OFweek smart home network news on May 12, 2017, the founder He Xiangjian through the bulk of the transaction to reduce the Group's shares of 32.32 million shares, the total turnover of 1.12 billion yuan. After the news caused the stock price of the United States to fluctuate greatly, in response to the incident, the US secretary of the United States on the 17th Jiang Peng made a response, said that the reduction of holdings is the personal behavior of major shareholders, the United States related parties have communicated with He Xiangjian himself, will not continue within the year Reduction plan. At the same time, Jiang Peng revealed that He Xiangjian's reduction of holdings of shares this time is related to the promotion of philanthropy, and he will announce his specific charity plan in due course. Speculation about reasonable tax avoidance Charity, when the term was linked to 74 years old, had a certain degree of sensitivity, and the root cause of the susceptibility was the fact that discussions on inheritance taxation in the Chinese society have become increasingly fierce in recent years. As China’s social income structure and the gap between the rich and the poor have widened, discussions on deepening the reform of the income distribution system have been put on the agenda. In September 2004, the Ministry of Finance promulgated the "Provisional Regulations on the Estate Tax of the People's Republic of China (Draft)" and revised it in 2010 to form a "new draft". The contents of the “new draft†show that the inheritance estate should be collected including all the property left behind by the deceased’s death and the donated property that occurred within five years prior to the death. Before the inheritance tax is paid, its inheritance must not be divided and the bequest should be handed over. Handle transfer registration; no one inherits and no one is given a bequest, the property is owned by the state according to law and the inheritance tax is exempt; the inheritance tax exemption amount is 200,000 yuan, and the inheritance tax collection method adopts an excess progressive tax system, and the property has a value exceeding 10 million yuan. The applicable tax rate is 50%. In the recent Economic Blue Book released by the Chinese Academy of Social Sciences in 2017, it is pointed out that China will implement the inheritance tax during the “Thirteenth Five-Year Plan†period, and the news about Shenzhen’s trial of the inheritance tax will also appear from time to time. In the 2016 China Rich List released by Forbes, He Xiangjian was ranked eighth with a fortune of 11.4 billion U.S. dollars. In the Hurun China Fortune list, He's father and son ranked 10th with 78 billion yuan. If you refer to the United States estate tax system, if the estate is a stock, the tax rate will be very high. The shareholders must not only pay capital gains tax on selling stocks, but also pay estate tax afterwards. For the super-rich, this is obviously very Cost-effective. For this group, the method of inheriting the curve and rationally avoiding taxes and transferring property to children and grandchildren is the most sought after form of foundation. After all, it is tax-free to donate property to private foundations in the name of charity. At the same time, private foundations are neither listed companies nor non-profit-making ones. The disclosure of information and the procedures for the appointment of actual controllers do not need to be disclosed to the public. Through a series of operations, the family’s long-term control can be ensured while avoiding taxes. right. Consider Jiang Peng mentioned in his speech - "He Xiangjian has long been committed to social charities, and established the He Xiangjian Charitable Foundation. This time the reduction of funds, and Mr. He Xiangjian to achieve personal ideals, to promote the charity plan related" - Guanzhong voyeur, It is difficult not to make any conjecture. As early as 2012, He Xiangjian had handed the American group to the hands of professional managers. His only son, He Jianfeng, preferred capital operation and owned his own investment group, Guangdong Yingfeng Group Co., Ltd. He Xiangjian hoped to manage the evolution of the United States through “de-family managementâ€. In order to comply with the global market-oriented modern enterprise, the real relationship between the “home and treasurer†has not changed. He Xiangjian holds a 35% stake in Midea Group. Considering this reduction is a tradable share, it only involves cash and has no impact on the transfer of real control rights to future companies. Appliances in the second half of the year or the turning point Of course, on the matter, in the United States to complete a number of mergers and acquisitions, continued improvement in profits, the United States is generally optimistic about the development of the group, He Xiangjian this reduction or forecast that the home appliance industry will usher in the turning point in the second half. He Xiangjian’s shareholding in the company has continued to increase since last year’s continuous increase in holdings. Now, with the rising prices of raw materials and the continuous strengthening of real estate control measures, the home appliance industry may usher in a decisive turning point in the future. After the supply-side reform, the excess raw materials in the upper reaches of China have been digested, the price of raw materials has risen significantly, and the pressure on downstream home appliance companies has increased significantly. In addition, a series of new policies on the property market have become more stringent. Because the home appliance industry is closely related to the property market, it lags behind the real estate cycle. With the decrease in the volume of real estate transactions, the home appliance industry is bound to slow down. In addition, in 2016, Midea continuously promoted several overseas M&A projects. Generally speaking, overseas projects generally experienced a long period of integration pains. The short-term development of U.S. is under pressure and He Xiangjian “low buys and high throwsâ€, and funds fall “in pocket†as Ann. Coincidentally, the owner's electric appliance with a P/E ratio of more than 30 times has also been greatly reduced by internal personnel. On May 15th, 12 supervisors and senior executives, including the owner’s electrical controller Ren Jianhua, reduced their holdings of 2.844 million shares, with a turnover of approximately 107.8 million yuan. However, there are investment bankers said that the owner of electrical appliances more than 30 times price-earnings ratio, the market price ratio is more than 8 times, the valuation is indeed too high, especially the real estate regulation brought about the uncertainty of the demand for home appliances, Dong Dong high collective reduction is not strange. However, there are also private equity professionals who believe that the nature and impact of two reductions are different. Midea has a good supply chain management system, with a balanced distribution of upstream and downstream resources and an improved industrial chain. He Xiangjian’s actual shareholding is still at about 35%. Other senior executives have continued to increase their holdings, and their stock status is stable. Future performance growth and stock price movements Will be more stable; while the boss's main business is still limited to kitchen electricity, its own business structure is relatively single, the risk tolerance is weak, and the reduction involved more actors, the stock price fluctuations will have more impact. As of press time, the US stock price per share is stable at between 34-35 yuan, the owner of electrical appliances from 56 yuan per share to 39 yuan.