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Text Chapter 994 Reorganization

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    By late June, not only did Guo Ting serve as the general manager, but the new Yuanye restructuring plan with bus R&D and production as its core business was approved by the provincial government; with the efforts of many parties, the province also agreed to the "new establishment and re-merger" of Shenhuai  According to the plan, the provincial state-owned Dongjiang Real Estate Group was established as quickly as possible. Zhou Weimin served as party secretary and chairman to take over and reorganize the provincial state-owned real estate development business and related assets to achieve the purpose of clearing debts and strengthening development.

    Provincial Steel, Huai Coal, Provincial State Investment and other top-ranking real estate development companies under provincial groups with strong profitability have been retained; except for Huabin Real Estate and Huayun Construction, two provincial state-owned enterprises that mainly focus on residential development.  In addition, there are 19 projects under construction of fund-raising housing, commercial housing, commercial and office buildings owned by other provincial enterprises, all of which are under Dongjiang Real Estate.

    After the establishment of Dongjiang Real Estate, in addition to the continued construction of projects under construction after the integration of assets and resources, the Provincial Textile Group closed down the printing and dyeing factory in Beitang District. Dongjiang Real Estate took over the old factory and was responsible for jointly preparing for Huaxi Street with Beitang District.  Renovation of the old city and construction of the second phase of Huaxi Market.

    Huabin Real Estate and Huayun Construction are provincial state-owned enterprises with real estate development and construction as their core businesses. They have unique and superior conditions for developing real estate development and construction business in the province.

    It's just that the management of these two companies has been chaotic for many years, and they have also formed a bunch of joint ventures and cooperative companies to absorb profits. Taking into account hidden debts, they have not lost all their underpants. In recent years, the State-owned Enterprises Working Committee has strengthened audits. These two companies  This is the result of the top leaders of several companies falling into the French Open in the past two years.

    These two companies have no advantageous resources to inject into the newly established Dongjiang Real Estate; while other provincial companies have spun off the 19 real estate projects under construction out of the idea of ??taking the opportunity to shed their burdens.

    In the end, in addition to the projects under construction with an area of ??more than 500,000 square meters and a debt of 2 billion, Dongjiang Real Estate Group obtained the most core and most troublesome resource, which is a mixed workforce of nearly 2,000 people.

    Taking back power is never easy, and restructuring and reorganization naturally requires wiping the butt first.

    Even if the invested projects under construction are completed and successfully sold, they will not be able to fill the shortfall caused by the debt of 2 billion. Dongjiang Real Estate's book net assets have been negative since its establishment.

    Fortunately, the four major commercial banks, led by China Construction Bank, Yexin Bank, and Xucheng City Commercial Bank, all have strong confidence in the future growth of Dongjiang Real Estate, which owns nearly 70% of the land replacement and development rights for the old factories of provincial enterprises, and are willing to  Providing a total of 2 billion in credit for Dongjiang Real Estate-led provincial enterprise relocation, land replacement, project renewal, real estate development and other businesses also shows the provincial financial system's unprecedented support for provincial state-owned enterprises in recent years.

    Shen Huai and Zhou Weimin also bet the first shot of Dongjiang Real Estate¡¯s growth on the construction of the second phase of the Huaxi Market.

    After the Provincial Textile Group¡¯s printing and dyeing factory was closed down, the land was allocated to Dongjiang Real Estate for free, but the printing and dyeing factory only occupied an area of ??130 acres.

    In addition to four professional wholesale markets with a total area of ??300,000 square meters, the second phase of Huaxi will also build commercial supporting facilities including a logistics and transportation base, a tourist shopping plaza, a catering and leisure street, and three commercial office buildings. The total area  The area reaches six hundred acres.

    Coupled with the old city renovation and environmental improvement of Huaxi Street in Beitang District in the surrounding areas, in addition to the closure of the printing and dyeing factory, which requires nearly a thousand employees to be resettled, nearly 700 households also need to be relocated during the entire project.

    In order to demolish and free up construction land as soon as possible, Shen Huai and Zhou Weimin decided to use 700 residential units from the project under construction in Beitang District to resettle residents who need to be demolished due to the reconstruction of the old city and the construction of Huaxi Market and commercial supporting facilities¡ª¡ª  This will also help to quickly digest the residential projects under construction that Dongjiang Real Estate has taken over from companies in other provinces.

    In addition to the second phase of the Huaxi Market, digesting the nearly 20 projects under construction taken over from other provincial enterprises is also a top priority for Dongjiang Real Estate at the beginning of its establishment. It is also the rapid digestion of the nearly 20 projects undertaken by other provincial enterprises.  Billions of debts and reducing their own financial pressure are the top priority.

    The vast majority of these projects are residential communities and commercial office buildings developed and constructed by provincial enterprises that use their high-quality land resources in urban areas to generate income and increase profits or to improve housing for cadres and employees.

    "These projects are small and scattered, lack reasonable planning and design, and the construction teams are mixed. It is a blessing that there are no shoddy projects.

    The residential project is easy to digest, as so many cadres and workers of provincial enterprises have urgent needs to improve their housing; most of those who were thrown away as burdens and placed in Dongjiang Real Estate this time were those provincial enterprises that blindly launched the project and then stopped halfway through the development.  The lack of financial resources to continue construction, office buildings and commercial buildings that cannot be digested in the short term and have a tendency to be unfinished will test the digestion ability of the newly established Dongjiang Real Estate.

    Shen Huai will not put everything on Zhou Weimin.

      In the past two decades, Hong Kong's industry has been sluggish, but the trade, service and real estate industries have been booming. Compared with Chinese businessmen in other parts of Southeast Asia, a considerable number of Hong Kong investors have little interest in developing industry, but have a unique interest in the real estate industry.  Sincerely.

    Although many projects in Pengyue Modern City will seek partners for joint development and construction, the construction cycle of Pengyue Modern City is relatively long, and the central business district may take three to five years or even longer to mature. However, with Hongji and Changchun  Some Hong Kong investors who have good relations with Qing Group are more interested in small and medium-sized commercial properties in urban areas where the community has become more mature, which is more in line with their speculative tendencies.

    When Shen Huai had a little energy, he took Song Hongjun to work as a salesperson and investment representative for Dongjiang Real Estate.  By the end of September, Shen Huai had successively introduced 600 million in renewal and renovation funds for four office buildings in the form of share transfers and project joint ventures for Dongjiang Real Estate; he also sold two buildings in their entirety to introduce two Samsungs to Xucheng  At the same time as the first-class hotel project, Dongjiang Real Estate also received 300 million funds.

    ?******************

    Dongshi Group took over the reorganization of Yuanye¡¯s passenger car department. The integration of department personnel and production lines, and internal technological transformation and upgrading continued until the end of July.

    During the reorganization, the inventory of nearly 4,000 cars in Yuanye was digested by Dongshi Group. Although the "return" work of these 4,000 cars was relatively simple, Dongshi Group still delayed the launch of its first sedan model to the market until the end of July.

    Dongshi Group was well prepared before. By utilizing its previous pickup truck sales channels and integrating Yuanye¡¯s previous car sales channels, it had built more than 20 4S stores with dealers from various places before August, and had as many as six cooperative sales stores.  Ten.

    And with sufficient advertising preparation, a price that is much lower than that of joint venture cars of similar models, and a financial support strategy in cooperation with banks such as Yexin, Dongshi Group has been very popular in the market since it launched its first car.

    By the end of September, Dongshi's first car had sold a total of 8,000 units, far exceeding Yuanye's car sales the previous year and exceeding outsiders' expectations for Dongshi Group; it also made people more and more convinced that Liu Jizhou was the one who could do it in Huaihai Province  Nice car project guy.

    Dongshi Group¡¯s traditionally dominant pickup truck has achieved cumulative sales of more than 15,000 units by the end of September, doubling last year¡¯s sales.

    In addition to the continued substantial growth in the automobile market this year, it is also due to the injection of 1.2 billion funds and cooperative resources such as Yexin Bank, which has given Liu Jizhou and the Dongshi team a better space and world to perform.

    However, this is only an initial success for Dongshi Group. The integrated Dongshi Group's production line has an annual production capacity of only 50,000 cars, 20,000 pickup trucks, and 20,000 minibuses, which cannot meet next year's market demand.  Generally speaking, the ratio of production capacity to actual production and sales volume in the automobile industry must be controlled at around 2:1, which means that Dongshi Group¡¯s current production line capacity needs to be further expanded, and new models and engine technologies must also be introduced.  and production lines

    When introducing technology and expanding production, the first thing that is lacking is funds.

    Neither the provincial government nor the Panyuan Township government nor the Liu Jizhou family have the ability to inject more capital into Dongshi Group. In addition to bank loans and introducing new partners, the best channel is to re-issue convertible bonds through Dongjiang Precision Chemical  .

    The first public issuance of convertible bonds, Dongjiang Refining is in a downturn. Except for enterprises in Xucheng City, no investors are optimistic about the equity investment in Dongshi Group. Therefore, the agreed conversion price per share of the first batch of convertible bonds is not high.  to 2 yuan.

    When Dongshi Group's first car model sold well, Dongjiang Precision, which held 40% of Dongshi Group's equity, was naturally favored by securities investors and shareholders. The stock price surged to 4 yuan. At this time, it issued convertible bonds.  , the conversion price is fully twice as high as the previous time.

    In addition, the funds obtained by Dongjiang Precision Chemical from the issuance of convertible bonds will not expand its shareholding in Dongshi Group at a low price converted from net assets, but will only be lent to Dongshi Group as ordinary corporate bonds for use.  Capacity expansion.

    This has no further stimulation or greater value-added effect on Dongjiang Refining¡¯s stock price, and will naturally weaken investors¡¯ interest in subscribing for convertible bonds to the greatest extent.

    The interval between the two issuances of convertible bonds is so short. Even if the companies participating in the issuance of convertible bonds for the first time are willing, they are not able to do so. Including Pucheng Group, they are only willing to subscribe for a symbolic amount.

    The creditors who subscribed for the convertible bonds for the first time and the shareholders of Dongjiang Refining had the right of subscription priority. However, after creditors such as Guangdong Provincial State Investment Corporation and Pucheng gave up their subscription priority, the Meishan Iron and Steel Department initially estimated that it could subscribe for 800 million Dongjiang this time.  Refined convertible bonds.

    Although the conversion price is twice as high as the first time, it also ensures that no one can compete with Meishan Iron and Steel for the controlling rights of Dongjiang Precision Chemical in the future.

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    ??After Guo Ting took over, the sales of bus business in Xinyuanye mainly dealt with passenger transportation companies in various places, and there was no mature team that had been tempered by Dongshi Automobile Factory for ten years to push all aspects of work into a healthy state immediately. Many tasks  They all need to be reshaped, so naturally there is no way to show explosive growth, and it is difficult for the outside world to detect little by little improvements in a short period of time.

    However, the hot sales of Dongshi Group's first car has cast a halo over Yuanye's restructuring and reorganization work, and no one will question Xinyuanye's slow growth without the sense of humor. Besides, Guo Ting's entry into Xinyuanye's ownership is more important than Xinyuanye's.  Liu Jizhou took over and integrated Yuanye's car department three months later, and everyone has become more patient here.

    Throughout the summer and early autumn, Shen Huai focused on promoting the establishment of an electrical group with the core business of manufacturing power stations and power transmission and distribution equipment.

    Due to the rapid development of the electric power industry in Huaihai Province and the expected growth in the future, regardless of whether the electric power group, the Instrument and Electrical Group or the Mechanical and Electrical Corporation, they are all profitable in the related facility manufacturing business.

    It is easy to reorganize by throwing away the burden, but asking these departments to give up their profitable core businesses is more painful, difficult and requires fierce struggle than cutting off flesh.

    From the moment the idea of ??forming an electrical group was floated, there was an uproar in the province.

    The final plan was to establish Huaihai Electric Group Co., Ltd. with the Provincial Instrument and Electrical Group, the Mechanical and Electrical Corporation, and the Electric Power Group as the main sponsors, injecting 3 billion in business and assets related to power equipment manufacturing into it, with a total of 60% of the shares  ; Dongjiang Electric Power and Huaineng Group injected a total of 2 billion in capital, holding 40% of the shares. In addition, they also accepted related businesses and debts divested from provincial enterprises such as the Provincial First Machinery Corporation.

    With Shen Huai¡¯s insistence, Hu Hongwei, deputy secretary of the party group and deputy general manager of the Mechanical and Electrical Corporation, was able to serve as chairman and general manager of Huaihai Electric.

    Shen Huai supports Hu Hongwei in taking charge of Huaihai Electric, not only because he is an alumnus of his sister-in-law Song Wenhui, but more importantly because the power industry in Huaihai Bay has developed greatly in recent years. Hu Hongwei is the one within the Mechanical and Electrical Corporation to seize this opportunity and promote the Mechanical and Electrical Corporation to go into the electric power industry.  A core figure in the development of equipment manufacturing.  While maintaining a harmonious relationship with Meishan Iron and Steel and Huaineng, the Mechanical and Electrical Corporation developed under the leadership of Hu Hongwei, and this time the largest business, assets, and personnel were injected into Huaihai Electric.

    Huaihai Electric, which was finally formed, has net assets of 5 billion, 16 branches and large and medium-sized manufacturing plants, and covers most of the products in the power station and power transmission and distribution equipment industries. It also has a considerable number of established provincial electric power meter research institutes.  Although it has strong scientific research strength, its scale and competitiveness alone are still far behind the first-class domestic and foreign power equipment manufacturers.

    After the establishment of Huaihai Electric, Shen Huai was directly involved in promoting the construction of a power equipment industrial park in cooperation with Qinjiang District to the west of the Qinjiang District International Industrial Park, with Huaihai Electric as the main body.  Before Huaihai Electric was formally established, Shen Huai started looking for overseas power equipment manufacturers to carry out extensive joint ventures and cooperation in technology introduction, expansion of production and other aspects.

    Whether it is the overseas power equipment manufacturers that Huaineng and Dongjiang Electric Power have previously contacted and had business dealings with, or the overseas power equipment manufacturers who are optimistic about the huge power equipment market demand behind Huaihai Province and surrounding areas and the development of Huainan and Dongjiang Electric Power.  Manufacturers are all actively interested in cooperating closely with the newly established Huaihai Electric, which has a clearer core business development, more intensive technology, capital and human resources, and more advantages.

    In early October, while laying the foundation for the power equipment industrial park, Huaihai Electric broke ground on four large-scale power equipment and cable joint venture factories in the industrial park, attracting an additional US$300 million in new investment for Huaihai Province and Xucheng City.  .
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