital increase are: Beijing Lenovo 53.3%, 43.3% lead far, technology transfer company of 3.3%. This association reached Beijing purpose of holding shares of 43.3% Hong Kong, the three founders of the business association and the nature of credit, are not familiar with Hong Kong's listing rules and domestic policies and regulations, only know through the Hong Kong-listed Lenovo Beijing to raise huge amounts of foreign capital. After listening to these reasons, it will feel to do so is to allow foreign investors to help us Investors in Hong Kong, the introduction of the foreign exchange market. lend a bit of bait to help their own people to catch big fish, but also seems to be is still a vague concept, so children who do this call.
eight foreign debt holdings is still mystery
Lenovo Liu listed state-owned enterprises and other personal staff, but also enjoy the treatment of national cadres, can not reach out to the country to share, not to misappropriation of public funds for private purchase of IPO, foreign funds can only help with the After leaving Lenovo Tan Ping Lu frankly, guided the four Hong Kong companies and shareholders far, no funds can be cast, no credit loans in Hong Kong, Liu to borrow money only to increase their investment. have a document certified, Beijing Legend (South Ming company), and lead away the company (four foreign) in the October 15, 1992 a signed loan contract, borrowed a total of four Hong Kong 43,101,250 Hong Kong dollars, equivalent to $ 5,525,801.2 (at 7.8 exchange rate). which 16,801,688 Hong Kong dollars by Lu Ping Tan , accounting for 38.98%. The paper was September 12, 2000 to submit a number of NPC deputies, who confirmed the Lu Tan equal amount of liabilities. This document will be the loan contract as the only attachment, indicating that as early as 1992 on October 15, assigned to the Southern Ming Liu and guide the company signed a contract far committed $ 5,525,800 loan to Hong Kong, by two years. lent the $ 5,525,800 four businessmen, how to raise and use, to from where, when to pay? so far no proof instructions. can truthfully make liability exposure of the document holdings, Liu became a pain in the hearts forever.
year associate who knows the financial situation of Beijing who know Beijing Legend and its wholly-owned subsidiary in Hong Kong, Lenovo 15 to the Hong Kong market, Lenovo financial sector, has never been submitted to the Board allocated $ 5,525,800 related to foreign reports, and certificates in Hong Kong. Hong Kong Lenovo publicly disclosed financial reports, also did not say Hong Kong investment holdings of all sources of funding .
that insider holdings of foreign debt news, some people wonder: to have the strength of the only national bank. Liuzhuan Min Liu's brother was working in Hong Kong Bank of China, Ministry of Finance, Hong Kong Bank of China in the information bulletin Lenovo is also the issue of support for Hong Kong financial institutions to .1993 shares of Bank of China in April approved low-interest loans to Beijing Lenovo $ 30,000,000 of special foreign exchange to year, but the good by good also, there also can borrow to pay off only when the bank statement to prove. was in addition to the special foreign exchange loans from 30 million out of 5,525,800 yuan in turnover, but Liu is not Foreign Exchange borrow again. If the carrying of foreign exchange, but also the loan association or other In the June 28, 1993, Liu presided over the Beijing, Hong Kong and Shenzhen, the three associations of financial work conference. The meeting decided to: $ 30,000,000 12.7 million yuan in special loans to lend, Beijing Lenovo Nanming are a wholly owned subsidiary in Hong Kong), then north out of this $ 12,700,000 to the Southern Ming 7,174,200 capital increase, the $ 12,700,000 in 5,525,800 yuan (43 million Hong Kong dollars) loan guide far (the Hong Kong private company) to increase their investment, the increase of share capital after the association of Hong Kong dollar increased to 110 million.
described meeting on 15 October 1992 line is relevant only to the bills and vouchers, it is easy to identify.
nine, who then comment on the merits and demerits?
Lenovo turn back the clock back to Hong Kong listed the planning stage, the backbone of Beijing Lenovo's business, all is based on national administrative, scientific research institutions or salaried employees of state-owned enterprise standards, who would ask the country to share, who spent $ 5,525,800 of public funds to their relatives or friends holding? to the restructuring of the Hong Kong association of private enterprises. This is a problem beyond the imagination of ordinary people. dare to think, to do so, only Liu.
decided to borrow shares to Hong Kong more high-level meeting, Liu highlighted at the meeting to discuss the question is . But no one thought that millions of dollars to invest in Hong Kong key actions will be monitored over them.
Liu not to have been or are about to lend $ 5,525,800 to Hong Kong businessmen to increase their investment, will the get the president of the meeting room up the discussion, but also If the transfer of technology companies coming to China to go over there, they will not change, basis, so do not do things to become.
order to realize the idea of state-owned, foreign-owned only by acting as representatives of non-state-owned assets, monitor the risks and obligations of foreign investors will fall on the shoulders of policy-makers. If Liu Zong this prison, who can give him a meal it? So Liu had to re-assign a person to assume the major responsibility for equity. No wonder the deep talks with Liu Zong Liu Ren and other memories to shout: Who heartache Liu Zong?
people who attend the CEO Conference, who knows in advance October 15, 1992 the loan contract; afterwards businessmen know when to pay $ 5,525,800; so far no one from that. But, as a board member of the Ni Guangnan, Mao had Korean, are writing to discuss the matter did not attend the Southern Ming Board of Directors. liability shareholding decision to work is over, have nothing to do with the board members without the knowledge.
ten, spokesperson for the private can not afford to help fools
1994 年 2 月 14 associations listed on Hong Kong, a total of 675 million shares issued. which was 261.8 million shares of Lenovo Beijing, Hong Kong was 208 million shares, technology transfer company was 015 million shares. A total of three shareholders after listing the original holding 484,800,000 shares, therefore, take the total share capital of 110 million Hong Kong dollar was 484.8 million shares of an addition, you can calculate their cost per share is 0.23 HK dollars. listing of shares of 38.785% after the Beijing Legend, Hong Kong 30.819%, plus subscription retail stock investors, with a large Hong Kong Legend Dezhi look down on Beijing after the association sent the management staff do whatever they want. In addition remember to lend him money holdings Liu Zong, the shareholders did not appoint the representatives of state assets looked down on. Hong Kong stock market association price is 1.33 yuan issue , due to over-subscription of 405 times, Beijing Lenovo employees and other investors to buy shares in the market cost of 2.2 million. In summary, compared to four shares held by Hong Kong businessmen, entrepreneurs and employees association held stock, can be described as insignificant. Liu Zong Lu Tan Pingcheng the plant carefully held the first Liu Zongping on an equal footing with the major shareholder to step down Ni Guangnan In 1995, the Hong Kong people think he basically said so, unfortunately Lu Ping Tan is a perennial losers. Hong Kong, the foreign association since two consecutive years (1995.4-1997.3) loss amounted to as much as 245 million Hong Kong dollars, the company has been unable to finance working capital, Beijing can only rely on the national association borrow a billion dollars of emergency loans to tide over the difficulties. and about the Hong Kong Beijing Lenovo shares, Just pay your own salary treatment, there are profits are dividends; there is a loss to exemption; risk borne entirely by Beijing Legend; responsibility for most of the people who passed on to Beijing; than the private owner of the company is also comfortable, not a penny to emergency.
XI, foreign contracting became the Hong Kong Legend The decline in overseas card business has brought to its knees by losses for two consecutive years. In short, Hong Kong, Lenovo has no interest to restore its original ability to win, August 16, 1996 the stock had dropped to 0.29 Hong Kong dollars minimum. Then think of Hong Kong has been called a foreign ownership, no property mortgage, there is no reliable security, no ability to repay the $ 5,525,800. At that time, foreign loans borrowed as early as full, if you want the Hong Kong dollar 0.30 per share at market prices of foreign equity holdings to the transfer of debt, the need for foreign ownership and authenticity must be made public! foreign shares will nothing left, not only made big money, but the basic out! the idea of state-owned, will become the initiator of a nightmare. to help ease the repayment of foreign re the Zhao, Liu busy tossing in the Liu new policy replaces the and other sectors closely. In Yang's outstanding leadership, just a few years, Lenovo computer on board the Asia-Pacific first in the world. coupled with favorable stock market trend of state-owned enterprises in Beijing Lenovo have excellent market prospects. This is the should be Lenovo's second market, because for the first time in 1994 in Hong Kong Hong Kong-listed Lenovo, already has a listing of fund-raising experience and lessons learned.
second listing how to do it? placed in front of select Lenovo Many, such as:
First, Beijing Legend separate listing in the country, from the amount of the financing point of view, perhaps the program better.
Second, the overseas market. as in Hong Kong to buy the overseas company already in the 1994 Hong Kong due to lend $ 5,525,800 contract to recover the principal and interest, to 2.08 billion shares in Hong Kong's 1.9 million shares, to be at the cost price of 0.23 Hong Kong dollars recovered. In this way, Hong Kong Business and technology transfer companies are still 015 million shares, in addition to about 200 million shares of public stock, it is easier to handle. so do other than buy a the change from state to private, finally forming a program, to launch a innovative can completely rely on Beijing Legend. this ; integration Go to the most decisive pass private.
XIII, in the integration of Lenovo Group cleared of treason
given the asset value of the benefits of holding foreign debt, demanded an immediate redress for ;. His voice did not break through the iron wall of Liu Zong set, but was isolated in the This is the second foreign debt holdings after another to foreign stock of gold, net worth and income, and instantly expand it.
association in Hong Kong in 1996 when the stock fell to 0.30 Hong Kong dollars / share, it seems to have been Hong Kong's Lenovo to buy a large number of low-priced stocks, which makes them well-known or anonymous became a rich man. you know, Lenovo's Hong Kong shares rose to the highest point from the lowest point (March 6, 2000 reached the highest price per share of 70 million) added value in as much as 233 times!, of course, foresee the foresight of this bull market we should include take extraordinary risks and responsibilities, should be rewarded.
association with the Hong Kong stock price soaring, We have let the money go around, enough to invest in the halo of a Road colorful business associations heroic feats and knowledge. to uncover the mystery of debt holdings Ni Guangnan, regarded as a saint by the association of scientists, became to file a lawsuit specialized households. Ni Guangnan the report is going to sue anyone, and only when the defendant disclosed to the public defense reporters. reporter's article became a Ni Guangnan qualitative evidence of punishment. Thanks to the old saying, and traditions, Ni Guangnan not crucified, but was deported to the private How many people realize the dream of overnight riches, perhaps many people think of germination of the stock market fortune, has become the new disappeared in news stories and think of the history of the smoke of the past. According to a speculative successful, profitable experience of millions, and I never not want to go Circuit Design Centre and the development of program-controlled switches so that the process of integration of computers and communications, Lenovo's , one by one in the press and on TV shows of to pay off the debt. According to legend, Tan Ping Lu was forced by Liu in 1994, the issue price of 1.33 yuan per share, to repay the debt. WU Li Liu Yi do not listen to the scare, the Lenovo Shihai 2 yuan per share of debt. If all to 1.33 yuan per share estimates, only four of the transfer of 032 million Hong Kong shares to pay off the $ 5,525,800 of the bonds, the last remaining 176 million of net private stock (2000.3.8. Hong Kong for a four Lenovo stock, the equivalent of 704 million shares). They quit working in Hong Kong and Lenovo Liu Zong position, but a pun, and reap the profits of shareholders.
Liu Ren wrote, ; Lu Tan Ping left the association when sold two thousand shares of Lenovo stock, Liu has also lent him money. In addition to the newly opened venture capital firms in urgent need of money, Lu Ping Tan has not been selling their own hands Lenovo stock. So, Lu Tan has been tied seven thousand million Lenovo shares held by the current market value of 3.5 billion Hong Kong dollars There are twenty million yuan worth of yachts, be described as hundreds of millions worth. basis of this projection, the other three Hong Kong businessmen or Tan Lu Ping on, or under which, it is hundreds of millions of the wealthy. In short, Liu Zong with the state-owned assets Pizza Hut preparing to foreign > Lu Ping Tan tells the true meaning of the state-owned, he said: obey the leadership of Liu Zong a person having the final say, who does not obey or not obey to get rid of the Group, the private owner for granted. state-owned shares so issued by the number of foreign front, back reflexively defer to the private debt the.
fifth, Lenovo major shareholders of listed companies, also began joint-stock reform and partial privatization. was given approval to the association's employee stock ownership can be done to rare. But, after all points are are 408 million shares, 1907 shares Mary Ma, and the options are: 672 million, 460 million, 400 million (excluding a number of their shares held by Digital). All told, Commander in Chief Liu Zong himself only 1698.6 million, while the Liu Zong hardships to engage in
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