With the gradual improvement of China's market economy, all kinds of enterprises in China have mushroomed rapidly. For any enterprise, the question of the change of the company's equity is also constantly going on. In fact, whether it is China's state-owned enterprises or private enterprises, in the process of their growth and development, it is actually a process of continuous reform and adjustment of the company's equity. For example, in the past two years, the mixed ownership economic reform of state-owned enterprises has been implemented in various places.
In the change of equity, some people can be said to have made a lot of money through this change, while others have lost hundreds of billions of yuan due to the withdrawal of shares of enterprises. For example, Li Zekai, the son of Li Ka-shing, withdrew his shares from Tencent that year, And Ma Huateng Tesla's withdrawal from shares. Today, I will talk to you about these things about equity changes.
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Equity has two basic rights, namely the right of common interest and the right of self-interest, which are also the two basic classifications of equity. The right to self-interest, as the name suggests, refers to the right exercised by shareholders against the company for their own benefit. The right to self-interest in the general sense usually refers to the following rights: the right to claim dividend distribution, the right to withdraw the equity, the right to transfer the equity, the right to claim the delivery of the stock, the right to change the register of shareholders, etc. The right of common interest, compared with the right of self-interest, has an additional component of exercising rights for the consideration of the interests of the company.
That is to say, the economic interests of shareholders in the company are realized through their participation in the company's production and operation activities, promoting the development of the company and enhancing the strength of the company, and this way of realizing the interests is indirect. The scope of the common interest right usually includes the right to attend the shareholders' meeting, the right to vote at the shareholders' meeting, the right to propose, the right to inquire, the right to consult the accounting books and other rights.
On the surface, the right to self-interest and the right to common interest can be described as distinct. The right to self-interest is mainly to safeguard the individual interests of shareholders, mainly related to property rights, and each right is a separate shareholder right. The right of common interest is to safeguard the interests of the company and all shareholders, mainly related to corporate governance rights, and the right model is not limited to the rights of individual shareholders.
Looking at the essence through the phenomenon, whether it is the right of self-interest or the right of common interest, its fundamental purpose is to protect and realize the legitimate interests of shareholders, and the two are closely related and inseparable in this regard. On the one hand, the right to self-interest is a means to an end as a means of achieving the right of common interest. On the other hand, the principle of self-interest autonomy that continuously promotes the optimization of the right of common interest can also be derived from a principle in the field of corporate equity transfer, that is, the principle of free transfer of equity, which is a general and special relationship.
Let's talk about the principle of free transfer of equity. Since the development of the company system, the free flow of corporate capital has become the lifeline on which the company depends for its survival, and freedom is an important foundation of the company system. The free transfer of equity means that the shareholders independently decide on the relevant matters of the equity transfer, and the shareholders can freely decide whether to transfer the equity and freely decide on the object, quantity, method, price and other elements of the equity transfer, and are not subject to any illegal compulsion.
Shareholders input the company by investing their own capital, the company accommodates various types of capital of shareholders and transforms them, and exports them in the form of stocks, bonds, etc. Shareholders obtain the exported shares, that is, they obtain equity. The shareholder's equity is transferred to the liquidity and then the investment is recovered. It can be said that the free transfer of equity system is one of the most significant features of the company system and the core content of equity transfer.
The principle of free transfer of equity has its most important feature in practice, that is, the principle of free transfer of equity requires the equity subject to change freely. China's Company Law divides companies into two categories: joint-stock limited companies and limited liability companies. For the shares of a joint-stock limited company, listed companies can be listed and traded in Shanghai and Shenzhen, and non-listed companies can trade in the over-the-counter market.
Judging from the development of these 2 years, many domestic companies have made a lot of money through equity changes. For example, HSBC's increase in shares in Ping An of China in the early years made its company's value soar. There are also people who miss hundreds of billions of dollars in business because of the sale of equity in the invested companies. Even business tycoons like Li Zekai and Ma Huateng have made such mistakes.
<h1 class="pgc-h-arrow-right" data-track="217" > Second, Li Zekai sells Tencent shares</h1>
Today's Tencent has become a giant enterprise of the domestic Internet, but the company's development is not very smooth. In 1999, Tencent's OICQ (the predecessor of QQ) easily won millions of users within 9 months of its launch. It should be known that in 1999, China's Internet was still in the initial stage of development, and the Internet technology at that time was not as developed as it is today.
Tencent spent 9 months to easily win so many users, which shows the strength of Ma Huateng's team at that time. However, for Ma Huateng's entrepreneurial team, with the continuous increase in the number of users, the required capital investment is also increasing. At that time, Tencent still had 10,000 yuan left on its account, which was obviously the follow-up development of Tencent enterprises that could not be supported. After the efforts of multiple relationships, Li Zekai's Yingke invested in Ma Huateng's Tencent in exchange for Teng's 20% stake.
However, for the entire Li Ka-shing family business, its business is more focused on the real industry, which makes Li Zekai very unhappy about the development of Tencent at that time. Later, in the development process of Tencent, Li Zekai sold 20% of the shares in Tencent's hands. What Li Zekai did not expect was that Tencent has reached trillions of yuan today, becoming a leading enterprise of China's Internet.
If Li Zekai had not chosen to sell 20% of Tencent's shares, Li Zekai's value would have been at least several hundred billion. The same thing happened to Ma Huateng, which is that Ma Huateng chose to sell his shares in Tesla and lost hundreds of billions of yuan.
<h1 class="pgc-h-arrow-right" data-track="216" > third, Ma Huateng sells Tesla</h1>
When it comes to Tesla, the first thing that many Chinese people think of is that this year it has been repeatedly exposed that there is a failure of the brake system. In fact, today's Tesla has a very high market capitalization of the company. In the past October, for example, Tesla's market value is about $1 trillion. In 2017, Ma Huateng obtained a 5% stake in Tesla through more than a billion US dollars, and then for other reasons, Ma Huateng chose to sell this part and cash out.
If tesla's current shares are calculated, Ma Huateng's 5% stake is about 50 billion US dollars, and according to the exchange rate of the renminbi to the US dollar, it is at least more than 300 billion yuan. That is to say, Ma Huateng missed hundreds of billions of yuan in vain due to the wrong decision-making of that year, which inevitably makes people feel sorry.
<h1 class="pgc-h-arrow-right" data-track="215" > summary</h1>
The issue of the distribution of equity has far-reaching implications for any type of company. For example, the recent contradictions between Li Ziqi and Hangzhou Weinian due to equity disputes. For large companies, the equity of their companies is also in a continuous increase and decrease, and this increase or decrease plays an important role in the development of enterprises.
From the perspective of Li Zekai and Ma Huateng selling the company's equity, both of them have made certain strategic mistakes. Of course, even such a business tycoon is sometimes difficult to make a good prediction of the development of a company. Finally, I would like to remind you that if you are currently starting a business, you must clearly divide the issue of the company's equity with the partners, so that the road to entrepreneurship will be well developed.