Yang Zhaoji Talked About The Restructuring Of Quanxing Group: The Outside World Misread Me Too Much.

In the first two years after the start of the restructuring in 2002, the huge losses in Quanxing had turned into deficits in 2004. Is this the Bureau set up by the group management to collect chips?

In July 8, 2011, Yang Zhaoji accepted an exclusive interview with reporters.

For external concerns, will you cash in?

He built Shuijingfang brand.

Yang Zhaoji said: "today, I am determined to make a summary of the first 10 years of reform. I hope to be able to openly and pparently display a true self to the outside world, so that the public can comment on me without leaving the right and impartiality."

10 years, the restructuring road is relatively successful.

NBD (Daily Economic News): look back at the 10 year reform process of Quanxing group, what do you think of the result?

Yang Zhaoji (hereinafter referred to as Yang): now look back, can not be called absolute success, relatively successful.

At present, 10 years of restructuring is only a stage of success, there is a long way to go in the future, and there are many new problems that we need to face and solve.

NBD: what is the key to success or failure in the process of restructuring?

What are the specific principles?

Yang: I think it should be the 5 basic principles we have followed during the 10 years of restructuring.

The first one should be compliance and legality, and never break through a red light.

Secondly, work must form the collective will atmosphere of the whole staff.

At that time, there were about 1200 employees in the state owned enterprises who were changing their status. Each employee was signed voluntarily.

The plan of changing employees' status is not decided by the leading group of enterprises, but by the discussion of the staff's Congress, and it has been changed at least 3 times.

Thirdly, the overall restructuring plan is led by the government designated department (the then Reform Commission). The enterprise only plays the role of participation, and it is also discussed by the staff congress.

Fourth, all debt risks, that is, the 520 million debt risk left by Quanxing group's state capital before June 30, 2002, is borne by cadres above the middle level.

Finally, 10 years of reform must stand the test of history.

NBD: why in the first two years since the start of the restructuring in 2002, there has been a huge loss in Quanxing, but in 2004 it quickly turned to profitability. Is this the Bureau set up by the management of Quanxing group to collect chips? The aim is to get more equity incentive capital after the growth of business performance in the future.

Yang: is there such a bureau to make itself pay a higher price?

Objectively speaking, in 2002, the state-owned assets of Quanxing group were realized at a high level to avoid the loss of state assets, and the restructuring of the Quanxing group would bear more profits and losses during the period.

Because the base date for restructuring is June 30, 2002, not December 31, 2002.

That is to say, after June 30, 2002, all new taxes and assets impairment will be borne by the reformed enterprises.

Another important point is that the Quanxing group has lost the price difference of 96 million 920 thousand yuan when the pharmaceutical equity of Sichuan was stripped from the listed companies.

If Quanxing group does not take part in the loss, Shuijingfang listed companies will be ST for two consecutive years of losses.

NBD: at the beginning of the founding of the company, 18 directors, headed by you, acted as agents to hold shares in Ying Sheng company. At that time, you were charged with personal debt and pledge of family property rights and interests.

At the beginning, have you ever considered the consequences of not paying the bill one day?

Did you get your family's consent?

Yang: I am not only responsible for the family, but also for the society, employees and enterprises.

It is impossible to ignore the risk of reform and not to consider family feelings.

During this period, I had heavy personal thoughts and great pressure.

I also have the determination to break the boat and to fight against war.

I believe that ten years of hard work has been successful.

NBD: under your leadership, Quanxing group has gone through the pformation from state-owned sole proprietorship to private enterprises to foreign capital holding. How do you evaluate the two key changes in enterprises?

Yang: in 8 words, we must go through hardships and seek to find out.

NBD: now, the two brands of Quanxing and Shuijingfang are handed over to Shanghai sugar and tobacco and wine group. One is indirectly controlled by Te A Jill group. The brand is sidelined. Is there any trace of loss in your heart?

Yang: I don't know how to sell the brand.

I am neither surprised nor lost when the brand is sidelined.

After all, one is a strong international peer company, the other is a strong domestic peer capital.

I believe that it is worthwhile for enterprises to explore new ways of development. The revitalization of Quanxing brand and the internationalization of Shuijingfang brand are bound to come true.

NBD: what are the difficulties in restructuring?

Yang: personally, I think the difficulty in the 10 years' restructuring is, first of all, how does Shuijingfang go to the market and win a sigh of relief for the Chinese liquor industry?

The second is the sharing result of reform and development. How do we reconcile the contradictions among different stakeholders?

We are an enterprise with Chinese characteristics, and we must face it in the way of reform.

NBD: what are you misunderstood by the public?

Yang: I think it should be the "MBO" label which is strongly posted by our outside world.

At present, there are more than 1700 beneficiaries of the civil trust of Ying Sheng company.

In 2009, quite a few of the employees who were not voluntarily participating in the trust holding and the reformed and retired employees who did not voluntarily take part in the trust holding shares also shared the fruits of reform and development.

By the end of 2009, 1727 people had become the beneficiaries of Ying Sheng company's civil trust, but we had been labled with "MBO" labels. Do you have such a huge management buyout?

The latest property is 91 million 480 thousand yuan.

NBD: it is reported that in the registered capital of 57 million 800 thousand yuan of investment company, you invested 11 million 560 thousand yuan, accounting for 20% of the shares, is the largest shareholder.

How much of this fund is raised by yourself, and how much from the trust loan?

In those days, 11 million 560 thousand yuan was astronomical.

Yang: at that time, I had a 6% stake in the company and took up 14% of the shares.

Since then, there have been "tens of millions of words" or even "billions of words" in my society.

Later, after adjusting from 18 shareholders to 49 individual shareholders, Ying Sheng company was no longer a substitute under my personal name.

Choosing to act on behalf of others is an expedient measure.

When we first created, we set up a limited liability company with less than 50 shareholders.

At that time, there were already more than 120 shareholders. If all holdings were held, it would be necessary to change the company into a joint stock company.

Therefore, the 49 represent the others.

For the first time today, I would like to introduce the capital structure of my contribution to the public.

At that time, I had a 6% stake in Ying Sheng, which was calculated in accordance with the registered capital of 57 million 800 thousand yuan, and I needed to invest about 3 million 468 thousand yuan in total.

The first money is my duty margin of 1 million 500 thousand yuan, which was fixed before the restructuring.

Secondly, it is my annual salary after tax deduction two years ago, two years total of 424 thousand yuan.

Thirdly, the implementation of the "two" pilot work before the restructuring, our team's incentive funds of 11 million 104 thousand yuan, the money was more than 120 middle-level management at that time to enjoy the joint, of which I have 666 thousand and 200 yuan.

The sum of the three sums is 2 million 590 thousand and 200 yuan, and the remaining 877 thousand and 800 yuan is credited to my personal name after the trust has repaid the principal and interest.

NBD: have you calculated your current personal status?

Yang: too many people have helped me figure out their own business.

The outrageous thing is that someone has calculated that I have more than 900 million yuan.

I have roughly counted myself, but I think this is just a theoretical account. It is just a digital game. It can not be circulated without cash.

(at the same time, according to the calculator), I currently hold 4.362171% stake in Ying Sheng company. After Diageo indirectly holding Shuijingfang, Ying Sheng holds 47% of Quanxing group. Quanxing group has 39.71% stake in Shuijingfang, Shuijingfang's total share capital is 488 million 550 thousand shares, and Shuijingfang's closing price in July 7th was 23 yuan.

In this way, my latest figure is about 91 million 480 thousand yuan.

NBD: since the restructuring, Quanxing group and Ying Sheng company have paid 44 million 430 thousand yuan for the overall retirement expenses for the retired employees of the former state-owned enterprises. According to the current standards, the company will also pay nearly 40 million yuan by the end of December 2020.

Do you think it's worth the cost of Bibi reform?

Yang: paying the cost of reform is not only worthwhile, but also necessary.

After all, the particularity of Quanxing's production factors and the importance of respecting the historical contributions of the old workers determine that the surplus company after the reform must undertake such a reform cost, and it is also necessary for the enterprises to shoulder the responsibility of maintaining social stability.

NBD: will you choose to cash in your stake?

Yang: Here I publicly promise that in order to maintain team stability, I will never cash in my stake.

The chairman of Shuijingfang is held by the Chinese side.

NBD: it is reported that the final price of the 4% equity interest of the surplus investment pferred to Quanxing group is 13 million pounds (equivalent to 140 million yuan), while the Quanxing group holds 193 million 990 thousand shares of Shuijingfang, and 4% of the corresponding shares are about 7 million 720 thousand shares. According to the average price of 30 trading days before the suspension, 21.45 yuan is calculated, the paction price of the pfer of Quanxing group 4% should be more than 165 million 500 thousand yuan.

Ying Sheng Investment sells such a discount to Quanxing group's 4% stake. Is there any suspicion of selling assets at a low price?

Yang: the shares of Quanxing group are non tradable shares, and the offer price is calculated according to the circulation shares of the listed companies, which can not be equated.

Besides, at the very beginning, we sold 517 million of the 43% stake in Quanxing group and calculated it to be 6.1 yuan per share.

After that, we sold 140 million of the 6% stake, which was 12 yuan per share.

This time, 4% of the shares were sold for 140 million yuan, almost 18 yuan a share.

It can be said that we not only sell at a discount, but instead pfer shares at a premium.

In NBD:2008, you resigned from the post of Shuijingfang chairman, are you going to pave the way for Diageo holdings?

Will there be a larger personnel adjustment in Diageo holding Quanxing group?

Yang: resigning from the post of chairman of Shuijingfang is my personal commitment.

Foreign strategic cooperation requires physical permission to extend the working time as much as possible. I do not agree.

The two sides reached a consensus that under the modern corporate system, Quan Xing group's controlling power should be pferred.

However, we have an agreement that no matter how the controlling power of Quanxing group has changed, the chairman of the board of directors of Shuijingfang has been recommended by the Chinese side. This is the bottom line for our negotiations.

NBD: what adjustments have been made in the development strategy after Diageo holdings?

Yang: Recently, Diageo has commissioned a domestic professional investigation company to conduct a special investigation of the liquor industry, and the new pay system is gradually taking shape.

At present, we have formulated the salary of the marketing center in 3 years and gradually realized the marketization (this year has implemented the second year plan), and the other departments in the enterprise have been implementing the strategy of marketization (the first year plan has been carried out this year) in 5 years.

This is also a substantive first step after our two party marriage.

When to leave office for two more years at most?

NBD: next, have you considered quanting the post of chairman of Quanxing group?

Yang: I definitely want to quit.

I am 63 years old, according to the enterprise system, under the premise of physical conditions, the company level leadership, men can go to 65 years old, women to 60 years old.

But at the moment, it is impossible to make a choice.

I first talked about this topic in public, in order to stabilize the army's mind.

NBD: what do you think of your reputation as "the godfather of Quanxing"?

Yang: "the godfather of Quanxing", I don't deserve it.

In 1989, I had 3 conversations with me on the organization before I agreed to go to Quanxing winery.

At first, I felt very lonely. After two years of running in, the team gradually formed a better working atmosphere.

Quanxing group can go to today. It is not my personal credit. It is the result of the joint efforts of the 150 management team and Quanxing group.

NBD: have you considered leaving your life after the chairman?

Yang: I finally need to bid farewell to the rivers and lakes, and take care of the rest of the world.

However, if I continue to do that at the age of 65, I may change my way of doing my duty.

After all, it is only in their position that they seek politics.

According to the relevant regulations, to the statutory retirement age, I have to become an amateur consultant who doesn't get paid.

NBD: how do you spend your spare time?

Yang: I'm not good at parties, and I don't have any special interests.

I like playing table tennis in my spare time. I haven't had time to exercise because of busy work these years.

Next, I will slowly try to relax the tension string.

Reporter's reformed tough guy must eventually bid farewell to rivers and lakes

"The only requirement for my interview is objective and fair.

I could not speak for so many years, and the outside world misread me too much and gave me too many hats.

Yang Zhaoji said.

During the 10 years, many physical problems, the misfortune of his wife before reform, and the heavy resistance in reform did not daunting Yang Zhaoji. After 10 years of depression, Yang Zhaoji, sitting in front of reporters, was no longer lonely and tall. A 63 year old man began to slit off his bright coat.

At present, the restructuring of Quanxing group has basically been completed. Te A Jill's road to integration of Shuijingfang has just begun.

Meanwhile, the predicament of Shuijingfang's "fragrance outside the wall" is waiting for the new helmsman to break.

Where does Shuijingfang go next?

How to resolve the contradiction of brand integration after Sino foreign joint venture?

These questions are now inconvenient for Yang Zhaoji to answer.

But the future development of Shuijingfang will determine whether Yang Zhaoji and his Shuijingfang management team will succeed in the restructuring war. The industry will wait and see.