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Reprinted from 622004647 at 08:10 on September 12, 2010 Reading (loading. ..) Comments (0) Category: Securities Times
This article first appeared in \
United States has started the civil war was launched, Huang Chen battle who will win? September 28 will open a mystery. At this critical moment, the family holdings of shares Huang, Chen groups lobbying shareholders, management and the internal battle for control and management in the creation of a classic case. From a moral perspective, Chen's behavior is necessary to keep the profits do not keep trustworthy, reasonable and legitimate are not reasonable, so attracted a lot of moral criticism. Aside legal and moral battle, just from the perspective of company business war, violations of law that Huang Chen got the upper hand,
belstaff jackets outlet, or Chen would not take the risk, however, at this time, Chen played three consecutive wrong card, so that it may narrow victory in the war situation has changed suddenly hit the wrong results ... ...
card
Chen team performance of the first card is the wrong card. The latest financial report, the United States operating results exceeded market expectations, thus proving that Chen States United States team do not try to Huang, but a little known country of the United States that decline in performance trends over the past 5 years, resulting in forced to great country the United States in 2009 area of closed shop, the main competitor to the number of stores of Suning Appliance overtake the country the United States. State Securities provides retail researcher Wen Yao data show that retail giant Gome and Suning, two of the operating cash flow and profit growth over the past 5 years are on the decline,
belstaff uk, but relatively speaking, Suning's growth substantially beyond the States United States . Gome and Suning
5 years or more performance data on
contrast, the United States to improve the performance of its current downward trend in the performance of a rebound, if the results of Chen rebound of the team attributed their success, but decline in the performance of the buck to Wong Kwong Yu, the investor would accept? Responsibility for the decline in performance Huang? Credit for performance improvement in Chen? States United States shareholders should not be so mentally it! Chen played the performance card, is Huang Guangyu in trouble in the decline in performance when the opportunity to push all the responsibility to Huang, which to some extent, the team that Chen is a team to shirk its responsibility.
Suning and Gome on the financial position of the two companies showed that two different retail giant's business model, there are three major differences: First, the country's operating profit of U.S. occupation of the main suppliers of capital relies, is outside the nature of the operating cash flow, and Suning higher rate of its own cash flow, operating profit more from the endogeneity of the company cash flow. Second, the United States a higher debt ratio and an upward trend, while the lower liability and Suning downward trend, indicating that countries relying on U.S. finance long-term business-driven, difficult to sustain. Third, from the breakdown of the cost structure compared to a high proportion of the wages of Suning, Gome stores and rent and a higher proportion of water charges, indicating that the country is more extensive U.S. business model, which is in the year Chen Yongle Company and Morgan Stanley \A \
background suspense
Bain surfaced in the country opened the company's civil war, the United States, the Chen group's operating results are not in fact a slight advantage, but rather the market in a big mystery: Who is behind Chen ? Coincides with the time Huang was sentenced to imprisonment, a reasonable guess is that Chen has government support team, otherwise he would not select Stand. China's big companies can not do without the political falsehoods total political background, but the background to the civil war in the country suspense the occasion of the United States, Chen and a team playing out the wrong card: Bain Capital. Bain Capital
Regardless of whether Chen has clearly expressed his support, at least before the debt-equity swap in the selection Bain Capital, Bain Capital is in the States United States shareholders have no voting rights at the meeting. However, market rumors Bain allows the support of Chen Chen lost the most important card, the States United States Civil War evolved into the international capital and national brand of war. People will not forget the Wahaha and Danone war, without government support, the right of Wahaha and Danone dispute would not be so miserably. In the international capital and the battle between national brands, the government of any country are unlikely to choose the side of international capital, at most, to remain neutral. For the Chen team, the government opened a national objective and neutral is equal to the background of the U.S. civil war, suspense, this time, if the trade-offs are Bain Capital abandoned Chen, the United States to end the civil war has been fixed. The so-called government-backed Chen
market rumors the team is a very powerful \International company decision-making process is not a \Therefore, Chen is the so-called Bain Capital to support a \
At this point, we should mention a very fine fog investment banker Jonathan Zhu. Jonathan Zhu has represented Morgan Stanley and then Chen Yongle management performance on the gambling company signed an agreement after the Yongle Chen lost the bet, it is Jonathan Zhu Chen resold to Paradise and the Huang Guangyu, the industry completed a sensational year Gome Yongle merger. Therefore, in Zhu Jia Chen was here, \States United States to participate in the meeting,
belstaff online, Zhu Jia questions from reporters, said that Bain Capital's investment cycle is usually 5-7 years, in my opinion, Jonathan Zhu 5-7 decision to consider the future prospects of the country the United States will not hastily choose to support Chen.
then in the next 5-7 years the States United States prospects? People will instinctively think of the attitude of the Government of country the United States, even if it is suggested that orientation is also very important. At this point, Huang Guangyu, the end of crimes of a retrial, the court upheld announced, but unexpectedly released from the wife of Huang Guangyu, rhododendrons, azaleas suspended prison sentence was changed,
belstaff outlet, which enabled her to participate in the country at this critical time the United States shareholders. Regardless of whether the cuckoo commuted to probation on behalf of the Government's tendency to support, at least in the short term free cuckoo,
belstaff jacket, she could look to campaign, also called on Bain Capital to gain their support. One can imagine that Chen struggle for power, the cuckoo, together with Huang Guangyu, pleaded guilty and tearful apology, the United States played a tragic civil war, card, dispute the legal bonds of friendship beyond the added credibility of a defense bewildering prospect,
belstaff leather, Chen struggling.
said price is a killer card
is clearly wrong to ordinary shareholders for the support of Chen Huang is accused in the stock market in the United States \Brand!
because if the U.S. does not value the yellow Yu Duiguo Gome Huang Guangyu stock should quit because of management rose fishes, contrary Huang Detention share price fell, this is precisely the market that U.S. investors that the yellow Yu Duiguo valuable. In my new theory of the firm, the modern enterprise's stock price contains three values: one is the familiar profit, the discounted expected profits can be calculated fair value of the enterprise; the other is the market value of daily and hourly fluctuations mainly from the transaction as assets in the stock represented by certificates liquidity premium; The third is the value of entrepreneurs and their teams, reflecting the investment management team of resourceful people in order to achieve the expected profit of confidence. Chen know if this theory a little, will not commit such a low level of error, \
Specifically, the United States the company's stores have two parts, is a listed company owned in part is not into the listed company, and well-known brand is the country the United States assets of the Huang family, this piece of gold and signs are not part of listed companies, is Huang Guangyu of non-listed corporate assets. It seems therefore, the United States lost the war if Chen, once the war ended, Huang lost if the war will continue. Huang's assets because there is enough energy to make the country the U.S. civil war continues, until Chen exit. It follows that arise in the future the two countries if the United States, the United States within the country today, Mr Wong will continue as a never-ending battle \But now predictable result: Two dogs fight, runs away, has been eyeing the U.S. market for the country's Suning Appliance has become the biggest beneficiary of the civil war country the United States, the benefits take the food fisherman. Civil war in the country longer United States, Suning higher market share, if the United States crushed endless civil war, Suning to the more rapid expansion of the momentum can not be contained. If Bain Capital can be thought of that, also on behalf of Mr. Zhu Jia Chen Bain unconditional support it? I believe that Bain Capital and other institutional investors will not be so hasty decisions.
license from performance to the political card, to the tragedy from the international card brand, the United States Civil War Board, while highly complex, but the mistakes Chen recently made a great mistake, that he had in the first contest may be razor-thin probability significantly reduced. Huang Guangyu, the richest man's life from the commoner to the legend is the epitome of 30 years of reform and opening up his own sturdy growth reflects a characteristic time of change, he should have some mistakes due to the sturdy age. Huang was sentenced to jail today, credit is a credit, crime is a crime, we can not Yibimasha his position in the history of Chinese modern economy can not therefore be assumed to offset his guilt.
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