Core Insights - The company faced a mandatory task to deleverage and reduce risk exposure due to changes in shareholder structure and national policy [2][3] - The management team proposed selling part of the equity to introduce new investors while retaining core assets, aiming for a win-win situation [4][5] - Initial enthusiasm turned into a dilemma as upper management questioned the implications of bringing in new investors and the potential impact on existing shareholders [8][10] Group 1: Responsibility Deployment - Six years ago, the company underwent a change in shareholder structure, leading to a directive to deleverage and reduce risk exposure [2] - The task was communicated through multiple levels of management, emphasizing the importance of compliance with the policy [2] Group 2: Execution of the Plan - The management team developed a plan to sell equity and attract new investors, which would help recover funds and support future development [4] - They engaged multiple investment banks to find suitable investors, with one top-tier firm showing interest [6][5] Group 3: Decision-Making Challenges - Upper management expressed surprise at the interest from investors, leading to concerns about potential favoritism towards new shareholders [8] - The decision-making process became complicated as management feared repercussions from both approving or rejecting the investment [10][11] Group 4: Institutional Development - A need for compliance arose when concerns were raised about the lack of a bidding process for selecting investment banks [12] - The company had no established bidding management system, leading to a lengthy process of creating one [12][14] Group 5: Implementation of the System - After ten months of developing a bidding process, the original investment bank was ultimately selected again [17] - The structured process provided a sense of relief to management, allowing them to avoid immediate decision-making dilemmas [18] Group 6: Conclusion - The market conditions deteriorated, leading to the withdrawal of interested investors and a significant drop in asset valuations, making the transaction terms unbridgeable [21]

Core Insights - The construction quality of cold storage facilities is crucial for the economic benefits and compliance safety of enterprises, making the selection of a reliable cold storage construction company a rigorous and systematic process [1][15] - Haoshuang Refrigeration has been a key player in the refrigeration industry for 16 years, evolving into a global integrated solution provider for cold storage engineering and smart cold chain projects, covering various services from investment development to operational management [1][6] Company Overview - Haoshuang Refrigeration operates over 300 after-sales service outlets and has a professional construction team of more than 300 members, with over 500 suppliers and 5,000 successful customer cases [3] - The company is headquartered in Shanghai, with branches across multiple locations [3] Qualifications and Expertise - Haoshuang Refrigeration holds multiple professional qualifications, including general contracting for construction projects, first-level qualifications for mechanical and electrical installation, and various special equipment production licenses [4] - The company serves notable clients such as JD.com, China Post, and Meituan, showcasing its credibility in the industry [5] Strategic Developments - In 2020, Haoshuang Refrigeration established the first cold chain logistics research institute in China, followed by the founding of a warehousing automation service company in 2023 and an energy transformation service company in 2025, continuously expanding its competitive edge [6] Project Selection Process - The internal demand and budget approval process involves collaboration among multiple departments to define the cold storage's purpose, temperature range, volume, and automation level, ensuring compliance and alignment with project goals [7] - The supplier selection phase includes public bidding or competitive negotiations, focusing on the supplier's qualifications, technical capabilities, and past project experiences, with Haoshuang Refrigeration often standing out due to its extensive qualifications and successful collaborations [8][10] - A rigorous bidding and evaluation process is implemented, where suppliers provide detailed technical proposals and pricing, evaluated through a comprehensive assessment method to ensure the selection of the best value partner [10] - Contract negotiation is critical, requiring detailed specifications on technical standards, timelines, and responsibilities to prevent future disputes, with Haoshuang Refrigeration providing standardized contracts to safeguard both parties' interests [11] - During project execution, strict management mechanisms are established to monitor progress, quality, and financial usage, ensuring compliance with internal audits and external regulations [12] Conclusion - The selection of cold storage engineering service providers by state-owned and listed companies is a strategic decision process based on compliance and lifecycle value, requiring service providers to possess strong technical capabilities and an understanding of large enterprises' compliance management processes [15]