Chapter 1071

In recent years, newspapers, television and the Internet have also reported a lot on Aida electronics and Aida group, but these pervasive media can not accurately or slightly clearly describe the outline of Aida group. Qin Gang can feel it at this time.

There are many overseas corporate shareholders in the equity structure of Aida group. I'm afraid that the central government may not be able to get the financial information of these offshore registered private companies through diplomatic means, and the equity relationship between Aida group and affiliated enterprises is extremely complex.

In short, Qin Gang can only know the asset scale of Aida group and the basic financial situation of the group from the documents at hand, but he can't know the real ownership structure behind it.

After Du Feigang mentioned the word "Jinhu Department", Qin Gang thought: standing behind the Jinhu Economic Research Center and the name of the economic research center come from this. The so-called century Jinhu real estate investment and sponsorship is just a cover up. Then, the industrial scope of the economic research center should at least include the industrial fields involved in the whole Jinhu department, including real estate Catering and entertainment, consumer electronics, paper industry, forest paper integration, home appliance manufacturing and home appliance chain sales, steel, shipbuilding, shipping, mining, Internet investment... Where is a private enterprise, it is simply an economic empire.

Qin Gang had never thought that the domestic private economy could grow to this extent. Like Aida group, it was completely impossible to measure its business scale and value with net assets.

In the document, the domestic net asset valuation of Aida group is only 15 billion, which shows that it has far underestimated the brand value of Aida. Now Kewang claims that its brand value is 2 billion. Aida has such a great influence at home and abroad. The brand value of 10 billion is modest. After deducting 10 billion brand intangible assets, is it true that the domestic fixed assets and technical assets of Aida group are only worth 5 billion?

In recent years, everyone has been used to estimating the market value of enterprises in the form of capital securitization. At present, the average p / E ratio of new technology listed companies in Shanghai and Shenzhen is 40 times. Probably no high-tech enterprise in China dares to stand up and say that the assets of Aida group are better than those of Aida group. The domestic part of Aida group made a net profit of 4 billion in 1998 and plans to make a plan at a P / E ratio of 40 times, The market value of some domestic assets of IDA group is 160 billion.

Qin Gang also joked with his colleagues from the national business school about why IDA group was not listed in China. At this time, he understood that in China, how can such a large pond in Shanghai and Shenzhen accommodate a private enterprise with a market value of 160 billion? Moreover, IDA has performed particularly well in the domestic mobile phone market this year. After reading this document, IDA's sales exceeded 20 billion and its net profit exceeded 6 billion this year. Qin Gang will not be surprised. How about the market value of some domestic assets of IDA group will reach 240 billion? Have enough qualifications to squeeze into the world's top 500.

No wonder the local finance of Haizhou is so abundant. Most of the domestic taxes of Aida group are paid in Haizhou. Only the enterprise income tax, the local finance of Haizhou can retain nearly 400 million from Aida group.

Qin Gang estimated that Jinhu's enterprises in Haizhou would contribute about 1.2 billion to 1.5 billion to the local finance. You should know that the local fiscal revenue of Jianye city in 1998 was only 12 billion after a sharp increase. Qin Gang probably remembers that the local fiscal revenue of Haizhou city was 1.45 billion in 1994 and 1995. Relying on the Jinhu family, Haizhou city doubled its local fiscal revenue. No wonder everyone said that Haizhou was fat and oily.

This time, Chuangyu has integrated into the Jinhu system and become a member enterprise of the Jinhu system. The cross shareholding is calculated on the basis of the 1998 financial audit of Aida group. The converted asset value is about 28 billion, or even slightly more than one sixth of 160 billion. No wonder Shi Xuebin is excited to exchange all the shares for Aida group, It's like paying for the cheap original shares of IDA group. I wish I could exchange the 260 million cash of Chuangya for the original shares of IDA group.

Of course, Chuangyu should at least keep some funds in hand for business development. In addition, cross shareholding should be dispersed to various affiliated enterprises according to a certain proportion, and it is impossible to concentrate on one IDA group.

Qin Gang read the cross shareholding plan and found that Jinhu commercial was not included in the cross shareholding plan. He thought that Jinhu commercial might have some business secrets that would not be disclosed to them for the time being.

In addition to Jinhu business, Qin Gang also knows that there are some overseas companies in Jinhu department, which are not included in the cross shareholding plan, such as ess, which is often reported to the media recently.

At this time, Qin just learned that ESS is completely outside the AIDA group financially, and the AIDA Group paid nearly 800 million patent licensing fees to ESS in 1998; There are also some joint ventures with Deyi, scober and other overseas enterprises, such as Zhongjing microchip, which are not included in the cross shareholding plan this time.

In Shi Xuebin's words, the documents they saw today only went 20 meters below the sea surface to understand the Jinhu system. They still don't know what the Jinhu system looks like 20 meters below the sea surface.

Qin Gang thought to himself: the sea level below 20 meters is probably the overseas expansion part of the Jinhu system?

In addition to the cross shareholding between Chuangyu and Jinhu member enterprises, Qin Gang can also choose a certain proportion of individual shareholding. Du Fei explained to them at the beginning: "For the part of individual shareholding, you can choose to hold enterprises such as xiangxuehai, Shengxin electric appliance, Xinguang paper and century Jinhu. When the time is ripe, the assets of these enterprises will be listed first. After listing, individual shareholding will have the opportunity to cash out. The possibility of Aida group's short-term listing is relatively small... It doesn't matter whether you want to cash out or not, choose Aida more The group has better growth in the future. You choose first, and I share the rest with mengle. "

Because the direct shareholding of the management of the member enterprises of Jinhu department should be controlled below 30%, the equity held by him and mengle in Chuangyu should be exchanged with the member enterprises of Jinhu department again. This time, it is mainly about Qin Gang, Ling Xiaoyan, Shi Xuebin, Dong Yuehua, Shi Xinfei and Xi Ruolin. He and Du Fei do not participate.

In addition to Aida group, the assets of xiangxuehai, Shengxin electric appliance, Xinguang paper and century Jinhu are very high-quality. Before this afternoon, several people here did not even know that xiangxuehai, Shengxin electric appliance and Xinguang paper are affiliated enterprises with Aida group and are core member enterprises of Jinhu system.

The flagship store in Xinshi street of Shengxin electric appliance has an annual net income of more than 100 million yuan. Xiangxuehai is still the standard King enterprise of CCTV last year, and Xinguang paper is the leading enterprise in the paper market in East China

Well, compared with the cross shareholding plan and the choice of individual shareholding, Qin Gang is more curious about Zhang Ke or the position of Zhang Ke behind Zhang Ke in the Jinhu system. I believe Shi Xuebin, Shi Xinfei and Dong Yuehua will have such a strong curiosity at this time.

The domestic net assets of the whole Jinhu system are not much (excluding the direct investment of Jinhu commercial in China), the tangible and intangible net assets are about 30 billion, the debt ratio is low, and the total assets are about 43.4 billion. Jinhu department may not be qualified to take the lead in the private capital camp that has recently emerged in China, but its profitability is extremely amazing. In 1998, Jinhu department made a profit of 8 billion in China, which is almost equal to the profit of CNPC in 1998. I believe no private capital entity has such amazing profitability.

If Jinhu's domestic assets are gradually split and listed, not to mention the P / E ratio of 40 times, even if the stock market is still depressed, there are 20 times and 15 times P / E ratios for emerging industries. It is appropriate to estimate the actual value of some domestic assets of the whole Jinhu system in the range of 120 billion to 160 billion, How much does Zhang Ke account for personally or behind Zhang Ke?

But Zhang Ke was embarrassed to talk directly in the conference room. Watching Ye Xiaotong answer the phone and pull Zhang Ke and Du Fei out, Dong Yuehua turned to Qin Gang and said: "The guy named Hurun made a list of the richest people in China. It is estimated that China's richest man Rongjia has a wealth of 12 billion. Do you think this Hurun has too shallow eyes and bad experience? He was stunned by such a big fish in the East China Sea!"

Qin Gang smiled. Zhang Jia holds only 10% of the equity in the whole Jinhu system. Even if only the domestic assets of the Jinhu system are calculated, Zhang Jia's wealth will exceed 12 billion.

Shi Xinfei is usually silent. He looks at Meng Le sitting behind Xi Ruolin with his legs crossed to help her advise and asks, "old Meng, come and tell us the truth, otherwise it will be too depressing..."

"Go, I also signed a confidentiality agreement..." Meng Le brushed aside Shi Xinfei and pressed her chin on Xi Ruolin's shoulder to guide her on how to prepare personal shares.

Seeing Meng Le's tough mouth, Shi Xuebin flirted with him and said, "old Meng, you also said that the principle of robbing the rich and helping the poor should be emphasized in the collocation of men and women. Rich men should marry beautiful poor women, and rich women should marry talented poor men. You get together with elder martial sister Xi and at least erase two opportunities to get rid of poverty and get rich by marriage. I said, are you two..." He didn't speak, so he hit his head with the pen thrown by Xi Ruolin. "Ouch!" when he saw that Meng Le couldn't speak, he turned to Ling Xiaoyan, "elder martial sister Ling..."

"I know as much as you do. Don't call me elder martial sister!" Xiao Yan hurriedly blocked his mouth with words. Shi Xuebin nagged endlessly and said two more words to him, which may have fooled him. She had known Zhang Ke for a long time. When she met Zhang Ke, Aida group was far from today's scale. Zhang Ke had to cheat dai'er to be an advertising model for Aida group. It was so fast after more than four years. Four years ago, Aida returned It's Aida, Shengxin or Shengxin. Xiaoyan didn't expect that now Aida and Shengxin have been integrated into one. From Zhu Xiaojun, she knows a little about the position of the Ye family in the domestic political arena, and the far-reaching influence of the Ye family's contacts can't be matched by a provincial Party secretary or minister. She thought that Shengxin electric appliance was almost made by the Ye family, since Shengxin electric appliance is also integrated into Jinhu Yes, the Ye family should not have too few rights and interests in the Jinhu department. Xiao Yan can guess that Zhang Ke has led the development of IDA group and the creation of the whole Jinhu department economic empire from beginning to end. These can be seen from Zhang Ke's daily contacts with other core figures of the Jinhu Department, but she does not know how much rights and interests Zhang Ke holds in this economic empire If you can't guess well, there seems to be nothing bad.

Shi Xuebin will make Xiaoyan stop him from speaking. He smiled and asked Meng Le: "after cross shareholding, my share can be almost counted as what rank compared with the management of other member enterprises of Jinhu Department..."

"It's almost the manager and deputy manager," Meng Le said. "In fact, it's hard to say. It's also uncertain. The member enterprises of Jinhu department are developing rapidly. The performance contributions of the same level and peers are very different. The options obtained one year in advance are very different from those obtained one year later. In any enterprise, old employees always have to take advantage... What do you care about this?"

"When he was old, he was thinking about how to accurately describe his wealth and social status when seducing girls in the Conservatory of music..." Dong Yuehua said.

Meng Le smiled and urged everyone to finish the work.

His cross shareholding plan with Du Fei, Jinhu commercial and other overseas companies of Jinhu are optional. Only when we have access to the financial data of Jinhu business and ESS can we receive the core business secrets of Jinhu. Mengle generally knows the distribution of rights and interests within Jinhu system——

Represented by Ye Jianbin, ye Xiaotong and Shao Xinwen, ye family directly created two member enterprises of Shengxin electric appliance and Shengxin Telecom for Jinhu department, holding about 14% of the equity in Jinhu; In 1997, sun Shangyi and his wife held more than HK $2 billion in cash, which provided strong financial support for the development of the Jinhu department in the past two years and held about 10% of their interests in Jinhu; Xie Wanqing can be said to be a woman standing behind Jinhu. Without Xie Wanqing's support, the start of Jinhu can never be so smooth. However, she is gradually retreating from Jinhu in the past two years and concentrating on the operation of Haiyu international private school. Her personal rights and interests in Jinhu have been less than 5%; Shao Zhigang, Sheng Qing, Zhang Ke's Uncle Zhang Zhifei and others all created a career one after another and then integrated into the Jinhu system, holding almost 7% of the rights and interests; The huge management holds about 14% of the equity (Su Jindong and Ding Kui account for the largest equity, accounting for about 5%); Southeast Asian Chinese businessmen, including Ge family (GE Mingde), Chen family (Chen Wencong), he family (he Zhaokui) and Ma family (MA Wenqu), hold about 5% of the equity

If you exclude them one by one, it is not difficult to calculate the rights and interests held by Zhang Ke in the Jinhu system: slightly less than 45% and slightly more than 44%.

If Jinhu's domestic and foreign assets are worth 100 billion, Zhang Ke's personal wealth is 44 billion. If Jinhu's domestic and foreign assets are worth 200 billion, Zhang Ke's personal wealth is 88 billion.

If it is to be calculated according to the actual assets... In fact, the assets of Jinhu at this time are the most difficult to estimate. How much value is appropriate to calculate the intangible assets contained in the four trademarks, such as Aida, Shengxin, xiangxuehai and Xinguang? What is the appropriate value of the technical assets formed by thousands of invention patents?

Meng Le is sure that Jinhu lost its mind and transferred all the invention patents covered by the dpyer patent pool, at least in exchange for more than $1 billion in cash.

For the invention patents covered by the NAND flash memory chip patent pool, only Jinhu and Samsung Electronics in the world are authorized from Toshiba, and the license obtained by Jinhu is more complete than that of Samsung Electronics. If Jinhu loses its heart and transfers the authorization related to NAND flash memory technology, it can return more than $1 billion in cash.

Mengle doesn't have enough understanding of other domestic private capital forces hidden on the sea. It's hard to say whether Zhang Ke can become China's richest man with his personal assets. However, the rich list ranked by the guy named Hurun can only be used as a talk after dinner. It's really not true.

Meng Le had more access to core secrets and had in-depth private exchanges with Zhang Ke. He knew that Zhang Ke was no longer interested in specific personal assets.

This year, the total domestic and overseas income of Jinhu is expected to exceed 12 billion, and if it is distributed to Zhang Ke, it will enjoy a net income of more than 5 billion. Meng Le thinks about it, too. If personal wealth increases by billions or tens of billions every year, there is really no need to worry about personal wealth - Jinhu's equity relationship is complex and its asset system is complex, It's still a headache to calculate your personal assets from scratch.

Qin Gang and Shi Xuebin interrupted each other. It was almost five o'clock before they finished the whole thing. Ye Xiaotong answered the phone and took Zhang Ke and Du Fei out. After a long time, they didn't come back.

When things over here are over, a staff member comes to collect the documents and materials.

After sitting in the conference room for a long time, Qin Gang felt some backache. Qin Gang pulled Shi Xuebin to find a place to smoke. He saw that the door of the small conference room at the top of the corner corridor was open and Zhang Ke was there. Qin Gang looked inside. In addition to Du Fei and ye Xiaotong, who was still full of stomach, Shao Zhigang, the boss of century Jinhu, was also there, Wang Weijun, Secretary of the Party Working Committee of the high tech Zone, and Yao Wensheng, director of the Investment Promotion Bureau, were also there. I don't know what they are talking about.

At this time, Zhang Ke turned around and saw Qin Gang and Shi Xuebin. He stood in the small conference room and asked, "have you finished your work?"

"Well, I sat for a long time and came out to breathe." Qin Gang saw that Zhang Ke didn't refuse them to go in, so he went into the small conference room with Shi Xuebin. The tan red conference table covered more than half of the architectural drawings. Wang Weijun, Shao Zhigang and others looked up at Qin Gang and Shi Xuebin. They didn't say anything. They continued to discuss the drawings. Everyone stood and talked, Only Ye Xiaotong was pregnant and naturally sat there to listen.

Qin Gang and Shi Xuebin stood behind, looking at the drawings and listening to their discussion. After a while, they realized that they were discussing the design scheme of a super high-rise building. During the discussion, no one raised the specific height and floor. Qin Gang stood a little higher and couldn't see the marks on the drawing. Shi Xuebin pushed his waist and whispered, "52nd floor..."

This guy actually wanted to stand on the back and count the floors on the effect drawing. Qin Gang was really shocked. In addition to those single tower TV tower buildings that don't make much sense, the tallest building in Jianye is only 148 meters. It is the landmark of Xinshi street, the international trade center. Since the Secretary of the Party Working Committee of the high tech Zone came to participate in the discussion of the design scheme, does it mean that a super high-rise building of more than 200 meters should be built in the east of lake?

At this time, Meng le and his colleagues also packed up the documents and materials, and came to the door to look around. Shao Zhigang turned around and said to Meng Le: "come, come, you also come and put forward some opinions for our reference..."

"Don't," Zhang Ke said, "the more opinions, the more complex the design and the higher the construction cost. I think it's good to follow Fang Zhengzheng's design..."

Wang Weijun shook his head and smiled. He stood inward with Yao Wensheng to make more space for Meng le and Qin Gang to squeeze to the conference table and see the drawings.

Du Fei explained to Meng Le: "this building is to be built on the northwest corner of Yanyuan. The clear height of the main part should reach 200 meters, plus a high roof dozens of meters high... Now we are just discussing the draft. Now the draft is too simple, and the name has not been determined..."

"Hehe, Xiao Du also supports my point of view," Wang Weijun laughed, "I hope the first super high-rise building built by Jinhu here can lead the city... I discussed with Secretary Luo Jun whether Jinhu can relax its budget and invite famous overseas designers to participate in the design competition. This opportunity can not only expand the urban influence of Jianye, but also expand the influence of Jinhu..."

Since Wang Weijun said so and conveyed Luo Jun's meaning, Zhang Ke curled his lips and said: "then design according to the standard of 1.2 billion, deduct 60 million as the design fee, and you should be able to invite the world's top design institutes to participate in the design bidding..."

"Ah..." everyone was stunned. Wang Wei opened his mouth and said after a while: "you're still crying poor! You're called poor!"

"Didn't you just want to improve the impact of the city and the impact of the golden lake?" Zhang Ke smiled.

Qin Gang just subconsciously felt that the design fee of $60 million was a little too much. After all, he was not an expert, and he didn't know how much the design fee should be.

Shao Zhigang shook his head and sighed: "For domestic super-high-rise design, 40 or 50 per square meter is high. The project is only 100000 square meters, and a design fee of 10 million is enough to make the best design institutes in China break the head; the normal quotation of the international top designer firm is about 256 million - now 60 million is enough to make the top designers in the world do business The office fought head and blood. "

"A building more than 200 meters high can have no impact in Asia..." Zhang Ke said with a smile. "You can also invite several domestic design institutes to participate in the bidding. The moon abroad is not necessarily more round than China."

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