Who cares about the company's losses except investment?

Huang Yinghao believes that the poor management level of the company led to the failure of investment, and he should not be blamed.

Due to the staggering debt of more than 700 million yuan, 59.95% of the shares of Sichuan Jinfeng Paper, a big cigarette paper company, will go to the auction table (this newspaper reported in June 13 financial edition). Huang Yinghao, the legal representative of Jinfeng Paper, is one of the top ten outstanding young people in Hong Kong and has made many investments in Sichuan.

The day before yesterday, Huang Yinghao accepted an exclusive interview with our reporter. Huang believes that the low level of management leads to the failure of investment, but the management puts all the responsibility on him. "Love" came to a breakup, and the two sides still did not stop blaming each other. The management team in Sichuan insisted that Hong Kong should be the "stumbling boss", regardless of anything but investment. The company's losses are reasonable.

The mystery of decline: high debt expansion causes trouble

Jinfeng Paper is the earliest joint venture company in Chengdu, which consists of Hong Kong Limited, Hong Kong Jubiao Investment Co., Ltd., China Tobacco Materials Company and Chengdu Rong.

Light Enterprise Co., Ltd. and Wenjiang Jinyuan Industrial Co., Ltd. jointly built and put into production on 1995. Jinfeng Paper has occupied 25% of the national cigarette paper market and is known as one of the "five golden flowers" in the cigarette paper industry. From 1995 to 2003, the accumulated sales revenue/kloc-0.08 billion yuan, tax revenue/kloc-0.07 million yuan, and profit of 204 million yuan.

However, such a well-run company has reached the point where it is now in debt of more than 700 million and has stopped production for more than a year.

What caused the decline of Jinfeng Paper? Huang Yinghao told reporters that the main reason for Jinfeng's development to adversity is that the expansion speed is too fast and there is no breakthrough in technical difficulties. Jinfeng has been doing a good job in making cigarette paper, but in 2002, the management decided to invest in the first high-permeability forming paper production line in Asia, namely Jinfeng Paper Phase III, with an investment of 50 million US dollars. After the production line went online, there was no breakthrough in technical difficulties, which led to poor product sales. Jinfeng's high debt is also due to the investment in this production line and the loan from the bank. Huge investment, poor product sales, and increasingly difficult capital turnover. Jinfeng finally trapped herself.

If Jinfeng Paper successfully goes public, perhaps the capital chain will not break. Huang Yinghao said that they tried to go public in Hong Kong in 2000, but the technology stock bubble burst and the market situation was not good. They didn't want to go public at a reduced price, so they postponed the listing plan. Later, I wanted to transfer to the mainland for listing, but because it was a joint venture company, I failed to win very limited indicators.

The downfall of Jinfeng Paper has been decided, but the accusations of both parties to the joint venture continue. Huang Yinghao said that Jinfeng's debt was seriously inflated, and the second and third phases of the project were seriously overspent. As a result, he lost confidence in the management. In 2007, when others were willing to buy, he transferred all his shares to Yunnan Jiangchuan Cuifeng Paper Co., Ltd. In 2008, the general meeting of shareholders re-elected the board of directors, and Huang Yinghao was no longer a member of the board of directors. "According to relevant laws and regulations, I should no longer be the legal representative. Since then, I have repeatedly urged the board of directors to cancel my position, but for some reason, I did not cancel it. "

Huang Yinghao said that whenever the bank puts pressure on Jinfeng Paper, Jinfeng management team puts the blame on him, but in fact, he has nothing to do with Jinfeng Paper. He is an investor. After he became a shareholder in 1995, he never managed the operation of Jinfeng again, and he didn't even have a chair in Jinfeng. Later, Jin Feng's problems were all caused by the high risk of management, which made him feel puzzled.

Ye Shang Yan, general manager of Jinfeng Paper, denied Huang Yinghao's statement. "He used to be the chairman of the board of directors. Why not take care of it? He must be responsible. " Ye said that although he sold his equity, the current major shareholder is still the Huang family business. They should not ignore the operation of Jinfeng. "Especially during the earthquake, the factory building collapsed, and so did the workers. In any case, there is not even a phone call. " Ye is a little excited. He told reporters that the general meeting of shareholders two years ago did elect the acting chairman, but the position of Huang Yinghao's legal representative has not changed. "Since you are still the legal representative, you should perform your duties instead of not asking."

Follow-up reporter of "Jinfeng Paper sold 60% of its equity with a debt exceeding 710.5 million yuan": After investing in Jinfeng 12, you finally sold your equity. Did you make a profit or lose money?

Huang Yinghao: I lost some money, but I think it's nothing. It's normal to have gains and losses in investment.

Reporter: What do you think of nearly 60% equity of Jinfeng Paper? The reference price is only 1.5 million yuan?

Huang Yinghao: The management almost hollowed out Jinfeng. This price is normal.

Reporter: Does the major shareholder Hongkong Xin Kai Company have anything to do with you?

Huang Yinghao: Xin Kai is my cousin's company. I also advised him to sell when I was selling shares, but he persisted today.

Reporter: There are rumors that you are missing, and the management team of Jinfeng Paper can't find you.

Huang Yinghao: I think this is ridiculous. I have invested so much in Sichuan. How can I disappear? Today, I just brought a delegation of over 0/00 people from Hong Kong/KLOC to Tianjin to inspect the investment. I also hold many social positions in the mainland, saying that I can't be found.

Reporter: Do you have any other investments in Sichuan?

Huang Yinghao: I invested in Sichuan Glass Co., Ltd., and I am still the chairman. In addition, the gold supreme jewelry under my name has entered the shopping malls in Chengdu, and I also have real estate and office buildings in Chengdu. The concept of "foreign" and the company "Earth" are doomed to break up.

Huang Yinghao thinks that he is an investor, and the management of the company is a matter for the management. Because of the low management level, the investment failed, and he should not be blamed. The management team in Sichuan thinks that Hong Kong should be a "stumbling boss", and the company's investment loss is also reasonable. Experts in this industry said that this is the difference between the two parties to the joint venture. Investors believe that paying money is for more profit, and management believes that paying money is your responsibility, and the company should take the direction. Coupled with poor communication, Jinfeng Paper has fallen into a situation of external troubles and internal troubles. This case is worth learning from all joint ventures.

Wang Zhile, a researcher on international trade and economic cooperation of the Ministry of Commerce, said that in recent years, most joint ventures have broken up, and the breakup between Danone and Wahaha is one of the classic cases. The difference in business philosophy between the two parties is a matter of great concern to all joint ventures and an obstacle to the development of many joint ventures. It is not uncommon for joint ventures to break up because of different ideas. Siemens and Fujitsu once broke up because of differences on the future business philosophy of the joint venture company.