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Located in the ancient city of Bozhou, Gujing Group Company of Anhui( hereinafter referred to as “ the company”) was established on the basis of thecore enterprise Gujing Distillery (now changed into Gujing Distillery Co., Ltd.of Anhui). The company, two grade state standard enterprises, is nowclassified as one of major and key enterprises in the light industry of thiscountry. The company has more than 20 directly-investing or stock-holdingsubsidiaries, including science, industry, trade and finance.Its core enterpriser, Gujing Distillery Co., Ltd. of Anhui, is a will-knownliquor-making factory throughout the country. In 1996, 60,000,000 shares ofGujing Distillery—A and 20,000,000 shares of Gujing Distillery—B appearedon the market one after one in Shenzheng of China.Influenced by the environment of international economic, Gujing GroupCompany faces lots of threats and challenges.To enhance the market competence, Gujing Group Company decided toreform the company. The plan is:1.Strip bad assets off;2 . Sell 40% shares to the investment company which found bymanagement and employees of Gujing Group Company;3.Sell the other 60% shares to strategy investors.But they met lots of problems in the process of executing the plan, suchas how to get capital of purchase and how to evaluate the price of the shares ofthe company.After compared different values in two scenarios, to sell the share tomanagement and investors and to maintain the status quo, text demonstratesthat the reform of state-owned company is a emergency.And also after evaluation by two different value methods, net assetsmethods and discount methods, text demonstrates that to price the share ofstate-owned company by net assets is not rational.
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