The dispute over the stake of Vanke, which lasted for nearly a year, has not yet settled, and it is still in a “sensitive periodâ€.
On November 19th, Wang Shi, who had just attended the UN Marrakesh Climate Conference from Morocco, appeared in Dali and participated in the media exchange meeting of Vanke. He shrouded the market of cruel capital game with a phrase “I believe that capital is temperatureâ€. The veil of warmth and tenderness.
Capital conflicts against friction
Capital has always been considered by the market to be bloodthirsty and cold. Where does “temperature†come from? How come?
The question of where to come is relatively simple and clear. The conflict of interest and game under the current shareholding structure will passively generate temperature, and it is even possible for Vanke, which is sandwiched between the various forces, to inadvertently feel warmth. In short, under the multi-party game, the weight of the Wang Shi team will be increasingly valued in the future interest pattern.
At present, among the outstanding shares, China Resources holds 1.683 billion shares, Baoneng holds 2.76 billion shares, Ampang holds 502 million shares, and Vanke management holds a total of 786 million shares through the control of the asset management plan, plus Evergrande holds 1.043 billion shares, and the five parties collectively hold 6.774 billion shares of Vanke A-shares, accounting for 69.76% of the total outstanding shares.
Among the three foreign capitals, apart from Anbang's clear expression of support for Vanke, the Baoneng Department clearly opposed it and even proposed a proposal to remove all directors. The attitude of Evergrande is ambiguous and it is still not clear. For Evergrande's shareholding, Wang Shi also "avoided to talk" at the media exchange meeting on November 19.
Therefore, the provider of the "temperature" that Wang Shi needs is the Bao Neng and Evergrande. The business models of the two companies are similar in part, and they all have the obvious characteristics of “real estate + insuranceâ€, and they are all private enterprises, which belong to the boss who has the final say. Therefore, Yao Zhenhua and Xu Jiayin are capable of giving Wang Shi the "temperature", but the key is whether it will give the problem. To put it bluntly, it is the question of how "temperature" comes!
To get an answer on how to get the "temperature", it is necessary to look at the demands of the providers, Yao Zhenhua and Xu Jiayin. It can be said that the appeals of these two bosses are more complicated, and the author can only say the main one!
Wang Shi pointed out two major demands of capital at the media exchange meeting. "We found that all the capitals are interested in Vanke. There are only two situations. One is that it is a very valuable shell, making a fuss on the shell; the second is "Tang Yu meat", which is considered to be good. I think that for Vanke, both situations should exist." Wang Shi said.
Wang Shi’s summary of the two major demands of capital is in place, but it also ignores another situation: some capitals may want to fish in troubled waters, fishermen’s profits, earn the right to speak to negotiate other transactions, or look at the timing and take the stock price difference. The real purpose of this type of capital may not be to shell or to use Vanke as a "long-term value investment" for "Tang Yu meat", but to "make quick money" and "do trade".
Caixin has reported such a detail. "The Shenzhen Municipal Government has previously agreed to give the local shell enterprise Shenyuan (000029.SZ) this "shell resource" to Evergrande, in exchange for Evergrande's withdrawal from Vanke's equity dispute. Vanke shares transferred to another local state-owned Shenzhen Metro. However, Evergrande promised at the beginning, and now seems to have repentance, and its “allies†continue to increase its holdings of Vanke, with a total shareholding of over 10%.â€
If the above statement is true, the shareholding of Vanke will become a bargaining chip between Evergrande and the Shenzhen Municipal Government. This is not a universal game of capital markets, and the subsequent appeals are simply complicated!
The main appeal of Baoneng to participate in Vanke is to integrate real estate business, and may also leap from the ranking to the first; inject assets and obtain investment income.
Conformity to extinguish disputes
Before the appeal is resolved, the two sides need to ease their attitudes. At least they can no longer be arrogant. When they meet, they will take a look at your life. In order to obtain the "temperature of capital", on November 19, Wang Shi once again shouted "two apologies" to Yao Zhenhua.
"I am not doing the right thing, I will correct and improve it in time. For example, Mr. Yao Zhenhua, everyone thinks that I am talking about 'barbarians'. I remember that I stood up and publicly apologized at the extraordinary general meeting; for example, in Tianshan's shouting' I don't welcome private enterprises to become the major shareholders of Vanke'. This kind of misunderstanding, I apologize unconditionally."
(Apologize for these two apologies, the author believes that Gai is caused by public opinion pressure. First of all, "barbarians" said from Brian Burrough's "Barbarians at the door", used by Wall Street to describe those unscrupulous buyers. This is just a capital term, and because domestic translations are considered to have a disrespectful color of disrespect, this is another word of dissatisfaction with Wall Street vocabulary! Also, 'Do not welcome private enterprises to become Vanke's major shareholders' Although the words are misleading, how many companies do not want to have a super-strong state-owned shareholder in the domestic environment?)
The recent resignation of the executives of CSG A (000012.SZ) and the escalation of the battle with the major shareholder Baoneng Department have sounded the alarm for Vanke’s management. After all, the Baoneng Department has also proposed the removal of Vanke’s current position. Proposal of all directors. Will Vanke become the second CSG A? Wang Shi did not say much about this. "I don't want to make too many comments," but he still took the initiative to mention the resignation of CSG A executives.
However, the words below Wang Shi seem to suggest that the equity dispute has turned for the better. He said, "I want to have confidence in the planning of the next two or three years. If the culture we adhere to is "violent" because of capital, it is this culture. Too fragile, we believe that China's reform and opening up, China's future, Vanke plays the role of the mainstay."
In many speeches, Wang Shi also revealed a possible solution to the equity dispute: taking the road of mixed ownership. "In the future development of China, I believe that large state-owned enterprises occupy a major position in China for a long time, and our private enterprises will continue to flourish. Mixed ownership enterprises will also be an important force for trying and integrating resources. Vanke’s choice is this.†Wang Shi said that an important force for mixed ownership is private enterprises. I have no reason to oppose private enterprises. Fundamentally, Vanke style is a private enterprise.
It is worth noting that Vanke is now a mixed-ownership enterprise. How does Wang Shi's management team get out of the new hybrid ownership model under the new shareholding structure is also a big challenge. Whether all parties' demands can be effectively resolved is the key. Therefore, Wang Shi finally pointed out that "I believe that capital is 'temperature.'" Because, whether it is mixed ownership or acquisition of deep subway assets, Vanke needs the "temperature" of capital support for every major event.
In this regard, Wang Shi is "optimistic." He said, "I am optimistic about China's development, private enterprises, and the mixed ownership enterprises that Vanke has tried."
Perhaps, the Warcraft equity dispute that lasted for one year is also a solution! After all, how can you maximize your own interests by leaving the capital of entrepreneurs?
Microfiber Golf Towel,Golf Towel With Hook,Triple Fold Golf Towel,Printed Microfiber Towels
Foshan Pa Tin Da Housewares Co., Ltd , https://www.ptdmicrofiber.com