Author/Pot Meat under the Starry Sky

Editor/spinach starry sky

Typesetting/small fish under the stars

In February last year, Peking University was applied for bankruptcy and reorganization by the bank because it owed money. In July this year, thunis also took the founder’s old road.

Let me explain first, both Founder of Peking University and thunis are bankruptcy reorganization, not bankruptcy liquidation. Literally, it looks the same, but the difference is not small. Liquidation is equivalent to the company’s hopeless. Let’s see how many assets are sold. If the creditors get a share, the company will be gone. Reorganization means that the company still has the value of survival, so find some investors or adjust the debt to help the company tide over the crisis.

For example, Peking University Founder, which entered bankruptcy and reorganization earlier, submitted a reorganization plan to the court on April 30th this year. China Ping An and Zhuhai Huafa (with Zhuhai State-owned assets behind them) became shareholders of Founder Group, and Founder was consolidated by Ping An.

Therefore, after the reorganization, the shareholding structure is affected, and the company is still operating. Those who say that Founder and Ziguang closed down are not strictly correct.

Although the reorganization is not so serious, the real problem exposed by bankruptcy reorganization is bankruptcy.

Founder of Peking University and thunis, one of the best school-run groups in China, have hatched a number of listed companies. Backed by Peking University and Tsinghua, there is no shortage of financial support and talents, and there is no need to pay too high salary. It can be said that he was born with a golden spoon in his mouth, so why did he go bankrupt?

1. M&A expansion, debt overload

On the surface, both Founder of Peking University and thunis are seriously overloaded with debts due to crazy expansion.

Peking university Fangzheng

Founder Group was founded by Peking University in 1986. Relying on the "Chinese character information processing and laser phototypesetting technology" invented by Academician Wang Xuan of Peking University, Founder Group almost monopolized the Chinese character newspaper market in just a few years.

However, with the market becoming more and more saturated, Founder’s growth rate slowed down, and by 1998, losses had already occurred. After that, Wei Xin, who taught at Peking University, was appointed to the Founder. The core of Wei Xin’s strategy is diversification, and the means of diversification is buying. So Wei Xin invited a giant Buddha-Li You who knows the capital game well. Please remember this person, which will be mentioned later.

After Li You joined, Founder Group gradually became a financial holding group from a purely technical enterprise. IT, finance, real estate, medical care and education are all involved. Founder Group’s current business map was formed at this time.

But the pace of mergers and acquisitions is too big, so you can only borrow if you have no money. In 2013, Founder Group’s asset-liability ratio has reached 65%, with liabilities of 62 billion. You know, at that time, the total income of the whole year was only 68 billion yuan, and it was impossible to repay the debt by profit.

The next development and expansion of Founder Group can only be based on constantly borrowing the new and returning the old. The assets are getting bigger and bigger, and the debts are getting more and more. By 2018, Founder Group will have total assets of 360.6 billion and liabilities of 295 billion. The asset-liability ratio has exceeded 80%. Once you can’t borrow money, the capital chain will inevitably break.

UNIS

Unlike Founder Group, Ziguang is still a technology group focusing on chips and clouds. But this technology giant can have the present size, and it is also the way to buy from buy buy.

In 2009, a new management took office. Zhao Weiguo, the chairman of the board of directors, thinks that our country’s technology is backward in making chips, so we should buy all the foreign ones back. After that, with the upsurge of chip development, it began to buy in 2013, covering chip design, chip manufacturing, chip packaging, memory chips and other sub-fields.

In less than ten years, Ziguang has engaged in dozens of mergers and acquisitions. In 2012, the group’s total assets were less than 7 billion, and in 2020, it was close to 300 billion. However, its liabilities have reached 200 billion.

Although Ziguang has been expanding in the field of chips around its main business, the characteristics of technology research and development are high investment and long-term return. At present, the profitability of the company acquired by Ziguang can’t even cover the debt interest, which eventually leads to high debts and unbearable burdens.

2. State-owned enterprise holding, prestigious school aura

Beneath the surface, there are two problems.

First, why can Founder and Ziguang borrow hundreds of billions of foreign debts?

Second, do Founder and Ziguang have no sense of debt crisis at all?

The first question is easy to answer. It is easy for state-owned enterprises, prestigious schools, Founder and Ziguang to borrow money. Just before Founder’s first debt defaulted, Founder’s credit rating was still 3A with a debt ratio of 70%+. So, as long as Founder can hold on, and don’t put such a thing as thunderstorm in the open, he can borrow money. It’s just that it’s getting more and more difficult, and finally the speed of borrowing money can’t keep up with the demand for paying back money.

As for the second question, it is complicated.

1. Non-profit shareholders, leverage to pry profits.

For companies, the smaller the debt, the better. If a company wants to make money, it definitely needs to invest first. This investment comes from two aspects, one is the money invested by shareholders, and the other is the money borrowed from outside.

Who are the shareholders of Ziguang and Founder? Tsinghua Peking University, a non-profit organization. I want to know that the school will definitely not invest too much money to run a business. But I want to make money, what should I do? At this time, the role of adding leverage is reflected.

Add leverage, that is, use small money to incite large funds. For example, shareholders invest in 100 yuan, and with this 100 yuan to refinance 200 yuan, the company can use 300 yuan to operate and make money. It is equivalent to a direct tripling of the scale of assets and profits. Of course, money is not borrowed for nothing, and you have to pay interest, but interest expenses can also save taxes. For Tsinghua Peking University, a shareholder with little money, there is no loss in any calculation.

2. The disadvantages of state-owned enterprises, enterprises and management interests are different.

State-owned enterprises, as the name implies, are state-owned. Therefore, as a leader, you must first make some achievements. Without the expansion of mergers and acquisitions, Founder and Ziguang can only be called enterprises now, not groups. As for the hidden dangers buried, that is the matter of the successor. Of course, the successor can also be said to be a problem left over from history. Hello, I am good and everyone is good.

And the interests are their own. Whether it’s the link of borrowing money or the link of acquisition, the Qian Qian transaction, more or less, carries the money right to trade behind it. Founder’s management once went to prison for insider trading. This story begins with the following restructuring of state-owned enterprises.

3. The restructuring of state-owned enterprises has become a struggle for equity.

Because there are many shortcomings in state-owned enterprises, our country has been promoting the restructuring of state-owned enterprises. Try to introduce high-quality social capital and revitalize state-owned assets.

As early as 2003, Founder of Peking University started restructuring. Introduced three companies and acquired 65% equity of Founder. However, these companies are actually controlled by Founder management. The core figure of management is CEO Li You.

This man is known as the rogue in the capital market. Backed by private capital groups, it has got its hands on many listed companies. Later, after entering Founder, the management was basically replaced by Li You’s relatives and classmates. At that time, Wei Xin, the chairman of Li Youjin Founder, was highly recommended, and he also became a group of friends and relatives of Li You. There is also the shadow of Wei Xin among the shareholders of the company introduced through restructuring.

In 2013, Li You quarreled with Zhengquan Holdings, an external ally, and the alleged insider trading of Founder management was uncovered. At the end of 2016, Li You was sentenced to four and a half years in prison and fined 750 million. However, at the beginning of the next year, he was released on bail for suffering from liver cancer.

In 2015, Founder returned to Peking University Assets for management. At this time, Peking University Assets began to investigate the restructuring of that year and found that Li You and others reduced the net assets of 2 billion to 80 million. Moreover, the money these people paid for the transfer price was illegally obtained from Founder, and they were really empty-handed.

Founder of Peking University has been developing in the hands of these people for more than ten years. Until now, Zhaorun Investment controlled by Li You still holds 30% equity of Peking University Founder. Moreover, Zhaorun Investment also sued Peking University Assets in turn, demanding the return of licenses and other information. Li You and others’ road to power has never stopped.

Thunis’s restructuring is later, and it seems that it is not as wonderful as Peking University Founder. Interestingly, however, the actual controller of Jiankun Investment, which holds 49% shares of Ziguang, is Zhao Weiguo, chairman of Ziguang.

State-owned enterprise executives are really rich when they can buy less than half of Ziguang Group.

3. Get rid of the baggage and get on the road easily

Ziguang and Fangzheng, blindly expanding, led to excessive debt. There will always be a thunderstorm debt, which will be the last straw to crush the camel. The reason for this situation is that on the one hand, because of the identity of state-owned enterprises and prestigious schools, financing is convenient; On the other hand, trapped by the ills of state-owned enterprises, the interest transfer is stealth.

However, with the support of funds and talents, Ziguang and Founder still have the value of reorganization even if they have many problems. Ziguang has received many technology companies, and it has indeed improved the overall technical level. There are really few companies in China that can compete with Ziguang.

Maybe bankruptcy is not a bad thing for these two companies. Early detection, early treatment, early recovery and early growth.

If you really lose your baggage, you don’t have to carry it.

Note: This article does not constitute any investment advice. The stock market is risky, so you need to be cautious when entering the market. No business, no harm.

　　Our reporter Li Yan

　　Recently, China Association for Science and Technology has published a series of survey results on the working and living conditions of scientific researchers, among which one survey result on the living environment of scientific research assistants has been widely concerned by people in the circle. Scientific research assistants are an important part of the team of scientific and technological workers and play an important role in scientific research. However, the survey results show that the ratio of research assistants to researchers in China is low. Among them, low income, few promotion opportunities and lack of attention lead to the lack of talents in the whole industry, and the brain drain is serious.

　　The survey results come from more than 500 survey sites of scientific and technological workers established by China Association for Science and Technology in China. These sites are the only investigation system targeting at scientific and technological workers in China. All the data and information are collected by front-line investigators, and they have attracted much attention because of their wide coverage, reasonable layout, dynamic adjustment and standardization. For a long time, this survey has been regarded as a true and accurate reflection of the real situation of scientific researchers in China.

　　Auxiliary staff = handyman? Very "depressed"

　　Yan Dawei, one of the persons in charge of the survey site of China Association for Science and Technology and a staff member of the Science and Technology Department of Anhui Agricultural University, privately visited several research assistants in his own school. He asked the teachers, "If it is a perfect score, how much would you rate your current working environment?" He was a little surprised by the results. "Some scored an extreme score of 1 point, while others gave about 7 points, but they expressed their dissatisfaction with the status quo. Low income, miscellaneous things and low status are all factors that they are not satisfied with. " Yan Dawei said in an interview with the Science and Technology Daily reporter.

　　In Anhui Agricultural University where Yan Dawei is located, the income of science and auxiliary personnel is "4000&mdash per month; About 5,000 yuan, compared with the income of scientific research personnel, there is a clear gap. "This situation may also represent the general level of science and auxiliary personnel in the country. However, for most auxiliary staff, the low income and the lack of formal staff are still not the main difficulties they face. "Leaders don’t pay attention to it, and the work content is complicated, so it is difficult to get affirmation" is the main factor that affects the enthusiasm of scientific research assistants.

　　According to the survey, only half (52.6%) of the auxiliary staff in the department carry out their work according to the requirements of their post responsibilities, and 26.2% of them are assigned tasks by scientific research managers or temporarily decided by leaders.

　　"There are indeed unclear job responsibilities of science and auxiliary personnel. Their work is very complicated. Equipment management, experimental teaching, experimental materials or equipment procurement, and daily management of laboratories may all be their work. Their contributions in scientific research are often difficult to objectively reflect and judge." Yan Dawei said.

　　For the front-line auxiliary staff, their eager wish is to establish a performance evaluation method to distinguish researchers from auxiliary staff as soon as possible, and the content of the evaluation should be the completion of work tasks, work results and quality.

　　There are almost no promotion channels? Very "heart-stopping"

　　There is little room for promotion and poor career development channels, which is another dilemma faced by science and auxiliary personnel. There are no special evaluation standards and procedures for scientific research assistants, and they generally follow the sequence from experimenter to senior experimenter — — From junior to intermediate and then to deputy senior titles, but it is extremely difficult to upgrade from deputy senior titles to senior titles.

　　Teacher Guo, a laboratory staff member of Suzhou University, told the Science and Technology Daily reporter that the title is very important and difficult for her and her colleagues, and that "the title conversion between research assistants and researchers at the same level is not equal". Yan Dawei also said that in Anhui Agricultural University, the competition for professional titles of science and auxiliary personnel is very fierce, and it is extremely difficult to change jobs, so many science and auxiliary personnel laugh at themselves as "forgotten corners", which has caused some negative emotions.

　　In the survey, nearly 80% (79.5%) of the auxiliary staff think that there are relatively few opportunities for career promotion. Most of the auxiliary staff have received good professional education, and they are mainly masters, but also some doctors and returned students. Although a small number of auxiliary staff are willing to choose a comfortable environment with relatively low work pressure, for most people, the feeling of "the road ahead is slim" makes them very "heart-wrenching". "Most auxiliary staff want to be officers, and they choose this industry only when they have scientific research ideals." Yan Dawei said.

　　How hard is it to improve yourself? Very "chilling"

　　There is no other way, so can you go all out to do scientific research? Unfortunately, this road is not feasible for most auxiliary staff. In many laboratories, assistant staff are not allowed to apply for projects alone. There are also some laboratories, and the auxiliary staff have participated in scientific research, but it is difficult to be reflected in the signature of the results.

　　In the eyes of many people in the industry, on the one hand, some schools and laboratories have failed to give fair scientific research treatment to auxiliary staff, on the other hand, there are also problems that some auxiliary staff’s scientific research level needs to be improved. However, there are not many opportunities for most of the auxiliary staff to improve their professional level.

　　According to the survey results of China Association for Science and Technology, there are few opportunities for on-the-job training of science and auxiliary personnel, and compared with teachers or researchers, science and auxiliary personnel lack opportunities for further study and training. According to the survey results, 43.5% of the auxiliary staff reported that there was no training plan for scientific research auxiliary staff, 27.9% of the auxiliary staff had never received training, and only 28.6% of the auxiliary staff had received training once or twice a year. 51.8% of the auxiliary staff learn or improve their vocational skills mainly by their own exploration or the help of colleagues, 20.9% improve their vocational skills through training in their departments, and only 14.7% improve their vocational skills through training organized by schools.

　　In the interview, Mr. Guo from Suzhou University also pointed out that there are few opportunities for scientific research personnel to train or exchange abroad, and it is very difficult for scientific research personnel to study for a doctorate on the job and improve themselves.

　　Are you not satisfied? The hidden worry of "the mismatch between importance and importance"

　　According to the survey results published by China Association for Science and Technology, 78.2% of researchers think that the role of auxiliary staff in scientific research is "more important" or "very important", and only 4.6% think it is "unimportant" or "very unimportant"; However, in sharp contrast, 51.6% of researchers think that auxiliary staff need to improve their "job-related knowledge and skills" most, and 10.9% of researchers think that auxiliary staff are not qualified for auxiliary work and their professional skills still need to be improved. 66.8% of the auxiliary staff reported that their status and respect in the school were "low" or "very low".

　　On the one hand, everyone thinks that the auxiliary staff is very important, on the other hand, the auxiliary staff is actually not so important; On the one hand, science and auxiliary personnel feel that they are not respected, on the other hand, researchers are not satisfied with the ability and quality of science and auxiliary personnel … … The resulting result is dubbed "love and kill each other" by the insiders.

　　As early as a few years ago, some scholars wrote academic articles, and analyzed that most leaders of scientific research teams in China thought that the service quality of scientific research assistants was not high and they were not satisfied with their work. At the same time, many research assistants have a negative attitude of "muddling along" because of their low treatment and status. Now it seems that this situation has not changed substantially.

　　The relevant person in charge of China Association for Science and Technology told Science and Technology Daily that for a long time, colleges and universities in China lacked the awareness of building full-time auxiliary teams. In recent years, with the rapid development of scientific research, the importance of science and auxiliary work has become increasingly prominent, and colleges and universities have begun to set up full-time science and auxiliary posts. However, there is a lack of long-term development planning and specific measures for how to build and what kind of auxiliary teams, whether at the government level or at the university level, which leads to the phenomenon that auxiliary staff "work is important and their status is low".

Topic: Overall collapse of residential buildings under construction in Shanghai

> > > enter the domestic channel　

On this collapsed building, the glass windows are unusually "strong". Xinhua News Agency

　　The building collapsed and the glass was unbreakable. Netizens praised it as the best.

　　Tracing the Root Collapse of Buildings under Construction in Shanghai　　

　　On June 27th, Building No.7 of the "Lotus Riverside Garden" in Shanghai quickly collapsed as a whole within one minute, which aroused widespread concern in the whole country. In addition to paying attention to the reasons for the collapse of the building, whether it belongs to the bean curd dregs project and who is the boss behind the building, the reporter found that many netizens gathered their eyes on the glass of the collapsed building when browsing the forum, because from the photos on the spot, the glass of the collapsed building remained basically intact.

　　Netizen teased: Glass exports have business opportunities.

　　The netizen "Luo Bucheng" posted that "the overall collapse of the Shanghai building spread abroad, and the world powers were stunned by the quality of china glass".

　　"Luo Bucheng" said in the post that some foreign netizens magnified the photos of the collapsed building and found that "the glass on the whole building was not broken, and the bulletproof glass on President Lincoln’s car of the United States may not be stronger than the glass on the collapsed building", and called this glass "simply the king of glass, the best in glass".

　　Finally, the netizen also ridiculed, "Although a building fell, more China products stood up. This building brought hope and vitality to China’s export industry."

　　Subsequently, the reporter checked the photos at the scene of the accident and found that, as the netizens said, the glass on the window that can be seen in the photos was basically intact, and there was no fragmentation.

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