Li Wanjun: Microsoft's youngest manager
1998 when he graduated from computer science, Li Wanjun, who felt that his personality was suitable for specific work rather than just doing research and development, basically did not consider taking the postgraduate entrance examination and going abroad, but chose to enter the famous and attractive software industry leader-Microsoft as the first step towards society. Now, six years later, looking back, his choice at that time should be no less than taking the postgraduate entrance examination or going abroad: after working for two years, at the age of 24, he was promoted to the youngest middle-level manager in Microsoft history, and in 2002, he was transferred to the US headquarters as a senior financial analyst because of his outstanding performance in the Shanghai Technology Center.
When he first joined Microsoft, Li Wanjun was just an ordinary engineer in the technical support center, but he really wanted to take his first job after graduation. At that time, the manager's criteria for assessing him were how many tasks he completed each month, how many customers' problems he solved and how much time he spent on customers, all of which were recorded in the "report card" given to him by the company's reporting system every month. When I get this "report card" every month, Li Wanjun will know how he performed last month and what level he is in the whole team. He thought, if the report card can be obtained soon, there should be a report from the database every day, so wouldn't it be better to deploy and supervise employees from the perspective of managers? And from the employee's point of view, isn't it faster to be promoted? At the same time, he also learned that there are some other defects in the current monthly report system: at that time, there were only thirty or forty people in the Shanghai Technical Support Center. If the business volume suddenly increases or one or two employees take sick leave because of the release of new products, it will delay a lot of work and even receive customer complaints directly. These two aspects made Li Wanjun feel that the center should have a faster response reporting system, and the reporting system used at that time was copied from Microsoft. Microsoft has 3,000 engineers in the United States. Even if the business volume suddenly increases or a dozen employees call in sick, there is no big problem in principle. Aware of these problems, Li Wanjun spent a weekend writing a report applet with the basic functions he expected with a script ASP on the Microsoft server, and showed this applet when Tang Jun passed the work area. Tang Jun immediately realized the value of these ideas and small programs. He encouraged Li Wanjun to finish them and spent a lot of time discussing with him the data he wanted to see. A month later, Li Wanjun's "part-time job"-the report on the WEB-based internal web page was actually put into use, replacing the original Excel report copied from the United States.
The report designed by Li Wanjun has really achieved the expected effect of motivating employees in use. But later, this reporting system played a more important role than that. During the period of 1999 and 2000, Li Wanjun continuously increased the functions of the report system in his spare time every month. The scope of application of this system has been expanding, and later, this system was adopted in Europe.
In 2000, Tang Jun gave Li Wanjun an important promotion opportunity because of his outstanding innovative work in the reporting system. That year, with more enterprise-class products, Microsoft decided to provide direct on-site services for large enterprises in some major cities besides e-mail and telephone. Although Li Wanjun's "sideline" in the reporting system is not directly related to it, Tang Jun saw some potential characteristics from it, and thought that he could think from a higher management perspective, so he asked him to set up the Asian Field Support Department.
After being promoted to manager, Li Wanjun began to think more about how to add value to the company from the manager's point of view. Because the cost center characteristics of technical support require the technical support center not only to achieve a certain degree of customer satisfaction, but also to control the cost reasonably, he added some financial analysis functions in the report system one after another, such as counting the technical support demand of each product at any time, so that enterprises can have detailed data and information basis when formulating financial budgets such as future demand and staffing.
By 200 1, the fast-growing Microsoft Asia-Pacific technical support center has 600 people, with engineers distributed in various cities in Asia, and the annual budget is about 1 billion RMB. Li Wanjun realized that the size of the technology center decided that financial analysis was becoming more and more important, so he suggested to Tang Jun that the center needed a small team to provide specialized cost control and financial budget analysis for the technical support business in Asia. Li Wanjun's idea was supported by Tang Jun, and Li Wanjun was naturally transferred to the position of business analysis manager in Asia.
With such a team of business analysts, the technical support center can not only have a lot of time for intensive internal business, but also have better communication with the US headquarters. In June, 2002, Tang Jun, who just took office as the president of Microsoft China, recommended Li Wanjun to the headquarters to do the senior financial analysis of the technical support business of Microsoft headquarters, and became the youngest member of the whole team. At present, the annual cost of Microsoft's technical support is 1 1 billion dollars, of which Li Wanjun is responsible for more than 200 million dollars, including the support for partners and the budget for supporting business for American corporate customers. On the other hand, I continue to work in Shanghai, and I am also responsible for designing the intranet supported by all products in the world, and doing some budgeting and reporting mechanisms.
Although he likes innovative work, Li Wanjun is more pragmatic and rigorous about technicians and financial personnel: "I don't think innovation is actually encountered every day. You may do your job well 95% of the time, and you can innovate or add some benefits to the company 5% of the time. " Li Wanjun's greatest interest and ultimate goal is management. "I hope that after five years or more, I will have more opportunities to become a comprehensive manager. Tang will always be my role model. "
He Jinsong: M&A field.
At the beginning of 2003, He Jinsong left the position of deputy general manager of Guotai Junan M&A Headquarters and became the president of Beijing Hejun Venture Consulting Co., Ltd., determined to make it the first brand of M&A financial consultant in China. His determination largely comes from his 10 years of experience in investment banking and mergers and acquisitions, as well as his confidence in his financial innovation ability.
He Jinsong, graduated from 65438-0993 with a master's degree in economics, first worked in the securities department of Vanke Real Estate Company. During this period, he participated in the "Wanshen Incident" initiated by the securities market (Vanke participated in Shenhua in good faith). However, doing securities business in real estate companies always feels unsatisfied. A year later, he jumped to the investment banking department of Junan Securities, specializing in investment banking and issuance underwriting. After completing the IPO and refinancing orders of several companies, such as Wuliangye and LU ZHOU LAO JIAO CO.,LTD, in 1945, he felt that the whole underwriting process had procedural provisions, and the prospectus and rights issue were templates, so there was relatively no innovation. Although he tried to make some small innovations in pricing mode and distribution mode, he also set a record of completing an underwriting project (from identifying enterprises to restructuring state-owned enterprises) in three months. Young life pursued the stimulation of innovation, and his eyes gradually focused on the emerging M&A business.
He Jinsong realized that M&A business has huge room for future growth: the innovation in the securities field includes the innovation in the primary market (investment bank and M&A) and the innovation in the secondary market (investment). Investment innovation is manifested in the diversification of investment products, such as various stocks, funds and futures, or the diversification of trading methods, such as T+0, T+ 1, short selling and so on. But the return on investment depends not only on the combination of investment products and trading methods, but also on the return and growth of the final investment products (such as listed companies). However, due to historical reasons, the early listed companies in China are often not the best or the most standardized, and this "congenital deficiency" is mainly adjusted through mergers and acquisitions. "M&A" not only has great room for growth, but also helps to improve the quality of listed companies and optimize the allocation of resources, thus laying the foundation for investment and innovation.
M&A is an interdisciplinary field of knowledge, which requires not only investment banking knowledge, but also background research on industries and companies and investment opportunities. At that time, Jun 'an's investment banking department, research institute and M&A department all participated in M&A activities from their own perspectives, resulting in scattered resources, incomplete business and even competition with each other. 1997, He Jinsong submitted a written proposal to the company's senior management, hoping to centralize employees interested in M&A business from three departments into one department. This can improve the status of M&A business from the strategic point of view of the company, make it the main business field of the company, provide better services to customers and create greater value. He Jinsong's proposal won the highest prize for the rationalization proposal of the company, and He Jinsong, who was in high spirits, became the manager of Junan M&A Department established in early 1998.
He Jinsong joined M&A business like a duck to water, and began a journey of continuous innovation in the financial market.
1999 and 2000, when designing the reorganization plan for Tsingtao Brewery, He Jinsong innovatively put forward the method of repurchasing state-owned shares and H shares. Tsingtao Brewery, as an H-share company listed earlier, adopts the overall listing mode, which is not satisfactory. The company contains a large number of non-operating assets. Although the main business is acceptable, the total equity is large and the profit per share is low. The price of H shares is only 1/3 of the net assets. Unable to achieve the goal of refinancing. Therefore, He Jinsong and his colleagues designed a plan of "slimming down and reducing capital". The company bought H shares from the market at a low price and cancelled them. On the one hand, it has made financial gains, on the other hand, it has given the market a signal that "the company has a good prospect and the stock price is undervalued", so that the price of H shares has returned to a suitable position. The purpose of repurchasing state-owned shares is similar, that is, repurchasing state-owned shares with non-operating assets, on the one hand, reducing equity, on the other hand, reducing depreciation and increasing income. He Jinsong hopes that through these two adjustments, the index of Tsingtao Brewery will be adjusted to refinancing capacity, and then a rights issue will be conducted. In the course of operation, the CSRC has issued a policy to encourage H-share companies to issue A-shares, and various indicators can be relaxed. He Jinsong seized the opportunity to lead M&A department to cooperate with underwriting department to help Tsingtao Brewery issue A shares. In a short period of five months, he raised about 800 million yuan, which was also used to buy high-quality beer assets such as "Shanghai Carlsberg" and carry out industry integration.
After the above-mentioned M&A financing, Tsingtao Brewery entered a virtuous circle, consolidated its leading position in the industry, and the price of H shares also rose rapidly, with an increase of more than 300% within one year, reaching HK$ 65,438+00, becoming the first company with the price of H shares exceeding that of A shares. More importantly, it has promoted the return of the value of the entire H-share sector and accelerated the integration process of domestic and foreign securities markets.
At the end of 2000, He Jinsong successfully attacked Vanke to issue 450 million B shares to China Resources, and innovatively put forward the concept of category shareholders. At that time, Vanke planned to issue B shares to China Resources, but the problem was that its 4.5 yuan price per share was too low, and only the interests of major shareholders were considered, which harmed the rights of circulating shareholders. He Jinsong thinks Vanke's price this time is lower than the market price of B shares? Below the market price of A shares? And net assets, which will obviously dilute the interests of shareholders of A and B shares. In this way, he put forward the concepts of classified shares and classified shareholders. Different types of shareholders have different backgrounds, so should their rights and obligations. Vanke's private placement of B shares should be voted by B-share shareholders and A-share shareholders respectively, and China Resources, a related shareholder, should abstain from voting. He Jinsong's opinions are not only supported by institutional investors such as funds and public investors, but also recognized by the competent authorities. Vanke's board of directors was forced to abandon the issuance plan. Although in this transaction, China Resources didn't get the difference income of more than 2 billion yuan that it could have earned, why was He Jinsong impressed by his talent and later became a customer of He Jinsong?
Apart from these cases, one of He Jinsong's most famous works was in 2002, when he helped the Shenzhen Municipal Government to design an overall restructuring plan within a week or so, involving 70 or 80 listed companies in Shenzhen. At that time, Shenzhen municipal government hoped to reorganize local listed companies and improve their quality. Many brokers have provided suggestions to individual companies, and these suggestions are more inclined to sell their shells. He Jinsong's plan is more strategic, complete and innovative, and has been recognized by government leaders. He Jinsong believes that the reorganization of listed companies should be combined with Shenzhen's development planning and industrial layout, and listed companies in some industries should be bigger, such as high technology and logistics; Listed companies in some industries should introduce strategic investors, such as finance and medicine; Unlisted companies in some industries should be listed by backdoor as soon as possible, such as newspapers, gas, tap water, transportation and other public utilities; Listed companies in some industries want to transfer out, such as commerce and textile industry. Regarding the real estate industry, He Jinsong believes that there are many real estate companies in Shenzhen, but they have not formed an organic whole, and the business types of seven or eight companies are quite repetitive. Therefore, we should first form a specialized company through restructuring to enhance profitability and competitiveness, and then consider transferring or attracting strategic investors. For the "guarantee circle" companies that affect the overall image of Shenzhen and cause headaches for the Shenzhen Municipal Government, such as ST China, ST Yingda, ST Petrochemical, etc., the net assets are all negative 100 and more than 20 billion yuan. He Jinsong innovatively put forward an innovative scheme of directly converting creditor's rights into tradable shares.
The reorganization of local stocks in Shenzhen has continued to this day. Under the impetus of Shenzhen leaders, He Jinsong's proposal at that time began to bear fruit. Several companies began to transfer, such as "Consistent Pharmaceutical", and introduced Sinopharm Holdings, a leading domestic pharmaceutical company, as new shareholders to prepare for substantive restructuring.
At present, the innovation that He Jinsong is considering is to make an active tender offer for the tradable shares at a price higher than the market price, instead of making a formal tender offer for the tradable shares at 90% of the market price like the tender offer of Nangang. However, as the project is still under planning, He Jinsong said it is not convenient to talk about the specific situation. After the successful implementation of this case, the functions of price discovery and value discovery in the securities market will be truly realized.
Looking back, He Jinsong feels that there is more room for innovation than before, especially in the linkage with the Hong Kong market. Many stocks have both A shares and H shares at different prices. There is a lot of room for innovation. The restructuring plan of Tsingtao Brewery designed before is just one of the models.
He Jinsong believes that innovation is not to exploit the loopholes of the law, but to grasp the internal trend of the development of the securities market in advance, break through the existing mindset or unreasonable external constraints, creatively solve problems, promote the improvement of laws and regulations, accelerate the standardization and internationalization of the China securities market, and also give investors a growing and generous return.
Source: China Management Communication Network