Back to 1990

Jiafeng Group, as the R&D company went out independently, Schroeder Group carried out equity restructuring for Jiafeng Group, abolished the board of directors and changed it to a board of directors, and conducted a round of negotiations with United Capital and Sun Hung Kai, but the two sides failed to reach an agreement.

The non-dilutive equity agreement signed with Lu Feng had expired. Gu Deli was appointed as the executive president of Jiafeng Group and brought in a brand-new executive team. In order to stabilize the middle management, four managers were promoted. As executives, At the same time, Goldman Sachs Capital was introduced, and drastic reforms were carried out on internal management, systems, and subordinate enterprises.

Marginalize Nokia, introduce Siemens, increase investment in distributors and terminal sales malls, completely stagnate R&D, cut salaries in the sales department, reduce piecework wages for general workers in factories, clean up and package all expansion assets, and prepare for sales, and the overall front shrinks.

At the management meeting, Gu Deli sent several senior executives to target the middle management, reform the board of directors, dilute the equity and damage everyone's rights and interests, temporarily freeze the management's equity and change it to dividend rights, Su Yourong and Feng Zhiyao were completely reduced to minority shareholders.

However, the two still voted against the introduction of shareholders. Three months later, Goldman Sachs increased its share again. According to the regulations of the board of directors, after touching the red line of dilution of equity, as long as minority shareholders object, in order to protect the rights and interests of minority shareholders, they cannot dilution.

Goldman Sachs, Siemens and other companies negotiated with the two in order to enter the game. The two parties sold their shares and exited. After another three months, Goldman Sachs accounted for more than 40% of the shares. The income of factory employees dropped again, causing a large number of workers to leave. interview.

Two months later, the reserved land under Jiafeng Group was packaged and sold, and the Suzhou factory was resold to Skyworth. The market share of Jiafeng TV and VCD dropped again and again, and the terminal electrical appliances city established was dominated by overseas brands.

At the end of 1997, the middle management was expelled seven or eight times, and many people jointly demanded equity compensation. The vice president of Jiafeng Group said that there are performance requirements behind the equity, and they were fired because these people did not meet the process requirements at the implementation level. There is a violation.

The lawsuit went on for several months, and finally Jiafeng Group lost the lawsuit and lost some money symbolically. Those who got the money were scolding several domestic executives.

At the beginning of 1998, Goldman Sachs controlled 78% of Jiafeng Group, and Schroeder Group completely withdrew. Goldman Sachs resold many of Jiafeng's patent rights to Silicon Valley companies, Dongguan factory area, Tianjin factory area, and the headquarters building were sold. There are only 27 electrical appliances cities, more than a dozen brands, and hundreds of distributors left under its umbrella.

In April 1998, Jiafeng Group changed its name to Meida Commercial and completely became a small enterprise that sells brand leasing, channel sales, terminal sales, and patent authorization.

The major brands of Jiafeng can still be seen in the market, but the quality is uneven, and the reputation has plummeted!

Under this wave of operations, Schroeder Group recovered its funds and did not make much money. Goldman Sachs Group made a small profit through a series of left and right maneuvers. With the help of huge sales channels, Motorola is in the limelight in China, and the cooperation with local governments to build a network has also become a bad debt.

On the seventeenth day of the first lunar month in 1997, Lu Feng simply packed his luggage and rushed to Xiangjiang.

The villa of more than 800 square meters, only Lu Feng seems to be somewhat empty. The family employs more than a dozen servants, mainly cleaning up and repairing the lawn. This is not like a villa in Shenzhen. It is a few hundred meters away from the sea. The distance is full of green plants in the middle, and the confidentiality is absolutely top-notch.

At the end of February, the scorching sun seemed to be left behind. At the pavilion on the second floor, under the umbrellas, Lu Feng and Su Yourong took advantage of the cool, looking at the figures on the beach in the distance.

"Your coffee!" A servant in his thirties put the coffee on the table.

"I really regret buying this house. I don't know if there is an extra family living in such a big house." Lu Feng took a sip of coffee and said, "The servants I'm looking for are all in their thirties. Young lady, you really know how to arrange things!"

"This is a Filipino maid. They have been trained for many years. I'll find some old women for you. I'm afraid they can't even take care of themselves." Su Yourong said while drinking coffee, "Aren't you a research and development company? What are you hiring so many employees for?"

"I put all the shares of Minsheng Bank and Jiamei Foods under Hurricane Capital. People need to go to the mainland frequently. At the same time, I will strengthen the management of these two companies to increase the valuation." Lu Feng said to her: "This Can you give me a little more estimate?"

Su Yourong put down his coffee cup, sighed, and said, "It's not that I don't give you an estimate, it's that after the estimate, no one buys it. Don't stay at home all the time, take part in some activities, you need to get familiar with the capital world, the day after tomorrow There is a dinner party, I organized it, you can go too."

"Okay!" Lu Feng nodded in agreement.

In the evening, Lu Feng had a meal with everyone for the first time since he came to Xiangjiang. Wei Yandan was still in charge of enterprise management, and Zhu Lidong was in charge of market development. Products such as chips needed to be sold, and at the same time, he was in charge of supply chain cooperation.

Du Guoying assisted Zhu Lidong in his work and also did some financing.

Compared with Jiafeng Group, everyone's workload has become smaller, but it is also more difficult. Zhu Lidong does not need to travel around the country to open up sales channels, but to focus on Fusang. Even in the domestic market, it is mainly Shenzhen.

The number of employees is not many, two to three hundred. Compared with the previous management scale of tens of thousands, Wei Yandan is handy for such a small scale.

"Everyone has been ups and downs for so many years. I am especially grateful for your company. We are not making the company smaller and smaller, but making the company deeper and deeper. Selling clothes and food can be done by an individual. What we have to do , It’s what people can’t do, now we’re going further and further down this road!”

"To be high-end and high-profit, I believe that when you go out after many years and introduce yourself to others, you can proudly say that we are in the world's most high-end manufacturing industry, even if we sell clothes and tea eggs. No matter how many billions he earns, we can't look down on him, come on! Cheers!"

While Lu Feng was talking, he raised the wine glass in his hand, and everyone clinked glasses together, the scene was very lively.

Lu Feng knew that when losing a company as big as Jiafeng Group, everyone would definitely feel uncomfortable. He used to be an executive of a famous top company, but now he became an executive of such a small company, and his heart would definitely be out of balance. Sometimes we need to use the word high-end to make everyone feel more comfortable.

After drinking and eating, everyone dispersed. Before leaving, Liu Cheng stood beside Lu Feng and asked in a low voice, "Mr. Lu, when will the funds be available?"

"Did you buy all the equipment with the previous money?" Lu Feng asked.

"R&D equipment and materials are very expensive because of the small quantity, and some are more than ten times more expensive. In addition, some companies have heard that they are from China, so it is good to be able to buy them. There is nothing about equipment this year. The problem is the salary!" Liu Cheng said in a low voice.

"How many months can it last?" Lu Feng asked.

"April or May at most. Now a series of chip factories spend about 60 million yuan per month, which does not include the expansion of hydropower that will be built soon. Now our product market has a monthly profit of about 20 million yuan. , plus overseas R&D centers, domestic R&D centers, and the introduction of talents during the graduation season, the monthly expenditure should be controlled at about 100 million yuan, and the net loss is 80 million yuan!" Liu Cheng calculated in a low voice. account.

"A loss of one billion a year!" Lu Feng said after taking a deep breath.

As far as this is concerned, the current output is still maintained. Once a new product is mass-produced, it will cost another sum of money. The current problem is that a mass-produced product will lose a sum of money. The market is too small and the quantity is too small. In terms of procurement, They have no right to speak at all, and it is the other party who is asking for prices.

"Are there any new products coming out this year?" Lu Feng asked. UU reading www.uukanshu. com

"There are several iterations, but the more you do it, the less motivated you are. Let's talk about memory sticks. The international first-class standard is basically 64mb. After our iterations, we can only achieve 32mb. The read and write speed is only ten times that of others. Seven or eight, it is produced, because the market is too small to sign an agreement in large batches, and the cost is more expensive than others!" Liu Cheng sighed in a low voice and felt helpless.

"If you count these iterative products, how much money will you lose this year?" Lu Feng asked.

"At least double it!" Liu Cheng replied.

"We must have our own competitive product as soon as possible. In which areas do you think we can make breakthroughs in the past one or two years?" Lu Feng asked.

"Screen! We have a lot of accumulation on the screen. Now the screen displays in two directions. Silicon Valley is doing plasma, and Fuso, headed by Sharp, is making LCD. We also have a certain amount of accumulation in LCD." Liu Cheng replied. .

"You said you lost more than 200 million yuan, and I will give you more authority. This year, you can lose 200 million US dollars. At this time next year, can you take it out?" Lu Feng asked.

Liu Cheng hesitated, thought for a while and said, "Why don't we give another 100 million? We have a lot of technical reserves, but the patents in this area are in the hands of Sharp, and we can pay them part of the money to do patent crossing. Next year It will be mass-produced in March!"

Lu Feng nodded and agreed, now they need profitable products!

We also talked about technology-related issues. Whether it is processors, motherboards, or data transmission, they are more than one generation behind the international level. Lu Feng asked them to make processors, storage, monitors, and hard drives 100% world-class in 1999. Eighty.

At that time, we must launch our own set of competitive products, aiming at the domestic consumer electronics field.