'I drive very slowly and do not allow the driver to drive fast and the expressway can not exceed 100 yards. The crossing of the road must wait for a green light. The reason why it is considered radical is because I did not think about doing a good job, but I think Good things, resolutely and decisively to do. I do not know people who are not afraid of death and death, I should not be afraid of death '
Yubi Eve before the outdoor wind bleak breeze, the sky floating snow goose feather, the house steaming.Sun Hongbin here convened more than thirty young entrepreneurs, invited them to eat before the end of the forum meal, listen to them one by one Introduced their own learning and entrepreneurial background among these young people, but also Sun Hongbin's eldest son, Sun Zhe 1. Sun Zhe one returned from studying in the United States in 2011, joined Sunac in 2014, currently serves as Executive Director, is responsible for financial innovation in Shanghai business.
In the past year, too much news about Rongchuang made Sun Hongbin, who first came to Yabuli, become the focus of attention. Sun Hongbin sidestepped all the issues concerning LeTV and talked about the real estate industry. Even so, Opening, you can attract the audience's attention.
For example, when Ying Ying Ling, a hero of mutual entertainment, and Dai Wenyuan, the fourth paradigm, talked about the technological development of e-sports and artificial intelligence, Sun Hongbin joked that he could not understand: "What I can understand is that computers can help people match up Object, this is good, looking for an object can be counted as one of the greatest pleasures of life.
'Do not look at him often reticent, talk vomit, but the key time he may say that he is a particularly thoughtful person, but also has strong marketing capabilities.' A cooperation with Sun Hongbin years of real estate industry professionals at the end of the forum Told the first financial reporter.
Music as the first half
For a long time, Sun Hongbin in the eyes of the outside world is a Quixote-type figure, carries the ideal, and arrogant, has the king's domineering. This let him in the early days of practice, hesitate, but also let him only one step away from success When away, planted his heels.
For failure, Sun Hongbin is experienced, but also a profound insight.He wrote in Weibo: 'Every success you make will make you more confident, slowly you will become arrogant, arrogant, empty-headed everything When you fail to experience difficulties and setbacks, you will know that in fact, success and failure are only a single step away. You will see yourself objectively. You begin to respect common sense. Words
Reviewing his 30 years of entrepreneurial experience, Sun Hongbin summed up the entrepreneurial spirit of the new era.He thinks: dare to take risks; be tolerant to failure; to establish values is the most important three points.
Sun Hongbin said that values can determine how far the business go.He said his values are 'kind.' He repeatedly said proudly: 'A lot of my company is a university graduate to work on me, Rongchuang 15 years , But many people followed me for 20 years. Many employees do not dig up ten times their wages because of my kindness.
In the industry view, Sun Hongbin is indeed a 'kind person', or he will not be the most critical moment of music as the 'white knight' in early 2017, Rongchuang invested 15 billion yuan investment LeTV, music as new And LeTV, in an attempt to help Jiayue Ting to save the mess, including the acquisition of 50% of equity and bonds held by LeTV in Chongqing Le Shi and Shanghai Longsheng Square.
From the first meeting with Jiayue Ting to sign the agreement, only a short 36 days for the generosity of Shanxi fellow, Jiayue Ting said three points: 'First, Sun is always very real temperament and the second is also very Third, it is very forward looking and very strategic.
Sun Hongbin once said: "Cooperation sometimes is not equal, when the strong side should be reasonable, such as the time being, Investors are relatively in urgent need of funds entrepreneurs; white knight is relatively lifelike saved, of course, the weak side should have a contractual spirit.
Sun Hongbin also seems to see himself in the shadow of Jiayue Ting ten years ago, he said: 'I and Laoja, the first word is' fit', have a common values, that special affinity, especially near .10 years later The company is certainly good, and after a short time there is a brotherly feeling and a chemical reaction.
However, Sun Hongbin ultimately still difficult to change the outcome of his vote for Jiayue Ting 15 billion 'three or two' is gone. "According to Jiayue Ting disclosed in November last year, all of these money to take back the bank loans.Sun Hongbin finally realized, Music as a bottomless pit, the reality is brutal than the dream.
On July 4 last year, LeTV announced that it had blocked a total of 519 million shares held by the majority shareholder Jia Yueting and followed by Jia Yueting as chairman of LeTV on July 6. On July 16, Sun Hongbin openly supported Jiayuenting, saying: 'Lao Jia still has a good hand in his hand, and he is still young. We should tolerate the environment and atmosphere of tolerance and failure. We should support Lao Jia's entrepreneurial spirit of entrepreneurship.
July 21, Sun Hongbin was elected chairman of LeTV.
Regardless of Jia Yunting chairman of the speech is how much reluctant to leave, and regardless of Sun Hongbin's board chairman was reluctantly how, later things, so 'kind' Sun Hongbin a bit powerless. 'Lao Jia even a feather Refused to give up. 'Last year in September, Sunac held interim results conference, Sun Hongbin publicly shed tears.
According to Sun Hongbin's idea, LeTV and LeTV unlisted companies should cut, but 'sharp knife cut endless mess', due to the complexity of LeTV system, leading to non-listed companies owed LeTV net of accounts receivable has yet to delay Accounts receivable from related party transactions have become the "dead knot", the longer the time is dragged, the lower the residual value of assets, the less filling the pit.
In this case, Sun Hongbin proposed to dispose of all the business of the non-listed company system for repayments .In May of last year, at Sunac China's performance conference, Sun Hongbin said in public: 'The future of the music system is listed companies and Two parts of the car, the sale of non-listed companies should be sold, the cooperation of cooperation, the car part of how to get how to get Jia Yuanting.
However, self-responsible Jiayue Ting never listen to the opinions of others. Someone asking hundreds of millions of dollars for the acquisition of Music as Mall, he said no; someone asking for the acquisition of music financial 5 billion yuan, he said no; someone asking for 100 billion acquisition of easy way, he still said Do not.
Jia Youting senior management team before the company told First Financial said: 'Sun Hongbin very experienced in corporate governance, he put forward a series of recommendations to Jiayue Ting, Jia Yueting who reluctantly listened to, he is extremely conceited, only Believe in their own judgment, so no matter who is based in music, will conflict with him.
On September 26 last year, LeTV changed its name to 'New LeTV', aiming to achieve a more thorough cutting of the non-listing system of the public company system and LeTV, but the process did not go well. On November 21, LeTV announced Applied for a loan of 500 million yuan and 1.29 billion yuan from Rongchuang. On January 19 this year, the plan of putting LeTV into the music video network failed.
January 24 this year, the suspension of nearly a year of music video resumption of trading, before and after recorded 14 limit, as of the Spring Festival holiday before the stock price fell to 15 yuan from 15.33 yuan 4.42 yuan, the market value fell to three quarters. One day, Sun Hongbin explained to investors at the meeting all feeling: 'Sometimes people have to dare to teach the sun and the moon for a new day, and sometimes also want to bet on losing clothing.'
On February 27, Sun Hongbin, who was participating in the opening ceremony of the Yabuli Chinese Entrepreneurs Forum, had a lot of worries and had been handling business on his cellphone. On the evening of the same day, LeTV released its 2017 performance newsletter, which showed a loss of 11.6 billion yuan in 2017. On the same day, Paper announcement also exposed Jiayue Ting stock explosion warehouse.
Sun Hongbin will once again access the disk to become the focus of public speculation in the music as February 23 shareholders meeting, general manager of Music Watch Liu Shuqing said: "Son of the music is still very supportive, personal energy investment is still very large." However, Came out in Jiayinting broke the news, LeTV said there is no plan to take the plate.
Although investment in music seems to the outside world seems to Sun Hongbin accidentally put himself in the Council, but Sun Hongbin has been able to calmly face, and he believes that the failure should be more forgiving.
At the Yabuli Forum, he said openly: 'Failure is a normal thing. China's culture is different. American culture loves being a hero. Chinese culture likes watching others as heroes. If someone fails, it's fun watching fun. But I I think we should help those failed entrepreneurs, I now go to help some companies, even if they failed, I lost money, but my heart is still happy.
The second half of real estate
In the most half of the year, Sun Hongbin rarely expressed his ideas in public. His last update Weibo criticized Bloomberg's 'Title Party', implying that Bloomberg's report on the suspension of Huarong last year and Sunray's signing was false and taken out of context; The accusation of Credit Suisse's analysis report on Sunac was 'absurdly brainless' and he said that 'we are worried and saddened to invest in foreign investors in China'.
According to a report released by Credit Suisse last June, the bank believes that it should treat the financial creation as an A-share, saying that it will even have financing possibility in the future, increase the negative factors, maintain the 'underperform' rating, and set a target price of HK$3.4. .
On September 1 last year, Credit Suisse raised Sunac's target price from HK$3.4 to HK$10; on Nov. 29th last year, Credit Suisse was an uncharacteristic. The release of the research report will significantly increase Sunac's target price by nearly 300% to HK$37.9. .
The fundamental reason for the change in Credit Suisse's position was that on July 19 last year, Sunac had acquired a 91% equity interest in 13 Wanda City from the 'Century Mergers and Acquisitions'. Credit Suisse believes that Sunac's acquisition of Wanda's cultural and tourism projects is possible. Helps increase its value while improving land reserves.
Sun Hongbin explained the logic behind the acquisition - investing in 'a better life'. He believes that the second half of real estate is to invest in 'a better life' and 'now promotes consumption upgrades, culture, tourism, entertainment, retirement, leisure, education, these are the next steps We have to vote. '
Sun Hongbin revealed that after completing the acquisition of Wanda Commercials, Sunac had more than 200 billion cultural tourism properties. “We have only one or two billion dollars for any project, which indicates that the investment threshold for travel assets is high; but on the other hand, The return on investment in this industry is very low, probably only 1%, basically do not make money. 'Sun Hongbin said.
The reason for this is why Sun Hongbin has given an answer: 'Because the supply of high-end tourism culture is very rare, it is scarce, and the investment threshold is high, so people who can invest are very Less. But culture is also a long-term value-added thing. The future will get better and better.
He introduced Road, Suntron Year-on-year sales of 360 billion, sales of 150 billion in 2016, sales of 80 billion in 2015. 'How much revenue this year, we count it to know.' Sun Hongbin said. To double sales to calculate, then this year's sales should reach 700 billion or so.
Sun Hongbin stressed that real estate is a 15 trillion industries, so we should stick to the real estate industry. "The real estate industry in China over the past two years has been very strong, the market size of 13 trillion to 14 trillion yuan, more than 2 trillion US dollars in the automotive industry Of sales. "He said that 'the market is rapidly consolidating and we are in a good industry, and even though regulation is very tight in the countries of 2016 and 2017, real estate sales are still good.'
This is why Suncheon is now beginning to invest in 'good life' reason.Sun Hongbin believes that the real estate market has three major characteristics: First of all, this is a huge market, is a no one can put the market. 'If a company voted high light Technology, companies do not, finance does not give real estate money, but also do not big, so be sure to configure the real estate funds. 'Sun Hongbin said.
He said that the second characteristic of real estate industry is the rapid integration.Sun Hongbin is a very believe in judging and decision-making people.He said: 'Real estate moat is very deep.The industry is divided into two, one is investment, the other is to build a house, Mispronounced, cover what house lose money.
He believes that the third characteristic of real estate is that it has a lot of policies. To do business depends on the macro as well as the microscopic one. 'A lot of time people see is between macroscopic and microscopic, but you know, this industry is a cyclical industry. , The policy changes every year, but in fact, the top few companies each year are substantially increasing, so it is important to judge the future of this industry, you should change the policy into its own advantages.
Sun Hongbin believes real estate will not rise sharply in the next five years, nor will it fall sharply, but will rise in volatility. When asked why he wants to invest in LeTV and cooperate with Wanda, Sun Hongbin said: 'We firmly believe that the real estate industry will be stable The healthy development and upgrading of consumption-assisted industries are explosive in terms of big culture, big tourism and big entertainment. '
He also said that the greatest risk in the future is' security issues. '' Now the insecurity will come from all directions. In the past, it was unsafe to have money, and now it is even more unsafe to have money. 'Sun Hongbin said,' We want businesses to run for a long time That's the thing I really want to do now.
Sun Hongbin, who understands the importance of cash flow, said he would pay attention to cash flow and give top priority to corporate safety. In July last year, he said: 'After October, we will not buy land in the open market and wait for mergers and acquisitions, such as giving up Greentown and Kaisa , Yurun. "Sunac China in 2017 alone and LeTV and Wanda two companies turnover as high as 58.8 billion yuan.
He also said Sunac will slow development, speed up (real estate), reduce debt ratio and ensure health and safety. 'We firmly believe that deleveraging at the enterprise level and the steady development of the financial industry will allow the economy to achieve a rational prosperity '
I am not Don Quixote
An investor met with Sun Hongbin and revealed to the First Financial reporter that what he felt was a cold rationality, which was completely different from what the media reported.
In this regard, Sun Hongbin also said that he has never been a radical person. 'The rivers and lakes all said that I was radical, and the media said that I always add madman, lunatics and other attributes. Actually, I am not crazy or crazy. I am just an experience. More ordinary men, emotional emoji. ' This is Sun Hongbin's own assessment.
Sun Hongbin set a goal of "rational thinking and passionate action" when he was still in Shun Chi in his early years.He said that he is a biased person in his bones and hesitant to risk.'I drove slowly and did not allow drivers to drive fast , The highway can not exceed 100 yards, crossing the street must wait for the green light. "Sun Hongbin said, 'the reason is considered radical because I did not think good thing resolutely quit, but think about it, resolutely and decisively I do not know if people die or not, I should not be afraid of death.
He acknowledged that the world really needs crazy character, life also need some crazy moments. 'Otherwise, how boring the world will be boring? Crazy is passion at all costs, investment at any cost, regardless of all persistence. Something crazy!
Sun Hongbin always likes to laugh at himself .For example, he claimed he did not have too many concepts on the money, do not understand the new technology, the only high-tech product is a micro-channel on the phone. Said: 'I must make music as a good company, just now not to buy.'
Because he can always appropriately justified self-deprecating, friends like Sun Hongbin.We are embarrassed to ask, sorry to say, he always took the initiative to say it, do not hide their own affairs.For example, he publicly shared their stay in Hainan hotel also Shun the hotel slippers, everyone laughs in his own words: 'No matter who you are, never too take yourself seriously.'
Sun Hongbin attaches great importance to the values of the enterprise.He said: "I am now more and more aware of the importance of values.Why are we so popular in the M & A market and others are rushing to merge with you because you are kind and do not want to hurt People
For good intentions, Sun Hongbin has its own interpretation: 'good intentions are fair even if you have the advantage; good intentions are to stand on each other's point of view to understand each other; good intentions are not to doubt the motives of others, not conspiracy theories; Good intentions are to look after the merits of others; to think good intentions is to tolerate mistakes and failures in others; to be kind-hearted is to always feel grateful. '
If you are young, Sun Hongbin thinks he is clever and hard working, hoping to seize every opportunity to act aggressively, victoriously and like to say death must also be vigorous. Now Sun Hongbin is more mature and steady, with a prominent feature of knowing Advance and retreat '.He knew he first can not fall into the pit, you must first live, then to seize their own opportunities, do not understand the opportunity to firmly give up, so that they and businesses are living calmly.
Sun Hongbin now loves to read, think, run, or even in a daze, and in the United States his favorite place to go is the Barnes & Noble bookstore, where he can spend several days alone, and on several occasions he has been around his favorite city of Hangzhou When the West Lake ran around the pocket in a circle when young people always wanted to loneliness and emptiness in the heart with a full schedule, but the time for him to slowly learn to enjoy solitude. Enjoy alone to make life easier , Enjoyment alone also let the heart quiet and joyful.
The night before the end of the Yabuli Forum, the sky floated in snow and the temperature dropped to nearly minus 20 degrees C. At the entrance to the venue, everyone was waiting for the coat to be wrapped up in the crowd. Once back in the crowd, the First Financial Press discovered Sun Hongbin, who was standing behind him, wore only a light gray hooded coat and the zipper was still open, and smiled and told reporters: 'It's not cold.'
At that moment, Sun Hongbin smile is calm.