On the plane, Yang Chenglin thought about it again and again, but in the end he did not warn Bao Feiyang about the problem of Xinpu Steel to be stable in his work and not to be radical.

Since Mr. Yan specially transferred Bao Feiyang to Pujiang and seemed very satisfied with Bao Feiyang's work, he didn't have to do anything more. What's more, Mr. Yan also received Bao Feiyang, and what should be explained should be explained. What's more, there is a relationship between the Zhao family behind Bao Feiyang.

Of course, Yang Chenglin talked to Bao Feiyang about the importance of employee placement work and the way of work. During the conversation, he found that Bao Feiyang did not fail to consider this work. On the contrary, he considered it quite well, considered it very comprehensively, had a wide range of ideas, and had many novel ideas. The specific work was considered more meticulously, which made him look at it with admiration.

In addition, Bao Feiyang was also ingenious about the investment issues of Xinpu Steel. He proposed to put the equity of Tianjiang Steel Park into Xinpu Steel, and then use this equity to borrow. After obtaining the loan, he then invested in the joint venture project of ThyssenKrupp and Posco Iron Manufacturing, and then used the equity loans to invest in the construction of Xinpu Steel.

Yang Chenglin raised his eyebrows when he heard this. Bao Feiyang did this and made a fortune: "In this way, Xinpu Steel's debt-to-asset ratio will be too high! Although the above promised to give us a loan of 2 billion, if you do this, the bank may not be able to pass the loan review of the asset structure of Xinpu Steel."

"Actually there is another plan..."

Bao Feiyang said: "That is, the government establishes Tianjiang Steel Park Company, and then the government guarantees it to use the rights and interests of Tianjiang Park Company as collateral, and the park company will come forward to borrow money, plus the government's capital injection, as the initial capital of Xinpu Steel. In this way, the debt will be transferred to the park company. Xinpu Steel itself has no debts and can get the 2 billion loan agreed by the state..."

This model was very common later. More than ten years later, local government debts had become a systemic risk. Although on the surface, local governments had almost no debts, local governments often set up asset companies with the common practice of putting land into asset companies and then financing, and the government's debts were transferred to asset companies. Basically, every place had so-called urban investment, national investment, and a large number of park companies, which were financing and liability platforms for the government to operate capital.

In fact, in this era, there have been similar models. As the pioneer of reform and opening up, Pujiang has long adopted similar government financing platform companies.

However, Bao Feiyang does not like this model, which is actually the government taking on debts and risks.

Bao Feiyang said: "Xinpu Steel wants to develop into a leading large steel group and own the interests of the entire Tianjiang Park, which will help them participate in joint venture projects such as Thyssenkrupp and Posco Iron and Steel, and will also help them expand their capital scale, and based on the Tianjiang Steel Park, continue to expand production scale and improve product structure around themselves. Therefore, I am more inclined to place the rights and interests of the park into Xinpu Steel Group..."

Yang Chenglin pondered for a moment and said, "Your consideration makes sense, but the park's equity is not in a hurry. First build Pugang, and then at the appropriate time, it is also OK to put the park's equity in..."

Bao Feiyang couldn't help but curl his lips. This is the usual operating model of state-owned enterprises. The government takes care of everything. Originally, the park company was the owner of Xinpu Steel. With just one word, the government can merge the park company into Xinpu Steel, making Xinpu Steel the owner of the park in turn.

Of course, this ownership is overturned and overturned, and it is ultimately state-owned capital, but the whole process always makes people feel very unreasonable and they are completely unable to follow market laws.

However, what Yang Chenglin said is also objective. If Xinpu Steel has too much debt, it is indeed not conducive to subsequent financing. Although some private capital and foreign capital can be introduced, the state-owned entities of Xinpu Steel cannot change, which means that if state-owned capital maintains absolute control, it must reach more than 50%.

The two methods are both to use the park equity mortgage loan and to borrow in the name of the park company. Xinpu Steel itself does not form debt. In the name of Xinpu Steel, Xinpu Steel itself will form debt.

Bao Feiyang could only agree to the city's plan and adopt the park company model for capital operation.

This trip to the capital has gained a lot for Pujiang City and Bao Feiyang himself. However, the project approval and the project passing the review is only the beginning, and there will be a lot of work to be done next.

Thyssenkrupp, Pohang Steel, and Denmark Abed have sent people to visit Pujiang and set up offices in Pujiang to start preliminary preparations for the joint venture project.

An investment project worth hundreds of millions of dollars requires a lot of work, and it will take some time to prepare for the preliminary period.

Among them, Abed's seamless steel pipe project has progressed the fastest. The joint ventures of this project are Denmark Abed and Tucker Petroleum. Tucker Petroleum has now become an emerging oil giant. It has a large number of interests in oil fields in the United States, Mexico, and Venezuela, and has entered the Chinese market. The development prospects are very promising. In addition to oil extraction, what is most impressive about Tucker Petroleum is their exploration of oil extraction technology. Unlike traditional oil giants, Tucker Petroleum's technology is more advanced and its operational methods are more flexible. And it is very important for them to maintain their technological advantages, which is the research on oil exploration and exploitation equipment. Tucker Petroleum Equipment Company's products are even more profitable than their oil extraction business.

The Abed Pujiang seamless steel pipe project was actually Tucker Petroleum, who invited Abed to cooperate to build a seamless steel pipe production line in Pujiang. The total investment of the project was US$600 million, of which Tucker Petroleum and Abed invested 200 million US dollars respectively, and Tangsheng Heavy Industry invested 100 million US dollars. In addition, the newly established Tianjiang Iron and Steel Park Investment Development Co., Ltd. holds the remaining 100 million US dollars in shares for part of the cash and the park's land and other resources, accounting for 16.7% of the total share capital of the seamless steel pipe project.

Abed and Tucker Petroleum Equipment Company have a lot of business dealings and cooperation, so the project they cooperated with is very fast. The preliminary work was basically the responsibility of Tucker Petroleum China Company. With the preparations they made, although this is the first time Abed has invested in China, the work has been carried out smoothly.

In addition, Pohang's iron-making moves are not slow. After the Asian financial crisis broke out, many Korean companies were very sad in 1998. For example, Daze Heavy Industry, affected by the financial crisis, many shipowners in Southeast Asia defaulted on contracts. South Korean shipbuilding giant Daze Heavy Industry suffered huge losses. Tangsheng Heavy Industry took the opportunity to take over Daze Tangsheng Shipbuilding Industry Company in Haizhou. Although this company still has the name Daze, it has little to do with Daze Heavy Industry. It has become a joint venture between Tangsheng Heavy Industry and Haizhou Shipbuilding. Daze Heavy Industry has less than 10% of its shares in it and has no say. When we talked about cooperation, although Tangsheng Heavy Industry was in it, Daze Heavy Industry still demanded a controlling stake in the joint venture project. At that time, they would never have thought that after a long time, they would take the initiative to ask Daze Heavy Industry to acquire their shares in the company without any conditions.

Not only that, Tangsheng Heavy Industry has also acquired a subsidiary of Dazhou Heavy Industry, which accounts for almost one-third of Dazhou Heavy Industry's shipbuilding capacity, with an annual shipbuilding capacity of more than one million tons. Therefore, Tangsheng Heavy Industry's shipbuilding capacity has actually exceeded that of Huashu Corporation.

Tangsheng Heavy Industry also acquired part of Pohang Steel's shares and became a shareholder of Pohang Steel. Although the proportion of equity is not large, it strengthened the connection between the two companies. Tangsheng Heavy Industry also took the opportunity to acquire some of the businesses under Pohang Steel and established a cooperative relationship. This time, the stainless steel project invested by Pohang Steel in Pujiang was also dominated by Tangsheng Heavy Industry. Pohang Steel is also seeking a way out in the face of the domestic economic downturn in South Korea, and the two hit it off.

In the Pujiang stainless steel project, the total investment is 500 million US dollars, and the Koreans want to control the shares. However, after the communication between Tangsheng Heavy Industry, Pohang finally invested 250 million US dollars, holding 50% of the project's shares, Tangsheng Heavy Industry invested 150 million US dollars, holding 30% of the shares. In addition, Tianjiang Iron and Steel Park Company invested part of the cash and land resources, holding 20% ​​of the shares...

As a major shareholder, Pohang Steel's preliminary preparations were also dominated by Pohang Steel. Pohang Steel directly sent a capable working group from South Korea to visit Pujiang for inspection and project preparation.

Tangsheng Heavy Industry did not participate in the investment in ThyssenKrupp's galvanized plate project, but Fangta Mining invested 100 million US dollars, holding 12.5% ​​of the project's equity, Germany's Dazeng Motors also invested 100 million US dollars, holding 12.5% ​​of the shares. In addition, Pujiang Dazeng Motors invested 100 million US dollars, ThyssenKrupp invested 400 million US dollars plus 1 yuan, owning 50% of the project and 1 share. Tianjiang Iron and Steel Park Company also holds 12.5% ​​of the equity.
Chapter completed!