At 10:30 am on May 29th, Hong Kong's Pacific Place, on the third floor, was full of media. They all had to attend the annual general meeting of the Chinese lens maker Sunny Optical. The journalist had exclusive access to the shareholders' meeting and met directly. Asked Sunny Optical Chairman Ye Liaoning and Chief Executive Sun Yi.
In the past two years, Sunny's stock price has soared several times, but recently it has also been fined by the United States because of the case of the major customer ZTE Corporation. The stock price of Sunny has dropped by 20% within a month. All retail investors are curious. Maintain high growth?
Can you eat apples?
Shareholders' conference will focus on competition with Da Liguang
The previous day, another big company, AAC Technologies, emphasized at the shareholders’ meeting that it would aggressively enter the lens market. After the smart phone market is saturated, how will the company respond to the increasingly fierce competition? When will the company stand shoulder to shoulder? Into the apple market?
'We haven't done 'A' company (referring to Apple's order), so we don't have competition with Da Liguang in this piece, nor is it planned that we will happen,' Chairman Ye Liaoning said: 'But a lot of things are In the past, Dali Liguang was not only the first in the industry, it was the only one! Now it is different, the second and the third are catching up quickly!
'ROE is only a result, we really do not regard these figures as a goal of work. ' CEO Sun Hao stressed that Sunny never position itself as a manufacturer of lenses or any specific product, but think that they are 'solving visual needs' The company's, so from the smart phone to autopilot systems, security monitoring systems, and even medical components, as long as the customer has vision-related parts needs, is the opportunity of the universe.
Haoyu has grown rapidly in the mobile phone lens and has the highest volume in the industry for the production of automotive lens. Over the past two years or so, Hong Kong's listed stock price has soared more than 3 times. This has enabled the company to replace Cathay Pacific and become a Hang Seng Index constituent stock. Too close to the sun? “When Barron’s of the United States evaluated the world, it was so funny.
'Not China' of Sunny Optics
There is no backing for the government, no support for the domestic market
Sunny Optical is not only regarded as Taiwan's stock king, the rival of Da Liguang, but has received high attention from Taiwan. This week’s reporter visited the Yuyao headquarters in Yuyao, Zhejiang Province. The current market value has reached as much as 680 billion yuan. New Taiwan dollar, higher than the share of the world's optical new overlord Wang Liguang.
Feature one: Implement the elite co-government company has no major shareholder
In 1984, Wang Wenjian, an inspector of an electrical switchgear factory, took 8 high school students and a 60,000 yuan loan to open a township-owned enterprise named Yuyao No. 2 Optical Instrument Factory, which took orders for microscopy equipment. , Become the predecessor of Sunny.
In-depth study on the dismantling of Haoyu’s shareholding structure revealed that it was a company with “no major shareholder”! The implementation of elite co-governance from the outset was the most important feature of Sunny's 30-year history of development.
To open the annual report of the company, the 'Rugao' company held by the Phoenix Employees Trust held 100.4% of the shares of the company, and held a 35.47% stake in the company. It was the single largest shareholder and was calculated based on the market value. Trust value is more than NT$210 billion!
Compared to employee trusts, Shuguang, which is a company with high-profile executives such as Wang Wenjian, holds a 3.07% stake in Sunny, but has also delivered a trust. Individuals in Yeh Liaoning have only 10,000 shares, and the current president, Sun Hao, holds personal positions. The stock is even less than one ten-thousandth. This is a family business with Da Liguang.
Guo Zongming, a certified public accountant of the high-asset family company of Capital Accountants, pointed out that even if the company's operating team is internally indecisive, the individual decision-making power is still carried out in accordance with the rules of the trust, and the company will not stage the right to operate because individual stocks are few. The dispute.
Feature 2: Putting an end to enterprise family-building The founders planned for 30 years
'Wen scattered people gathering' is the motto of the founding of Wang Yujian. Wang Wenjian holds only about 7% when the company transforms into a company. Since 2010, employees have qualified to receive the company's allotment as long as their performance passes the certification. Restricted stocks. Just in 2010, Haoyu took out one hundred million shares to employees at a glance, and eventually more than 300 people benefited.
In particular, the SPA awards program is not limited to internal employees, as long as it is external consultants and agents who have contacts with SPARKLES, they are all eligible for the limited shares issued by SPARK.
In order to avoid 'community,' even if Haoyu has become a multi-billion-dollar enterprise, the brothers of Wang Wenjian, who is your chairman, still drive tractors in his hometown. According to Chinese media reports, Wang’s only son, Wang Wei, was in the group. The company has also left the middle and low-level business personnel. He once said: 'I have been planning for the prevention of the family-run business for 30 years.'
Feature 3: Look at the Articles of Association of the company to reduce the influence of human governance
Wang Wenjian cited all staff recruitment, training, work rules, and the company's annual or emergency response strategy. They were written in black and white and formed a directive to issue various groups of organizations.
The 'Pure Group Talent Evaluation Method' stipulates that outstanding talents should be selected through at least six hundred person-time questionnaires, individual interviews, performance evaluations and other tedious procedures. Even the company’s organization and operation are subject to detailed regulations, such as the board of directors, the board of supervisors, and the general manager team must Separately operate independently, branch management, supervision, and enforcement of the three rights. Therefore, the members of the three organizations must not overlap.
Feature 4: Maintain openness and flexibility in R&D Instead of wasting resources and innovating
In the end, at the end of the year, there was only about 5.9 billion NT$ in cash, which accounted for about 11% of the total assets. In contrast, there are as many as 67.9 billion Taiwan dollars in cash on the Darien CD account, which accounts for 59% of the total assets. The rapid expansion of the operating scale of Sunny Tech indicates that the company has funding needs. The issuance of corporate bonds successfully raised funds of 600 million U.S. dollars (about NT$18 billion), indicating that Sunny International is more inclined to use high-benefits ratios and high-profile advantages to keep the overall funds more flexible.
The management of Haoyu has now become a case study of major business schools in mainland China. It has even become a model that the mainland government hopes companies can emulate. This red assassin who comes from behind is also a worthy object to be considered by family business in Taipei.