Category: Money tips Release Date: 2007-04-23
Both the government contacts and heavy-handed style of Qi Yumin can save Brilliance veering do? If even he can not do, China's first overseas-listed companies may really want to tragedy.
Early February 2006, Qi Yumin came to Hong Kong. The new Brilliance Automotive Group Holdings Company Limited, Chairman and CEO, Shenyang Brilliance Jinbei Automobile Co., Ltd., chairman of power more than a month before this trip's purpose is to hold a Hong Kong-listed Brilliance China Automotive (CBA, HK.1114) of the shareholder meeting. The venue, a Hong Kong reporter's question:
"Are you able Brilliance how long?"
"From my own wishes for 23 years. I am now 46 years old, the first one spent 23 years in Shaanxi, and the second 23 years in Dalian, the next 23 years in the Brilliance."
"If Brilliance do not how you do?"
"If Brilliance do not want me, please an even stronger than I am a little bit of people coming, I'll pack up back to Dalian."
Such a blunt question for a first public appearance for the top leaders of the enterprise can not help but feel disappointed, but Qi Yumin been psychologically prepared. He made it very clear to his arrival, whether in the Mainland or Hong Kong, the industry's biggest question is "another government officials do not understand the automotive industry to the Brilliance airborne, he can do it?"
Since June 2002 Brilliance founder Yang Rong flee to the U.S. after nearly four years Brilliance China Automotive has been replaced three head. Su Qiang Yang Rong of the mountains in the hands of his disciples, Brilliance Auto's profit from 900 million Hong Kong dollars in 2001 to dive all the way until 2004 48.6 million; and the same with Qi Yumin has a dual background in government and business tenure Lin Xiaogang, Chinese car upgrades Grandeur average monthly sales of less than 500 units, Brilliance Auto in 2005 a loss of 299 million yuan in the first half. Now Qi Yumin take over the Brilliance Group, the accumulated losses of more than three years more than 2.8 billion yuan, was once a self-branded car in the banner of "Chinese" Brilliance has now become a profitable poison.
Yang Rong who are in the United States earlier this year to accept "Chinese entrepreneurs," an exclusive interview, he also admitted: Even their own shot, want to save today's Brilliance is only three words: hard, difficult, difficult. Today, Yang Rong return almost no possibility of selection by the Liaoning provincial government Qi Yumin, both for Brilliance, or the automobile industry for both can be called a strange outsider.
In mid-March, in the Great Hall of the Brilliance Junjie new car market conference, Qi Yumin said that "according to rules of market economy operating Brilliance, it is necessary to build senior management team in accordance with this law." "How can I present today a number of order executives face on the promise: No problem, you according to when you me? "Qi Yumin ourselves and answered," I would not say this, then. If in the future executives of us here are not suited to market requirements will certainly be adjusted. "
The Ministry of Machinery Industry has been a leader commented Brilliance: "This is one driven to distraction, there is no soul business. It requires an extraordinary means and experience in decision-makers." An anonymous analyst feelings of Articles said: "The Brilliance miss too much, has reached the point where the typical wait for liquidation." Well, Qi Yumin - who claimed responsibility for Brilliance is not only a new head of the feelings of how should proceed to save it?
