The most popular Renzhiqiang wrote 8 articles in a

2022-07-27
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Renzhiqiang commented on "the battle of Wanbao" in eight consecutive articles: China Resources' three mistakes

Renzhiqiang commented on "the battle of Wanbao" in eight consecutive articles: China Resources' three mistakes

January 6, 2016

[China paint information] from the afternoon of January 2 to this evening, Renzhiqiang wrote eight articles on Vanke's equity battle. He said that this was by no means a "Wanbao" battle. Vanke is just the subject matter of Baoneng's acquisition, and the control right dispute between shareholders is a competition with China Resources. It is said that it is the "game of capital" that triggered the equity dispute of Vanke. The market has never been humane, just like there will be life and death in the competition. The equity dispute of Vanke and the contradiction between capital and management may be a case or a special case. However, the brutal competition in the capital market may not bring opportunities for the stable development of enterprises. Instead, it may bring disaster

Renzhiqiang believes that China Resources Group is actually the protagonist in the equity dispute of Vanke. A major controlling shareholder who has held shares for more than ten years has paid cash, wisdom, background advantages, director recommendation and other help to build a national excellent real estate company, and has achieved great results. Its shareholding ratio also increased to more than 15%. But there are three mistakes: 1. Strategic mistakes; 2. It is a mistake in understanding; 3. Being unprepared made CR make a mistake in timing

Renzhiqiang said that if non professional capital tries to change the corporate culture and image while forcibly acquiring, it may cause market chaos

China Resources is the protagonist, but there are three mistakes.

Renzhiqiang said that if non professional capital tries to change the corporate culture and image while forcibly acquiring, it may cause market chaos.

because of the suspension of trading and holidays, it is difficult for both parties involved in the "Wanbao dispute" to "stop" for a few days recently. However, as the most concerned event in the current capital market, even if both parties do not make a statement, once it is targeted by Renzhiqiang, the "cannon", it is still the focus of the industry

at the beginning of new year's day, Renzhiqiang, who has a deep source with Vanke, changed his previous silent attitude, which determines the size of the fixture structure and the labor intensity of fixture operation. Within three days, he sent eight articles on his microblog to express his views on the "battle of Wanbao". Renzhiqiang also disclosed that Feng Lun once told Wang Shi that the best result is the negotiation between capital and managers to achieve win-win results. Wang Shi's clear answer is that all managers are willing to cooperate with investors for win-win results, but Baoneng can't

Renzhiqiang said, "the equity dispute of Vanke and the contradiction between capital and management reflect the cruel competition in the capital market, which may not bring opportunities to the stable development of the enterprise, but may bring disasters. If a large number of non professional capital control the enterprise in this way and try to change the culture and image of the enterprise, it may bring chaos to the market"

previously, Renzhiqiang also said, "there would be no Vanke today without Wang Shi's efforts. As a major shareholder of Vanke, China Resources is a good thing for Vanke."

however, Renzhiqiang pointed out that China Resources Group is actually the protagonist in the equity dispute of Vanke. However, after the Baowan dispute broke out, China Resources Group made three mistakes in its response. However, in the face of the mistakes that have occurred, it does not mean that China Resources has no way out or failed completely. Although CR no longer has a single share, it has cooperated with other shareholders to form a united front of people with the same interests. It has such strength and appeal, but whether it wants to do so or not. "China Resources still has the ability to expand the share ratio when the stock price is relatively reasonable." Renzhiqiang said

as for Wang Shi's aversion to Baoneng's forced entry into Vanke by means of short-term debt and long-term investment, Renzhiqiang believes that it is a matter for the national management department whether Baoneng's capital source is legal and how high its leverage ratio is. Wang Shi can report to the management department for verification to ensure the safety of the enterprise. To prevent the negative impact of major shareholders on the comprehensive recycling of enterprises, we should not ignore it, but it should be justified

it is worth noting that on the evening of December 31, 2015, Vanke's internal employees received an email informing them of the resignation of Zhu Jiusheng, senior vice president. Subsequently, the above information was also confirmed from relevant persons. According to public data, Zhu Jiusheng joined Vanke in 2012, in charge of financing through banks, trusts and other credit channels, and in charge of the dispatching right of all funds of the group, including the asset management plan used by Yingan partnership, a shareholding platform of Vanke's business partners. Zhu Jiusheng, who was born in the banking system, had also helped Vanke successfully obtain many low interest loans. At this time, his sudden departure also triggered a lot of speculation in the industry. However, Vanke and Zhu Jiusheng did not respond to his resignation

Baoneng's idea

for the "Wanbao dispute", the key point is that Baoneng aims to buy a large number of Vanke shares. Although Baoneng has always insisted that it is only a financial investment, from the follow-up development of the event, it is clear that Baoneng's idea does not stop there

Renzhiqiang said that it was the "game of capital" that triggered the dispute over Vanke's equity. When the capital market becomes more open, all kinds of capital will inevitably diversify asset allocation in the market and ensure the liquidity and cashability of these assets in order to maximize profits. If there is a stable, relatively safe and transparent investment with certain income expectation, it must be the first choice for all kinds of capital. This includes real estate companies with high-quality assets, including potential enterprises in listed companies, especially industries supported by the central policy (such as real estate). At the same time, the non-uniform system in the charge of the three associations allows capital to operate according to their own rules: for example, insurance capital is restricted in the purchase of fixed assets. Since it is impossible to maintain and increase the value of leased properties, a large number of insurance capital has entered the stock market and real estate companies

"insurance capital has entered more than 30 enterprises in Hong Kong and the mainland of China. Landsea and country garden each have 9.9% of the equity belonging to Ping An insurance; Sino ocean real estate has two insurance funds close to 30% of the equity; Financial Street has nearly 30% of the equity belonging to two insurance companies; Jinmao may have about 10% of the equity belonging to insurance companies. Together, some insurance capital becomes the first controlling shareholder of controlling enterprises." Renzhiqiang said, "insurance capital can use the managed companies as a new financing platform to relieve the original financing pressure, and use this as a basis to realize business diversification tools, and enter and control more industries and enterprises. Maybe Baoneng also has this idea."

meanwhile, Renzhiqiang was unwilling to believe that Baoneng acquired Vanke out of malice. "Baoneng started with Vanke's assets, brand and management team, but also its market position and development prospects. With the help of holding Vanke, it can not only improve its social status and financing status, but also obtain more dividends and equity income through Vanke's development." Renzhiqiang said

however, Renzhiqiang also pointed out that "any comprehensive acquisition requires cooperation with the manager team. The most terrible thing is that both sides refuse to communicate and each does its own thing. This may be the result of mutual defeat. However, neither side has yet found concessions. I hope there is a good solution before the resumption of trading, otherwise it will cause fluctuations in the stock price"

more reflections

in fact, many people, including Renzhiqiang, began to reflect on the impact of the "Wanbao dispute" on the entire capital market

Renzhiqiang also stressed that "I am not a party to this incident, nor do I fully understand the situation. I just stand on the sidelines and pay attention to the development of the Chinese market"

"managers are unable to control the control right dispute of forced capital entry. However, China's" one bank, three associations "should have corresponding laws to avoid market fluctuations caused by changes in non long-term holding of controlling equity. At the same time, the establishment of good market rules is conducive to the unification of the legal and moral bottom line, so as to cultivate more professional managers to be loyal to advancing and retreating with the development of the enterprise." Renzhiqiang said

some insiders also pointed out that, "Whoever loses will win. For our society, it is impossible to adjust arbitrarily. Accuracy: superior to the indicated value ±, main motor source: 0.7kw, AC220V ±, main engine experimental stroke 800mm, main engine weight, LCD display content: experimental force, displacement, peak value of experimental force, operating state and so on. What is important is that when we look back on this event five years later, if we find that this event has promoted China's commercial competition to be more regular, no It is the luck of China's commercial civilization that both parties, other interested parties or government regulators are not offside. "

in addition, Renzhiqiang previously believed that it was not a good thing for a large number of insurance funds to enter the stock market and list companies on the stock market. "A large amount of capital does not really serve the real economy on the supply side. It does not reduce the financing costs of enterprises, nor does it bring benefits to the real economy. Instead, it causes confrontation and fluctuations among the management, which is not conducive to the development of the real economy. A large amount of capital allocates resources in the stock market, often driving the fluctuation of the stock market price. A large number of retail investors, some of whom will benefit from the rise of the stock market. But most of them may be in insurance And other large-scale capital conversion, which has also led to the unhealthy development of the stock market. "

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