Chapter 85 Launching satellites: Top became famous overnight

Nature always tricks people where they least expect it.When Fate smiled at Song Ruhua for the first time, his face suddenly darkened again. Just as Top was enjoying itself in the tax calculation software market, the big companies in Zhongguancun, Beijing woke up like a dream. How could such a huge "cake" allow a little-known Top to enjoy it all? Song Ruhua was in so much pain. In the spring of 1996, the State Administration of Taxation issued a policy, affirming that the current tax calculation software standards are not uniform. Therefore, to restrict the computerized taxation systems that local taxation bureaus have launched on their own, the country must initiate a unified "Golden Tax Project."As soon as this order came out, Top was in trouble.In just half a year, Top Company's national business has shrunk, millions of yuan in receivables have not been recovered, more than 10 provincial offices have fallen apart, key business managers have left, and more than half of the technical staff have left. Some of them were still in Song Ruhua not long ago The vice president who swore in front of him took the opportunity to leave and set up a company that competed with Top in the market.Song Ruhua said fiercely at the high-level meeting: "Which one of you dares to stab me in the back, I will carry the explosives and die with him."

In this way, Top, who had no government background and resources at all, was driven out of a market that they first enlightened. Song Ruhua, who is sad and indignant but has nowhere to tell, knows that when the national unified "Golden Tax Project" is launched, small local companies like Top have no chance to get involved.He started hunting again.In autumn, he participated in the Indian study tour organized by the Ministry of Science and Technology.In Bangalore, the "Silicon Valley of South Asia", he saw the clustering and rise of a large number of software companies.He asked a colleague, "Is it possible for China to create a Bangalore?" The person who was asked was an entrepreneur in Northeast China. He told Song Ruhua that a company in Shenyang called Dongda Alpine seemed to be working on a similar project.After returning to China, Song Ruhua flew to Shenyang.When he returned to Top, he said to his colleagues: "We are going to build a 'Western Software Park'."

Song Ruhua’s logical judgment is: China’s computer software industry is on the eve of eruption—Top created a tax calculation software and was full of food—it is estimated that by around 2000, the national electronic information market will reach 1 trillion yuan. RMB, there will be countless software companies born.Drawing on India's experience, it is absolutely necessary to build a software industrial park to play the role of intensive R&D and an incubator.At that time, Dongda Alpine had opened a similar park in Shenyang, which was welcomed by the government. To Pu and his colleagues listened to Song Ruhua's eloquent tongue, but it was like falling into the fog.The company has no background, no funds, no technology, and no land. There are only a group of passionate young people who can't find a business direction and their hearts are fading. How can they build a software industrial park?Only Song Ruhua was determined to give it a go.He ran to Hongguang Town, Pi County, near Chengdu.This place was famous throughout the country during the "Great Leap Forward", and it was the first "Fangsatellite Commune" in Sichuan Province with a "yield exceeding 1,000 jin per mu". On March 16, 1958, Mao Zedong visited and inspected it in person, which became a model for the whole country to study for a while. In March 1997, Song Ruhua selected a 100-acre cauliflower field here, and erected a large wooden signboard of "Western Software Park".In this way, nearly 40 years later, "Master of Shaoxing" Song Ruhua released another "David Satellite" in Hongguang Town.

Perhaps even Song Ruhua himself did not expect that the "satellite" he released in the cauliflower field was so dazzling.Just after Top held a small press conference, warm applause came from all directions.At that time, all provinces and cities across the country were setting off an upsurge of informatization construction. At the beginning of the year, Sichuan Province listed the information industry as the "primary industry" for key development. However, there were few projects in the cities and counties.As soon as Song Ruhua's "Western Software Park" was announced, it immediately caught people's eyes—the cluster of software companies, the development concept of industrialization, and the promotion of the concept of "Western"—where can we find a more exciting and grand concept? ?Local governments suddenly showed unprecedented enthusiasm.Just two months after Song Ruhua erected the wooden sign in the cauliflower field, the "Western Software Park" was listed as one of the four "first batch of national Torch Program software industry bases" in the country.At that time, Top could not come up with any decent investment planning and construction blueprint.In Song Ruhua's words: "We were chased forward by the government, boldly overdrawn, and replenished the certificate in time." Then, Top became one of the 35 key support enterprises announced by the Sichuan Provincial Government, and Song Ruhua himself was also named as the company of the year. One of the "Top Ten Outstanding Youths in Sichuan".

If the development and operation of tax calculation software is flying on the ground, then the "Western Software Park" has made Song Ruhua and his company fly.Almost overnight, Toppo became the most famous high-tech enterprise in western China, and various supporting policies, tax incentives and social honors followed one after another.A "Western Software Park" that is still in the sky made Song Ruhua enlightened.He suddenly discovered that the rules of the game in Chinese business are really amazing. Sometimes, you have worked so hard to make a product, it is better to call out a new concept one night. The gathering and dispersal of wealth often moves with the swing of the general trend .He realized that the pendulum of wealth had swung in front of him, and if he didn't reach out in time at this time, he would regret it for the rest of his life.He quoted a sentence from "The Pursuit of Excellence" to his companions and said: "If you don't believe that we are ushering in a great era, you must be an idiot." Five years of experience in the business world has made this once innocent university associate professor very sophisticated and utilitarian. He is determined to re-plan his "TOP dream" by borrowing the software industry and the western development of the two concepts with unlimited gold content.

In June 1997, the Secretary of the Sichuan Provincial Party Committee and the governor visited Topu together. When asked what requirements they had, Song Ruhua proposed that he hoped to have the opportunity to go public and realize direct financing. Around 1997, the listing indicators of the two major stock markets in Shanghai and Shenzhen were basically monopolized by state-owned enterprises, and it was almost impossible for private enterprises to go public directly.Another fact is that many listed state-owned enterprises are a mess, and those raised funds have only been squandered for a year or two before falling into trouble again and eventually becoming a batch of "shell resources".Song Ruhua described to the Secretary of the Provincial Party Committee and the Governor that Top’s listing, on the one hand, can use “new industries and new systems to activate old state-owned enterprises”; on the other hand, it supports “new things” like Top, which can be Kill two birds with one stone.Obviously, Song Ruhua once again sent the "concept of reform" to the government, and the provincial leaders expressed their support on the spot.Under the personal arrangement of the governor, a "shell resource" was quickly found, which is the Changzheng Machine Tool Co., Ltd. in Zigong City, Sichuan Province.After listing in 1995, this old state-owned enterprise reported a loss just over a year later, and its earnings per share dropped from 0.26 yuan at the time of listing to 0.01 yuan.

Top's acquisition of Chuan Long March eventually became a capital drama full of climaxes and blood.Since then, Song Ruhua has completely transformed, from an industrialist to a big player in capital. This acquisition has attracted the attention of the market from the very beginning. It was identified as the first case of "backdoor listing" of a Chinese private technology company.Song Ruhua kept coming up with new concepts. For a while, it was "Top will enter the list of top 100 enterprises in the country and become one of the three major software R&D bases in China." .As a result, with the help of stock market makers and the media, a dying machine tool factory was suddenly covered with a golden "high-tech coat", which made people unstoppable.

At the same time, Song Ruhua set up the securities department in due course.It was set up on the top floor of Top Corporation's headquarters, and ordinary employees were not allowed to enter.Song Ruhua even asked at the president's meeting, "I hope individual high-level leaders will have a good manner and not interfere with the trader."Under his turmoil, the stock price rose three times a day and skyrocketed.In December 1997 when the acquisition was announced, Chuan Changzheng’s stock price was around 6 yuan per share. By April 13 of the following year, the stock price had hit a record high of 24.58 yuan, an increase of 400%, and the price-earnings ratio was nearly 1900 times.Song Ruhua announced at the high-level meeting: "We earned 200 million this year."

According to the announcement, Topu needs to pay about 100 million yuan in cash for the acquisition of Chuan Changzheng.However, at that time, Top's annual sales were only tens of millions of yuan, and Song Ruhua couldn't afford enough money except for the signboard of "Western Software Park" - all the money he could use was spent on the securities on the top floor of the company. Ministry.During this process, this "Shaoxing master" showed his karate talent in mediation.From time to time, he announced that a listed company in Guangxi would invest 50 million yuan to purchase the brand of "Western Software Park", implying that he would choose "shell resources" outside Sichuan Province; Post a "Clarification Statement" announcing that everything is still under negotiation.

Top's "swinging back and forth" has left officials in Sichuan in a dilemma. From the beginning, the acquisition has been highly publicized as "a major reform of private high-tech enterprises reorganizing old state-owned enterprises." If Top really quits halfway, it will undoubtedly It is embarrassing for officials at all levels.Therefore, although the officials were very angry at Song Ruhua's "master-like cunning", they had no choice but to accompany him to grit his teeth and rush forward. The main leaders of Sichuan Province and Zigong City split up to "do work" at the China Securities Regulatory Commission. Agreed to waive Top's "comprehensive offer obligation". On April 6, 1998, the dust of the acquisition case was settled. Top received 48.37% of the state shares of Chuan Changzheng and had to pay 109.96 million yuan, of which 77.91 million yuan was purchased by Chuan Longzheng at a high price, and the rest was nearly 30 million. Yuan, Zigong City State-owned Assets Bureau "borrowed all from the Sichuan Long March for future development needs."In other words, Song Ruhua got a listed company out of thin air without taking a penny out of his pocket.

The backdoor "Chuan Long March" campaign made Song Ruhua famous in the capital market. His strange advances and retreats and ingenious design almost led the officials by the nose.Many years later, he proudly recalled: "This is what I call taking the initiative, step by step, and drive a wedge every step of the way, creating a fait accompli, so that the other party has no way out." However, any gain or loss in business has retribution. The deliberate deliberation shown in this campaign chilled the hearts of those Sichuan officials who trusted him so much.In the future, when Top fell into a credit crisis, no one in the whole of Sichuan was willing to come forward to relieve him, and these are of course a later story.