Chen Xi is very efficient.
In less than ten minutes, Chen Qiming, Liu Mingyu, and Song Zhongping arrived one after another.
Chen Qiming was still holding Financial Statement in his hand, Liu Mingyu was carrying a notebook, and Song Zhongping was the most relaxed and came in with a cup of tea.
Zhang Qingxue and Su Wantang are already in Meeting Room.
Zhang Qingxue has several copies of Legal Document spread out in front of him, and he is lowering his head to mark;
Su Wantang sat quietly in the corner with a cup of freshly brewed tea in front of him.
"Chairman Zhao." The three of them took their seats.
Zhao Chen nodded and looked at Chen Xi:
"Let's get started."
Chen Xi stood up and distributed the prepared documents to everyone.
"This is a list of all inefficient assets currently owned by Henglong."
She said, "I classified it according to several dimensions:
One is long-term investment that does not produce benefits.
The second is operating assets with low efficiency.
The third is projects that continue to suffer losses and show no signs of improvement."
She paused:
"Let's take a look at it first and then express our opinions."
Meeting Room became quiet, only the sound of turning pages was left.
Song Zhongping is the fastest flipper. He is responsible for operations and has an impression of most of these projects.
"This 'Riverbay International' business package,"
He pointed to one of the pages,
"The land was originally acquired along with the residential project. After the construction was completed, there was no success in attracting investment, and it has been vacant for three years. The annual maintenance cost is more than 2 million."
Chen Qiming nodded:
"The book value is 80 million. If it is actually liquidated, it is estimated to be sold for around 50 million."
Liu Mingyu Turn to another page:
"This cultural tourism project... invested 300 million yuan, and now it is losing 20 million yuan every year?"
Song Zhongping sighed:
"I'm familiar with that project. It was originally invested by Zhao Jianguo era, and it was said that it was going to create an 'eco-tourism demonstration zone'.
As a result, the land was taken down, the planning was approved, and as soon as a gate was built, the market trend changed.
Now it's hard to get off the tiger. If you continue to invest, you're afraid of losing more. If you stop, you'll lose even more."
Chen Xi added:
"The most troublesome thing is this."
She pointed to the last few pages of the list:
"'Green Energy Technology', a New Energy project that Henglong invested three years ago, holds 40% of the shares.
At that time, 200 million was invested, saying that it was to develop the new Energy Storage Materials. Three years later, the product has not yet been mass-produced, and additional R&D investment is required every year.
We lost 60 million last year and another 30 million in the first half of this year."
Chen Qiming turned to that page and frowned:
"I have checked this project. There is indeed a breakthrough in technology. It is said that several patents have been obtained, but it is still far from commercialization.
The problem is - no one knows how much more money needs to be burned."
Liu Mingyu closed the file and looked at Zhao Chen:
"Chairman Zhao, what is your opinion?"
Zhao Chen leaned back on the chair and glanced at the six people present:
"My opinion is simple - deal with them all and leave no one behind."
Meeting Room was quiet for a second.
Song Zhongping put down the tea cup and spoke:
"Chairman Zhao, handle it all... is it too urgent?"
Zhao Chen looked at him:
"Mr. Song, tell me."
Song Zhongping opened the document and pointed to one of the pages:
"For example, this 'Green Energy Technology'. Although it is losing money now, the technology has really made a breakthrough.
I asked someone to find out that if their Energy Storage Materials can be produced, the cost will be 30% lower than the mainstream products in the market today.
This advantage cannot be bought with money."
He paused:
"If you sell it now, you can get back tens of millions at most. If they wait until their research and development is successful, even if it is just Pilot Testing, the valuation can be doubled several times."
Chen Qiming answered:
"Mr. Song is right. The losses on this project are caused by R&D investment, not poor management.
From a financial perspective, it really can wait a little longer."
Liu Mingyu hesitated for a moment and said:
"I agree with Mr. Song and Mr. Chen. It would be a pity to sell such a project with technical barriers now."
Zhang Qingxue pushed up his glasses and suddenly said:
"I'll add something."
Everyone looked at her.
Zhang Qingxue Open the Legal Document in front of you:
"In Equity Structure of 'Green Energy Technology', there is a preemptive right clause. If we sell now, the original shareholders have the first right to purchase.
They are likely to exercise this right and take back our shares at a low price."
She paused:
"But if we wait another year for their research and development to make a breakthrough, the triggering conditions for this clause may change. When the time comes to sell, the initiative will be in our hands."
Zhao Chen looked at her and nodded.
Su Wantang said nothing in the song.
She listened quietly, occasionally turning over the list in front of her.
After Zhang Qingxue finished speaking, she spoke softly:
"I have a question."
Zhao Chen looked at her.
Su Wantang said:
"Have we heard about the R&D team of 'Green Energy Technology'?"
Meeting Room was quiet for a second.
Song Zhongping was stunned for a moment:
"Miss Su means..."
Su Wantang said:
"Technology is one thing, team is another.
If they have strong R&D capabilities but poor management capabilities, or poor equity incentives, the core staff may leave at any time. When people leave, the technology will be taken with them."
She paused:
"I have seen many examples of this during my years at the Zhao Family. The project looked good, but in the end it was ruined because of human problems."
Chen Qiming thoughtfully:
"Miss Su is right. Just looking at Financial Data, I really didn't think so deeply about it."
Zhang Qingxue pushed up his glasses:
"This angle is very important. If the team is unstable, what we wait for another year may not be a breakthrough, but Too Big to Fail."
Song Zhongping nodded:
"Then I'll go back and check out the situation of their team."
Zhao Chen said nothing in the song.
He looked at Su Wantang, with an imperceptible softness in his eyes.
Then he spoke:
"Wantang is right. Technology is dead, but people are alive. If people have problems, it will be useless no matter how good the technology is."
He paused:
"Mr. Song, please check the team's situation. Aunt Zhang, please study the right of first refusal clause to see if there are any loopholes that can be exploited.
Mr. Chen, continue to stare at Financial Data."
The three of them nodded at the same time.
Zhao Chen stood up and walked to the whiteboard.
He picked up the pen and drew a circle on "Green Energy Technology".
"This, let's observe it for another year," he said.
Then he crossed out several other items:
"Handle all of these."
Song Zhongping took a look at the crossed projects - Riverbay International's commercial supporting facilities, the cultural tourism project, and several small companies that have been losing money for a long time.
He nodded:
"I agree with these."
Chen Qiming also nodded:
"There is no problem financially. The losses that should be accrued can be absorbed this year."
Liu Mingyu said:
"I am responsible for the process, and I can make announcements as I please."
Chen Xi added next to it:
"I have already contacted several interested parties, and I can follow up later."
Zhang Qingxue Close the file:
"Legal Document I will prepare it here. I will handle the transfer agreement and the wording of the announcement."
Su Wantang didn't speak, just looked at Zhao Chen quietly.
Zhao Chen put down the pen and returned to his seat:
"Then it's settled."
He looked at Song Zhongping:
"Mr. Song, 'Green Energy Technology', please pay close attention.
Regularly understand their research and development progress and team status, and report any abnormalities in a timely manner."
Song Zhongping nodded:
"Understood."
Zhao Chen swept through the six people present:
"The meeting is dismissed."
The six people left one after another.
Chen Xi was the last one to walk to the door and looked back at Zhao Chen:
"Zhao Zong, I'm quite surprised that you didn't insist on handling everything today."
Zhao Chen smiled:
"Not everything is one size fits all."
He paused:
"Besides, it's a good thing that you are all willing to talk. I don't want this to become a one-man show for me."
Chen Xi nodded, opened the door and left.
The office became quiet.
Cleaning up inefficient assets is something that must be done, and it is also in the implementation of the grand strategy set by Board of Directors.
But not all inefficient assets are truly "inefficient."
Some of it is because the time has not come yet.
Some have underestimated potential.
Some need to wait a little longer.
Like "Green Energy Technology".
If it can be developed successfully, Henglong will have an extra leg to walk on.
If it doesn't work out, it's just a loss of one year.
He can calculate this account.
Moreover, as a reborn person, he knows how promising the Energy Storage project is.