Lao Ding was stunned by Guan Yuntian's question. He looked at him blankly, "Why is the matter so serious? Didn't the technical transformation of the power plant in the past few years already meet the environmental protection standards? It has only been less than five years, why is there another environmental issue?

Problem?"

"When I heard the news, I had many questions just like you. I also specifically consulted people from authoritative departments. They said that with the development of science and technology and the continuous improvement of people's living standards, environmental protection requirements will become more and more stringent.

This is done in compliance with public opinion and is justified. As a company, we can only passively accept it without even a chance to defend ourselves." Guan Yuntian said.

"So, you want to leave traditional manufacturing?"

"If you don't leave, are you waiting to throw money in or close down?"

Lao Ding nodded, "This is also called preparing for a rainy day. Do you know when this policy will be implemented?"

"The specific time is not yet known. Now that the news has been released, the relevant departments must be preparing specific measures. I think once the implementation plan is formulated, this policy will be rolled out nationwide."

"How long is it estimated to last? During this period, we should really think about countermeasures."

"I think this policy will definitely be implemented within one year at the earliest and two or three years at the latest."

"What are your plans?" Based on Lao Ding's understanding of Guan Yuntian, once he raises a question, he basically has a solution to the problem, although sometimes the ideas may not be very mature.

"Of course we are not fleeing immediately, but the shares we hold should be gradually reduced after the ban is lifted. Because once the new environmental protection policy is implemented, the profitability of Changda Holdings, which is mainly based on traditional manufacturing, will inevitably drop significantly in the future. By then

The stock prices of listed companies will inevitably plummet," Guan Yuntian said.

Lao Ding agreed: "It makes sense! If the power plant is shut down, it will cause huge losses to the company. It is a very wise choice to be able to cash out and leave in advance."

"Even if we keep the power plant, we must use clean energy. At that time, most of the equipment in the power plant will have to be replaced, which will require a huge investment. Even if the Changda Group can come up with the money, after the cost is divided into

, the cost of power generation will increase significantly in the future, and power plant profits will be out of the question."

"Among the major assets of listed companies, in addition to the power generation business, other such as refining, petrochemical and tire manufacturing sectors, can they be ensured in the new environmental protection policy?" Lao Ding is the trader of Changda Holdings. Every move of the listed company,

It all made him worried.

"It's hard to say. Although the leaders of the relevant departments only mentioned the power generation sector, there is no doubt that the overall trend is that environmental protection requirements are becoming more and more stringent, and various indicators will be getting higher and higher. Refining, petrochemicals and tire manufacturing are the first few

During the year's governance process, environmental protection standards were also met, but no one knows whether regulatory standards will be raised in the future." Guan Yuntian is also very anxious about such issues.

"It seems that the traditional manufacturing industry is not going to work anymore. No matter which industry is facing uncertainty, it would be easier to deal with it just because of market competition. Faced with policy uncertainty, companies really can't even resist it.

"

"That's so right! No matter how difficult the market is, as long as you use the right method and work hard, you can always get a share of the pie. Even if you fail, as long as you try your best, you will not regret it. Policy matters are completely different.

Now, in the face of supervision, companies have no say at all. People are the slaves and I am the fish, so we can only unconditionally accept the fact that we are at the mercy of others. Therefore, we have to plan many things in advance," said Guan Yuntian.

"However, the management of listed companies has reduced their holdings, except for

There is a lifting period, so we can’t rush it, there must be a process, otherwise it will cause panic in the secondary market, and if it attracts the attention of the regulatory authorities again, things will be in trouble." Lao Ding said.

"I am discussing this matter with you because I want to formulate a set of operating methods to try not to attract outside attention. It is best to reduce the shares held by Changda Group without being known to the public. Don't be too anxious about the matter. The lifting period is

From now on, you will be responsible for the operation yourself, reduce your holdings in a planned way, and try to use about two years to hand over the controlling stake."

"But even if we no longer control the company, as long as Changda Group is still a shareholder, once the new environmental protection policy is implemented in the future, we will still have to cooperate in its implementation."

"We will wait until the controlling stake is handed over and then look at the situation. If the situation is really not optimistic, why can't we transfer all the equity through the secondary market and withdraw from the management completely? By then, we will not have to worry about the implementation of the new environmental protection policy.

Don't worry about it." Guan Yuntian revealed the true purpose of this move.

"There are still three months left before the ban is lifted. At that time, I will just implement the measures we discussed."

"The two of us have discussed this matter, but Changda Group is a whole, so I will find a time in the next two days to bring it to the board of directors for discussion and obtain the approval of shareholders."

Through the group company office, Guan Yuntian knew that none of the board members were on business trips, so he asked the office director Lin Nan to notify them of the meeting.

On the morning of the third day, in the small conference room of Changda Building, Guan Yuntian summoned all the board members of Changda Group to hold a board meeting. He presided over the meeting, "Dear directors, I have called you to a meeting today. There is an important matter to discuss with you." After saying this.

In a word, the atmosphere in the venue suddenly became serious.

After a pause, Guan Yuntian continued: "Just a few days ago, Mr. Ye told me a piece of news about environmental protection. Afterwards, I personally consulted Director Ma of the County Environmental Protection Bureau and had an in-depth discussion with him on the relevant issues. He

Confirmed the relevant statement to me, it is indeed rumored above. In order to further improve air quality, the next step is for the environmental protection department to increase supervision of coal-fired power plants, especially small-scale thermal power plants. Mr. Ye’s guess is correct.

The power plant may be given two options, one is to shut down, the other is to replace the fuel. In short, the current situation cannot continue."

"I don't know why. Four or five years ago, we spent a lot of effort to control the flue gas from the power plant. Through equipment updates and technology upgrades, the flue gas emissions have already reached the standard. Why is this matter brought up now?"

Ever since she got the news, Ye Jiayi has never understood it, because she personally presided over the power plant flue gas treatment, and it was even recognized by the provincial environmental protection department at the time.

"People have said that with the advancement of technology and the continuous improvement of people's living standards, the people's requirements for air quality are getting higher and higher, so the previous standards can no longer meet the new needs." Guan Yuntian explained.

"How should we deal with this situation?" Xu Jianmin asked.

"The purpose of convening this board of directors is to discuss with everyone how to solve this problem. Not only the issue of self-owned power plants, but also with the implementation of the new environmental protection policy, I estimate that all traditional industries will face huge environmental pressure. Our

Refining, petrochemicals and tire manufacturing are of course no exception." said Guan Yuntian.

"So, can traditional manufacturing still survive?" Xue Jianqing asked.

"It will definitely survive. Traditional industries are closely linked to all aspects of social life. The country will certainly not let them disappear, but the costs of these industries will be huge.

With a sharp increase, the profitability of enterprises engaged in traditional manufacturing industries will decline. Specifically, in several industries that Changda Group is involved in, such as self-owned power plants, if they are lucky enough to be retained, they must replace fuels, equipment, and natural gas.

The cost of power generation, whether it is liquefied gas or fuel oil, is higher than that of coal-fired power generation, and the investment in new equipment is also shared. Taken together, the increase in electricity costs will never be a small percentage."

Lao Ding took over, "The purpose of Mr. Guan's words is to connect with the listed company Changda Holdings. The assets injected into the listed company by Changda Group are all traditional industries. If the new environmental protection policy is implemented, the company's profits will inevitably decline.

, it will inevitably affect the stock price at that time.”

"That's true. So, I have an idea that I would like to discuss with you. Instead of passively waiting for the stock price to fall, we should take the initiative to reduce our holdings while the company's performance is still good and the stock price is still high to minimize losses."

"Actively reducing holdings means giving up the controlling stake of the listed company. It took so much effort to go public through backdoor listing. Wouldn't it be a pity to give up the controlling stake now?" Ye Jiayi was a little puzzled.

"The so-called plan is not as fast as the change, which is probably what it means. The purpose of the backdoor listing was to bring the assets of Changda Group to the market and obtain financing convenience. However, who knew that the new environmental protection policy was coming with such ferocity? It was difficult for enterprises to cope with it."

Guan Yuntian Dao.

"After the reduction of holdings, even if Changda Group gives up its position as controlling shareholder, if the new environmental protection policy comes, we will not be able to survive alone!" Ye Jiayi said.

"It is difficult to judge this issue now. We can only take it one step at a time. If the company is really in difficulty after the implementation of the new environmental protection policy, Changda Group can transfer all the remaining equity and walk away."

"This is a bit like a victory escape!" Ye Jiayi joked.

"No matter what it is like, getting out as soon as possible without getting into trouble is fundamental. As for the original backdoor listing, it now seems not only worthwhile, but also necessary! If we have our own power plants, oil refining, petrochemicals and tire manufacturing, the three traditional industry sectors,

It has not been injected into the listed company, but is still in the hands of Changda Group. What will happen if the new environmental protection policy is implemented one day? It’s scary to think about it! Now, as long as the equity held by Changda Group can be reduced to the maximum extent, even if

If we implement the New Deal, the losses we will suffer will be much smaller. If we see that the situation is not good and transfer all the equity in advance, we will lose nothing."

The shareholders here admire Guan Yuntian's foresight from the bottom of their hearts. Isn't that right? Changda Group has pushed the assets of traditional industries to the stock market through backdoor listing. If things go smoothly, these assets can be used to raise funds in the secondary market; now there is the emergence of environmental protection

The pressure put the company's operations at a huge risk in the future. He reduced his stock holdings, gave up his position as the controlling shareholder of the listed company, and even sold the stocks completely, staying out of the matter and completely breaking away from those risky assets.

Ye Jiayi nodded in agreement, "The idea is good, but can the lifting period of management shareholding coincide with the implementation of the new environmental protection policy?"

"According to the information they have, the new environmental protection policy is just an idea of ​​the highest regulatory authorities. Before it can be implemented, it needs to be verified by experts and the industry. This process is said to take two to three years. As for listed companies, as far as Mr. Ding knows,

, now there are only three months left before the ban is lifted. Once it expires, you can gradually reduce your holdings and liquidate them in the secondary market."

Lao Ding took over the topic, "Mr. Guan's idea is very subtle. Even if it is based on the principle of not attracting outside attention, within two years or so, the shares held by the management of Changda Group can be reduced to a very low level."
Chapter completed!