On November 13th, Tao Huabi, who has always been low-key, wore a signature fur dress, a cotton-padded jacket and a fur hat, which surprised the front of the camera of the Guizhou TV station. She is sitting in danger, not changing her straightforward personality, and repeatedly reaffirming "no loans, no shares, no financing, no listing."
The listing wave originated in July this year, the Shenzhen Stock Exchange and the Guizhou Securities Regulatory Bureau and the Financial Office, went to Laoganma and other three companies to investigate, and participated in the Capital Market Service Entity Economic Symposium in the Guizhou Shuanglong Airport Economic Zone Management Committee. In August, the Shenzhen Stock Exchange appointed relevant staff to Guizhou to do listing training for Laoganma and other companies.
Even Wang Hong, general manager of the Shenzhen Stock Exchange, said that Guizhou Province has now produced some star companies. Some of these companies have not yet entered the capital market. The Shenzhen Stock Exchange is visiting companies that provide listing and debt issuance services.
Some people think that this is a sign that the old godmother is about to go public, only Tao Huabi nodded and agreed. However, the response of Laoganma is very simple. "The Shenzhen Stock Exchange is to take a look. Laoganma will not go public, and there is no plan to go public in the future."
Zuo Xiaolei, former chief economist of Galaxy Securities and special researcher of the State Council Counselor's Office, once researched in Zhejiang. Many business owners told her that really good companies are not listed. This does not rely on listing, without financing, Being able to grow bigger and stronger is the real strength company.
Li Xunlei, chief economist of Zhongtai Securities, told the People's Venture Capital (Public ID: renminct) that companies like Laoganma are not listed mainly because of good cash flow, no shortage of money, and they do not want to be fully disclosed. I don't want to be controlled by others.
Today, the topic of Laoganma's listing is very rampant. However, Tao Huabi still refuses to talk about it: "Do not talk about talking! Don't talk! You ask me for money, I don't have it, I have to kill one."
"Not bad money"
Laoganma, Wahaha, Huawei, and SF have insisted on not-listing domestic well-known enterprises, and they have been dubbed “unlisted alliances” by the outside world. Some people even compiled a jingle: "Never listed in the fourth family, Shun Feng Huawei is the old godmother, and there is a Wahaha!"
SF, which has the title of "King of Express", became the first and only one to say. On February 24, 2017, SF Holdings held a reorganization and listing ceremony at the Shenzhen Stock Exchange, and officially landed on A shares. At that time, SF had won the title of Shenzhen City's market capitalization. At one time, it exceeded 300 billion yuan, and it also allowed Wang Wei, the chairman of SF, to surpass Ma Huateng.
As early as 2011, Wang Wei said in an interview with the media: "The benefits of listing are nothing but money, and the funds needed to develop a business. SF is also short of money, but SF cannot be listed for money. After listing, the company will change. Into a profitable machine, the daily share price changes are affecting the nerves of the enterprise, which is unfavorable to the management of the company's management." But Wang Wei finally reneged.
After the listing of SF, Wahaha also revealed its willingness to go public. According to public data, Wahaha has experienced a peak of 78.28 billion yuan since its revenue in 2013. Wahaha began to decline year after year. The revenues in 2014–2017 were 72 billion yuan, 49.4 billion yuan, 52.9 billion yuan and 45.6 billion yuan respectively. The shrinkage exceeded 30 billion yuan.
This state-owned enterprise, founded in 1987, has undergone restructuring and joint ventures. Wahaha has become a company with full shareholdings. However, this kind of shareholding structure has also created institutional obstacles to listing while stimulating employees. This year, Wahaha not only cleaned up employee stocks, but also revealed that the company will be listed at the right time.
On March 24 this year, Zong Qinghou said, "The Wahaha Group is not short of money. We are now investing in high-tech industries and investing in high-tech industries. It is also possible to consider listing."
Huawei, which is said to never be listed, has not changed its original intention because of its "rich economy."
According to Huawei's business data for the first half of 2018, the sales revenue in the first half of the year was 325.7 billion yuan, a year-on-year increase of 15%, and the operating profit margin was 14%. Huawei's 2017 operating data shows that the company's operating cash flow increased from 49.218 billion yuan in 2016 to 96.336 billion yuan in 2017. It is not bad money.
Huawei’s rotating chairman Xu Zhijun once said that Huawei is not short of money and does not need to raise funds through listing. In fact, the main purpose of listing is financing, but Huawei has more extensive financing channels than many listed companies.
Some close to Huawei people commented that today Huawei is not only a communications company, a wine company, an e-commerce counter company, a supply chain finance company, a global capital company, they have enough financial instruments to guarantee financing and investment. Continued.
"Freak" Laoganma is also not bad money. According to the "Guizhou Daily" reported in February 2017, Laoganma's sales in 2016 have exceeded 4.5 billion yuan, and the output value has increased more than 600 times in 20 years. In September this year, CCTV reported that the Laoganma factory can produce 770 million bottles of hot sauce a year. In the list of the top 30 brand value (manufacturing) of Guizhou Province released in Guizhou last year, Tao Huabi’s Guiyang Nanming Laoganma Flavor Food Co., Ltd. ranked second with a brand value of 12.148 billion yuan, second only to Guizhou Maotai. group.
Laoganma adopts the current sales model of “no debts, no debts”, which makes the company's accounts receivable turnover period 0 days, and the cash flow is abundant. Therefore, in the three major insistences of Laoganma, in addition to “not listed”, there are “no loans” and “no financing”.
"Greed stock market"
Tao Huabi
The Laoganma factory is as low-key and mysterious as Tao Huabi.
The factory is located in Longdongbao, Nanming District, Guiyang City. It is about 6 kilometers away from Guiyang Longdongbao International Airport. The wall of the factory is painted with ordinary white cement and is mottled. The main entrance is even more inconspicuous, with red lines tied to the copper pillars on both sides. This is reminiscent of the township enterprises of the 1990s.
It is this inconspicuous enterprise that once allowed investment institutions and exchanges to come.
In July this year, the Shenzhen Stock Exchange, in conjunction with the Guizhou Securities Regulatory Bureau and the Financial Office, went to Laoganma and other three companies to investigate and participated in the Capital Market Service Entity Economics Symposium in the Ssangyong Airport Economic Zone Management Committee of Guizhou.
In August, the Shenzhen Stock Exchange appointed relevant staff to Guizhou to do listing training for Laoganma and other companies. The so-called listing training refers to the relevant departments to provide market-leading knowledge for those companies that are relatively leading in the industry and technology. Although they do not have the conditions for listing on the domestic main board and the GEM, they have the potential to develop their products. 3 years to achieve the listing target.
Wang Hong, general manager of the Shenzhen Stock Exchange, also believes that Guizhou Province has already produced some star enterprises. Some of these companies have not yet entered the capital market. The Shenzhen Stock Exchange is visiting companies that provide listing and debt issuance services.
This makes people feel that the old godmother is about to go public. Afterwards, Liu Gan, the chairman of Laoganma’s chairman, responded to the media: “The Shenzhen Stock Exchange is to take a look, Laoganma will not go public, and there is no plan to go public in the future.”
Tao Huabi rejected all listing proposals. In the interview with the Beijing News, Laoganma’s insiders said that Laoganma basically does not accept investment institutions, and now only contacts two investment institutions. The two institutions do not negotiate directly with Laoganma, but go first. Local, recommended by government department staff, but Laogan Ma refused to negotiate.
Guiyang city government officials once said, "It is even more difficult to talk to her about financing than to introduce foreign capital. No one can tell what she is not sure about."
"I am determined not to go public. If I go public, I may go bankrupt. Listing is a trick to deceive others. If you have money, you will take it, put money in it, call him to buy shares, and then take the money away, I will pay the debt, I will I don’t want to do it. So someone talked to me about the listing. I told him: Don’t talk about it! Don’t talk! You ask me for money, I don’t have it, I have to kill one.” Tao Huabi said.
Ren Zhengfei and Tao Huabi agreed. "The stock market is greedy. They want to squeeze every profit of the company. In the domestic A-share market, the majority of retail investors decide that the market has a herd effect. If it is slightly swaying, it will lead the whole body and bring great stock prices. Influence." Ren Zhengfei once said.
Ren Zhengfei once warned other companies, "Don't always think about doing first, second, third, don't grab mountaineering, don't have gambling, the Himalayas are cold and very easy to survive. Huawei's minimum and highest strategy are How to survive, you live longer than others, you are the winner."
Zuo Xiaolei is full of praise for Huawei. "I admire Huawei very much. Ten years ago, Huawei was not big. At that time, many investment banks flickered and went public, but Ren Zhengfei insisted on his own point of view."
"If a company does not rely on listing, it can be bigger and stronger without financing. This is the real strength. When I was in Zhejiang, many companies were saying that really good companies are not listed." Zuo Xiaolei told the People's Venture Capital (Public ID: renminct).
However, in the view of Li Dazhao, chief economist of Yingda Securities, companies like Laoganma especially value the inheritance of the company in the family. If the company is listed, the management right has the risk of falling, so the choice should be cautious, in addition, listed Companies are also required to disclose financial data. Some companies that value their own privacy naturally choose not to go public in order to avoid disclosure.
Equity structure
Like Laoganma, Huawei also does not “wait to see” investment institutions.
A few years ago, Stephen Roach, the chief economist of Morgan Stanley, led an investment institution to visit Huawei headquarters. Ren Zhengfei did not meet, but only appointed Fei Min, the executive vice president responsible for research and development.
Afterwards, Roach disappointed, "Ren Zhengfei rejected the $3 trillion team."
But Ren Zhengfei didn't care: "Why should I see Roach? If he is a customer, I will see the youngest, but he has nothing to do with the investment institution. I just sell equipment."
Huawei founder Ren Zhengfei has repeatedly stated publicly that Huawei’s board of directors has never studied listing in the past 20 years, and will not consider listing in the next 10 years, because the listing is not suitable for Huawei’s development.
In public, Ren Zhengfei used "guarding Shangganling" to describe Huawei's hardships. On one occasion, Ren Zhengfei said that after Huawei's listing, the participation of shareholders will affect Huawei's management direction. These shareholders will pay more attention to profitability. Under their influence, they will force Huawei to move toward "horizontal development". Ultimately, Huawei will lose its ideals.
"If shareholders sit there and stare at the stock market, they can achieve billions of dollars and billions of dollars in revenue, then Huawei will no longer be able to attack the 'no man's land." Ren Zhengfei said.
However, Xu Zhijun once talked about the future development direction of Huawei. He said that Huawei will not consider the overall listing in the future, and will not consider splitting and listing, and will not consider entering into the capital market through mergers, mergers and acquisitions, nor will it be joint ventures with external capital. In the future, Huawei will be committed to administrative reforms, moving the company from a centralized company through power and responsibility, allowing people who hear the guns to make decisions and eventually become a modern management company.
At present, Huawei has a total of tens of thousands of employees holding company shares, far exceeding the pre-IPO holdings of no more than 200 people. If it is going to go public, Huawei must clean up the huge employee stocks and directly shake the interests of Huawei.
Xu Zhijun also said that Huawei is an employee-owned company and its equity is held by more than 60,000 employees. This shareholding structure does not meet the requirements of the Chinese capital market.
In an interview with People's Ventures (Public ID: renminct), Li Dazhao, chief economist of Yingda Securities, said that Huawei's equity is in the hands of employees. Even Ren Zhengfei has only 1.4% of the shares, so Huawei has a strong The driving force for development is many times greater than the power of the company that controls the company's control in the hands of the boss, but the result is that it cannot be listed.
In Ren Zhengfei's view, Huawei needs to focus on management and management, not capital management.
"If the pig is too fat, even the snoring is gone." Ren Zhengfei said that the development of science and technology enterprises depends on talents. If the city is over, there will be a large number of employees who will instantly become millions or even multi-millionaires. It will be reduced, and eventually the tight team will be scattered.
Xu Zhijun also said that the direct introduction of the listing to employees is to make them rich overnight, which will affect their spirit of struggle. For Huawei employees, it is absolutely impossible to fight.
Quality is king
The record of zero food accidents since its establishment is one of the important reasons why Laogan Ma has maintained his position in the industry for many years.
This is also the original intention of Tao Huabi since its establishment. In 1989, a hotel called “Affordable” was opened. The hotel was simple and leaking. It was a greenhouse built by Tao Huabi with abandoned bricks, oil felts and asbestos tiles.
That year, Tao Huabi was 42 years old. Because the "affordable" hotel is close to the school, the small amount and low price make this store welcome many repeat customers. On one occasion, a student who likes to fight and fight in the restaurant to eat, arrogant and arrogant, forced other students to pay "protection fees."
Later, Tao Huabi learned that the nature of this student is not bad, but the family is poor. If you do not collect money, you can only hungry. She decided to provide lunch to the student free of charge. After a meal, the student suddenly shouted "Da Mom" to Tao Huabi.
Slowly, the name "Gang Ma" spread. When Tao Huabi was 50 years old, people near the hotel called her "Laogan Ma". This is the origin of the brand name “Laogan Ma”.
At first, the "Affordable" restaurant mainly sells jelly, and the spicy sauce is a free ingredient. Because the hot sauce is delicious, the guests come here and there are more and more customers who buy spicy sauce. Tao Huabi decided that hot sauce as the main sales product, jelly as an accessory.
After the hot sauce was picked up, the staff of the street office began to lobby Tao Huabi to persuade her to set up the hot sauce factory. The staff and procedures were solved by the street office. However, Tao Huabi refused. As soon as she thought she could not read, she did not understand business.
Later, the staff of the Industry and Commerce Bureau also came to the door to persuade her to set up a factory. Under the strong request of everyone, Tao Huabi borrowed several offices of the village committee to set up a spicy sauce factory. The brand was called Laoganma.
Laoganma insisted on using Tao Huabi's head. In Tao Huabi's view, since doing business, the quality of the product should be placed first, and the avatar is printed on the product, which is equivalent to giving the customer a promise. If there is a quality problem, she will take responsibility.
Since then, the quality has become the label of Laoganma. When logging in to the US market, the first inspection was successfully reviewed and passed the certification of the US quality inspection agency.
In 2016, Huatai Securities released a research report titled “Lao Ganma's Branding Road: Focus on Product Quality and Maintain Brand Image”, and believe that the “Laoganma” series products account for half of the national similar products, which are sold every day. 2 million bottles of chili sauce. In the past two decades, the seasoning market has grown at an average annual rate of 20%, with great potential. The research report said that Laoganma's industrial status today is benefited from the taste of its products with competitive barriers, affordable prices, and the sales network and stable sales channels accumulated over the years.
"How many countries did you say that Laoganma sold? I don't know how many countries I sold. I can only tell you that there are old gods in places where there are Chinese people all over the world." Tao Huabi talks about Laoganma's plan for going out to sea. The book looks arrogant and dry.
"Corporate Living Law"
Today, Tao Huabi has transferred the equity of Laoganma to two sons, Li Guishan and Li Miaoxing. On the Hurun Report of 2018, Li Guishan and Li Miaoxing were ranked at 1007 and 1080 respectively for 4 billion yuan and 3.9 billion yuan respectively. Tao Huabi’s secretary Liu Tao once told the media that Li Guishan is responsible for sales and Li Miaoxing is responsible for production.
"Not only me, I want to educate my son, grandson, don't lend, don't share shares, don't raise funds, don't go public. It's good, how much I have to do." On November 13th, Tao Huabi in a fur costume was The front of the lens.
Li Dazhao, chief economist of Yingda Securities, believes that if Laoganma’s own cash flow is sufficient, there is no need to go public at all. In addition, Laogan’s management method is conservative and belongs to risk aversion. However, Tao Huabi may only know the disadvantages of listing. I don't know the benefits of going public, so the decision to make a non-listing can be understood.
“Whether the company chooses to go public, it is based on its own considerations.” Li Dazhao said that after the company’s listing, the stock price is being watched by investors around the world every day, which can help companies obtain funds more efficiently and build their reputation, thus achieving mergers and acquisitions. The party has the right to speak.
However, Zuo Xiaolei believes that after many companies go public, they will lose money in the second year. Although the capital market wants companies to go public, they can become bigger and stronger through financing, but few can really become bigger and stronger, which shows the capital market regulation. There are problems with degrees and ideas.
Zuo Xiaolei said that the internationalization of Laoganma is very successful. Even in the US prisons, it is hard currency. Nowadays, the A-share market is not perfect. After the listing, it may restrict the development of such excellent enterprises as Laoganma.
Zuo Xiaolei also believes that the capital market will bring very strong interventions to the company's operations. It will not invest in the research and development of technology after five years according to the entrepreneur's thinking. The funds like short-term gains, which requires the company to use more than expected means. The market scale will be done, and even some means of financing will be used. Once this happens, the company will completely lose its original planning and driving force.
However, Li Dazhao believes that family businesses like Laoganma especially value the inheritance of the company in the family. If the company is listed, the management right has the risk of falling, so choose cautious. In addition, the listing also requires companies to disclose financial data, and some companies that value their privacy, in order to avoid information disclosure, naturally choose not to go public.
According to the public statistics of the China Securities Regulatory Commission, as of November 9 this year, there were only 103 new IPO filing companies. As of November 16, a total of 96 companies in the A-share market in 2018 had completed their listings, only a quarter of the previous year.
Li Dazhao said that each company has different ideas at different time periods. At the beginning, Zong Qinghou and Tao Huabi had the same idea. They had ample cash flow and were also family businesses, which were relatively conservative in financing. After a period of time, some companies find themselves behind competitors. If they don't work hard, they will be eaten by competitors. Enterprises will have a strong sense of crisis, so they will change their previous ideas.
"There is only one old godmother in the market. If the two old godmothers form a competitive relationship between the two sides, there may be a state of death and death. If the old godmother can't be alone, then it is necessary to speed up his development through listing." Li Dazhao said .