9 · 28 January GOME after seesaw battle card in second half

"9 · 28 votes summary" is turned on, and on the door, but a month is over, still standing in the United States at the crossroads of fate.

Negotiations on the question of mutual involve checking that the parties ultimately compromise the slow process.

Problem 1: GOME "separation"?

Non-listed stores stay pending

Huang guangyu publicist, the first of his wife the cuckoo in the "9 · 28" after the close of polling in public that the shareholders do not want us to split into two.

Thus, in the next few weeks, and almost every few days out of two unlisted message stores to reach a consensus. Huang guangyu, has repeatedly stressed that the relevant issue is not conclusive. However, whether it is public opinion or dealer has almost in this matter and reached a tacit agreement: GOME separation is the worst but most unlikely situation.

The GOME decision-making Committee, Director of the research and development of strategic business management Institute, former Jiangsu new Vice President of the Japan electric vehicle Hu gang that segmentation is clear on the advantages and disadvantages of the United States, hurt the most are the GOME brand.

"Another sign two squads" operation pattern of inevitable strategies and tactics are not unified. On Huang guangyu, at present, non-listed shop purchases, sales, stores, services, information and logistics etc management systems rely on listed companies, once divided, need operational funds of approximately $ 1 billion.

Board of Directors for the United States, the separation of the equivalent of a broken wing of listed companies.

According to the previously disclosed that non-listed stores last year as GOME provided the cost of the RMB 2.335 billion, equivalent to the total company net profit of 16.67%. On Bain, shares the United States to obtain profiteering scheme will go down the drain. On the contrary, contribute to inject unlisted store listed on the stock market listed companies will enable scale, allowing companies to achieve earnings per share increased thickness and team stable good situation.

Non-listed shop is still the most actual capture family chips.

The CSA has repeatedly stressed that non-listed shop injection issues that need to be in resolving the founding shareholder of the reasonable Board seats and reorganization of the Board of Directors of the United States. In the absence of Exchange competitors more concessions, Huang guangyu family does not drop the weapon.

Problem 2: Board seats will be expanded?

Huang family to speech right

"After 9 · 28", he worked in the shareholders ' meeting on accusations of "barbarians at the gate of the United States," Bain Capital began to play the "peacemaker" role.

Bain Capital (Asia) Managing Director Jonathan recently held the 7th China International Finance Forum said, "you can consider increasing the GOME Board seats". It is said that Chen also had no objection to the Board of Directors for the CSA, an additional seat. Sources, in mid-September, Chen has just released Huang guangyu wife cuckoo stance that "you say today to come in one, I promise; come in two, I promise. The Board of Directors can be added, but should not be changed. "For hope for the Board of Directors the right to speak in terms of Huang family, this compromise is it enough?

"Founding shareholder for the demands of the recombinant GOME Board has not changed.

Founding shareholder that the reconstituted Board to be able to reasonably reflect the aspirations of all the shareholders and propositions, founding shareholder of the Board of Directors has reasonable seats, retain the appropriate representative. "Yesterday, reporters, Huang guangyu, skilfully avoided the programme for increasing the Directors seats. Major shareholders of the ideal scenario is clearly, huangyan Rainbow and Zou xiaochun alternative Chen and official to Ding, rather than simply increasing director candidates.

However, just think, the Board of Directors Hu seats will eventually reach equilibrium pattern.

"Huang family possession but about one-third stake in Board of Directors does not have a valid interest advocacy seat, Bain held after only one tenth of the share, but the United States in the interests of the Board of Directors has four fad seats. Founder of large shareholders up but the right of speech to zero is not long. ”

Huang guangyu interview yesterday, said the two sides of the consultations are continuing, but not the "package".

In Chen remain, Huang guangyu aspects still tough to call, even though the issue of non-core tool, but cannot be understood as major shareholders accept Chen will remain in Office. The Presidency of the Board of Directors of "GOME is to solve the problem of the ' United States long package ', should take into consideration. ”

With regard to the nomination of Directors to capture candidates Zou xiaochun said that the parties are seeking to reach a package of legally binding solution to include business development strategy, a founding shareholder of the Board of Directors of reasonable and non-listed stores consolidated operating the core issues.

Looking back at it for a month, both low-key, silent.

In Chen, Huang guangyu human resources of tight budget may allow Chen at the negotiating table for additional capital.

Yesterday there was news that Huang guangyu flag Eagle investment company is planning to sell real estate project guomei funds to alleviate hunger and thirst of the CSA.

The GOME decision-making Committee, Director of the research and development of strategic business management Institute, former Jiangsu new Vice President of the Japan electric vehicle Hu just think if that argument in the first half dozen GOME is a decisive battle, then in the second half as soon as a protracted war, but the end result is a new balance of power system formation in the United States.

Stuck in a "package deal"

Problem 3: the future of the United States to whom?

The problem only tool stay

In addition to the number of seats, the Director is also a key issue.

Huang guangyu family sent no electric appliance chain-like operation experience of huangyan Rainbow and Zou xiaochun as a Director candidate, institutional investors on its not good. In the "9 · 28" failed to win, "Huang guangyu family change," said were flying around. However, Huang guangyu family to reporters the latest reply explicitly indicated, will continue to promote and recommend Zou xiaochun and Rainbow as huangyan GOME Executive Director. In addition, Chen stay, both at a stalemate. GOME future? this will determine the GOME businessStrategy.

The informed that talented azalea is a coordinator, and no decision.

After release from prison in cuckoo, Huang family through intermediary frequently communicate with Bain Capital to meet the many issues a consensus, but the problem is that both sides kink Chen's exit. Chen Huang's family requirements must exit, Jonathan considers should remain stable management, otherwise the company will step into turmoil.

In any case, in the "9 · 28", the continued service of Chen will face two major challenges: one, enhances the GOME performance to prove their abilities; the second is how and remains the largest shareholder status of Huang guangyu party.

The latter may be the key to all its contradictions.

■ Related news

To capture the overall sale guomei

Valuation-billion denied funding hunger

Yesterday there was news that capture the funds intended to thirst, 40 billion price sale guomei.

With regard to this, Huang guangyu interviewed by a reporter, a spokesman said the overall guomei is external, the overall value of the sale of more than $ 10 billion, and non-media coverage of the $ 4 billion. At the same time, he denied that the sale of guomei and dispute. GOME "This is the original is in of the project, and the United States has not used the event is so much money. ”

According to the spokesman describes, guomei has been completed, the deed, complete documents, with operating conditions.

Public information displays, guomei is Huang guangyu real estate one of important assets, was the 2005 Beijing's largest shingle linked projects. As Huang guangyu arrested, guomei duration drags, construction was stagnant. When Huang guangyu case settled after the sale, guomei has once again been on the agenda.

It is understood, guomei flagship commercial real estate, planning area 11.88 million square meters, total building area 55.5 million square meters.

Among them, the pure commercial housing 31 million square meters, Office 3 thousand square meters, hotels and apartments 5 thousand square meters. The West side of the guomei, just one street is a key project in Fengtai District Headquarters base. Guomei East of the South side of the adjacent car Museum, is the used motor vehicle trade center in Beijing. Huang guangyu in last year's intention to sell guomei, then external offer is 60 million Yuan. Once someone willing to take over for outgoing messages, but in the end.

Recent media coverage, guomei will be 40 million plus $ 500 million debt packaged for sale.

Huang guangyu aspects expresses, according to media reports, guomei-only $ 8000 per square meter, "money now impossible to have the price". Huang guangyu, guomei valuation of more than $ 10 billion, was allegedly have more contact with buyers and the CSA.

In this year's report, Mr. Huang guangyu to 240 million total assets among the 21-bit.

The outside world about Huang guangyu family face enormous financial pressure has been rumored. It is said that this year the WONGs apart from payment of the total $ 1 billion in fines, owe a quantity of borrowing. If guomei sold on billion in cash flow in addition to debt repayment, you can capture aspects of independent operation, non-listed stores provide cash benefit.