The First Retail Listing In Anhui: The Development Of "Hefei 100" Butterfly

In combing Anhui's reform and opening up for the first time in 30 years, we have to mention the first stock in Anhui's commercial field, that is, "Hefei 100" listed on the Shenzhen Stock Exchange in August 12, 1996, and Hefei's 100 largest listed companies are Anhui's fourth listed companies after Masteel, Anhui and MeiLing, and so far the only commercial retail listed company in Anhui.

Wind up 1993

When the national department store industry flourished, the Hefei department store started its business in August 25, 1959.

As a state-owned commercial enterprise, Hefei Bai Da shoulders the historical mission of "protecting the supply and serving the society". In the past half century, Hefei has grown into the leading business of Anhui.

Turning to the history of Hefei's 100 largest companies, President Zheng Xiaoyan naturally separated by listing. Before 1996 and after 1996, great changes had taken place in the department store industry in Hefei before and after this year.

"Looking back, we are glad that we have already taken the step of going public."

Zheng Xiaoyan said, "if we do not raise funds for development and restructure the enterprise through listing, and in the increasingly fierce competition in the retail industry, Hefei will probably fall down with its former rivals, at least not today's glory."

People remember vividly that in the mid 90s of last century, a number of retail enterprises who had been on the same line with Hefei's Hefei three Xiao Kou business circle were all out in fierce competition.

"At that time, there were ten major shopping malls in Hefei, and Hefei 100 was in the lead, but the new business has begun to rise in Hefei. If we do not seek development, Hefei will be in crisis."

Zheng Xiaoyan introduced.

The successful listing in 1996 is a watershed in the history of Hefei's 100 largest development.

Over the past few years, with the continuous opening of the market of commercial circulation in China, foreign business giants such as Carrefour, WAL-MART, Parkson, domestic enterprises such as Beijing Hualian, Nanjing Jinying and Wanda have entered the Hefei market, and Anhui's commercial retail industry has also entered the most competitive and intense period.

We are used to thinking about new historical events in 1978.

In 1993, it began to talk about the Hefei hundred major efforts. By virtue of the correct understanding and decisiveness of the policy, "also under the support of all people from all walks of life, Hefei hundred big started the stock system reform, from the original department store into stock company, ready to prepare for the early stage of the listing."

Preparation for listing

In early 1990s, listing was still a fresh word for many people.

Do not understand the voice also exists, "some middle-level think that the status quo of Hefei 100 is still very good, if the listing does not adapt, it will also cause a bad effect."

Zheng Xiaoyan said that at that time, Hefei's top leaders Jin Jie and the decision-makers had a strong will: they had to go public, and the Hefei 100 conference would bring greater opportunities for development.

After determining the direction, doing things is not an easy task.

"The capital market has just sprouted. At that time, there were not many domestic listed companies, and there were only 3 in the province, so we crossed the river by feeling the stones."

Zheng Xiaoyan introduced that in February 1996, he knew that the company had the opportunity to go public.

Before April, all materials must be made available, leaving only 2 months for 100 adults.

"The whole team responsible for listing has almost no concept of time and no commuting."

"Preparations for emergencies are good for all aspects to support the big listing."

However, in April 28th, when Zheng Xiaoyan, director of the listed office at that time, submitted to the SFC, he was rejected.

"I said I was missing a piece of material. I went back to Hefei to get materials, and I arrived in Beijing again in April 30th."

Waiting is the most urgent thing, especially when it is impossible to predict the outcome.

Fortunately, all the waiting had a good result.

In July 1st, Zheng Xiaoyan, who had been waiting for 15 days in Beijing, finally came forward with good news.

"Hundred people thought they might fail at that time." facing reporters' enquiries, Zheng Xiaoyan said that the whole team was only thinking about success, and no longer worked hard until it went in, and did not expect to fail.

In August 12th, Hefei 100 listed on Shenzhen Stock Exchange.

At the moment of the bell, all the adults who worked hard for it all burst into a relaxed smile.

"The opening price for that day is 10.02 yuan and the closing price is 14.95 yuan."

On the same day, Zheng Xiaoyan still had vivid memories.

"Listing for 100 big, it means reborn."

Insiders told reporters that Hefei's largest listing is the shortest, the lowest cost and the highest efficiency.

"Drum Tower war"

They say that the mall is a battlefield without smoke. When the reporter interviewed Zheng Xiaoyan many times, she always said that she had been doing business for many years, and she was always trembling and treading on thin ice.

Before and after the preparations for the listing in Hefei, the business structure of the provincial capital also changed. By the end of 1995, the commercial capital and the Le sons were opened one after another.

"At that time, we started working with Hefei's two business bureaus to build a drum tower commercial building."

According to reports, in 1996, the first capital raised by Hefei's largest listed companies invested in Drum Tower commercial buildings and large distribution centers.

In the first year, the sales volume of Gulou commercial building reached 242 million yuan. After 12 years, it has maintained two digit growth. At present, Gulou commercial building has become the flagship store in Hefei, and the sales and benefits of single store are ranked first in Anhui.

At that time, four department stores in downtown Hefei accounted for two seats, and the fighting capacity was undoubtedly strengthened.

At the beginning of 2008, Hefei's 100 largest company acquired Le sons, and three of its four stores.

In addition, Gulou hi-tech store opened at the end of 2008.

Hefei 100 has also started many formats development. In 2000, it founded the Hejia fortune and began to set foot in the supermarket field. In 2002, it took the largest dairy products wholesale market in East China's largest income market, and extended and improved the strategic supply chain through the control and distribution of fresh agricultural products and sideline products in supermarkets.

In November 24, 2011, the unveiling ceremony of the 100 largest online shopping mall, the 100 largest mall, was held at the front gate Plaza of the four archway department store, a symbol of Anhui's traditional retail industry.

The combination of the past and modern, traditional and fashion marks the beginning of a milestone in Anhui's retail industry.

Eighteen years of Enlightenment

"

Financing is important, but the biggest listing is not just financing. "

Zheng Xiaoyan thinks.

In fact, before the listing of Hefei 100, "life is very moist, there is no sense of financial tension."

Zheng Xiaoyan introduced.

The decision to make a listing is aimed at putting the enterprise on an open and pparent stage, forcing enterprises to establish modern enterprise system and corporate governance structure. Through the management mechanism of the securities market, the internal management mechanism of the enterprise is restrained, forming a strong endogenous force, which is more conducive to the participation of Hefei in the high level competition.

"The biggest difference before and after the listing of enterprises is that the decision making period of pre market enterprises is more dependent on experience judgment. After the listing, under the leadership of the board of directors, the emphasis is on the traction of scientific decision-making and advanced mechanisms."

In 2008, Zheng Xiaoyan felt this way.

It is an honest and responsible enterprise. Its creed is "maximizing the interests of shareholders".

It is understood that, according to the company's initial public offering in 1996, the first batch of investors has achieved several times the equity appreciation, and the dividends allocated by the State Assets Department have recovered all the initial investment.

The regulator's assessment of the company is "reassuring blue chip stocks".