Chapter 466: Never Forget (Subscribe for monthly tickets)

The next day, Zhang Yunqi had breakfast.

At nine o'clock, he arrived at the Xiangnan State-owned Assets Company on time.

The Xiangnan Provincial State-owned Assets Company is a new company that was established at the end of April this year. The Provincial Department of Finance performs the management duties of the investor and is the first provincial-level large-scale state-owned platform company in the Xiangnan region.

In the process of restructuring China's state-owned enterprises, the Xiangnan Provincial State-owned Assets Company should be one of the earliest companies established as a platform company to carry out mixed-ownership reform of the provincial state-owned enterprises below.

Because the process of establishing a modern enterprise system began in 1994, when the reform of state-owned enterprises had just entered the initial stage of transforming the operating mechanism and establishing a modern enterprise system. However, this stage was mainly a small-scale pilot, and the main sign was that the reform of state-owned enterprises was clearly defined as the focus of economic system reform, and there were not many core production reforms involved.

In 93, Jiangchuan transferred state-owned property rights to private operators at a price of 0 yuan. Subsequently, under the strong suggestion of Zhang Yunqi, it took the lead in establishing a state-owned investment platform company to promote mixed-ownership reform of state-owned enterprises throughout the city. This set a precedent in southern Hunan Province and created the famous "Jiangchuan Model", but such radical state-owned enterprise property rights reform as Jiangchuan is rare.

Until the 20th CPC National Congress, the state further clarified the direction of SOE reform and proposed the goal of establishing a modern enterprise system in most large and medium-sized state-owned backbone enterprises and significantly improving their operating conditions by the end of the 1999th century. In September 9, the Fourth Plenary Session of the th CPC Central Committee focused on discussing SOE reform and development and adopted the Decision on Several Major Issues Concerning the Reform and Development of State-owned Enterprises, which thoroughly clarified the core reform ideas of "grasping large enterprises and letting go of small ones" and comprehensively promoting mixed ownership reform of state-owned enterprises to establish a modern enterprise system.

At present, the Hunan Provincial State-owned Assets Company is mainly engaged in the investment, operation, management and disposal of state-owned assets, enterprise asset restructuring, debt restructuring, enterprise trusteeship, mergers and acquisitions, entrusted investment, investment consulting, financial advisory, etc. It was not until 2015 that the largest provincial investment and financing platform company in the Hunan region, the Caixin Financial Holding Group, was established. The provincial state-owned assets were incorporated into it, and a giant group of state-owned investment and financing platforms with 16 financial or quasi-financial licenses was formed.

In Zhang Yunqi's impression, the main model of Caixin Financial Holdings is to build an investment attraction ecosystem based on investment and financing, and to cooperate with cities and prefectures to build equity investment funds, comprehensive financing services for major projects, and other services to attract investment. However, it was not until 2020 that Caixin Financial Holdings, under the arrangement of the province, established the Southern Hunan Emerging Industry Investment Guidance Fund with a total scale of 200 billion yuan. Through the operating model of "investing in the establishment of a guidance mother fund + direct investment in major industrial projects", it established multiple guidance funds to leverage social capital to drive investment and introduce high-quality projects to the southern part of Hunan.

In Zhang Yunqi's view, the industrial guidance fund in southern Hunan came out too late, and failed to seize opportunities such as the Internet, computer technology, modern semiconductors, advanced energy storage, mobile Internet, and intelligent connected vehicles, resulting in the development of emerging industrial industries lagging behind that of other provinces.

Thinking about these, when Zhang Yunqi arrived at the Provincial State-owned Investment Corporation, his old friend Zhao Jianqiang, Chairman of the Jiangchuan City State-owned Investment Corporation, had already arrived. The general manager of the Provincial State-owned Investment Corporation was Zhong Renxing. It was the first time he met Zhang Yunqi, and he personally greeted him at the door and was very enthusiastic.

After entering the door, Zhong Renxing took Zhang Yunqi, Zhao Jianqiang and his party on a tour around the Provincial State-owned Investment Corporation, and finally went to the conference room to hold a meeting to discuss the tripartite cooperation.

When they met for the first time, there were a lot of polite words. Zhang Yunqi's age was always an important topic for joking and livening up the atmosphere at the meeting. Zhong Renxing smiled and said, "Mr. Zhang, you made me understand a truth. Sometimes the gap between people is bigger than that between people and pigs. My son is one year older than you, and now he only knows how to fight for the female classmate he likes in school."

Zhong Renxing was not afraid of exposing his family's dirty laundry to public view, and everyone laughed at his words.

After a few jokes, the discussion got down to business. Zhong Renxing briefly introduced the provincial state-owned investment company. Then, on behalf of United Times, Yang Jin explained the DVD player project of its subsidiary Aiwa Electronics. She gave a comprehensive introduction to the project background, market prospects, Aiwa Electronics' technology and talent accumulation in recent years, and the government-enterprise joint venture model that United Times wanted to promote.

Zhong Renxing, general manager of the Provincial State-owned Investment Corporation, listened very carefully. After listening, he continued, "Mr. Zhang, before this meeting, I have some understanding of this project and your needs. First of all, I admire you very much. You are so young, but you have built such a big business. More importantly, you are not limited to your own business. You have a broad vision and lofty ambitions. But as for the Aihua Electronics project, we have to discuss the possibility of cooperation based on the actual situation."

Zhang Yunqi nodded: "Please speak, Mr. Zhong."

Zhong Renxing took a sip of tea and said, "I'm a straightforward person. I say what I think. But after listening to Miss Yang's introduction, I have a few questions. Mr. Zhang, Jiangchuan City has already given full support to your Aihua Electronics project. You get the policies you want, the land you want, and even the huge land transfer fee is fully subsidized to you. Under such circumstances, the only role we play in this project is investment. Investment is about returns, especially for state-owned assets. Risk control is always the top priority of our cooperation."

Zhang Yunqi said, "Of course. Mr. Zhong can learn more about this project and send someone to investigate."

Zhong Renxing nodded and said, "Second, I can see that Aihua Electronics is your hard work. You have invested all your wealth in it. You definitely don't want us to have state-owned capital as a controlling shareholder. I saw Ms. Yang mentioned earlier that United Times has made a huge investment in this project. Coupled with your prediction of the market prospects, the valuation will not be low. Of course, to be honest, we don't have that much ability to control it. Mr. Zhang, I have learned about your methods of operating state-owned assets in Jiangchuan, and I admire you very much. So you are an expert in this field, and you should also know how difficult it is for state-owned enterprises now. My provincial platform has to put out various fires, and the funds are not abundant. Moreover, even if we grit our teeth and invest tens of millions in you, we won't get many shares. We don't know, so there are many uncertainties."

"As for the third one, you actually control the company, so let's talk about the return on investment. Your Aihua Electronics has just been established, and the investment is so huge, but it hasn't even sold a single product. Of course, I have learned a lot about Mr. Zhang. I don't doubt Aihua Electronics's technological accumulation and Mr. Zhang's ability to operate the market, but what I'm saying now is also an objective fact. There is no number when Aihua Electronics will be able to go public, not to mention that our cooperation is a three-party cooperation to establish a subsidiary. I have no way to estimate the return on investment period."

Zhong Renxing is quite open-minded.

What he said is indeed objective reality.

If we look at it from the perspective of an independent enterprise, there is no problem. However, the provincial state-owned assets are a provincial platform company, and the province is behind it.

Zhang Yunqi continued, "It can be seen that Mr. Zhong is a thoughtful person. There is nothing wrong with the points you have considered. They do exist objectively. It is meaningless for me to boast that Aiwa Electronics will become a large high-tech enterprise with a market value of hundreds of billions or even trillions of yuan in the future. However, the growth of enterprises like Aiwa Electronics is indeed inseparable from the precise support of the government. What we are talking about now is also the cooperation between the government and enterprises."

Zhang Yunqi took a sip of tea and continued, "Since it is a government-enterprise cooperation, government investment is required. The government's investment behavior needs to be carefully calculated because it is state-owned assets and the people's money. But in addition to the direct profit return, should we also consider the social effects of industrial investment driven by government capital, disposal of redundant personnel and boosting GDP? Objectively speaking, the industry that Aiwa Electronics is involved in is large in scale and long in chain. Once it succeeds, upstream and downstream enterprises will form an industrial cluster, and the scale economy effect of the enterprise itself and the scale economy effect of the industry as a whole will be superimposed. We can create a high-tech industry worth tens of billions in southern Hunan."

Zhong Renxing nodded, then smiled and said, "Mr. Zhang, your vision and courage are really admirable. Let's do this. We can basically unify our opinions. Today is the first time we have discussed this matter. It is impossible to decide it all at once. We also need to have a deep understanding of Aihua Electronics and report to the provincial government. If you have any materials, please arrange for someone to connect with us. In addition, please ask Mr. Zhang to mention it to the provincial government. I hope there will be good news when we meet next time."

Zhang Yunqi nodded and said yes.

He stood up, smiled and shook hands with Zhong Renxing.

Zhong Renxing personally saw Zhang Yunqi and Zhao Jianqiang out. Zhong Renxing wanted to keep Zhang Yunqi for lunch and discuss some issues on how to cooperate to revitalize the state-owned enterprises in the province. But Zhang Yunqi had no interest in this matter and declined.

After coming out of the Provincial State-owned Assets Company, Zhang Yunqi and Zhao Jianqiang sat in the Mercedes-Benz and chatted privately.

Zhao Jianqiang lit a cigarette and said, "I know this is the situation. The province is not Jiangchuan. Isn't the local funding stretched to the limit? The only one who can spare no effort to support you without considering economic interests is Jiangchuan."

Zhao Jianqiang paused, and then said, "It's normal for Zhong Renxing to hesitate. This is the first time we meet, but don't take his opinion too seriously. To put it bluntly, he is just a worker like me. It's enough to know what's going on. This matter still needs to be pushed from the provincial government. As long as the provincial government says so, Zhong Renxing will do it immediately. Even if he doesn't have money, he will sell land to make it up! If the provincial government can't push it, and you are really short of money, Jiang Chuan will find a way."

Zhang Yunqi understood what Zhao Jianqiang meant.

He thought for a moment and confessed a little to his old friend: "It's not that I really can't withdraw funds from Liansheng and Lianzhong. Now Aihua Electronics has received a capital injection of 10 million from Lianzhong, which can ensure the construction of Aihua Electronics' large-scale base and normal operation for a period of time. In addition, Aihua Electronics' project is also progressing normally. A product launch conference will be held on October 1st, and it will be officially launched on the market for operation. There is no impact between this cooperation with the provincial state-owned assets. It's just that some things have to be prepared in advance. In addition to funds, it involves all aspects. The most important thing is that I want to open up this investment and financing model. Of course, rather than saying that I want to cooperate with the provincial state-owned assets, it is better to say that I want to cooperate with the province. This is crucial to Aihua's future business layout."

Zhao Jianqiang nodded: "You have a long-term vision, what are you going to do next?"

Zhang Yunqi remembered what his teacher Jiang Ruqin said last night, and said, "I have already contacted Hu Xianxun more than a month ago. If nothing unexpected happens, there will be news soon."

Zhao Jianqiang was amused: "Hu Xianxun had contacted you a month ago. It seems that you have already thought about it. His one sentence is equivalent to us running for half a year. I worry about it in vain."

Zhang Yunqi shook his head. "It's hard to guess what a person like that is thinking. There has been no news for over a month, and I have no idea what's going on. But something happened last night, and I think there is still hope."

Zhao Jianqiang became interested: "What's the matter?"

Zhang Yunqi dusted off his cigarette ash and said, "Hu Xianxun seems to know Xiangtan University President Jiang Ruqin. Jiang Ruqin is an economist and can be considered my teacher. He talked to me for a long time last night. He has read the report I sent to Hu Xianxun. This means that Hu Xianxun is seeking the advice of my new teacher."

Zhao Jianqiang laughed: "So your teacher will definitely speak well of you in front of Hu Xianxun."

Zhang Yunqi said nothing.

The bodyguard and driver Xiao Wu started the car.

The Mercedes-Benz left the underground parking lot of the Provincial State-owned Assets Company, crossed Yulin Road, and headed for Huarong Jinhuishan on Jiefang West Road. It was already 12 minutes past 8 noon, and the autumn day was bright.

Zhang Yunqi looked at the old locust tree receding outside the window, and suddenly remembered something. He said, "By the way, Old Zhao, where did your son Zhao Chengming go in the college entrance examination?"

Zhao Jianqiang said: "Gongda. Deputy Mayor Li's daughter is also at Gongda."

Zhang Yunqi nodded: "Not bad, his grades are better than mine, but they are all in the university town, why didn't they come to see me?"

Zhao Jianqiang said, "You asked this question. Aren't you friends with my son? I told you to take care of him more when you have nothing to do."

Zhang Yunqi was amused: "Take him to pick up girls?"

Zhao Jianqiang laughed: "That's not impossible." After a pause, he continued: "My boy is still obsessed with Li Yufei, the daughter of Mr. Li from your company."

Zhang Yunqi laughed and said, "Why are you telling me this?"

Zhao Jianqiang sighed, then said, "Don't pretend to be ignorant. Li Yufei is obsessed with you."

Zhang Yunqi took a puff of his cigarette and said, "How come you, an old man, know so much about these young people's affairs?"

Zhao Jianqiang dusted off his cigarette ashes, looked out the window at the streets, and sighed, "Being a father is not easy. Young people don't know the limits, so you two should not have conflicts. We have been friends for many years, so I'm asking you to do this."

Zhang Yunqi nodded: "I know."

******
(End of this chapter)