Why can't Ant Group go public? The shareholding structure behind it is too wild.
Ma Yun used his 3 billion funds to borrow 6 billion from the bank, and generated 9 billion IOUs through borrowing and Huabei, which were packaged into ABS.
So what is ABS? It is the assetization. This ABS, along with future income, is used as collateral.
As a result, 18 billion yuan was borrowed, and the process was repeated again and again, and the 9 billion yuan of funds went through 40 cycle operations, and finally became 360 billion funds.
This is a powerful demonstration of the leverage effect. Despite the fact that Alibaba is the largest shareholder of Ant Group, it owns 326% of the equity, but the real control is in the hands of two limited partnerships, Hangzhou Junhan and Hangzhou Junao.
They each hold 298% and 206% equity, totaling more than 50%. The general partners of the two companies each invested 10 million. And Hangzhou Yunbo Company, although it only holds 02% and 004% of the equity, but can have the final say in decision-making, and the rest of the equity is used for financing, and motivate employee investors and executives. In this way, after financing, the decision power of the company can still be maintained.
The largest shareholder of Hangzhou Yunbo is Jack Ma, who holds 30% of the shares, while four of Alibaba's partners jointly hold 66% of the shares, and have signed a concerted action agreement with Jack Ma, and all decisions are subject to Jack Ma's advice.
Therefore, although Ma Yun is not the chairman of the board of directors and the legal representative of the general manager, and does not even appear in the list of shareholders, he is still the actual decision-maker. With only 3.4 million investments, Jack Ma can control Ant Group, which is valued at 14 trillion.
And the responsibility is only 3.4 million, which is the charm of the equity structure. It allows you to finance people and resources with lower risk, and achieve small shares and large power.
If you are interested in such an operation, then you should definitely check out the book Control, someone holds 002% can control the company.
There are also people who hold 99% of the shares and have no control, and the boss of the company who does business in partnership or wants to introduce shareholders into the company must study hard.
How to take control of your company. Nanny-style teaching, step by step to teach you to build your own equity structure, so that you can hold large projects with small funds.
Reduce risk.