The Niu Fund investment platform changes: Niu Gensheng barely donates Lao Niu Ventures to be replaced (VC289)

As early as January 2005, he announced that he would donate all the shares with his family to create the "Lao Niu Special Fund". Niu Gensheng, known as the "first person to donate shares to the Chinese in the world", finally completed his ambition to "naked donate" shares The overseas Mengniu's equity assets under its name were all transferred to an irrevocable Hengxin trust. Beneficiaries include the Laoniu Foundation and the Chinese Red Cross Society and other charitable organizations that it has worked with, but did not disclose the total amount of this trust asset.

It is understood that after the Lao Niu Foundation established Lao Niu Venture Capital in 2007, it has relied on this platform to invest in the agricultural sector. Although it has not announced specific participation projects, the most important one is to buy and sell modern animal husbandry. Officially listed in November. Unconfirmed news said that Lao Niu Ventures had been cancelled in June 2010, and the management consulting company invested by the rumored entity Shangxin (Beijing) was still unable to contact. However, Brightmoon, one of the direct shareholders announced when Hyundai Dairy was listed, is owned by a trust company for charitable purposes. Niu Gensheng is the trustee of the trust, and it is still impossible to confirm whether this new face is used by Lao Niu Fund. To invest in a new platform.

Shares "naked donation" completed in 4 years in batches

It is understood that as early as December 2004, the Lao Niu Foundation registered in Hohhot. In addition to Niu Gensheng, there are more than 60 members including government officials and middle and high-level mengniu. The operation is divided into two steps. First, during the life of Niu Gen, 51% of the equity dividend is put in. After 100 years, the bonus is all donated, and the family can only receive no less than the average wages in Beijing, Shanghai, and Guangzhou. Monthly living expenses.

According to public information from the Inner Mongolia Finance Office, in addition to Niu Gensheng ’s own donations, 14 senior executives of Mengniu ’s entrepreneurial team also donated 50% of the sales proceeds from foreign shareholders ’incentive shares to the Lao Niu Foundation. As of March 2010, the accumulated cash received by the Lao Niu Foundation, including the cash realized in July 2009, has reached more than 1.1 billion yuan. The main part of the shares donated by Niu Gensheng and his family has not been realized, and still exists in the form of shares.

Although the wish to "naked donate" shares was made 5 years ago, according to the new company law equity donation regulations, the donation amount cannot exceed 25% per year. The conversion of this part of shares from Niu Gensheng to the Lao Niu Foundation must take 4 years The batches were completed, so that the legal ownership did not enter all at once. Until now, the conversion has been completed, but Mengniu has not disclosed the total amount of trust assets.

In July 2009, COFCO and Hopu Fund jointly invested 20.03% in Mengniu. In addition to issuing 173.8 million new shares to the joint venture between the two companies, the Yinniu, Jinniu and Laoniu foundations also sold 6580 at a price of HK $ 17.6 per share. For 10,000 shares, the Lao Niu Foundation cashed 3.48% of the equity at a time of 955 million Hong Kong dollars. It is this part of the funds that constitutes the main body of the Lao Niu Foundation's cash.

Has Laoniu Venture Capital been cancelled?

In 2008, due to the influence of melamine, Mengniu suffered a loss of 949 million and faced the risk of being acquired by foreign capital. Niu Gensheng urgently issued a "Wan Yan Shu" for assistance, and revealed a detail that its 4.5% of Hong Kong listed company shares were mortgaged by Lao Niu To Morgan Stanley. Later, when Lenovo Holdings and other funds helped to redeem the mortgage, the funds were all invested in the account of Lao Niu Ventures. The latter was an investment platform established in December 2007, which announced that the investment income was used to maintain and increase the value of the fund. Used for public welfare.

There are reports that Lao Niu Ventures is actually a management consulting company called Shangxin (Beijing) Investment, but until today, it has not been possible to find the company's information on public websites or telephone directories. According to unconfirmed news from Mengniu, its employees were informed in September 2007 that they could participate in investing in Lao Niu Ventures. The forecast prospect is to double 10 to 20 times in two or three years, and Lao Niu Ventures back A copy of the entrusted property rights certificate for each person. In June 2010, although Lao Niu Ventures ’main investment project, Modern Animal Husbandry, developed rapidly, the employees who had previously invested in the funds received a call, saying that Lao Niu Ventures had been cancelled and that it was building a new listed company. 8% of the total investment per person. There are doubts that the identity of Lao Niu Ventures seems to be between charitable funds and equity investments. Lao Niu Foundation has not announced financial reports for many years after its establishment. The equity is sometimes used for mortgages, and sometimes it is turned into cash. The doubts of the outside world are also inconsistent with the consistent style of most charitable funds.

It is understood that as early as September 2008, it was reported that KKR and Lao Niu Fund invested in modern animal husbandry, and then conducted multiple rounds of financing, and eventually jointly held 50.5% equity of modern animal husbandry with CDH Ventures. The IPO data at the end of November showed that Mengniu, COFCO Group's Ceroilfood, Keywise Fund, Oriental Asset Management Company, and Singapore Government Investment Company have become basic investors, subscribing to HK $ 151 million, US $ 30 million, US $ 30 million, and US $ 10 million, respectively. USD and USD 40 million. After the completion of the global offering, KKR, Crystal Dairy, and Brightmoon held shares diluted to 24.01%, 8%, and 4.36%. In view of the Lao Niu Foundation's self-proclaimed charity and no investment, similar operations are carried out by Lao Niu Investment, Brightmoon's new face may be its new investment platform. If this is the case, why you want to cancel the old cow and set up Brightmoon is still unknown.

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