In 2010, Yonghui Supermarket landed on the A-share market, known as the "first fresh stock". The company has received investments from Jingdong and Tencent, and its current market capitalization exceeds 70 billion yuan.
When the company's chairman, Mr. Zhang Xunsong, talks about his own entrepreneurial journey, he always thanks one person, and that is his brother, Mr. Zhang Xuanning. As early as in the 1990s when engaged in the wholesale sales of beer, Zhang Xuan Song and his brother Zhang Xuan Ning together, and later together to become the first brewery in Fuzhou special dealers, and then together to create the Yonghui supermarket, the two brothers wrote a brilliant family history of entrepreneurship.
The company looks bigger and bigger, the two brothers for its "high-end supermarket + fresh food + O2O super species (Yonghui Yunchuang)", there are different views on the positioning and development path. According to CNN, in April this year, Zhang Xunsong had said at the shareholders' exchange meeting:
"For the super species, I have differences with CEO Zhang Xuanning, who is optimistic about the catering, and I think the center of gravity should be to do 'delivery to the home'."
On the evening of December 13, an announcement from Yonghui Supermarket made this disagreement public:
Zhang Xuan Song and Zhang Xuan Ning have major differences in the direction of the company's development, development strategy, organizational structure, governance mechanisms, etc., and there are also differences of opinion on the positioning of Yonghui Yunchuang, the direction of development and the path. After careful consideration, in order to avoid further aggravation of differences, the two have signed the Agreement on the Release of Concerted Action.
Since then, the two brothers up to eight years of concerted action relationship announced the dissolution.
"Separation" due to differences in the company's strategy
A few days ago, the Zhang brothers lifted the concerted action relationship, alternative "separation".
Yonghui Supermarket shareholder composition, the company's 2018 quarterly report disclosed that Zhang Xunsong and Zhang Xuanning as a concerted action, Yonghui Supermarket holds a total of 22.17%, as the largest shareholder. Now after the Zhang brothers lifted the concert party relationship, the shareholdings of the top six shareholders of Yonghui Supermarket are:
Milk Co. holds 19.99%, the largest shareholder;
Zhang Xuan Song holds 14.70%;
Zhang Xuan Ning holds 7.77%;
Jiangsu Jingdong Bangneng holds 6.43%;
Jiangsu Yuan Zhou holds 5.00%;
Linzhi Tencent Technology holds 5.00%.
Yonghui Supermarket said that due to the dispersed shareholdings of the shareholders, after the release of the two parties from concerted action, the above shareholders will each make decisions based on their voting rights, independent of each other, and do not interfere with each other. The company's shareholding structure, board of directors and executive management, the company has no controlling shareholders and real controllers.
With the dissolution of the concert party agreement, the differences between the Zhang brothers regarding the company's development strategy have also become public. According to CNN, in April this year, Zhang Xunsong had said in the shareholders' exchange meeting, "For super species, I have differences with CEO Zhang Xuanning, he is optimistic about catering, I think the center of gravity should be done 'delivery to the home'." However, at least at that time, Yonghui Supermarket denied the "separation".
Yonghui Supermarket said, about the company's strategy, differences between the Zhang brothers have long existed. "The above differences, in the company's shareholders exchange meeting and other occasions have been expressed, other important shareholder representatives, members of the executive team are also aware of." Previously, subject to the concerted action person agreement, the Zhang brothers can only "*** together in and out". Today, the two sides can at least put their differences on the board of directors table for other board members to make decisions.
"The two sides formally dissolved the concerted action relationship, is conducive to eliminating the company's parties troubled, to avoid the impact on the company's daily operations." Yonghui Supermarket said that after the dissolution of the concerted action relationship, there is no impact on the company's production and operation.
Yonghui Supermarket disclosed that after the lifting of the concerted action agreement, Zhang Xunsong, Zhang Xuanning issued a "letter of commitment" to the company, promising that "from the date of signing the commitment not to reduce the Yonghui Supermarket shares held by me within 12 months".
Yonghui Supermarket to set up a rotating chairman position
Zhang's brothers "separation" at the same time, Yonghui Supermarket's board structure will also make changes.
December 4, Yonghui Supermarket announced that it intends to amend the articles of association, the implementation of the rotating chairman system. The future board of directors of Yonghui Supermarket consists of nine directors, a rotating chairman, a vice chairman, an executive director, three independent directors. The rotating chairman will preside over the company's work, the term of office does not exceed 1 year, can be re-elected. The legal representative of the company will be the executive director.
From the above system, Yonghui Supermarket board of directors may appear "wind and water rotation" situation. In addition, on December 4, the board of directors of Yonghui Supermarket also nominated a new session of director candidates, Zhang Xunsong, Zhang Xuanning is still selected, in addition to Benjamin Keswick (Benjamin Keswick). Keswick (Benjamin William Keswick), Mai Yin (Ian Mcleod), Liao Jianwen, Li Guo, as well as three independent director candidates Xu Ping, Fang Qing, Liu Xiaopeng. In addition to Zhang Xuan Song and Zhang Xuan Ning, Li Guo is the executive vice president of Yonghui Supermarket and president of Yunchao. The reporter noted that Benjamin William Keswick, Ian Mcleod from the side of the largest shareholder Milk Limited, and Liao Jianwen from the side of Jingdong.
Will Yonghui Supermarket's strategy change under the rotating chairman system? Yonghui Supermarket said, the company's development is still in accordance with the company's third session of the Board of Directors work report of the five-year "strategic development program" in an orderly manner.
Every reporter noted that, in accordance with the "strategic development program", Yonghui Supermarket will become China's top three retailers offline before 2020, online and offline dual-track development.
Brother Zhang Xuanning became the first major shareholder of super species
It is worth mentioning that, in the lifting of the concerted action person relationship at the same time, so that the two brothers have differences in the super species, its equity relationship has also changed recently. December 5, the company also announced to 394 million yuan to the price of the transfer to Zhang Xuanning Wing Fai Yunchuang (Super Species) 20% of the shares, the transfer is completed, the transfer is completed, the transfer is completed, the transfer is completed. After the transfer is completed, Zhang Xuanning holds 29.6% of the shares of Yonghui Yunchuang, the largest shareholder; the company holds 26.6% of the shares of Yonghui Yunchuang, the second largest shareholder.
At present, the two brothers in Yonghui Supermarket and Yonghui Yunchuang (super species) shareholding relationship, Zhang Xuan Song holds 14.7% of the Yonghui Supermarket, shares than Zhang Xuan Ning, Zhang Xuan Ning has become the first major shareholder of Yonghui Yunchuang.
Through the transfer of equity, Yonghui Yunchuang was stripped out of the consolidated scope of the listed company's statement. According to Yonghui Supermarket calculations, after the transfer of equity, the company was able to recognize 284 million yuan of investment income at the level of consolidated statements.
For the divestment of Yunchang business, Yonghui Supermarket said that Yonghui Yunchang has generated a large operating loss due to the independent operation of retail business. It is necessary to adjust the control of Yonghui Yunchuang, not only to reduce the operating costs and business risks of Yonghui Supermarket, but also to the actual control of Yonghui Yunchuang and the management team to form a corresponding incentive.
The founder of Yonghui Supermarket brother's "separation", a recent media report also quoted an investor's view: "Previously, Zhang Xunsong was in charge of strategy, Zhang Xuanning specifically grasp the business. From the nomination of new members of the Board of Directors, coupled with the increase in Zhang Xuanning Yonghui Yunchuang comprehensive to analyze the future of Zhang Xuan Song for Yonghui Supermarket control will be enhanced." We are facing an increasingly complex and volatile world;
No business model is long-lived;
No competitiveness is eternal;
No asset is solid;
As a business owner or partner have you ever thought about it?
Equity in the era of capital economy;
The era of equity investment in China has come, it is the best time for small and medium-sized enterprises to enter the capital market!
The average lifespan of small and medium-sized enterprises in China is only 2.5 years, and the average lifespan of conglomerates is only 7-8 years. Not only is the life cycle of the enterprise short, but the enterprises that can be stronger and bigger are even more rare. There are many reasons why companies can't do it for a long time and can't do it for a long time, but there is only one core root cause - the equity of the company is in trouble!
The founder of Zhengger Fund suggested that the importance of partners is more important than the choice of business model and industry, and more important than whether you are on the wind.
The death of an enterprise is not due to external competition, but to internal conflict.
There is an old Chinese saying that business is good, but fellows are hard to stay.
Equity is both a skill and an art.
Learning the art of equity:
If an employee doesn't listen, you can tell him to pack up and leave! What if the shareholders don't get along?
How many bosses because they do not understand the equity, fall into the equity 10 traps
The company is staged every day in the Romance of the Three Kingdoms, the five kings of the battle for supremacy in the performance, profits, and motivation significantly damaged?
How many companies because of the equity deadlock, resulting in internal conflict among shareholders and can not quickly develop or affect the listing plan?
How does an enterprise allocate equity:
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2, your company has only out of money do not work shareholders? His equity ratio set how much is reasonable? Should he buy equity at the same price as you?
3. What kind of equity ratio is the most reasonable? How to create a perfect equity structure?
4, the unreasonable equity structure of the enterprise will never be big, the equity allocation is bad enterprise is very easy to split. How to avoid a mountain of two tigers, three kingdoms, five kings to fight for hegemony?
5, the future trend is not the employment system, but the partner model, what is the partner model, how to establish the partner model?
External financing, internal incentives:
In addition to selling products to make money, do you know how the masters sell equity, sell cash flow to earn more and more money? Equity is an important part of a company's work in financing without capital interest and developing markets at 0 cost.
Why can Huawei develop from 40,000 yuan to more than 200 billion? Because he started to implement full stock ownership in the 90s and started to establish joint ventures with customers across the country!
The point is how can Ren still control the company with less than 2% ownership?
Conversely how did Sina founder Wang Zhidong get kicked out back then?
Little Sheep raised its kids to call someone else daddy!
15 years ago, how did Jack Ma lock the 18 Luohan to achieve the myth of Alibaba today? Because as soon as he started his business, he had a high level of people to do clear equity planning and equity incentive design for him!
The event of Jack Ma's IPO tells us:
Equity can attract talent (Tsai Chongxin)
Equity can retain talent (18 Luohan)
Equity can be financed (Masayoshi Son)
Equity can hit the market (with Yahoo)
Equity design holding (less than 10% of the control of the company by Jack Ma)
p> The role of equity incentives:
1, standardize employee behavior, improve corporate cohesion
2, liberate the boss, performance multiplier
3, balance the relationship between the shareholders, meritorious exit mechanism
4, the talent strategy echelon, to attract peer talent
There are 5 lifeline lines in the enterprise:
1, 67% of the boss has full Control
2, 51% of the boss has relative control
3, 34% of the boss has a veto
4, 20% of the definition of the right to compete in the same industry
5, 10% can apply for the dissolution of the company
Entrepreneurs do not understand the equity will be faced with the 8 big painful problems:
1. Buddies become enemies
2. The same bed, the same room
3. Raising a son to call someone else's father, the small sheep tube KFC called dad
4. Competitors digging
5. The team is inefficient
6. Missed opportunities for cooperation, go to the financing function
7. Impact on the listing of the big plan
8. Even better projects do not do much
How do enterprises carry out equity financing:
1, someone to invest in your business, how is the equity divided, what are the criteria for choosing shareholders?
2, how to go through the equity to hit the market, through the equity to do the chain?
3, the eight lines of equity: 5%, 10%, 33%, 34%, 50%, 51%, 66%, 67%, what do these eight lines mean?
4. What are the three most important elements of equity financing? Financing, financing people, financing the market?
5. How to carry out angel round, A round, B round and C round of financing?
The equity crowdfunding model is the fastest way for chain companies to expand. Today the two most mainstream equity crowdfunding model: Internet crowdfunding, entity crowdfunding model. How to do capital docking, talent docking, resource docking through the crowdfunding model? Now it's all about cooperation **** win times, and equity crowdfunding is the most obvious way to do it.
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