From Dong wenbiao interview with fancy people vote intended to do with PV?

Polaris solar PV net news: lighter Jet Blue Flame, violently. Burst into a cry, a coquettish Sun flower comes into view, dotted.

Dong wenbiao cigar in the hands of dying, calmly firing has been repeated four or five times.

It is said that cigar coincided with more flavor at low temperature.

Things change like smoke, life is not perfect.

Do what you enjoy and are good at things, exactly how hard it is. From this aspect, the 57-year old Dong wenbiao envy of the world.

Of course he deserves this honor.

Regardless of profession, people familiar with him know, Dong wenbiao heaviest mental Outlook. Because the image is a “self management”. Told Xinhua in an exclusive interview with the former, he still found time to cut his hair. He will travel in the next few days, first the zhongmin vote of the Board of Directors, August 21, China Minsheng investment joint stock company (hereinafter “voted”) at the unveiling ceremony in Shanghai.

The Minsheng Bank employees called “the boss”, external calls “Lao Dong”, billed as “favorite laugh” Bank head, appellations, but subtle, for profit and profitable projects is “obsessed” counts.

He doesn’t like common sense card, for which he was infinitely respected, and its initiatives for innovation and absolute obedience; others see him nothing because Dong wenbiao never hide high worship of profits and size, money and interest are his most important bargaining chip when negotiating.

He is also extremely confident of their own. The Minsheng Bank’s internal opposition from seven years ago to implement reform of divisional system, branch restructuring of the “second boom”, and then into the small micro-finance services to fully develop, reforms may have on the way to the turnoff, but “I can’t be on my do not know mine.”

On August 14, sitting across from reporter Dong wenbiao look thin.

In an interview with reporters after the second day, Minsheng Bank bulletin, Dong wenbiao, Chairman of Board of Directors has received a letter of resignation. Due to changes in the relevant provisions of the articles of the company and work reasons, Dong wenbiao resigned as Minsheng Bank application the sixth session of the Board of Directors, the Chairman.

This is Minsheng Bank’s most sweeping personnel changes over the past decade. As he says: “I think I am more suited to doing these things, instead of doing a traditional bank. “August 21, at nine o’clock in the morning, Shanghai Bund International Plaza lobby, Dong wenbiao zhongmin speech by foreign investment and Chairman of the Board of Directors of the new identity.

This injected $ 50 billion of large private enterprises, unborn, it attracted attention, admiration, jealousy and even questioned. Until now.

“What do you want to ask, I confess. “Laughter in the cigar is lit. Is this cigar! Never stopped fermentation.

“I think I am more suited to the new role”

“This is an institutional arrangement. Next March I served three terms, Chairman, wants to do one more session of the two, had to amend the Statute, are bad, don’t tell also impeded the inheritance system. This is Minsheng Bank one of the most important reason I left. ”

Reporter: all say more difficult venture difficult to shouye. As Minsheng Bank No. 00001 employees, a dozen years from now you lead the team did a lot of innovation and reform, including the introduction of independent credit assessment system, the reform of divisional system, micro-finance services and so on, Minsheng Bank in terms of mechanisms, business, and many walk in the forefront of the industry. Now, I would like to know is, does a bank that gives you a sense of satisfaction or sense of challenge if not enough?

Dong wenbiao: not really. What you mean actually is now most concerned about, why I want to leave.

Now choose from Minsheng Bank, there are generally two factors. One was in 2006 when I was elected Chairman, had led to modify the articles of Association. One of them is my proposal, and is later adopted by the Board of Directors, is the Chairman, President, including Vice Presidents, executives, especially managers, usually in the Minsheng Bank for nine years, that is, three sessions of the Board of Directors, maximum of three terms.

I then made by adding articles to this article, the core is to ensure Bank activity and avoid leading to aging, a hand is nine or ten years, employees you have Visual fatigue, ageing of the management structure and gradually, after a wave like that a man is 50, need to get young people into the future. You say that nearly 60 per cent of people like us, the Minsheng Bank for another five years, are possible at this time is called “garbage time”, but to people who are more than 40 years, the next five years is “prime time”, don’t miss out.

This is an institutional arrangement. Next March I will have served three terms, Chairman, want to do one more session of the two, it is necessary to amend the company’s articles, which not only affect poor and also prevents the system memory. This is the most important reason.

The second reason is that happens to have people vote in this new opportunity.

Last year August, in Federation of industry and Commerce hosted of Changbai Mountain Forum Shang, Federation of industry and Commerce new elected of entrepreneurs Deputy President were poly in together discussion, wants to with how for private economic and private enterprise development do some things, on thought established a produced thaw group, made such of group has two a purposes: a is in led private enterprise transformation upgrade aspects played demonstration role; II is support private enterprise out of to, to they built outside platform, in technology, and legal, and funds, many aspects gives support.

Secretary of the Federation of industry and commerce, Chairman of the Wang Qinmin minkuan attaches great importance to this, reported to the State Council, and specifically designate Vice Chairman Huang Rong as people voted in the preparatory group. Zhongmin cast was set up last December convened a preparatory meeting for the first time, in February this year to get “China” title, March approval of the name of the State administration for industry and commerce, is only two or three months time.

Supported by the State Council, China is very positive, private entrepreneurs are enthusiastic, zhongmin building the House voted out. At a time when stress economic transformation and upgrading of the Central Government, the significance of the creation of such a large investment company, I think that are comparable to those in 1995, Minsheng Bank of China initiated the preparation. Minsheng Bank of China also knew I was close to expiry, it is I came to work, let me do it second.

This is for two reasons I left the Bank.

Reporter: from banking to investment companies, one short, one long business cycle, business content is completely different, personally speaking, your roles span is pretty big. Very early began to be interested in investing it?

Dong wenbiao: actually, I think I am more suited to doing these things, instead of doing a traditional bank. Minsheng Bank during these years you look at me, I continued to let Bank changes, I think this is the most important. Plus I work in a Bank for many years, from a perspective of Chinese enterprises, whether State-owned or private, where can I see their flaws, issues. I now choose to go another way, I think it’s going to get very far, it went very well.

“The vote is not ‘ civil CIC ‘”


“We voted for zhongmin set a near-term and a long-term strategy. Recent strategy has been to China’s reform and opening up more than 30 years, the entrepreneur has created a lot of value, now scattered in all corners of society. Zhongmin vote is to build a platform to integrate these values, convert it to wealth. ”

Reporter: it is understood that the zhongmin cast in the landscape of the future, including new energy, iron and Steel Union, the minerals in the logistics, industry, property, navigation, between the Republic of China in the international, people in the capital, the people of the European capital, the nine major sections. If zhongmin a definition in “CIC”, do you think?

Dong wenbiao: inappropriate, zhongmin investment properties is a financial group.

Reporter: If you understand zhongmin put you in a continuation of the Minsheng Bank, such a claim is correct?

Dong wenbiao: very simple, fancy people voted in what to do. We give zhongmin voted in a recent strategy and a long-term strategy. Recent strategy has been to China’s reform and opening up more than 30 years, the entrepreneur has created a lot of value, but these values are now scattered in all corners of society. Zhongmin is to build some platform, put them together and put it into wealth.

For example, such as the photovoltaic industry now, and the whole industry chain from the exploitation of mineral resources, to smelting, slice, components, China did the best in the world, but in the end, PV must be converted into electricity, which China has not done, the core reason is, power station is a capital intensive investment, a single private enterprise can’t do. Zhongmin vote first to establish new energy group, this group will be walking on two legs: first PV, bigger, stronger push the technology forward again and, secondly, to consolidate the country’s original small photovoltaic power plant. Through financial portfolio in the future, the use of our advantages to reduce the cost of capital, which has a strong competitive advantage. Has the potential to create the world’s largest photovoltaic power plant in the future, providing clean energy, reduce air pollution and solve the dilemma of PV industry chain, each link in the enterprise.

Then, for example the integrated steel industry, our breakthrough in logistics. Originally has 10 million tons iron ore needs of steel enterprise in procurement iron ore aspects no discourse right, steel enterprise each other Zhijian cooperation wishes also not strong, but through in the people voted this produced thaw platform, has may joint a dozen home steel enterprise established a in the people mining logistics group, zhongmin voted early can holds 40% of shares, steel enterprise needs how much iron ore, on can has corresponding equity. If we can consolidate demand for 300 million tonnes of iron ore, 1 ton price of 90 dollars, 300 million tons is more than 27 billion dollars, which is the size of one of the world’s top 500 enterprises.

Companies of this size, all have the right to speak. Reducing the cost of imported iron ore, needless to say, to 300 million tonnes of iron ore from Australia, and Brazil came what is the concept? In future, we will be set up in the ocean, it’s going to be an asset-light company, he does not own the ship, is responsible only for orders with the shipping company, the iron ore transported to the Mainland.

Then, for example the issuing costs. General Mills for iron ore imports, banks issuing bonds is generally 20%. If you have 300 million tonnes of iron ore imports, approached international banks on issuing, 5% margin is enough, the cost of iron and steel enterprises will decline, operating pressure will be reduced.

The first step in this is just my idea. The second step, zhongmin voted to promote the iron and steel company was established in the iron and Steel Federation, they could freely according to market rules integration. In the process of integration, zhongmin could provide some technical assistance and financial support, even supports integrated iron and steel companies. Benefits of integration, one is the financial cost will fall significantly, and second, after the corporate money, is more conducive to restructuring and upgrading.

Reporter: you said a new business model.

Dong wenbiao: we no longer rely on traditional business models. Such as I have just said, in the ocean, it is impossible to take the path of existing ocean shipping enterprises. You help me to transport iron ore, I’ll pay the freight, ocean-going to do an asset-light company, these companies usually earn a high listing price-earnings ratio.

Reporter: in other words, zhongmin voted to consolidate the country’s industries, but you would not direct another to buy companies, and then to run. But to find a breakthrough, invest in a platform or a Union, so understanding?

Dong wenbiao: should say patterns vary across all industries. Like I said before, photovoltaic power generation, we’ll be walking on two legs, one is my own build power plants, a power plant that is acquiring some operational difficulties. But overall, zhongmin cast by established companies, some interest for all concerned, zhongmin only occupies part of the stake. We wish the company from the date of birth in the mechanism, structure and other aspects are very good, we will give the company a target, and allow it to enter the capital market in the shortest time, and then let the market supervision.

“Going out” zhongmin cast

“Going into the people, you also need to do something the whole layout. Europe has some good opportunities, I think we’ll probably set up a headquarters in London, is the European capital (London). ”

Reporter: an important strategy of going global has been voted in, what to do in the future?

Dong wenbiao: go into the people, you also need to do something the whole layout. Europe has some good opportunities, I think we’ll probably set up a headquarters in London, is the European capital (London).

But zhongmin voted now only just started, first, it will to industry investment mainly, future also may according to domestic needs, do some industry integration aspects of support; second, zhongmin voted future to to private enterprise out of to provides compared good of legal, and technology, and local culture, aspects of support, even let abroad of high social also with we of excellent enterprise together partnership dry, such private enterprise in out of to Shi by of discrimination and pressure on will small many. Zhongmin one is born is a “big boy” should have that kind of energy.

Recently in Europe, the Middle East and North America, we will gradually build up around the platform.

We build this platform, is to build up a strong team of lawyers, a powerful team of accountants, analysts, and to support China’s private enterprises going. Such clients a lot, I met very many at the Minsheng Bank, local governments also support them to go out.

Zhongmin cast a PE may also be in Europe in the future, let the foreigners come to partner with us. Our partners have certain level, of course, our acquisition should also pay attention to “tying”, we have to find some powerful things to do. We need to buy something, you want to go to the store to buy, rather than buy a booth available.

We plan to buy a House United Kingdom established private banks, also wants to buy a good company. Of course there might have set up funds and foreign institutions, to join me in acquisitions.

Reporter: requires anything to acquire control of the company?

Dong wenbiao: should be. If you cannot lead, we don’t do it.

Subsequent funding channels cost does not exceed 5%

“Outsiders often think I will use bank loans, worry about the related transaction, this is not possible. Just as people voted in an established Bank came to ask me about zhongmin vote whether or not funds added up to our credit line probably will have 300 billion, I say I don’t, the Bank gave me would not have. Borrowing costs are too high. ”

Reporter: investment and registered capital of 50 billion, it will probably also a lot of places, and investment companies to go public, zhongmin investment and subsequent funding arrangements have a plan?

Dong wenbiao: zhongmin investment funds have no problem. For example, in the new energy, and frankly, I don’t want more than 5% the cost of capital, or they did not have a strong competitive edge.

Our project must not be in capital cases where no comprehensive arrangements to do. For example, we acquired an insurance company in Europe, aimed at a steady stream of cash flow. After that, we would also pursue investments, an asset management firm. In addition, we will also attract some foreign funds and even sovereign wealth funds, in fact they return requirement was not high, steady at 3.5-4% per year is sufficient. So you can see, zhongmin leveraging these funds might be voted the future realized by some good financial products, rather than commercial bank loans.

Outside always think I’m going to use bank loans, worry about the related transaction, this is not possible. Zhongmin one set up, many banks had to ask people to vote whether or not funds to our credit will add up to around 300 billion. Even though the Bank has given the credit we don’t have to. Borrowing costs are too high.

Reporter: said simply that money begets money. Can give an example.

Dong wenbiao: in the new energy, we put to work very well. Register now to 5 billion, zhongmin cast 70% shares, leaving 30% to the enterprise. However, enterprises cannot be bought at par, certainly at a premium to buy into. Then the new energy investments in three companies, this mode of the three companies, financial planning is not the same. An equipment manufacturing company, only power plants, with a net worth high. When this company was founded, in the new energy-for-50%, sold the remaining 50%, but also further premium. Because companies want to do power plants, and utility income is very stable. Even if it is premium, enterprises are willing to pay for it. Of course, in order to support new energy, we will also set up a new energy investment fund. The Investment Fund’s financing costs will not exceed 5%. Third, plant maintenance and management, market is very large. We will set up an operation and maintenance company, the company should be asset-light, only doing maintenance, not only gave new energy to do, can also give any other relevant companies are providing operation and maintenance, as well as property management companies. This asset-light approach to business, zhongmin vote must also be stake, sold part, and finally have it listed.

The “8%” global executive incentive plans to lure

“I voted for zhongmin team has the following requirements: first, around the ages of 35-40; b bilingual; it is to have a master’s degree, preferably some of the best master’s degree from the University of; four multinational 5-10 years of work experience, General Manager of multinational experience must have ten years or so. ”

Reporter: a large company like zhongmin cast, what kind of personnel, the team can match up? There is no matching incentives?

Dong wenbiao: one time I chat with the owner of two international companies. I told them about, making money is mainly two things, one is a good team, second is a good solution. But without a good team, you can’t think of a good solution, naturally, won’t make money.

Zhongmin investment and employee incentive scheme is established from the outset. According to International Convention, generally in a company’s equity incentive 15%. Of our Board, will be at about 8%. I will also continue to recruit talent from abroad came in, and now operates the company in fact, the most important thing is to choose one of the most outstanding team. Zhongmin voted team eventually will be international.

I voted for zhongmin team has the following requirements: first, around the ages of 35-40; b bilingual; it is to have a master’s degree, preferably some of the best master’s degree from the University of; four multinational 5-10 years of work experience, General Manager of multinational experience must have ten years or so.

We’ve attracted some talent. Zhongmin investment and Vice Chairman of the Board of Directors of Li Yinheng and Korea who was originally Hana Financial Group Vice President, Peking University and Colombia’s PhD, originally in the United States of an investment bank, and later to the Hana Financial Group Vice President, responsible for the Group’s international strategy.

Currently people voted in the headquarters team is about more than 40 people, according to the plan, zhongmin vote headquarters at the height of the future is no more than 150 people. But those big, solid bottom. These companies are investment projects in the future will also have a better exit mechanism. Like new energy, 70% people voted in the first holding, a listing in the future may come down to 40%, even gradually dropped down to 30%.

Reporter: planning is very large, the envisaged data, results were very compelling. Do you think you could do it for a few minutes?

Dong wenbiao: very difficult. But I think zhongmin shots is very confident. I wants to, I of advantage is, first, China economic development to now needs has similar platform to do similar of things; second, from last year to this year, after this segment time research, I of ideas has finishing have is clear, how to do, how can made success, I has Combs have very clear, has never no so clear had; third, age big has yihou has many shortcomings, but has point benefits is experience compared rich, knows how put a opportunities interpretation have better more perfect; IV, Zhongmin cast an entirely new product, from the beginning, certainly much faster development speed.

Original title: “another” Dong wenbiao: “my ideas have never been so clear”

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