张裕改制“罗生门”

Rashomon of ChangYu's Reform

2006年8月2日，G张裕刊登了收购报告书公告，其控股股东张裕集团的股权变更所涉及的豁免要约收购义务已获得中国证券监督管理委员会的批准。至此，历时两年的张裕集团改制终告尘埃落定．张裕集团得以由国有独资公司变更为中外合资经营企业．其中．民营资本占据了相对控股地位。

G-shared ChangYu published its purchasing report on August 6, 2006. The change of its holding stockholder ChangYu Group' s stock ownership has referred to some immunities of offering to purchase, which have been authorized by China Securities Regulatory Commission. Till now, ChangYu Group's reform lasting for two years comes to the end. ChangYu Group, which was totally state-owned, is now a sino-abroad joint-venture enterprise, among which private venture has taken the holding post. 'Essentially speaking, ChangYu' s reform is done by Employee Stock Ownership Plan (ESOP) to change the stockholding ownership, and is a typical SOE reform case.' Said Gu Liang, the copartner of Shanghai Realize Investment Consulting Co., Ltd. It is a good luck for ChangYu Group' s managers and employees that the ESOP was carried out in 2004 when policy is looser. If it were in 2006, ChangYu Group' s reform would get into an unknown embarrassed situation. For this reason, ChangYu Group's reform looks like an act of Rashomon, which has the same meaning as complicated and confusing situation.