Mengniu Dairy had six major shareholders before listing, namely Yinniu Company (44.8%), Jinniu Company (2 1. 1%), Niu Gensheng (6. 1%), MSDairy(8.7%), CDH(5.9%) and China Investment Corporation (CIC).
Among them, the latter three companies were set up by Morgan Stanley, CDHChinaFund and ActisChinaInvestment respectively to invest in Mengniu, while Jinniu Company and Yinniu Company were foreign companies registered in BVI on September 23rd, 2002 by Mengniu executives and "executives of companies associated with Mengniu". Jinniu Company is composed of Mengniu executives, with 0/5 shareholders/kloc, and Niu Gensheng holds 28% of the shares.
Lenovo:
Lenovo is not a purely state-owned enterprise.
The full name of Lenovo is Lenovo Group Co., Ltd.,
Is a large joint-stock company.
Government departments hold a considerable proportion of shares.
China Academy of Sciences has a holding company,
Owns a 57% stake in Lenovo.
But after Lenovo acquired IBM's personal computer business in 2004,
The shares of the holding company fell to 46%.
Lenovo Group was established in 1984, with an investment of 200,000 RMB, and the Institute of Computing Technology of Chinese Academy of Sciences 1 1 scientific and technical personnel. Now it has developed into a large enterprise group with diversified development of information industry. 200 1 year, with a turnover of 20.6 billion yuan. At present, it has more than 200 employees1/kloc-0. Listed in Hong Kong on 1994 (stock number 992), it is a constituent stock of Hong Kong Hang Seng Index. In the second quarter of 2002 (April-June), Lenovo's market share reached 27.7% (data source: IDC), ranking first in the domestic market for six consecutive years and first in the Asia-Pacific market (excluding Japan) for nine consecutive quarters (data source: IDC); In the second quarter of 2002, Lenovo's desktop computer sales entered the top five in the world for the first time, among which consumer computers ranked third in the world.
When Hong Kong Lenovo 1994 was listed, there were about 760 million shares in the company. At the time of listing, the stock price was 1.33 yuan, and the market value of the whole company was about 1 100 million yuan. 1997, after the business of Beijing Lenovo was integrated with Hong Kong Lenovo, the total number of shares exceeded1600 million, with a market value of 3.9 billion yuan. Due to our continuous development and better business in the past two years, we have sold some shares that used to account for more than 70% to funds and foreign investors. At this time, the state-owned enterprise Lenovo Group Holding Company accounts for about 57% of the shares, and overseas public shares account for 43%. The total number of shares of our listed companies is 7.4 billion shares, and the share price has also risen sharply, with the whole market value as high as 50 billion yuan. Because our business is developing well, our performance is getting better and better, our stock price is also rising, and the number of shares is also increasing. When 1994 went public, the market value of the company was 10 billion yuan, and by 2002 it was about 50 billion yuan, which means that our market value has increased by 50 times. (At the time of writing, Lenovo Group announced that it would acquire all the business of IBM PC with $650 million in cash and $600 million in stock exchange, which led to new changes in Lenovo's shareholding structure: the shareholding of Lenovo Group Holding Company was reduced from 57% to 45%, and the shareholding of IBM was 18.5%. )
With the development of enterprises, the entrepreneurial backbone is under increasing risk pressure. The leadership of Chinese Academy of Sciences, that is, our major shareholder, reformed Lenovo's property right mechanism in time. 1993, Lenovo established an employee stock ownership meeting. The board of directors decided to reward 35% of the annual profit to the ESOP. As a major shareholder, the Chinese Academy of Sciences had the right to reward and pay dividends to employees, although it did not have the right to carry out equity reform on behalf of state-owned assets at that time. The ESOP will accumulate these rewards to 200 1, which will be used to buy back 35% shares of Lenovo with the approval of the state. In short, Legend Holdings has changed from a wholly state-owned enterprise to a real joint-stock enterprise, and Lenovo's entrepreneurs and key employees have truly become the owners of the enterprise.
When evaluating Lenovo's success, some management people pointed out that it is extremely important to expand marketing ability, establish ERP system and develop product technology. But looking back at Lenovo's rapid development in the past 20 years, the more fundamental reason is the reform of property rights mechanism.
Haier:
It is planned to issue 900 million additional shares to domestic and foreign investors, of which 400 million shares will be subscribed by the United Bank of Sao Paulo, 654.38 billion shares by the International Finance Corporation (IFC) and the remaining 400 million shares will be subscribed by domestic institutions. The Italian Union Bank of Sao Paulo and the International Finance Corporation will account for 20% and 5% respectively.