Lu.com·Taishan Finance March 19 (Reporter Wu Yixuan) Yantai's "Polaris" is a memory in the hearts of many people. Now, Yantai's North Star, which has been through a hundred years, has made new trends and is revitalizing through reform.
Today, the Shandong Property Rights Trading Center disclosed that the Yantai Municipal People's Government's State-owned Assets Supervision and Administration Commission (hereinafter referred to as "Yantai State-owned Assets Supervision and Administration Commission") plans to transfer 70% of the shares of the wholly-owned enterprise Polaris Holdings, with a reserve price of 86.35 million yuan, and the transfer time is from March 19 to April 16.
(Picture source: Shandong Property Rights Trading Center)
set a precedent for advertising in CCTV News Broadcast
1915, national industrialist Li Dongshan founded Yantai Baoshi Bell Factory in Yantai. China's modern bell making industry also started from this and became the pride of China's national industry, which has a history of more than a hundred years.
In 1960, the "Polaris" trademark was officially launched and has won the highest national high-quality product award four times. In the past decade, Polaris has successively won a series of honorary titles such as China's first ten "famous trademarks", "Chinese famous brand products", "export brand key cultivation and development by the Ministry of Commerce" and "China time-honored brand", making outstanding contributions to the development of local economy. Among them, in 1991, Polaris is the only watch brand that is well-known in China. In addition, Polaris also reported the time 5 seconds before CCTV News broadcast, setting a precedent for advertising in CCTV News broadcast.
According to its official website, Yantai Polaris products currently include 4 product sections: mechanical clock , watch, quartz clock , technical clock, and two supporting products: gems and elastic components. Among them, mechanical clocks have formed eight series and hundreds of varieties, which can be called China's "Bell King". Its exquisite manufacturing technology is in the leading position in the domestic industry. It is the largest domestic scale and complete world-wide mechanical clock production base.
However, in recent years, with the brilliant brand of the watch industry, the former unique brand has also become a little tired. According to the financial data of Polaris Holdings, as of September 2020, the company's net profit had a loss of up to 5.0045 million yuan. After entering 2021, the loss improved. As of the end of February this year, it decreased to a loss of 880,300 yuan, and its revenue also decreased by 2.4144 million yuan compared with September 2020; in terms of assets, as of the end of February this year, Yantai's Polaris' total assets were 105 million yuan and total liabilities were 87.2972 million yuan.
According to the listing announcement, Polaris Holdings is currently a wholly-owned subsidiary of the Yantai State-owned Assets Supervision and Administration Commission. After the completion of this equity transfer, its actual control will be transferred.
"Draw the Sword" reform and promote development
Lu.com·Taishan Finance reporter noticed that in order to adapt to the needs of market competition, Polaris established Polaris Holdings in 2001 and began to "Draw the Sword" reform and seek development. The company adopts a three-step strategy of "closing a batch of bankruptcy, reorganizing a batch of bankruptcies, and making it stronger and bigger", and promotes the company to gradually shift from focusing on solving historical problems to accelerating corporate development.
Polaris Holdings stated that the first two steps of the "three-step strategy" have been basically completed, and through the company's investment and restructuring, it has established subsidiaries such as Yantai Polaris CITIC Machinery Co., Ltd., Yantai Polaris Quartz Clock Co., Ltd., Yantai Polaris Watch Industry Co., Ltd., and Yantai Watch Research Institute Co., Ltd.
In this equity transfer announcement, Polaris once again put forward high standards for the reform, not only requires the intended investors to join to have no major illegal and irregular records within the past three years (the company must provide a record of since its establishment); have good credit, no list of dishonest debtors or joint punishment, but also proposes that the ability of the intention transferee must have online watch product operation capabilities (with online registration materials or contracts for opening watch stores); have experience in operating watch brands (with authorized operation qualification certificates or contracts for own watch brands or non-own watch brands).
Lu.com·Taishan Finance reporter noticed on the official website of Polaris Holdings that Wang Quanzhang, chairman of the company, once said in the summary of the 2020 commendation and summary meeting that 2021 is a milestone year for realizing enterprise reform and development, and it is also a key year for Yantai Polaris to revitalize and develop the second century of revitalization and development. In terms of work priorities, we will focus on the six constructions of "strengthening party building, promoting reform, improving quality, adjusting structure, grasping projects, and cultivating talents", improve quality and efficiency, and achieve a smooth transition after the mixed-ownership reform of the enterprise.
Source: Luwang
