胡庆余堂资本重组140年

The 140 years of recapitalization of Huoinovutano

无论是股份制，还是合伙人制，或是债转股、股权集中，这些现代企业的股权制度，并不是美国人的专利。早在140年前，中药公司胡庆余堂就已经开创。而胡庆余堂经过140多年的经验证明，没有一种股权制度一定最完美，它只能在特定历史背景下，根据企业自身特点，锁定某种股权制度而已。

The shareholding patterns of modern enterprise,joint stock or partnership,are not the copyright of Americans.Over 140 years ago,the Chinese traditional pharmacy Huqingyutang was founded.Its 140 years history proved that there is no perfect shareholding system.Enterprise should choose the most favorable one under certain historical background.It is our hope that the century-old enterprise could maintain calm with its own rhythms instead of being the slave of capital market.This is the only way for the enterprise to go further and last longer.