States United States control over the dispute escalated once again . Wong Kwong Yu family, early yesterday morning publicly available through the network media, ” U.S. State staff caused major shareholders , ” an open letter accusing Chen Xiao for “personal ambition “control the country the United States, and joint use of the trust of the majority shareholder Bain Capital . The letter concluded by saying , ” game-bloggerurge the States United States staff understand and support the major shareholder of the action. ” In this regard, the United States responded to the country said yesterday , Huang Guangyu move to the brand , the company’s normal operations and the interests of other shareholders are harmed .
States United States coup smoke Fortnight of words, the additional war funding war , war of … … Since the lawsuit was launched on August 5 , state control over the battle the United States has been fighting for two weeks in full swing . Bystander difficult thesis right and wrong, truth both for ourselves submerged in the momentum of the ” smoke ” in the . From mutual accusations of ” war of words “to the issuance of rumors , to speculation of funds until the former opponents come to the rescue of the legendary news … … the answers to the provisional shareholders meeting certain to be revealed, after the dazzling release a ” smokescreen ” In the future will be the ” war of ” classic textbook .
Huang Guangyu Chen Xiao accused
No longer using ” voice ” of the population , are in major source of Huang Guangyu issued their own ” battle official call to arms . ” According to Beijing News reported on the U.S. board of directors in the country caused by the staff sent a letter a week later , also through relevant media, Huang Guangyu , issued a letter entitled “To our country a better tomorrow, the United States , ” the open letter , open letter Inscription is ” Gome shareholder Shinning Crown Holdings Inc “.
This open letter words, intense , detailed analysis of Chen Xiao , after serving as Chairman of the Board , through the three steps , gradually to ” yellow ” of “conspiracy to steal the country beauty common historical results and future career development platform , attempting to become the ‘national U.S. Electric ‘ for the ‘ American Electric ‘” , and Chen Xiao program described as ” joint foreign capital in an attempt to make Gome this hard-won national brand become foreign brand. ”
The letter accused Chen Xiao , ” a position of vulnerability ” and lists “Jensen intended to control the country ‘s three steps the United States . ” ” joint Bain Capital , signed a financing agreement is extremely harsh ; win the support of some senior executives, intended to control the company , desperate to implement ‘ to Huang Guangyu of ‘ . CHEN Xiao-qiang line veto States United States the annual General Assembly resolutions, anti- Regardless of the country over the United States accused the major shareholder of the life and death . This is a major shareholder CHEN use of the special situation of the United States intended to control the country ‘s first chess . ” Next, open letter pointed out that Chen Xiao ” generous shareholder ‘s money , blind to the part of the management options,dresses in effect buying people “and” control the board of directors , the use of the trust shareholders to continue to issue new shares , together foreign capital in an attempt to make this come Gome Hard- national brand become foreign brand ” is Chen Xiao second and third moves .
In addition , Chen Xiao country this year, the United States in June had announced , ” Five-Year Plan ” , to change the original ” size of the leading “model , adjusted for the integration of market, network optimization . Huang Guangyu side open letter also expressed extreme dissatisfaction , accusing Chen Xiao , ” because of personal ambition , ” the U.S. market share at the expense of the country , in a simple way to store a large number of closed “for performance . ”
It is said that Huang Guangyu arrested , after a task force to allow the meeting with lawyers , and the meeting was allowed limited time and frequency . Huang Guangyu can even sign company documents in the detention centers . Analysts said the open letter published at this time , on the one hand can prove to the public , Huang and Huang Guangyu very smooth communication channels , on the other hand Wong family apparently wanted to fight Chen Huang -oriented defense of national brands in order to obtain More public support . The major shareholders of the accused , the country related to the U.S. side ,chanel bags said yesterday that the country is an appropriate U.S. equity incentive plan , and management in the most difficult time to help the country tide over the difficulties the United States , to stabilize performance . Bain Capital for the introduction of the program is optimized , ” did not name the countries the United States , to all shareholders . ” GOME arrogant shareholders and management since the break , Gome value shrank by more than 6.0 billion.
States United States : Wong unscrupulous damage the company operations
According to Beijing News reported , Gome Huang Guangyu the responsible person for an open letter yesterday , said Huang family ‘ unscrupulous ‘ , on the company’s brand , the company’s normal operations and the interests of other shareholders are harmed .
Huang Guangyu family for the letter , the relevant state official said the United States , did not expect such a tone, Wong family will be encouraged to regular employees , so they feel “very uncomfortable . ” He said that the Huang family , ” unscrupulous , ” the company brand , the company’s normal operations and the interests of other shareholders are harmed . ” Gome ‘s management and staff , Huang Guangyu , founder of the contribution for has been approved . ” stressed the United States and these countries , but Huang Guangyu this behavior also caused great damage to the company .
He said that one , at present, Gome Huang Guangyu has the brand power , but the letter from the outside by way of release , actually damaged the country ‘s brand image of the United States , which is ” to competitors to laugh . ” Second, Huang Guangyu family encouraged employees , interferes with the ordinary employees do their job affects the company’s normal operations. ” major shareholder does not currently hold any position within the company should not interfere with the right to operate independently of management . ” Third, from the capital market point of view, Wong Kwong Yu family to intensification of conflicts , leading companies fell sharply , but also harm the interests of other shareholders . ” Prior to 2008, Huang Guangyu incident led to share price fell last year, Bain Capital shares U.S. shares have risen after the country . to May 12 this year , Wong family representatives to the board against Bain Capital , the same day shares fell 13 %; August 4 request the convening of Extraordinary General Huang Guangyu , August 6 The stock fell 12%. This is my yellow , the management and staff to his sudden wealth also shrunk . ”
It is understood that States United States through internal communication mechanisms for staff to explain. “Now China has 20 million of U.S. employees, including sales , distribution and others have specific things they do not fully understand. For the company, to stabilize the company’s normal operations . ” the source said.
State management of the problem one manifestation U.S.
Chen Xiao want to control the country for the U.S. accusations , Gome newly appointed spokesman for Zhao Tong soon , “said the board and directors are only assume the duties of directors to all shareholders , to do justice to all shareholders of the thing. ” As previously Chen Xiao also said the board should be responsible for all shareholders , not only to large shareholders.
On the Option Scheme, in fact , Gome ‘s Huang Guangyu options in 2005 before the incident , already approved by the Assembly by the shareholders , have always been but not been implemented. States United States in 2009 to implement the program , the first of 11 executives share only 32% , in addition to the core of senior management , the total of 105 other executives to benefit shareholders approved the stock option grant amount of 675 million , the actual Paid only 380 million . Zhao Tong said that in terms of degree and quantity , the country is a U.S. equity incentive plan appropriate fit , not looking for quick results ; equity incentive implementation , but also spent 2009 in the aftermath of the crisis ,Patek Philippe replica Watches is to unite as a management Interests of the community means necessary .
Introduction of financial investors Bain Capital , Huang Guangyu and Chen Xiao team war of words has become a key point – Huang Guangyu accused “Jensen to accept the harsh conditions Bain Capital . ” In response, Zhao Tong , said: “At the time Contact with so many investors , without exception, are made to ensure investment in safety, the overall structure from the final financing terms Bain Capital ‘s plan makes the convertible bond was the major shareholder of the shares has not been diluted , at the time This seems the most appropriate and reasonable to optimize a program . ”
Today, faced with Huang Guangyu , Chen Xiao dispute, Bain Capital announced that it will choose a debt-equity swap , to get equity . In response, Zhao Tong explained : “The Bain investment, Chinese and the management team , if the current debt-equity swap if they do not have no voting rights , and Bain Capital , or wish to have the right to vote , to support existing Management team. ”
Huang Guangyu tragic misstep card ?
China’s largest home appliance retailer Gome ‘s controlling interest in the re- escalation of the war . Media reports said that Gome is planning to spend additional 20% of the shares of the right to reduce the largest shareholder ‘s equity ratio Huang Guangyu , so at the forthcoming annual general meeting to seek favorable voice . The party is also multi- family financing of Huang Guangyu , to address the overweight or additional programs .
Although Gome has denied the announcement made this , but just yesterday , Huang Guangyu of GOME side suddenly announced major shareholders a letter to all members of staff . In the letter entitled “To our country the United States a better tomorrow, ” the letter, Huang to ” withstand sever trials , distress was loyalty “and other words , play the sad card , and rhetoric to the United States on the State Chairman of the Board Chen Xiao was criticized Chen Xiao enumerated the three counts .
States United States does not mean that the relationship simply shop , a number of very poor management ability and no hope in the short term , and analyzed and the later it turn it off. To select a relatively good place to re- shop . In fact, ” Huang Chen dispute , ” a long time . Now we know the two men ‘s pains and sorrows .
2006 , Huang Guangyu and Chen Xiao is a home appliance retail lakes on the ” boss ” and ” third child . ” That summer , the national founder of the United States acquired the Shanghai Yongle Chen Xiao , Chen Xiao ‘s identity , from the boss into a professional manager . However, Chen Xiao Huang Guangyu of the non- thin , to Chen Xiao and his office the same conditions , even with the same Maybach car . Externally, Huang Guangyu has been no mention of the acquisition Wing-lok , but said the merger . In 2008, Huang Guangyu behind bars , Chen Xiao brought to the fore . The next year, under the auspices of the Chen Xiao , Gome, the successful introduction of the Bain Capital . Chen Xiao also consolidated its position in the country the United States . However, at this time of Huang Guangyu , but felt the control was threatened . This year in May , Huang Guangyu wife voted at the shareholders meeting with five veto , leading to the appointment of directors of Bain Capital ‘s motion failed to pass . According to the agreement, Bain Capital loss of board seats if the State will pay up to 2.4 billion U.S. in damages . Chen Xiao said publicly that ” Gome Huang Guangyu regardless of life and death . “” Huang Chen ” open conflict . August 4 this year , Gome Huang Guangyu area received a letter sent to require revocation of Chen Xiao and others in the Board ‘s position , but was against a high profile board of directors . Until yesterday , Wong Kwong Yu issued an open letter , this ” old scores giants “re- upgrade . In the escalating battle for control of the country the United States , Huang Guangyu of emotional factors can not be excluded . After all, single-handedly brought the children , who are willing to give someone else ? , however, been concerned about this incident , ” Securities Market Weekly “news director Li Delin told Newsline interview last night , said Huang Guangyu sad time playing cards , Is inadvisable . In the open letter he discussed in regard to Chen Xiao ‘s ” second sin “: tangible benefits of this option sweetness , Gome Huang Guangyu veteran hands have never been in before,replica bags and Chen Xiao having first taste Taste .
Suning to sit down and GOME infighting
In this civil strife in Gome ‘s , as the actual beneficiaries of Suning Appliance in the end will play what role in the country gave the United States civil strife Suning provides comprehensive than what an opportunity ?
Gome battle in the relevant parties have conducted many rounds of grappling up beautifully and after the dispute was outside world as the biggest beneficiary of the electrical chain giant – Suning Appliance has remained silent . Huang Guangyu years as head of rival Suning Zhang Jindong , is in the ” show from the sidelines “, or waiting in the wings ?
August 18 , Suning Appliance insiders who said , “For this matter ( GOME civil strife ) , Suning will not make any comment because nothing to do with Suning . ”
Gome , a top executive said , “For Suning , this is the most correct choice , if Suning involved, it is most unwise . ”
However, family on August 18 Huang Guangyu of GOME employees to open the letter again , ” Suning , Gome past only 60% of the scale , now in full beyond , ” grounds that Chen Xiao -led strategy for the management failures over the past year , The Gome has never recognized the opponents than to say , but in Gome ‘s civil strife in a reality.
Moreover, insiders have said before , Gome , Gome in July 2009 triggered the launch of the direct management incentives that had Suning and Gome, the branch manager, the manager issued a letter of invitation . However, Suning firmly denied .
13-day civil war ” smokescreen ”
Additional
Hong Kong Stock Exchange data showed on August 6 , Fidelity fund holdings of 179.2 million shares of the venue , owned by the 5.57% down to 4.37% . August 12 , the country inside the United States were overweight 1643.1795 shares of JP Morgan Chase , owned by the 9.93% rise to 10.04% . Two weeks, rumors continue around the equity issuance , Gome is diluted shareholder equity by issuing the final impact of the parties to the balance of power .Rolex replica Watches
First there is news that Gome intends to authorize the Directors to allot, issue and disposal of no more than GOME in May 20, 2008 the total nominal value of issued share capital of 20% of the shares . Subsequently, Gome has issued notice to clarify , said no equity placement scheme attracted the media side of the Interpretation of the additional “risk” side of speculation whether this is “to paralyze opponents , stable share price of stalling tactics . ” Huang Guangyu was also news of respect , “Once the country to make such a decision the United States , Huang Guangyu certainly for a prohibition order , ” stand clear . However, continued release of information , the two sides certainly did not slack off intensive contacts with institutional investors . After all, it depends largely on the two sides compete for additional institutional investors ” victories . ”
Funds
Equity war ” reconciliation ” is no longer possible, “money” has become a key factor . Take the 30 day average price per share closing Gome 2.6 HK dollars, 3.0 billion additional shares to 7.8 billion Hong Kong dollars and fund-raising , if the participation of additional Huang Guangyu , to ensure that shareholders are not diluted , then, according to the three percent equity ratio calculation, required Mobilization of funds 2.34 billion Hong Kong dollars . Fang Jian Huang Guangyu family immediately began to spread rumors are everywhere to mobilize funds . First, the media reported that the ” private investment fund managers have disclosed , Wong Kwong Yu family in his native Chaozhou raised nearly 20 billion yuan of funds , even if no additional Gome recently , 20 billion yuan in the secondary market can be overweight , To raise equity . ” Later, Da Huang will help the family news spread like wildfire . In response, Huang Guangyu family has said, ” and not specifically to raise the money , now the master Huang ‘s money has been good enough . ”
Da in
This may be the battle, the plot of the most legendary one . Recently the news , medium and large electrical founder Da Huang Guangyu has been promised the family would provide interest-free loan for one year . The news set off ripples quickly spread. Some analysts said that in addition to ” generous attempts ” of factors, Da Huang brought in to much more than money, ” to do so could have left the senior team in the medium and large electrical appliances, pull back , even if the existing management team Gome All leave , dilating the team can hold up Gome ‘s stall immediately . ” And this team has been competing in the Beijing field to far behind .
Huang Guangyu , Chen Xiao four-year grudge
“Three years east of the river , three years of Hexi . ” Initially, State and Paradise United States are competitors , in the eyes of Huang Guangyu , Chen Xiao chain empire he set up an obstacle on the road ; in November 2006 after the acquisition of Yongle GOME , Chen Xiaocheng as ” the best CEO “( Huang Guangyu language ); Huang Guangyu became public , Chen Xiao to the front , the Huang family in the country began to dilute the brand of the United States , Chen Xiao Huang Guangyu gradually become the eyes of an opponent .
November 27, 2008 , police were investigating the first time confirmed that Huang Guangyu . Since then , the National US Special Action Committee set up a provisional view of Huang Guangyu unable to perform duties because he had received the investigation , Gome board named executive director and president Chen Xiao Xing Zheng as Acting President . So far, Chen Xiaocheng U.S. administration for the country the core of the country in a crisis the United States strongly distance themselves from the connection with Huang Guangyu , stable capital markets Gome pessimistic expectations.
July 2009 , the National launch of the director level and above the U.S. executive team option incentive program , which dissatisfied with Huang Guangyu , and requested the Board cancel option incentive , but not be adopted , which is seen as a contradiction between the two sides fuse .
May 11, 2010 , Huang Guangyu lawyer wife voted at the shareholders meeting , rejected the second largest shareholder Bain Capital ‘s three representatives to the Board ‘s motion , both directly to the escalation of conflict . Since then , the Board rejected the resolution of general meeting of shareholders , Bain Capital ‘s three representatives to the Board of Directors .
August 4, 2010 , Huang Guangyu to move again , requested that a special shareholder meeting , Chairman of the Board revoked Chen Xiao duties sister nominating cronies Zou Xiaochun HUANG Yanhong and executive director of the United States for the country , also called for the repeal equity incentive program . By Xiao- represented management also hit back immediately for Huang Guangyu in January 2008 and February repurchase shares of the Company before and after the violations , the court formally charged and to seek compensation . Since then, major shareholders and management of “Running ” to upgrade the public turn against .
Industry analysts point out that both hands of each chip , Bain will be first to switch debt-equity swap , in order to vote. Second, Chen Xiao party may take the initiative , the Board had been authorized to issue additional 20% of the total share capital , on the Huang family, which is great danger , if the issuance of new shares , the proportion of equity held by Wong family, face the risk of dilution of . While Huang may be additional follow-up , but it requires huge amounts of money , which is also present a severe test Huang family .
Huang Guangyu chip family is the majority shareholder impregnable position , withdraw the motion to pass CHEN , just get in the special shareholders meeting on more than half of support , even though 34% of the shares Huang Guangyu hand diluted to 29.8% , and only then need to For 20.2% of shareholder support can be . If half of them stood in the shareholder side, Chen Xiao , face out of danger .
However, Chen Xiao , and Bain has been established between the conspiracy of silence . Chen Xiao , Gome an individual to make a few billion in loan guarantees , if the leave will release the guarantee . According to Gome signed with the convertible bond terms Bain , as long as the bank is 100 million yuan of bad loans was part of an event of default , so the results of Chen Xiao -free is likely to be touched default clause . Under the default provision, Bain may be 1.5 times the investment of the compensation , totaling about 2.4 billion . If so, state the United States will suffer significant losses.
