Chapter 8 Chapter 2 Listing: Building a Common Cause

In China, what is the most exciting and attractive thing for entrepreneurs, which makes them go all out to do it?I believe that "listing" will be the common choice of many people.If you ask one more question, what is the purpose and motivation of going public?I believe the answers will be varied and varied.Some people even mentioned their purpose of going public in their speech before the listing bell, but they may not take it seriously afterwards, or they don't want to do it at all. The purpose and motivation of listing may be just a few words, but it is precisely these few words that make the development results of many companies after listing show a gap, or even a world of difference.The phrase "Motivation determines behavior, behavior determines results" has been proven to be correct time and time again.

Entering the 21st century, the home appliance chain retail industry may be one of the fastest growing industries in China.Statistics show that from 2000 to 2004, the average annual growth rate of the top 7 home appliance retail chain enterprises in China was as high as 172%. Marked by the opening of the Suning Xinjiekou headquarter store located in the core business district of Nanjing on December 26, 1999, Suning launched a nationwide large-scale chain operation construction.Almost at the same time, starting from 2000, Suning was preparing to go public. In June 2001, Suning completed the shareholding system transformation and changed its name to establish "Suning Appliance Chain Group Co., Ltd." with a total share capital of 68.16 million yuan. In November 2001, it was approved by the State Securities Regulatory Commission to enter the listing guidance period. On July 21, 2004, Suning was listed on the Shenzhen Stock Exchange, completing a milestone leap in the history of Suning's development.

Why did Suning go public? Solving the capital problem required for large-scale chain expansion is naturally the direct purpose of going public, because it is difficult to support the rapid development of chain enterprises solely relying on self-fund accumulation or relying on traditional bank lending methods.But Zhang Jindong has his own considerations about Suning's listing. Witnessing that many domestic enterprises have successfully accelerated their development through listing, or their pockets were empty before listing, and their pockets are full after listing, but their heads are empty and they don’t know what to do. The resources obtained from listing are quickly exhausted. Zhang Jindong often Ask yourself and the people around you: What is the purpose of our listing?Is it just money?Is there anything heavier than money?

One of the purposes, external supervision is the most effective management and control mechanism for enterprises China's private enterprises are generally not large, and some enterprises are large, but they are not strong, and the tragedies of enterprise growth of "the prosperity is only three to five years", "the rocket rises, and the avalanche collapses" have been staged repeatedly.Zhang Jindong often thinks: Is this the inevitable fate of Chinese private enterprises?How can Chinese enterprises achieve sustainable growth?In nature, no matter how high a mountain is, it will not collapse, only loose snow will cause an avalanche.An avalanche-like collapse of an enterprise must be due to problems in internal management and control, and the management foundation is not strong enough.

Business operations depend on systems and processes, which is the most basic management order.For private enterprises, the company is created by the founder, and the system process is usually formulated by the founder, and the most likely to violate the system process is usually the system maker.Because, for an individual entrepreneurial enterprise, there is no supervisor above the entrepreneur.In this regard, Zhang Jindong once said: "I try to make as few or no mistakes as possible, but there is no guarantee that I will never make mistakes. Although I am now more rational, more sober, and more conscious, I lack the guarantee and constraints of the system. It is also fragile and unreliable.” Therefore, for Chinese private enterprises, whether the founders can accept the constraints is the key point in the transformation of the corporate governance structure.

After listing, the first to be restrained is the major shareholder of the enterprise, and the first to be supervised by external supervision is also the major shareholder.Enterprises do not rely on the self-consciousness of major shareholders before listing. After listing, companies become public companies, and management is no longer just following the personal will of major shareholders, but the will of society as a whole, the will of investors, and the will of stakeholders in all aspects of society. will.At this time, from the company's strategy, management system, process design to implementation, although major shareholders can have personal will, their personal will must be subject to supervision and control.

Going public does not only require changing the entrepreneur alone, it also emphasizes the establishment of a scientific and complete management system by the enterprise itself, shifting from relying on the individual entrepreneur's management to ensuring scientific and effective management through the system. Zhang Jindong is deeply touched by this, and believes that this is something that Suning urgently needs to solve.Zhang Jindong talked about such a thing: One year, the wholesale business manager of Suning Beijing Company returned to the Nanjing headquarters for a meeting, wearing Dunhill all over his body.How can he afford so many famous brands with his salary?So Zhang Jindong immediately asked the company's finance to check the accounts, and the violations of this person were quickly found out.In response to this matter, Zhang Jindong strongly reminded himself and the executives at the company meeting that the company's management method must be changed quickly, the company's institutional system should be strengthened, and institutionalized management must be promoted! "Today I just happened to run into and discovered the problem, what if I hadn't? How many other problems like this or whatever are there in the company that I didn't run into and thus weren't found to reveal? Leave me alone, or add How many problems can we find with the senior executives? Can we exhaust all the problems in the company? If we have a sound process system and implement it in place, such things will not happen, and such people will be saved.”

In accordance with the requirements of listed companies, Suning hired external independent directors and established audit committees and other related institutions.When an enterprise makes major decisions, it listens carefully to investors’ suggestions through daily communication, online communication, shareholders’ meetings, etc., and discloses relevant information to the public in a timely manner through a large number of temporary announcements, so as to realize the standardized and transparent operation of Suning’s daily operation and management. , Put an end to the negative impact that personal decisions may have on Suning.At the same time, on the whole, most of the listed companies are outstanding companies among many companies. Therefore, the securities market also provides a good channel for Suning to learn the management methods of outstanding companies at home and abroad.

Zhang Jindong said: "Before the listing, Suning had about 10,000 employees, and the current number of employees is about 150,000. Before the listing, the number of stores was less than 100, and now it has more than 1,300 stores. If there is no standardized rigid system, it is hard to imagine how to effectively manage so many employees and stores.” The second purpose is to share with the society in order to make the enterprise long and long Suning's listing is not for the immediate practical benefit, but to create a common cause. Its purpose is not only to create and return benefits for entrepreneurial shareholders, but also to benefit social investors, benefit non-shareholder employees, and create more opportunities for all aspects of society. Let's share the value of Suning's growth.This idea of ​​Zhang Jindong later became one of the core points of Suning culture.In Suning's corporate culture, there is a very important one-"Being a century-old Suning, the country, the enterprise, and employees share the benefits", which was written into the "Suning Enterprise Basic Law" and became the code of conduct for Suning enterprises and individuals.

After listing, Zhang Jindong said: "The current Suning is not my personal Suning, but a socialized Suning. My greatest wealth is the employees and team of the company." He reduced his stake in Suning to less than 30%, and Dozens of multi-millionaires have been created in the Suning management team.Zhang Jindong said: "The ability of an enterprise to repay the society is the key factor to measure the achievement of an enterprise." For this reason, Suning consciously undertakes the construction of a national commercial chain platform that benefits the country and the people, providing a total of 150,000 job opportunities. These include nearly 20,000 "1200 Project" fresh graduates, thousands of "4045 Project" laid-off workers reemployment, more than 20,000 migrant workers employed in blue-collar projects, and the introduction of nearly 500 western volunteers who have expired their service and other talent projects. While meeting the needs of the enterprise's own development, it also solves the employment needs of a large number of special personnel.Suning has paid taxes of more than 2 billion yuan in total, and has been jointly rated as an honest taxpayer by the All-China Federation of Industry and Commerce and the State Taxation Bureau.

The third purpose, the sublimation of corporate popularity and reputation In Nanjing 20 years ago, not many people knew what Suning did; in China 20 years later, not many people did not know what Suning did. This is the power of the brand! Within Suning, the brand strategy has always been one of the core strategies strongly promoted by the management.This is because home appliances are becoming increasingly homogeneous, price competition has gradually given way to brand competition, and consumers are more concerned about brand effects.Therefore, at the beginning of the national chain development, Suning has to invest a lot of resources in brand promotion every year, but the road to brand building has a long way to go.The listing has found a good breakthrough point for Suning's brand promotion appeal.Because the listing of an enterprise is equivalent to a long-term free advertisement for the enterprise, which helps to expand the reputation and popularity of the enterprise.Most of the hundreds of millions of stockholders in the country live in large and medium-sized cities where consumer groups of home appliances are concentrated. In addition, after listing, the company will receive more media attention. This is undoubtedly a rare advertisement for home appliance retail chain companies. For any brand aspiring to build a long-lasting business, reputation is far more important than popularity.From the "China's 500 Most Valuable Brands" released by the World Brand Lab in recent years, it is not difficult to see the public's affirmation of the Suning brand: 2007: The brand value was 40.225 billion, ranking first in the industry. 2008: The brand value was 42.337 billion, ranking 16th in the entire list. 2009: The brand value is as high as 45.538 billion yuan, and the market value of the enterprise ranks second among the global home appliance chain enterprises. 2010: The brand value exceeded 50 billion, ranking first in the home appliance retail industry and continuing to occupy the position of the first brand in China's commercial retail. Backdoor listing means that a non-listed company uses its status as a listed company to make the assets of the parent company listed by holding a listed company with a relatively low market value.Backdoor listing is easy to operate, does not involve a comprehensive and systematic review of the company, and is quick to list.As long as the shell company does not have too many debts and bad debts, non-listed companies can obtain a relatively controlling position through mergers and acquisitions. For an IPO to go public, a prospectus must first be submitted to the China Securities Regulatory Commission. Only after the prospectus has passed the review can the company be allowed to go public.Next, roadshows are required to introduce and promote themselves to the public. After this step, some companies or financial institutional investors are interested in the IPO company, and then a systematic review of the company.The main contents of the audit are: first, industrial standards, that is, enterprises must comply with industrial policies; second, financial standards, that is, enterprises must be profitable for three consecutive years, can pay dividends, and must also reach the lowest level of bank deposit interest rates during the same period , which is to consider the actual operating capabilities and future development prospects of the enterprise; third, the legality standard, which means that the enterprise must not have any false financial statements within 3 years, and has no illegal activities within 3 years; fourth, structural standards, such as Regarding the equity structure, the public offering must account for 25% of the total equity to ensure its liquidity, the asset-liability ratio cannot be higher than 70%, and the ratio of intangible assets to net assets cannot exceed 20%. The advantages of an IPO are obvious, such as good liquidity and a good reputation. The disadvantages are that the cost is high, it has to go through layers of audits, the pressure on the management is high, and it takes a long time. Backdoor or IPO? There is both temptation and choice.The temptation is that the backdoor does not need to go through complicated procedures, and it costs less.The choice is, if you choose an IPO, you will need to undergo a heavy review of its financial situation and management for at least three years. During the development process of Chinese private enterprises, the particularity of their development environment determines the particularity of their development concepts, models, paths, and means, and it is inevitable that there will be various irregular operations.Therefore, in order to avoid trouble and embarrassment, many companies have adopted the path of backdoor listing. The listing route chosen by Zhang Jindong for Suning Appliance is IPO.The joint-stock reform of Suning Appliance was completed as early as June 2001. Although there were many opportunities for backdoor listing, Zhang Jindong remained unmoved.The real value brought by the listing to the enterprise is not only the amount of funds raised, but also the improvement of scientific management capabilities and the enhancement of the core competitiveness of the enterprise.In Zhang Jindong’s view, the road to listing is longer and there is more competition, and going through an IPO is like doing a comprehensive physical examination on the inner and outer three levels of the company, especially the strict physical examination by the external audit agency, which is tantamount to a comprehensive fitness Chance to be strong.This is like a car before going on the highway, conduct a comprehensive inspection of the car, why not do it? In 2000, Suning hired Tiantong Securities Co., Ltd. to provide counseling and sponsorship for its listing.From the beginning of preparations for listing, Suning has come straight to the main board.At that time, it coincided with the innovation of the small and medium-sized board in China's capital market, and Suning changed its listing from the main board to the small and medium-sized board.Zhang Jindong said that we are not here only for money, and there is not much difference in where to go public. What is important is that after passing the IPO, Suning has been audited, and under the guidance of a professional company, it has improved its organizational structure and internal control system The system strengthens that the system is more important than power, and the system is more important than execution.In response to the management risks caused by business and personnel dispersion brought about by the expansion of retail chains, Suning has taken positive measures such as strengthening the management of procurement links, strengthening the sales management of retail terminals, and standardizing logistics and distribution management.Among them, the financial internal control alone, Suning has formulated the "Work Functions of the Group's Financial Department", "Workflow and Forms of the Group's Financial Department", "Regulations on the Management of Financial and Accounting Rotation", "Regulations on Fund Management", and "Management of Inventory Commodities". Regulations", "Regulations on the Management of Promotional Gifts", "Operational Procedures for Promotional Gifts and Allocation of Office Supplies", "Notice on Clarifying the Division of Financial Settlement and Reconciliation", "Regulations on the Management of Fixed Assets", "Low-value Consumables, There are more than 20 detailed financial systems including the Regulations on the Management of Office Supplies and Materials, the Regulations on the Management of the Group's Daily Expenses, and the Regulations on the Approval Process of Chain Store Decoration Projects and Budgets and Final Accounts. Zhang Jindong's philosophy of being a down-to-earth person and doing things conscientiously proves once again that his choice is correct. On April 26, 2004, Suning Appliance's IPO was approved by the China Securities Regulatory Commission's Stock Issuance Review Committee. On July 21, 2004, Suning Appliance, as the first IPO share of China's home appliance chain, was listed for trading on the SME Board of the Shenzhen Stock Exchange. People often say, "The sharp edge of a sword comes from sharpening, and the fragrance of plum blossoms comes from bitter cold."Mencius also said, "Heaven will send a great mission to the people of Sri Lanka, and they must first work hard on their hearts and minds and their muscles and bones."Suning's IPO has also been viciously framed: when it was under IPO review, at the end of 2002, an anonymous post "Who Will Pay for the Suning Black Hole" suddenly appeared on the Internet.The anonymous post claimed that Suning had a "1.5 billion financial black hole". The post used the tone of "presenting facts and reasoning", using time, figures, direct quotations, etc. How long and how much profit will it take Suning to fill this huge hole?Who will pay for Suning? At this moment, at the critical moment when Suning is seeking to go public and accelerate its development, such posts undoubtedly have a domino-like effect.Afterwards, as the post received attention and was reposted in large numbers, some national newspapers, major banks, and the China Securities Regulatory Commission successively received letters similar to the post. Most of these letters were sent from Beijing, and some of them were sent by express mail. .The turmoil suddenly escalated and the situation became more serious. The damage to Suning can be imagined. In late December, Suning reported the matter to the relevant government departments and reported the case at the same time.With the intervention of the public security organs, it was quickly found out that the author of the article was the manager of the five-star marketing department.Although this person has repeatedly stated that what he did was just a personal behavior and he should bear the responsibility, but the outside world has doubts about this, and Suning doesn't believe it.Subsequent detection work showed that this was indeed a purposeful operation. In this regard, a media analysis at the time said that in the 1990s, Nanjing had "four families of air conditioners", namely Suning, Five Star, Jingwei, and Jiaojia Appliances.However, with the intensification of market competition, some businesses gradually withdraw from the market.By 2000, Suning and Five Star were mainly left. They each occupied the two busiest neighborhoods in Nanjing——Xinjiekou and Shanxi Road, and competed to catch up with each other.Another very interesting detail at that time was that Zhang Jindong and the five-star boss Wang Jianguo were not only competitors in the same industry, but also lived in the same compound. After 2000, as Suning transformed into a national comprehensive electrical appliance chain, in May 2001, Five Star Appliances, which previously mainly engaged in wholesale and retail operations, also began to follow suit and opened a comprehensive home appliance retail store.However, in market competition, the gap between Suning and Five Star is getting bigger and bigger.By 2002, the ever-expanding Suning's sales had increased to 6.07 billion yuan, ranking 10th among national retail companies; the sales of Five Star had increased to 3.23 billion yuan, ranking 21st.At this time, Suning has developed into a national brand, while Five Star is only a regional home appliance retailer.According to people familiar with the matter, Five Star, which has a relatively small sales scale, has "suspended cooperation" with some suppliers more than once because the suppliers favor Suning in terms of preferential conditions. In December 2002, Suning took over the 1st to 5th floor podium of Jinshan Building on Shanxi Road, which had been vacant for 3 years, at a "very high" annual rent, claiming to be the largest digital information home appliance shopping mall on 18,000 square meters.The area around Shanxi Road can be said to be the headquarters of Five Star. The entry of Suning has made Five Star feel the unprecedented pressure of competition. Soon, evidence obtained from the bank showed that Suning's bank loan was less than 100 million yuan, and the rumors were self-defeating. As a result of the incident, the manager was arrested by the public security organ. Five Star made a written apology and compensated 500,000 yuan. Suning did not pursue the matter any further.However, Suning's listing process was delayed for two full years due to this impact.Although he was very angry, Zhang Jindong still chose to restrain himself, and warned his colleagues with emotion: "In the process of enterprise development, crises will be encountered unexpectedly at every moment, just like this incident that almost damaged Suning's hard work. We have worked hard to build up our brand and reputation. We must have a sense of crisis prevention, and we must keep ourselves clean, strictly self-disciplined, and be impeccable. At the same time, we welcome the society to conduct all-round supervision on Suning." At 9:30 on July 21, 2004, Suning Appliance (code 002024) was officially listed for trading on the Shenzhen Stock Exchange with the sound of the gong being struck by Zhang Jindong, chairman of Suning Appliance. There is an interesting detail on the day of listing: there were two other companies that went public on the same day, and they just knocked the hammer symbolically, but Zhang Jindong broke the hammer when he came up.Later, in an interview with CCTV, Zhang Jindong said that at that time, he concentrated his hard work experience, feelings and confidence in the future that he and all Suning people had gone through for more than ten years.In the end, he said very humorously: "After the knockout, our stock jumped to 29.88 yuan, becoming the most expensive stock in Shanghai and Shenzhen stock markets!" It is noteworthy that, in addition to the strong attention of the securities industry and the majority of investors, home appliance giants at that time, such as Tao Jianxing, chairman of the Chunlan Group, He Xiangjian, CEO of Midea Group, Zhou Houjian, chairman of Hisense Group, Hou Jian, chairman of Konka Group, etc. Song Rong and others came to the scene in friendship and expressed their support for Suning's listing. Zhang Jindong once said: "I am very confident in our stocks. As a stock listed under the approval system, we went public after a 4-year guidance period. We have experienced various tests in the past 4 years, so our stock has passed the test. worthy of a beating." On the day of IPO, Suning's stock performed really well. It opened at 29.88 yuan in the morning, and finally closed at 32.7 yuan, a 100.24% increase from the issue price of 16.33 yuan, giving investors a satisfactory answer.The other two listed at the same time rose 44.69% and 27.61% respectively.In contrast, Suning Appliance is extremely eye-catching, which has attracted strong attention from the securities industry and the home appliance industry, and has replaced the old blue chip Kweichow Moutai (closing price of 30.85 yuan that day) as the "new stock king".In the year of listing, Suning Appliance won the honor of "2004 Listed Company with the Most Investment Value". The continuous rapid growth of the company's performance has been further "sublimated" by the capital market. In 2005, Suning ranked seventh among the "Top 100 Competitive Listed Companies in China in 2005" announced by the Global Competitiveness Organization.In addition, as the first representative of the SME board, Suning Appliance was selected into the Shenzhen Stock Exchange 100 Index, and was transferred to the ranks of the sample stocks of the Shanghai and Shenzhen 300 Index, becoming the first company listed on the small and medium board to be selected as a sample stock of the Shanghai and Shenzhen 300 Index; May 2006 It was also selected into the Shenzhen Component Index in March, becoming the first small and medium-sized board company to be included in the index. In June 2007, the results of the "2006 Top 100 Listed Companies in China and the Selection of the Top 30 Small and Medium-sized Board Companies" sponsored by the Securities Times were announced, and Suning Appliance won the first place in the first Top 30 Small and Medium-sized Board Companies. When it went public in 2004, Zhang Jindong said: The listing was made for the chain, and it was also used for the chain. The nearly 400 million funds raised will all be invested in the development of the chain.How far is the future?Where is the red ribbon that symbolizes victory?Zhang Jindong was unwilling to say.The first funds raised from the listing, including 215 million yuan for the development of chain stores in Jiangsu, Zhejiang, Beijing, and Shanghai, 80 million yuan for the construction of logistics distribution centers in Beijing, Zhejiang, and Nanjing, and other funds for commercial informationization System construction projects. Best Buy, the largest home appliance chain company in the United States, saw its stock price increase 100 times during the 10 years from 1989 to 1999.From the 1980s to the 1990s, the stock price of global retail giant Wal-Mart doubled by 500 times.At present, there are less than 1,000 home appliance chain companies in the United States, and the top three appliance chains, led by Best Buy, control as much as 80% of the market share.In contrast, there are more than 32,000 home appliance distribution companies in China, and home appliance chain companies account for only 10% of the market share. The capital market and retail market obviously leave room for Zhang Jindong's imagination. Infrastructure projects such as chain stores, information systems, and logistics distribution centers have accelerated construction due to the investment of raised funds.Their completion and use have greatly improved the efficiency of Suning's information system and logistics platform.This will not only reduce the cost of many intermediate links, promote the reduction of overall operating costs, and boost the overall development of Suning, but also allow Suning Appliances to have an equal competitive dialogue with world-class retail giants in terms of logistics and information after the retail is fully opened. Capital. The success of listing is just the beginning. 2006 can almost be said to be the year of mergers and acquisitions in the chain industry in China. When competitors in the same industry were busy with mergers and acquisitions, Zhang Jindong did not use the funds raised for mergers and acquisitions. Instead, he mainly invested in logistics bases and Construction of information platform. "The essence of the chain retail industry is the logistics operation driven by information flow." Zhang Jindong's understanding is that "a strong logistics distribution system is the core component of Suning's chain operation system." From its listing to 2007, Suning has successfully raised about 1.6 billion yuan from the capital market, all of which have been invested in the chain development. Therefore, Suning quickly completed the horizontal national store layout and began to comprehensively develop and penetrate vertically.In May of the same year, the company's general meeting of shareholders passed a private placement proposal, planning to refinance about 2.4 billion yuan.According to the plan, the company will use the raised funds to open 250 chain stores, build the Shenyang logistics center, and purchase two flagship stores in Wuhan and Shanghai in about one and a half years. Among them, 250 chain stores will be distributed in North China and Northeast China. , Northwest, Central China, East China and South China regions. At the same time, Suning already has a national logistics distribution center, 7 regional logistics distribution centers and more than 50 urban distribution centers, covering more than 20 provinces and cities across the country, and the retail distribution radius has reached 150-200 kilometers.And that's not all. At present, Suning has only set foot in 1/3 of the region, and there is still considerable room for development in the future. When talking about the significance of the capital market to Suning’s development, there is a very vivid and vivid metaphor: If Suning was a traditional gasoline-fueled racing car before its listing, it has become a nuclear-powered racing car after its listing. Since it was listed on the SME board in 2004, the outside world believed that Suning was just a chain store of home appliances and might not be able to maintain its growth momentum. However, Suning Appliance shattered the doubts in the market with its high-growth performance.Suning's 2005 annual report shows: earnings per share 1.05 yuan, net assets per share 3.49 yuan, return on net assets 29.99%, weighted average return on net assets 35.04%.And this performance was achieved on the basis of the company's 10-to-10-share transfer in 2004 and 10-to-8 share transfer in 2005. That is to say, if the company did not have these two share transfers, Suning Appliance's earnings per share after the restoration of rights in 2005 would be as high as 3.78 yuan. .This is considered a miracle in the Chinese stock market. When Suning Appliance was listed, its market value was only 3 billion yuan. In 2006, the market value reached 18.6 billion. One year later, in 2007, Suning's market value exceeded the 50 billion mark. The growth rate of net profit from 2005 to 2007 was 93.5%, 105.43%, and 93.42% respectively; in 2008, due to the impact of the financial crisis and other factors, the growth rate slowed down, but it still increased by 48%, far better than the average company.By August 2010, the market value exceeded 100 billion yuan, and the market value increased by more than 33 times. If investors bought Suning Appliance at the highest price of 33 yuan on the day of its listing, their income has increased by 30 times in more than five years.Relevant information also shows that since Suning Appliance was listed, it has distributed a high proportion of dividends every year, and the majority of investors have shared the fruits of rapid growth with Suning Appliance. In this regard, Zhang Jindong, chairman of Suning Appliances, explained: "Our wealth comes from the society. Without the support of shareholders, there will be no growth of Suning in the capital market. We should repay the society and shareholders." Faced with such a high shareholder return, some people are happy and some are regretful.Those who are happy are those who bought Suning shares back then, and those who regret it are those who mistakenly believed that Suning was just a chain store of home appliances and not worth investing in. A stockholder mentioned Suning Appliance and regretted that he had not held Suning shares until now.He bought the stock of Suning Appliance in 2004 for only a few thousand yuan. Since then, he has experienced a big bull market and a market downturn. When the global financial crisis hit in 2008, he threw it away.He said with a little regret: "If you hold it until now, the several thousand yuan that year, at least double it!" Corresponding to the performance of the stock market, the performance of Suning Chain Development has also risen step by step: In 2005, Suning Appliance opened 138 new stores, with a total of 224 stores. Its main business income was 15.936 billion yuan, a year-on-year increase of 74.99%, and its net profit was 351 million yuan, a year-on-year increase of 93.5%.Relying on the business philosophy of "resource sharing, win-win cooperation" and the development model of "endogenous" growth, Suning Appliance once again ushered in a wave of rapid expansion from 2006 to 2007. In 2006, Suning Appliance opened 127 new stores, realized main business income of 24.927 billion yuan, a year-on-year increase of 56.42%, and achieved a net profit of 720 million yuan, a year-on-year increase of 105.43%.Suning Appliance has opened 546 stores within three years since its listing, and its main business income has increased by more than 50% for three consecutive years, and its net profit growth has remained at around 100%. After three years of rapid expansion, Suning Appliance has nearly 700 stores in 180 regions across the country, occupying an important position in the home appliance chain industry. According to media analysis, 2006 is the 5th anniversary of China's accession to the WTO, and it is also the first year that the international home appliance retail giants officially entered China.Suning has opened nearly 500 chain stores in more than 180 cities across the country, and has successfully developed and implemented the most advanced SAP/ERP system in the world's retail industry. It is already in the leading position in domestic counterparts in terms of domestic market scale and internal management platform.With the further development of the retail industry, as the throat of manufacturing products entering the market, it will play an increasingly important role in the development of China's home appliance manufacturing industry. In this year, Zhang Jindong was elected "2006 CCTV Economic Person of the Year" because of his consistent emphasis on professional division of labor and win-win cooperation between business and industry.The reason for the selection given by the jury is: "From three-legged confrontation to two-strong rivalry, he opened 52 stores a day, and he met the challenge with speed. In 2006, he was crowned the champion of personal wealth in the Shanghai and Shenzhen stock markets, but he did not stop talking, catching up with Wal-Mart, and building a century-old Old store." In 2008, despite the global financial crisis, Suning entered 26 cities above the prefecture level and opened 210 new chain stores, achieving a total operating income of 49.897 billion yuan, an increase of 24.27% over the same period of the previous year; at the same time, it continued to promote the development of stores— ——"Leasing, building, purchasing, and merging" diversified development strategies, purchased 9 chain store properties in the core business districts of Chongqing, Tianjin, Chengdu, Suzhou, Xiamen, Tai'an, Jinan, Wuhan, etc., with an area of ​​118,700 square meters rice.So far, Suning has 812 chain stores in 178 cities above the prefecture level across the country, with a chain store area of ​​3.462 million square meters, an increase of 31.03% over the same period of the previous year; an average single store area of ​​4,263 square meters, an increase of 1.99% over the same period of the previous year. In 2009, Suning stepped up efforts to open stores by going to the countryside with home appliances, and announced that chain stores would not slow down, expand recruitment, and enter internationalization, etc., highlighting the determination to speed up expansion against the market. This year, 182 stores were opened. On July 31, 2010, Suning Appliance released the 2010 semi-annual performance report. In the first half of the year, the total operating income was 36.055 billion yuan, a year-on-year increase of 31.90%, and the total profit was 2.627 billion yuan, a year-on-year increase of 54.79%.By the end of October 2010, the number of Suning stores exceeded 1,300.The performance of the stock market and the performance of chain stores are leading at the same time, so that Suning not only ranks first in the home appliance retail industry, but also continues to occupy the position of the first brand of commercial retail in China! Going public is the dream of many people.Before going public, both founders and investors are working hard to promote the company to go public.However, in reality, after many companies go public, everyone is like "Fan Jinzhong", carnival and obsessed with the rolling wealth.As a result, listing has become a wealth feast for a few people. But Zhang Jindong sees very clearly that investors and funds are not enough for a company to develop. The real valuable part of a company is still its people, the management team and employees within the company.In particular, to build a century-old Suning, it needs generations of employees to achieve it.Therefore, under the premise of ensuring enterprise development, normal tax payment and investor returns, Zhang Jindong believes that non-shareholder employees who cannot directly share wealth from the stock market should also be able to create and share together, and what is created in this way is a real common cause .Therefore, he attaches great importance to equity incentives and employee salaries and benefits, allowing employees to share the fruits of the company's growth while contributing to the company. The listing allowed Suning, a private enterprise that was fighting almost alone, to become a listed company in the public eye. In addition to finding a suitable capital platform to quickly increase its own scale, more importantly, the credibility of the enterprise was greatly improved.All operations of enterprises will be exposed to the "sunshine". In order to win the trust of consumers, enterprises will take on more important social responsibilities, and at the same time must increase their ability to resist risks.No matter from which point of view, after listing, Suning has successfully completed the process of upgrading the enterprise. In this process, Zhang Jindong is willing to maintain the cohesion of the enterprise through equity incentives, unlike traditional private enterprise managers who firmly control the shares in their hands.Suning's listing is not for the expansion of personal wealth.If it is for personal wealth, Zhang Jindong has no need to turn a company into a public enterprise, and there is no need to share shares with executives.The most important thing about an excellent enterprise is to see how much wealth it has created for the society, and whether these social wealth have made greater contributions to the civilization and progress of society.Zhang Jindong said: "When you earn 10 million, it belongs to you. When you earn more, it belongs to the society. Suning belongs to the society, and I, Zhang Jindong, are only the manager and the person in charge." In the wealth statistics of China's capital market in 2006, among the top 50 personal wealth lists, Suning Appliance occupies 5 seats, and besides Zhang Jindong himself, there are 4 middle and high-level managers selected. Zhang Jindong said frankly that Suning's goal is to become a century-old enterprise, and it is necessary to establish a diversified equity model that is beneficial to the development of the enterprise.Home appliance chain enterprises are highly competitive and have very high requirements for talents. In order to maintain team spirit, it is necessary to establish a good incentive mechanism, and the incentive mechanism is based on the restraint mechanism.In the process of rapid development of enterprises, equity incentives are very effective means of restraint.Of course, Suning's development to today is not due to one person, but the result of the hard work of the entire team. Zhang Jindong believes that the important thing is not how much equity an individual controls, but the development of the enterprise.In order to realize enterprise value sharing, it is necessary to motivate employees.According to relevant regulations, the maximum underlying stocks involved in the equity incentive plan can reach 10% of the company's total share capital.With the improvement of Suning's performance and market value, Suning plans to create more multi-millionaires in Suning's employee team within 3 to 5 years.The objects of encouragement have spread to many middle-level cadres, that is, ministerial-level cadres.The store managers and core cadres of all Suning stores across the country are minister-level cadres. There are more than 5,000 cadres of the same level. At the same time, because a large number of people are promoted every year, this number is still increasing. 2010年8月，苏宁电器发布公告，所披露的股权激励计划草案显示，拟授予包括总裁金明在内的248人合计8469万份股票期权，行权价每股14.5元。值得注意的是，行权条件隐含着4年内净利润翻番的宏大目标。此外，此次股权激励对象还包括97名“1200工程”员工。其中不少2003年首批“1200工程”员工获得了30万份期权，按行权价计，如能全部行权，他们的身价将在400万元以上。 从职位划分，被纳入股权激励的人员包括公司董事(不包括独立董事)、总裁、副总裁、财务负责人，总部各管理中心副总监级别以上中高层管理人员，部分副经理级以上核心业务骨干和信息技术研发人员，各地区总部、地区管理中心、重要子公司负责人以及部分副经理级别以上核心业务骨干，以及销售规模、经营绩效具有代表性的优秀连锁店店长。有特殊贡献的人员，经公司董事会薪酬与考核委员会批准，可适当放宽司龄要求。 分析人士认为，2010年是苏宁创立20周年，苏宁电器也正在积极制订面向未来10年的长远发展规划。管理层将股权激励计划作为20周年工作的重要组成部分，积极推进筹划部署，可谓恰逢其时，这将有助于苏宁奠定面向未来发展的人才基础。 此外，还有人认为，股权激励计划的推出，将进一步完善苏宁的现代企业制度和治理结构，优化激励体系，真正将企业价值、投资者价值和员工价值三者进行有机的统一，实现企业的可持续发展。 张近东说：“股权激励方案是苏宁企业内部治理结构和管理创新的重大突破，对于提高团队凝聚力、提高企业竞争力具有难以估量的价值。”据悉，未来几年内，伴随公司的进一步发展，苏宁电器将会继续对公司高管和优秀人才以股票期权的方式进行激励。 苏宁是大家的，是每一个苏宁人的。谈及保障员工的权益，张近东说：“员工付出了艰苦努力，应该得到应有的回报。工作回报首先要能够解决他们在衣食住行方面的物质生活需求，没有基本的物质保障，就无法要求员工去努力实现公司的目标。保障员工的权益是公司发展壮大过程中的一项基础性工作，如果这项工作做不好，员工就不会对苏宁电器产生归属感和自豪感，也会影响到员工队伍的稳定，公司其他方面的目标也会因此得不到有效落实。” 苏宁特别注重一线员工工作的态度，强调苏宁高质量服务背后需要有好员工来支撑，而好员工肯定需要在薪酬上有一个好的保障。对此，张近东颇为自豪地说：“苏宁电器每年都在努力保证员工的年收入至少有10%以上的增长。即使在全球经济都比较困难的2009年，苏宁也没有削减员工待遇，而是通过压缩其他方面的成本来实现利润增长。” “1200工程”员工与苏宁一起发展壮大，成为中层管理干部的中坚力量，对苏宁的连锁经营事业的快速发展功不可没。在“1200工程”员工与董事长特别沟通会上，有人曾这样问道：新员工怎样才能提升职位，增加收入呢？ 张近东说：“和你们交流时我想不应该有距离，你们现在是苏宁的新员工，不是过去的学生了，我愿意跟你们真诚交流。苏宁发展的初期主要是解决温饱问题，不懂得人力资源问题，还想不到为员工个人职业生涯勾画美好蓝图，是摸着石头过河。 “新员工要能承受寂寞和失败，每个人都要逾越这个坎儿。坚持、承受，这就是实现目标的手段。我不能具体告诉你们怎样才能得到提升，但总的来说，每个人都要有雄心，对工作要不断追求。有人问我赚多少钱才能满意，刚开始有了100万，我很激动，生活不愁了；有了1000万，我已经不太在意了；有了1亿时，我毫不兴奋。希望你们也能早点有这样的机会。 “我希望每位员工生活都有保障，有汽车，有房子。根据各人的岗位职责和创造的价值，激励机制会提供给大家这些，这是制度。升迁途径对每个人都是明确的，现在需要的是每个人的实干。” 很多企业只与员工共同创业，强调的是“共苦”，而不是“同甘”，也就是说只强调员工在拿到工资的前提下，如何为企业付出更多。而苏宁强调的是“自己人”，共创共享，共同创造家电零售事业，也共同分享丰硕成果，将关心员工落到实处，让员工感到公司的愿景既是美好的，又是现实的、可期待的。 在收入方面，苏宁强调的是与员工共同分享，制定政策时从不吝啬。整个收入拆分来看，主要有三个部分组成： 一是基本工资，保证员工的基本生活、待遇。激励体系则覆盖面非常广泛，但并不是说吃大锅饭，搞平均分配。共创共享的核心是在激励体系中融会贯通企业的价值理念。什么价值理念？就调薪方面，张近东说：“加强对员工的激励与关爱。员工的工资待遇保持两位数的增长，这是2009年已经明确的工作目标。”并明确讲了两点：一是突出那些和公司有长远理想、共同发展的工龄长的员工。基本工资的标准，苏宁非常明确地设立了一个杠杆——工龄。进公司1年以内有一个标准，1～2年有一个标准，2～3年又有一个标准。不管你是谁，为公司工作的时间不同，待遇肯定不一样。随着工龄的增加，工龄越长，工龄工资越多。二是强调自己人，即踏踏实实、真正为企业付出。激励体系不能简单地强调硬性的杠杆，还要有一个软性的标准。有些人可能能力不是很强，职位也不是很高，但的确是在用心做事情，企业真正的凝聚力和稳定就来自这些人。所以，他们也是调薪加资的重点员工。 二是配套的福利政策，比如要看得起病，有医疗保险。张近东认为，苏宁人既要敬业工作，也要乐享生活。 为此，2009年，苏宁开展“员工生活成本调查”，通过对各地员工消费习惯、消费成本以及消费结构的调研，了解员工的生活现状，将调查结果与员工级别、人员类别相结合，分析收入与支出间的差距，计算出了员工的理想年度薪资，为员工收入目标的设定提供了更多的决策依据。员工社会保险和各项福利是提高员工工作稳定性与积极性的基本保障。在为员工提供国家规定的各项社会保险外，苏宁还一如既往地为员工提供节日礼金礼品、补贴、特殊医疗费用报销等企业自行规定的福利。2009年公司福利支出总计为12187.4万，各级员工福利收入占其工资的7.6%。 在职业健康方面，苏宁根据国家有关法律及自身实际情况，制定了《安全作业操作规范》，严格执行国家劳动安全、卫生标准。每位员工在入职前都安排体检，保证员工以健康的体魄和积极的心态投入工作。为了使每位员工在紧张的工作之余，更多地学习了解与健康、生活相关的知识，缓解工作压力，2009年7月，苏宁还启动员工“阳光健康课堂”（SunningHealth）系列讲座，通过面向广大员工开展身心健康和个人素养提升方面的培训，帮助员工保持健康的身体和良好的工作心态，同时帮助员工提升个人仪容仪表和职业素养。 即将入驻的苏宁徐庄总部，专门设计了一个活动中心，让员工在工作之余，进行休闲、娱乐、健身、聚会等活动，让大家的业余生活更加丰富多彩。从简介资料上来看，活动中心整体面积约为5600平方米，分成球类馆、视听室、综合活动中心、健身中心四大功能区域。在结束酣畅淋漓的运动之后，员工还可以到标准的洗浴中心，泡泡温泉、冲冲淋浴、蒸蒸桑拿，彻底放松之后，以最好的身心状态迎接每一天的工作。 驻外员工、外地籍员工可根据不同情况每季度、每半年或每一年享受一次探亲假，报销往返路费。进入公司两年以上的外地籍部长级以上员工，如个人有落户意向，公司可协助其解决落户问题。子女教育问题上，如果入托、入学有困难，公司提供相关协助。 有了基础的福利保障，为了充分调动员工的工作积极性，苏宁还建立了多种多样的激励制度，让优秀的员工和工作辛苦的员工有更多的回报。为加大员工激励效果，苏宁从2009年5月开始实施员工旅游奖励计划，奖励在每年的“五一”、“大忙”、“十一”的旺销中表现优秀、爱岗敬业的员工。2009年，全国3000多名优秀的苏宁人在名山大川留下了灿烂的笑脸。旅游奖励的激励，加强了团队之间的凝聚力，提升了团队士气与员工工作的积极性。 三是其他奖励，如出国学习考察、住房奖励、汽车奖励、股权激励等。早在七八年前，汽车还不是很普及时，苏宁就提了一个很高的目标，让高管层能够有车。那时，高管们都觉得有点不现实。如今，车辆配置已经变成一种很普通的标准了。住房的长期激励，连“1200工程”的新员工都纳入了进来。他们刚参加工作不久，确实没有钱买房子，也买不起房子，公司提供低息甚至是无息的贷款，达到一定工作年限的员工都可以申请，实现居者有其屋的梦想。 2008年房价涨得最凶时，为了解决“1200工程”员工的住房问题，苏宁提出了“住房计划”，进公司满4年的员工想买房子，首套房公司提供最高10万元的无息贷款。虽说是贷款，其实随着工资年年涨，也通过增加工资给弥补掉了。 最近，张近东在深圳接受采访的过程中，突然将话题转移到全国都高度关注的房价上：“深圳最近的房价怎么样？”记者告诉他，深圳楼市近期开始重新上涨了。张近东听后，以颇为无奈的口气道：“南京的楼价近期也开始涨了。” 作为身价上百亿的企业家，张近东为什么为楼价重新上涨感到不安？在记者的探问下，他说：“房价再涨，我们公司十几万员工就更买不起房子了。尤其是在北京、上海、深圳等房价高昂的一线大城市工作的员工，更难以实现买房的梦想。”这一番真情感言，让现场的记者们很感动。