This summer's capital market undoubtedly belongs to the lighting industry. In that case, NVC lighting head Wu Changjiang and the investor struggle escalated; this chamber, Foshan Lighting Chairman Zhong Xincai was exposed to privately associated transactions with the two sons. The reporter dialed the phone number of Zhong Xincai and only got a "thank you for concern." Why is a model boss suddenly turning into a short-selling company, and what kind of double-sided life has Zhong Xincai been living in the past few decades?
From grass roots to heads
I am afraid that many readers are not born at the beginning of the legend of Zhong Xincai.
One day in 1964, Zhong Xincai, who was just in his early 20s, graduated from Nanjing Radio Industry School. After graduation, he was assigned to Foshan Electric Lighting Co., Ltd. (the predecessor of Foshan Lighting Co., Ltd.). Although it was a scarce intellectual at that time, it was an old state-owned enterprise, Zhong Xincai. After 15 years of work, he was promoted to the workshop director.
Since serving as the workshop director, Zhong Xincai has been smooth and smooth. He has been promoted to the company's technical section chief, deputy director and factory director in just a few years. By 1985, Zhong Xincai was promoted to the general manager of Foshan Lighting. From this time, Zhong Xincai officially took charge. Foshan Lighting has been more than 30 years old.
In 1992, Foshan Lighting established a joint stock company with legal persons and natural persons through a directional fundraising method. Zhong Xincai served as chairman, general manager and party secretary of the company. In October 1993, Foshan Lighting publicly issued 19.3 million shares of social public shares (A shares), and was listed on the Shenzhen Stock Exchange on November 23, 1993, becoming the first batch of listed companies in China.
Foshan Lighting in the hands of Zhong Xincai has gradually developed from a small bulb factory in southern China to a world-famous lighting company. It has been hailed as the "Chinese lamp king" by the industry. From the outside world, Foshan Lighting’s achievements can be said to be created by Zhong Xincai. of.
MBO failed
The turning point of the story took place in 2002, when the privatization of a state-owned enterprise swept through the land of China, and the 59-year-old Zhong Xincai also moved this idea.
Zhong Xincai and other company management hope that through the management buyout (MBO), Foshan Lighting will truly become its own "children." At the end of 2002, Zhong Xincai and five other company executives jointly submitted a report to the Foshan Municipal Party Committee and the Municipal Government, hoping to buy all the state-owned shares held by the Foshan SASAC.
However, the development of the matter is completely beyond the expectations of Zhong Xincai. After the report was submitted, it has not received a reply from Foshan City. Zhong Xincai was not reconciled. Then he proposed that if all the state-owned shares could not be transferred to the company's top management, the management and business backbones would hold more than 15% to stabilize the main team and maintain the continuity of the company's decision-making and development.
In addition, Zhong Xincai also proposed a compromise method, that is, if the Foshan Lighting Co., Ltd. is not transferred to the company's leadership, whether the trademark can be transferred to the company's executives, so that the national brand can be retained, but Zhong Xincai's wish is still not realized.
After more than a year of twists and turns, at the end of August 2004, the Foshan Municipal State-owned Assets Supervision and Administration Commission suddenly announced that it would transfer 23.39% of its Foshan Lighting State-owned shares to Osram Prosperity Holdings Co., Ltd. and Hong Kong Prosperity Lighting Equipment Co., Ltd. The MBO dream of its executive team was shattered.
Love and hate major shareholders
After the shareholding change in 2004, Osram of Siemens Germany, as the major shareholder of Osram Yuchang, became the actual controller of Foshan Lighting. The equity that Zhong Xincai hopes to get will eventually fall into the hands of others.
As one of the world's largest lighting companies, Osram's entry does not seem to bring greater benefits to Foshan Lighting. According to the agreement at the time, OSRAM will provide technical support to Foshan Lighting and purchase 10 million US dollars of lamps every year from Foshan Lighting. However, the actual implementation is not as good as the agreement. Osram's technology has never fallen to the head of Foshan Lighting, and the purchase amount is not enough.
In 2006, OSRAM only purchased Foshan Lighting's $7 million product. What makes Foshan Lighting even more helpless is that OSRAM seems to prefer it as an OEM, rather than making its brand grow stronger.
Today, OSRAM has successfully expanded its market share in China through Foshan Lighting, while Foshan Lighting is more of a competitor.
For this reason, although holding a number of patents in the field of lighting, OSRAM is still reluctant to introduce these technologies into Foshan Lighting. In order to make a breakthrough in the field of LED, Foshan Lighting has no choice but to seek cooperation with other companies.
Looking to the next generation
"Because of feelings, I have been staying until now. I feel the growth of Foshan Lighting every day, and I have a sense of accomplishment and career every day." At the end of June 2010, Foshan SASAC introduced new investors, and Zhong Xincai was forced to unload. When the chairman of Foshan Lighting was under the title, the media said.
Dramatically, when the successor of the clock letter, Zhuang Jianyi, was investigated by the China Securities Regulatory Commission two months later, Zhong Xincai regained control of Foshan Lighting in the long-awaited expectation, but I am afraid no one knows when it started, Zhong Xincai told Foshan Lighting. The feelings have begun to change, after the MBO has no fruit, or after the introduction of foreign investment has suffered a cold reception?
Therefore, Zhong Xincai began to train his two sons, the eldest son Zhong Yongliang and the second son Zhong Yonghui.
According to the administrative decision of the Guangdong Securities Regulatory Bureau and the explanation of Foshan Lighting, Zhong Xincai’s two sons, Zhong Yongliang and Zhong Yonghui, have established related companies such as Snooker, Slangbo and Qinghai Power in the past few years, and have a secret connection with Foshan Lighting. transaction.
In addition to several companies named by the Guangdong Securities Regulatory Bureau, Zhongxin Electric, the son of Zhong Xincai’s uncle, and the enterprises related to Foshan Lighting in Zhong Yongliang and Zhong Yonghui’s hands, and Luoxiang Tuoxiang Plastic Lighting Hardware Processing in Nanhai District, Foshan City. Factory, Foshan Chancheng Fulujujia Decoration Store (has been cancelled), Foshan Gaoming District Shijia Lighting Co., Ltd., Foshan Gaoming District Liangqi Electric Co., Ltd., Shanghai Liangqi Electric Co., Ltd., etc., all have Foshan Lighting Inextricable links.
Foshan Lighting has not been in the game
"The contradiction between the major shareholder and the management has been irreconcilable. It is very likely that Zhong Xincai’s accident is reported." A lighting industry person who asked not to be named said that the two sons of Zhong Xincai had set up the company privately. For many years, and the amount is not large, basically follow the formal procedures, there is not much to invade the interests of the company, but suddenly it was pulled out, it is likely that someone took the opportunity to force the clock to abdicate, but it will be It is very likely that it will be a major shareholder.
In fact, the Foshan SASAC does not want to see Zhong Xincai alone. Earlier media interviews with Foshan City lighting insiders also said that Foshan City State-owned Assets Supervision and Administration Commission introduced Hong Kong Prosperity, is to want to pass the checks and balances of the strong Zhong Xincai.
However, since then, Zhuang Jianyi and Zhong Xincai, who are in charge of Hong Kong's Prosperity, have become closer and closer, so the SASAC put pressure on Zhuang Jianyi to give the status of Foshan Lighting's major shareholder to Osram, trying to balance Osram with Osram.
A brokerage analyst who has been tracking Foshan lighting for a long time said that Foshan Lighting did not think of a way. Before that, "Lithium-related" was also intended to highlight the encirclement. After all, it was necessary for the major shareholders and the SASAC to double-sidedly attack Foshan Lighting. The road is gone, but it seems to be the way forward.
The reporter dialed the phone number of Zhong Xincai. After Zhong Xincai learned that he was a reporter, he only said a word "thank you for concern" and hurriedly hang up the phone. In an interview with reporters, Foshan Lighting’s secretaries also said that they did not understand the specific situation of the chairman.
Foshan lighting all the way forward, because Zhong Xin was suddenly investigated and became confusing, 69-year-old Zhong Xincai how to continue his double-sided life, Foshan lighting how to illuminate their future, is not known.
From grass roots to heads
I am afraid that many readers are not born at the beginning of the legend of Zhong Xincai.
One day in 1964, Zhong Xincai, who was just in his early 20s, graduated from Nanjing Radio Industry School. After graduation, he was assigned to Foshan Electric Lighting Co., Ltd. (the predecessor of Foshan Lighting Co., Ltd.). Although it was a scarce intellectual at that time, it was an old state-owned enterprise, Zhong Xincai. After 15 years of work, he was promoted to the workshop director.
Since serving as the workshop director, Zhong Xincai has been smooth and smooth. He has been promoted to the company's technical section chief, deputy director and factory director in just a few years. By 1985, Zhong Xincai was promoted to the general manager of Foshan Lighting. From this time, Zhong Xincai officially took charge. Foshan Lighting has been more than 30 years old.
In 1992, Foshan Lighting established a joint stock company with legal persons and natural persons through a directional fundraising method. Zhong Xincai served as chairman, general manager and party secretary of the company. In October 1993, Foshan Lighting publicly issued 19.3 million shares of social public shares (A shares), and was listed on the Shenzhen Stock Exchange on November 23, 1993, becoming the first batch of listed companies in China.
Foshan Lighting in the hands of Zhong Xincai has gradually developed from a small bulb factory in southern China to a world-famous lighting company. It has been hailed as the "Chinese lamp king" by the industry. From the outside world, Foshan Lighting’s achievements can be said to be created by Zhong Xincai. of.
MBO failed
The turning point of the story took place in 2002, when the privatization of a state-owned enterprise swept through the land of China, and the 59-year-old Zhong Xincai also moved this idea.
Zhong Xincai and other company management hope that through the management buyout (MBO), Foshan Lighting will truly become its own "children." At the end of 2002, Zhong Xincai and five other company executives jointly submitted a report to the Foshan Municipal Party Committee and the Municipal Government, hoping to buy all the state-owned shares held by the Foshan SASAC.
However, the development of the matter is completely beyond the expectations of Zhong Xincai. After the report was submitted, it has not received a reply from Foshan City. Zhong Xincai was not reconciled. Then he proposed that if all the state-owned shares could not be transferred to the company's top management, the management and business backbones would hold more than 15% to stabilize the main team and maintain the continuity of the company's decision-making and development.
In addition, Zhong Xincai also proposed a compromise method, that is, if the Foshan Lighting Co., Ltd. is not transferred to the company's leadership, whether the trademark can be transferred to the company's executives, so that the national brand can be retained, but Zhong Xincai's wish is still not realized.
After more than a year of twists and turns, at the end of August 2004, the Foshan Municipal State-owned Assets Supervision and Administration Commission suddenly announced that it would transfer 23.39% of its Foshan Lighting State-owned shares to Osram Prosperity Holdings Co., Ltd. and Hong Kong Prosperity Lighting Equipment Co., Ltd. The MBO dream of its executive team was shattered.
Love and hate major shareholders
After the shareholding change in 2004, Osram of Siemens Germany, as the major shareholder of Osram Yuchang, became the actual controller of Foshan Lighting. The equity that Zhong Xincai hopes to get will eventually fall into the hands of others.
As one of the world's largest lighting companies, Osram's entry does not seem to bring greater benefits to Foshan Lighting. According to the agreement at the time, OSRAM will provide technical support to Foshan Lighting and purchase 10 million US dollars of lamps every year from Foshan Lighting. However, the actual implementation is not as good as the agreement. Osram's technology has never fallen to the head of Foshan Lighting, and the purchase amount is not enough.
In 2006, OSRAM only purchased Foshan Lighting's $7 million product. What makes Foshan Lighting even more helpless is that OSRAM seems to prefer it as an OEM, rather than making its brand grow stronger.
Today, OSRAM has successfully expanded its market share in China through Foshan Lighting, while Foshan Lighting is more of a competitor.
For this reason, although holding a number of patents in the field of lighting, OSRAM is still reluctant to introduce these technologies into Foshan Lighting. In order to make a breakthrough in the field of LED, Foshan Lighting has no choice but to seek cooperation with other companies.
Looking to the next generation
"Because of feelings, I have been staying until now. I feel the growth of Foshan Lighting every day, and I have a sense of accomplishment and career every day." At the end of June 2010, Foshan SASAC introduced new investors, and Zhong Xincai was forced to unload. When the chairman of Foshan Lighting was under the title, the media said.
Dramatically, when the successor of the clock letter, Zhuang Jianyi, was investigated by the China Securities Regulatory Commission two months later, Zhong Xincai regained control of Foshan Lighting in the long-awaited expectation, but I am afraid no one knows when it started, Zhong Xincai told Foshan Lighting. The feelings have begun to change, after the MBO has no fruit, or after the introduction of foreign investment has suffered a cold reception?
Therefore, Zhong Xincai began to train his two sons, the eldest son Zhong Yongliang and the second son Zhong Yonghui.
According to the administrative decision of the Guangdong Securities Regulatory Bureau and the explanation of Foshan Lighting, Zhong Xincai’s two sons, Zhong Yongliang and Zhong Yonghui, have established related companies such as Snooker, Slangbo and Qinghai Power in the past few years, and have a secret connection with Foshan Lighting. transaction.
In addition to several companies named by the Guangdong Securities Regulatory Bureau, Zhongxin Electric, the son of Zhong Xincai’s uncle, and the enterprises related to Foshan Lighting in Zhong Yongliang and Zhong Yonghui’s hands, and Luoxiang Tuoxiang Plastic Lighting Hardware Processing in Nanhai District, Foshan City. Factory, Foshan Chancheng Fulujujia Decoration Store (has been cancelled), Foshan Gaoming District Shijia Lighting Co., Ltd., Foshan Gaoming District Liangqi Electric Co., Ltd., Shanghai Liangqi Electric Co., Ltd., etc., all have Foshan Lighting Inextricable links.
Foshan Lighting has not been in the game
"The contradiction between the major shareholder and the management has been irreconcilable. It is very likely that Zhong Xincai’s accident is reported." A lighting industry person who asked not to be named said that the two sons of Zhong Xincai had set up the company privately. For many years, and the amount is not large, basically follow the formal procedures, there is not much to invade the interests of the company, but suddenly it was pulled out, it is likely that someone took the opportunity to force the clock to abdicate, but it will be It is very likely that it will be a major shareholder.
In fact, the Foshan SASAC does not want to see Zhong Xincai alone. Earlier media interviews with Foshan City lighting insiders also said that Foshan City State-owned Assets Supervision and Administration Commission introduced Hong Kong Prosperity, is to want to pass the checks and balances of the strong Zhong Xincai.
However, since then, Zhuang Jianyi and Zhong Xincai, who are in charge of Hong Kong's Prosperity, have become closer and closer, so the SASAC put pressure on Zhuang Jianyi to give the status of Foshan Lighting's major shareholder to Osram, trying to balance Osram with Osram.
A brokerage analyst who has been tracking Foshan lighting for a long time said that Foshan Lighting did not think of a way. Before that, "Lithium-related" was also intended to highlight the encirclement. After all, it was necessary for the major shareholders and the SASAC to double-sidedly attack Foshan Lighting. The road is gone, but it seems to be the way forward.
The reporter dialed the phone number of Zhong Xincai. After Zhong Xincai learned that he was a reporter, he only said a word "thank you for concern" and hurriedly hang up the phone. In an interview with reporters, Foshan Lighting’s secretaries also said that they did not understand the specific situation of the chairman.
Foshan lighting all the way forward, because Zhong Xin was suddenly investigated and became confusing, 69-year-old Zhong Xincai how to continue his double-sided life, Foshan lighting how to illuminate their future, is not known.
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