On March 9, 1998, the First Session of the Ninth National People's Congress passed a resolution to abolish the Ministry of Posts and Telecommunications and establish the Ministry of Information Industry.
The Ministry of Information Industry will be established on the basis of the Ministry of Posts and Telecommunications and the Ministry of Electronic Industry to formulate national information industry development strategies, principles, policies and overall plans, revitalize the electronic information product manufacturing, communications and software industries, and promote the informatization of the national economy and society.
The establishment of the Ministry of Information Industry is of particular significance for revitalizing China's information industry and rationally allocating information resources.
The Ministry of Posts and Telecommunications will officially launch national post and telecommunications sub-camps starting from April in accordance with the "Guiding Opinions on Post and Telecommunications Sub-camp Work".
Starting from the grassroots level, the original county post and telecommunications bureau was divided into county post offices and county telecommunications bureaus, and then divided into prefectural and municipal bureaus. The post and telecommunications administration bureaus of each province, autonomous region, and municipality were also divided into two to establish provincial, autonomous region, and municipal post offices.
The Ministry of Posts and Telecommunications will be split into two separate departments: Posts and Telecommunications. The Ministry of Information Industry is responsible for the administrative management of the Post Office and Telecommunications Bureau.
The telecommunications bureau is completely separated from government and enterprises. Sun Jian is very concerned about the reform of the Ministry of Posts and Telecommunications. Its Kunpeng Software Group, Shuguang Communications Group and Guozhi Semiconductor Group will all be under the jurisdiction of the national information industry in the future, and they often have to deal with them.
The telecommunications bureau will be renamed China Telecom, and the telecom business in northern China will be established under China Netcom, as well as China Mobile, which operates mobile services.
China Telecom is responsible for fixed lines and broadband, while China Mobile and China Unicom are responsible for mobile phones. On September 3, 1997, China Telecom Co., Ltd. was incorporated. On October 23, it raised approximately US$4.2 billion in its initial offering and was listed on the New York Stock Exchange and the Hong Kong Stock Exchange.
This company will be China Mobile in the future. ------On the morning of March 12, Yinghaiwei held a board meeting. This was proposed by the controlling shareholder, Xingfa Group last night. In addition to Xingfa Group, Yinghaiwei's shareholders include Zhang Shuxin and his wife, China Communications Construction Head Office, China Construction Bank Capital Trust Co., Ltd.
The 6 million shares subscribed by China Communications Construction Corporation were converted into shares based on intangible assets. In fact, the 6 million yuan was actually invested by Xingfa Group.
CCB Capital Trust Company subscribed for 5 million shares, holding 6.25% of the shares. Chairman Liang Yeping proposed three proposals at the board meeting.
1. For the long-term development of the company, the company plans to obtain equity financing from Taobao Holding Company. In order to rationalize the equity structure, the loan guaranteed by Xingfa Group to Yinghaiwei will be converted into equity, the debt will be converted into equity, and 30 million new shares will be added to Yinghaiwei. The total share capital increased to 10,000 shares, with Xingfa Group holding 84.3 million shares, accounting for 75% of the shares.
2. Xingfa Group requires 3 new directors. 3. The company plans to issue an additional 33.72 million shares at a price of 1.25 yuan per share, accounting for 30% of the company’s total share capital after the additional issuance, and raise 42.15 million yuan from Taobao Holdings.
Board members unanimously approved 3 resolutions. The shares of Zhang Shuxin and his wife dropped from 26.5% to 18.86%, the shares of China Construction Bank Jingcheng Trust Company dropped from 26.5% to 4.45%, and China Communications Construction Company held 1.69%.
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"In order to welcome Mr. Sun's equity financing, Yinghaiwei held a board meeting this morning. The board of directors unanimously approved 3 resolutions. This is the content of the 3 resolutions passed by the board of directors. This is the latest list of shareholders and the company's financial statements. On behalf of Xinghaiwei, Fa Group promises to bear legal consequences for the authenticity of Yinghaiwei's corporate financial statements, and please ask Mr. Sun to review them." At 5:20 p.m., Liang Yeping came to the Zhongguancun headquarters of Taobao Electrical Appliances Group. After some pleasantries, she came to the meeting room, the others retreated.
Liang Yeping handed a stack of company documents to Sun Jian with both hands. She knew that cheating in front of Sun Jian would be self-defeating, so it was better to present the company's true financial situation in front of Sun Jian openly.
Some time ago, Alibaba, Tencent, Sohu and NetEase, which came to Sun Jian for equity financing, all had financial losses, and their registered capital and company size were not at the same competitive level as Yinghaiwei. However, Sun Jian still invested 1 in each company. , 2 million US dollars, I don’t know how many shares I got?
"Chairman Liang is not optimistic about the future of the domestic Internet?" Sun Jian glanced at ten lines. This is the real company financial statement of Yinghaiwei. The company's total share capital is 10,000 shares, total assets are 10,000 yuan, net assets are 10,000 yuan, and net assets per share are 0.96 yuan. The company had a loss of 35.7 million yuan in 1997, a loss of 0.43 yuan per share, a bank loan of 26.5 million yuan, 1,247 employees, and 8 branches. It plans to establish three branches in Bincheng, Gangdu and Gangcheng in the first half of this year.
It plans to issue an additional 33.72 million shares at a price of 1.25 yuan per share, accounting for 30% of the company's total share capital after the additional issuance, and raise 42.15 million yuan from Taobao Holdings.
This is the leader of Yinghaiwei. There is no big talk or big selling at a loss. The issuance of new shares and the introduction of new investors at a premium of 30% of the net assets are also in line with international practice. Sun Jian's first impression of Liang Yeping was good. .
"Mr. Sun, although I am optimistic about the future of the domestic Internet, the overall domestic business environment is not conducive to the development of Internet companies. Except for Mr. Sun's pIc, it is difficult for other Internet companies to make profits. Without continuous capital injection, the final capital chain break is inevitable. , according to the current operating conditions, it will be difficult for Yinghaiwei to make a profit within three years, and it will continue to burn money. However, Xingfa Group has no more funds to continue to inject. Last year, Xingfa Group came forward to find financing from Xiangjiang Zhongce Company, but due to the Asian financial crisis Due to the impact of the epidemic, Zhongce Company terminated the agreement to establish a joint venture with Yinghaiwei! If Yinghaiwei does not have new capital injection, it will also face a break in the capital chain! If Mr. Sun does not agree with the equity financing plan approved by the company's board of directors, I can make the decision and Xingfa Group held 84.3 million Yinghaiwei shares at a premium of 20%, and all were transferred to Taobao Holdings Company at a price of 101.16 million yuan." Liang Yeping also said that Sun Jian was not satisfied with the equity financing plan, and he also contacted Lenovo, Founder and Great Wall Computer Company, but no one was willing to take over entirely.
"I'm not familiar with General Manager Zhang of your company. Can Chairman Liang talk about your understanding of General Manager Zhang's personal abilities?"
"Both Mr. Sun and Mr. Zhang have no problem with their personal abilities and professional ethics, but they are too idealistic and unwilling to change the direction of their business. This is the irreconcilable conflict between investors and operators. If Mr. Sun can continue to Burning money, Yinghaiwei may become a successful Internet company." Liang Yeping thought that Sun Jian planned to take over the whole business, and she was happy, but she was still a little reluctant to transfer Yinghaiwei, which had been in business for two years.
If Zhang Shuxin had not invited Taobao Holdings to raise equity, Liang Yeping would have planned to replace Zhang Shuxin at the mid-year board meeting. She did not tell Sun Jian that Zhang Shuxin and others have not been washed by the commercial market and are not market talents. I don’t know. How to make money through the Internet?
