The hottest Yutong Bus MBO came out by auction

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Yutong Bus MBO came out by auction. Tang Yu

Guide: Yutong Bus MBO led by chairman Tang Yuxiang finally came out by auction. It took two and a half years. Yutong Bus MBO, which was hyped by the media, finally had the final result. The board of directors of Yutong Bus Co., Ltd. announced on the 13th that China registration and Clearing Corporation had held Yutong group for more than one year on January 5

Yutong Bus MBO led by chairman Tang Yuxiang was finally released by auction

it took two and a half years, and Yutong Bus MBO, which was hyped by the media, finally had the final result

the board of directors of Yutong Bus announced on the 13th that China depository and Clearing Corporation had changed the 23.5 million National shares held by Yutong group into social legal person shares on January 5. In other words, Shanghai Yutong and its holding subsidiary Yutong development, a private enterprise composed of 21 natural persons, completed the acquisition of national shares of Yutong Bus and became the actual controller of Yutong Bus

On the evening of the announcement, Mr. Tang Yuxiang, the chairman of Yutong Bus, who usually did not want to appear in front of the media, was interviewed and directly answered market sensitive questions

I don't taboo mbo

: after two and a half years of twists and turns, Shanghai Yutong, or most of the executives of Yutong Bus, finally gained control of Yutong Bus. What do you want to say about this

Tang Yuxiang: the legal relationship between Shanghai Yutong and Yutong group has been straightened out; I can give an account to 838 employees; In the future, the development of the enterprise will be more smooth

: if this acquisition is MBO, are you taboo

Tang Yuxiang: it's not taboo, but we must explain that we are not MBO, which is different from MBO. Shanghai Yutong has 21 investors, who are only representatives of 838 investors of Yutong Bus employees. I think MBO or ESOP can be done as long as it is beneficial to the development of the enterprise, the national economy and the transaction is legal and fair. The problem is how to regulate and supervise it well. In fact, such acquisitions began in Jiangsu, Zhejiang and Guangdong two or three years ago, and Qingdao, Shanghai, northwest and other places are also doing so. Judging from the development of Yutong Bus since the restructuring in 2001, the decision of Zhengzhou municipal government at that time was very correct

: can you tell me the real intention of purchasing Yutong Bus in this way

Tang Yuxiang: he wants to do a good job in the enterprise and expand the industry. We do not engage in capital operation. Our cooperation with German companies and our acquisition of other enterprises are all for the purpose of integrating the bus industry. The acquisition of state shares was not first proposed by us, but because the second largest shareholder Zhengzhou No.1 steel plant had difficulties in selling shares, which triggered the assumption of the local government to withdraw all state-owned assets from Yutong Bus. Zhengzhou municipal government has conducted negotiations and on-the-spot investigations on several companies with acquisition intention. None of the transferee with acquisition intention is engaged in automobile manufacturing and operation, and they are all institutions engaged in capital operation, without professional ability and sincerity to grow and strengthen around the main business of passenger cars. On this basis, we moved to the front stage under the promotion of the municipal government. The real areas are angle area, torque area, speed and peak area respectively; The fully automatic mode is divided into three regions. The implementation of property right system reform and employee stock ownership will greatly stimulate the enthusiasm of employees and inject strong impetus into the development of enterprises

this is not a sale at a low price

: some people say that the acquisition sold high-quality state-owned assets at a low price, so that Zhengzhou Municipal Finance Bureau is unwilling to pay the equity or return the transfer money. What do you think

Tang Yuxiang: in Yutong Bus, the value of state-owned assets has been maintained and increased, which is an indisputable fact. The state invested only 5.7 million yuan at the beginning, but now it has received more than 100 million yuan. When we proposed the acquisition plan in 2001, the market transfer prices of state-owned shares and corporate shares were generally low, while our price was the highest. As of November 30, 2003, the net assets of Yutong group was 128 million yuan, the evaluation price was 159.76 million yuan, and the auction transaction price was 165 million yuan. If this is a bargain, what price is not a bargain

Yutong Bus is a good enterprise, but the bus industry is very competitive and risky. The State-owned Assets Department of the local government decided to marry a beautiful woman first and withdraw her equity. It has its own reason, otherwise she would not sell it

as for the delay in the delivery of equity, it is entirely due to the formalities. The transfer of state shares is not the final say's decision, but the approval of the Ministry of finance. Due to the imperfection of policies and regulations, the Ministry of Finance had no basis to rely on and delayed giving a reply. For the sake of equity, the vice governor of Henan Province has personally visited the Ministry of finance, and the local government does not want to give it is not established

: the society seems to criticize your acquisition behavior more than praise. Do you think there is something wrong with people's ideas or mentality, or your behavior is inappropriate

Tang Yuxiang: they only see one aspect of the problem. If they stand in the perspective of promoting the long-term development of the national economy, from the perspective of expanding and strengthening the development of enterprises, and from the perspective of operators bearing huge debts and operating pressure, they won't say anything more

with the help of auction is a helpless move

: have you thought of finally completing the acquisition through judicial channels? This trick is very excellent and effective. Do you want to talk about your feelings

Tang Yuxiang: never thought about it, and we are unwilling to do so. It's just a helpless move to this step. This matter has been dragging on, and it's never the same thing. The enterprise can't develop. The employees' money has been invested for two years, and they have to be accounted for. What I really mean is that whether we pay back money or give equity, we should always lose. The money has been paid in full for more than two years, and the amount is as high as 100 million. This money is the savings of 838 employees, including the management, for many years. It is hard-earned money. It is always hanging like this. How can I explain it to 838 employees? In the past two years, plus the interest, it's not a small amount. If you drag it on, the employees won't agree anymore. You bet your hard-earned money for more than two years. If you keep it on, the risk is too high. Do you want to do it? What if more than 800 employees get into trouble in case of anxiety and bad mood among employees

: the CSRC punished the company for financial fraud in the 1999 annual report, which made people question the conduct of the company's senior executives and even the subsequent acquisitions. How to explain this

Tang Yuxiang: I'm wrong about this. I admit punishment. However, please note that the disclosure is false, and the owner's equity has not been reduced for the purpose of allotment. Because the book monetary capital of listed companies was very high at the end of the year, it did not meet the requirements of share allotment. This holiday is completely avoidable. If these problems are foreseen before December 31, adjustments can be avoided in the form of repaying bank loans and repaying supplier loans. Of course, we won't make this mistake again in the future

: Shanghai Yutong is a private enterprise with a capital injection of more than 160million yuan. The acquisition of Yutong Bus also requires 165million yuan. Can you explain the source of personal funds

Tang Yuxiang: behind the 21 natural person shareholders of Shanghai Yutong are 838 employees of Yutong Bus. Part of their funds come from savings or private loans, and the other part comes from the listing and circulation of 12.94 million internal shares of employees in April 2000. If calculated by the average stock price of 17.27 yuan in that year, all the realized funds can raise 223 million yuan, so compared with the short-term mechanical property test yuan. I invested 30million yuan under my name, of which I took out 2million yuan in cash, borrowed 8million yuan, and borrowed 20million yuan from institutional investors. The loan interest is 5.31%

: trust and MBO always seem to have an indissoluble bond. Will you eventually replace the second largest shareholder of Zhongyuan trust

tangyuxiang: it has nothing to do with us. This is what Zhongyuan trusts itself

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