Chapter 1126 Smart Home


Chapter 1126 Smart Home

Finally, he looked at the DJI merger and acquisition contract in his hand and handed it to Li Jinling.

"Save it."

"I thought they really planned to refuse our cooperation with Sequoia, but I didn't expect they would compromise so quickly." Li Jinling said.

“Li Zexiang is a shrewd person, he knows very well what is the most beneficial choice.

But Wang Tao was lucky enough to find a good and responsible teacher. "

Li Jinling nodded in agreement. For many years in the workplace, she has seen many intrigues and fights for power.

Situations like Wang Tao's.

The teacher secretly talked to the investors It is normal to cooperate with institutions to lower the selling price of your own student companies and secretly reap benefits.

After Xu Liang thought for a while, "You invite Li Zexiang to be the CEO of DJI in my name. I like people who follow rules. . ”

"Mr. Xu, will Wang Tao have any objections? You agreed to let him be the CEO of DJI."

"If it were someone else, you really wouldn't be able to suppress this stubborn donkey, but today Judging from the state of their master and apprentice, Li Zexiang still understands his student very well and knows how to manage him.

And he has experience in running a business, so he is far more suitable to be a CEO than Wang Tao.

In addition, Wang Tao is too young, and he currently does not have the ability to manage a large company.

Let him be in charge of the R&D department first, and by the way, he will also learn from Li Zexiang for a few more years.”

"Okay."

"By the way, DJI's CFO and HR will be transferred from Hongyan, and the key positions will be replaced by our people. In addition, we will recruit people as soon as possible to help DJI set up."< br>
"Yes."

"Go and do your work. Find Qiu Youren by the way."

Li Jinling agreed and opened the door and left.

Not long after, there was a knock on the door.

“Come in.”

Qiu Youren, who is responsible for managing the mergers, acquisitions and restructuring department of Hongyan Fund, opened the door and walked in.

"Mr. Xu, are you looking for me?"

Xu Liang walked out from behind the desk and called him to the sofa in the reception area.

"Sit down and talk."

Xu Liang asked after pouring a cup of tea for the other party.

“How is the acquisition going?”

After successfully acquiring Gree, Xu Liang has always planned to build Kunlun in the direction of Xiaomi.

Therefore, refrigerators and washing machines, which are lacking among the three major white appliances, and TVs, which are the most critical among black appliances, have become Hongyan’s acquisition targets.

"The acquisition of Little Swan went very smoothly. After we promised not to move Little Swan's headquarters, Wu & Xi sold all their 65.7% equity in Little Swan to us.

The price was also It’s not very high, 7.37 billion Huaxia coins.”

Little Swan is now the third largest washing machine company in China in terms of sales of washing machines.

After Haier and Siemens, it accounts for about 18% of the total sales of washing machines in the country.

Although the sales volume has dropped from the number one in the country in 2004, starting from 2007, Wu & Xi Guolian has carried out a drastic integration of Little Swan, divesting bad businesses and focusing on the laundry industry.

Since then, Little Swan's attention has continued to rise, and its worth has doubled.

If Xu Liang had not prompted Hynix to spend US$4 billion to build two chip factories in Wuxi in his early years, and the two parties had a happy cooperation, Hongyan would not have been so easy to win.

“Where is Skyworth?”

“Huang Hongsheng agreed, but he has a condition.”

“What condition did he put forward? As long as it is not too excessive, it will be fine. It can satisfy him." Xu Liang said.

For Kunlun’s smart home strategy, TV is an indispensable part.

The black electricity industry, starting ten years ago, has gone through several rounds of color TV price wars initiated by Changhong.

Although we successfully expelled foreign-owned color TV sets, our domestic counterparts are almost dead.

Up to now, only a few brands such as Konka, Hisense, TCL, and Skyworth are left on the market. The rest have either been merged and acquired, or have become fleeting waves in the tide of the times.

In fact, he really wanted to buy Changhong, the former king of color TVs.

After all, it has a glorious history and its brand value has not been completely lost.

The 2006 financial report released by Changhong showed a huge loss of nearly 3.7 billion yuan, setting the largest loss for a listed company in the history of the Chinese stock market.

Even so, Changhong is still very arrogant. After the collapse of Gu Chujun’s Klinger Group, it actively acquired ‘Meiling Refrigerator’, one of the four golden flowers in the refrigerator industry.

Like Midea and Haier, they are actively deploying in the field of white goods.

If you can acquire it, you will not only get a TV brand, but also a refrigerator brand.

Complete Kunlun Group's layout in the three major white goods and black goods.

Unfortunately, things did not go as planned. Changhong's internal burden was too serious, but the other party's price was very high.

And there is a strong resistance within the company to selling oneself to Kunlun.

In the end we had to let it go.

After excluding Changhong, there are not many M&A targets for him to choose from.

Only Skyworth, whose boss is in jail, is most likely to be taken advantage of by him.

"Although Mr. Huang is now behind bars, he still pays close attention to the business trends of the outside world." Qiu Youren said.

“He hopes that we will pay him half in cash and the other half of the equity purchase price, and he wants to exchange it for Kunlun Technology’s equity.”

Xu Liang said with a smile: “He is really very discerning. . ”

Because of smartphones, Kunlun Technology has received mixed reviews around the world.

Some say they are sensationalizing in order to raise the stock price and take advantage of the opportunity to make profits.

It is also said that they are upstarts in science and technology who are brave in innovation and the pride of China's science and technology field.

Qiu Youren: "He has been paying attention to the changes in the outside world in prison and is full of praise for Kunlun mobile phones."

Xu Liang smiled and said nothing.

Huang Hongsheng is actually also a powerful figure. Together with Konka Chen Weirong and TCL Li Dongsheng, they are known as the "Three Musketeers of South China Institute of Technology" because the three of them are students in a certain class of the 78th Radio Department of the school.

It is indeed a bit awesome to have three color TV bosses in one class.

In November 2004, Huang Hongsheng was arrested during an operation of the Hong Kong Independent Commission Against Corruption's "Tiger Mountain Tour".

The reason why he was imprisoned was that he colluded with his brother and mother to steal more than HK$50 million from a listed company within a few years.

All this money was taken by Huang Hongsheng from left to right to engage in real estate development in Qiong Province.

The case was not officially pronounced in Hong Kong until 2005. Huang Hongsheng and his brother were sentenced to six years in prison.

Huang Hongsheng felt that he was wronged. His friends who were listed on A-share markets all behaved like this. Is it wrong for a listed company to be a cash machine for its major shareholders?

However, the laws and regulations of the Hong Kong securities market need to be improved a lot, and Huang Hongsheng was caught with conclusive evidence. It is impossible to just impose a "top penalty of 500,000 and a ban from the securities market for ten years" like in the mainland.

Fortunately, Huang Hongsheng formed a team of professional managers in advance, so Skyworth did not suddenly collapse after he, the founder and major shareholder, was imprisoned.

However, in the long run, Xu Liang guessed that Huang Hongsheng was still extremely uneasy in prison. After all, he would stay there for six years. Who knew whether there would be any major problems in the company during this period.

And they seized on Huang Hongsheng's mentality and offered Boss Huang a good buyout price, so that he would have the capital to make a comeback after he was released from prison.

Qiu Youren smiled and said: "I asked Mr. Huang why not take all cash, it is safer after all.

He told me that he thinks Kunlun mobile phone is a revolutionary product and has great potential in the future.

And he thinks you are It is rare for a genius to achieve such an achievement at this age.

He has placed his hope for the rest of his life on you."

Xu Liang said with a smile. "He can talk."

He didn't have much impression of Huang Hongsheng.

I only came across it a few times when I occasionally used Douyin.

This guy transforms into an Internet guru and teaches life experience and entrepreneurial thinking online.

Thanks to many years of entrepreneurship and business experience, his words are pretty much the same and he is quite popular. "Then do we agree to his conditions?"

"Why don't you agree? It's good to save acquisition funds, and besides, he doesn't have much equity."

With the popularity of Kunlun mobile phones, the sales of Kunlun's computers, notebooks, USB flash drives and other electronic products have also increased. increased significantly.

Driving Kunlun’s revenue to grow rapidly.

Kunlun Technology’s valuation now exceeds 10 billion US dollars.

How much is Skyworth’s valuation?

Giving him some equity will not threaten Hongyan's controlling interest.

"By the way, Huang Hongsheng also made a request, hoping that we would retain part of the management team."

"It's rare that he still has this heart."

In the mall It's more of an exchange of interests. If you don't stab me in the back, you're worthy of me.

It is so rare to help each other.

"He is actually full of gratitude to Skyworth's professional manager team. These people did not add insult to injury and saved him the family business that he has worked hard for half his life. Naturally, he wants to reciprocate.

Otherwise, who will do it in the future? I'll work hard for him."

Xu Liang nodded.

"Tell him, I can consider agreeing to him, but under Kunlun's employment principle, the capable ones should be promoted to the mediocre ones, and everything will depend on their ability.

I will resolutely clear out those who are not capable enough. Get out.”

These domestic companies that have emerged from the wilderness basically have the problem of nepotism.

The family is prosperous, and all seven aunts and eight aunts will arrange for it.

Those who have some brains still know how to know people well and assign them well, and assign those who are incompetent to idle positions and spend money to support them.

He just jumped into it without thinking.

The worm eats the rat, and the latter will basically not end well.

"Okay."

"Is there no progress in the refrigerator acquisition?"

"Haier and Hisense have both rejected.

Currently we are mainly in contact with Meiling and Xinfei. ”

Four golden flowers in domestic refrigerators.

Haier, Meiling, Rongsheng, Xinfei.

Let’s not talk about it. Haier has always dominated the country.

Meiling and Rong Sheng both belong to Collinger, after Gu Chujun was eliminated.

Rong Sheng was bought by Hisense, and Meiling joined Changhong.

As for Xinfei.

In 2005, production and sales reached 3 million units, a year-on-year increase of 20.3%, and the total industrial output value reached 6.88 billion yuan, making it one of the top two companies after Haier.

The slogan "A good advertisement is not as good as a refrigerator" has spread throughout the country.

Unfortunately, with the acquisition of Xinfei by Hong Leong Asia, this Singaporean company has no intention of becoming bigger and stronger.

Bindly borrow Xinfei’s brand to expand product lines.

Xinfei water heaters, Xinfei air conditioners, etc. all came online one after another.

What’s even more exaggerated is that it also rents out the ‘Xinfei’ brand to earn brand usage fees.

Significant benefits have been achieved in the short term, but the lack of supervision of small brands has seriously eroded Xinfei's brand credibility.

When Meiling and Rongsheng, with the support of their respective major shareholders, step by step out of the predicament and gradually recover.

Xin Fei is completely dead.

"Mr. Xu, I suggest giving up Xinfei and focusing on Meiling."

"Why?"

"When we contacted Hong Leong Asia, their price was too high.

They would only sell the company to us for 7.4 billion Huaxia coins.

But we study new flight According to their financial statements, their revenue in 2006 was nearly 7 billion Chinese dollars, and their main business revenue only accounted for 68.9% of the company's total revenue.

Brand licensing revenue accounted for 28.2%, which is too high.


This is not the financial structure that a normal electrical appliance company should have.

But they used this report to negotiate conditions with us.

As a result, Xinfei’s acquisition price was nearly twice the price calculated by our valuation model.

In contrast, although nearly 25% of Meiling's equity is in the hands of Changhong, most of it is in the Huizhou municipal government and the stock market, making it relatively easy to acquire. ”

Xu Liang thought for a moment and nodded.

"Just follow your strategy."

"Yes."

——

May 2007.

Hong Kong stock Skyworth Digital applied for a trading suspension and announced that the company's controlling shareholder Mr. Huang Hongsheng and his spouse planned to transfer 906 million shares to Hongyan Fund at a price of HK$1.03 per share.

After the transaction is completed, the company's controlling stake will change, and Hongyan Fund will become the largest shareholder of Skyworth Digital, holding 39.7% of the total share capital.

At the same time, Little Swan also applied for a trading suspension in Pengcheng A shares.

It also announced that Wu & Xi Guolian will sell its 65.7% stake in Little Swan Co., Ltd. to Hongyan Fund.

DJI was also acquired at the same time.

But the latter is too small and has little influence. Except for a few venture capital companies, basically no one pays attention to it.

Even so, the acquisitions of Skyworth and Little Swan still caused a sensation in the Chinese business community.

Based on this good news, two listed electrical appliance companies under Hongyan Fund, Supor and Gree Air Conditioning, both experienced a wave of gains.

The valuation of Kunlun Technology has increased to a certain extent.

Professionals in the financial circle are unwilling to let go of this hot topic, and they have come out to express their opinions and become opinion leaders.

The four listed companies were given the codename "Hongyan Series", which represented the birth of another heavyweight player in the capital market.

The heroes in the home appliance industry have a sense of urgency that a powerful enemy is coming.

A group of home appliance company bosses, including Zhang Ruimin of Haier, are very anxious.

What on earth is he going to do?

Who is the next acquisition target?

The actions of Red Rock Fund, coupled with the bottomless abundant capital, really scared them. Some people were very worried that their company would become the next prey.

Except for a few confident state-owned companies, other private listed companies have begun to secretly raise money and prepare to increase their stock holdings. They are very worried that Boss Xu will turn into a barbarian and defeat them with his capital strength.

Amidst the commotion, everyone has some speculation about Hongyan’s next merger and acquisition plan.

In fact, it’s not difficult to guess.

TV set, Skyworth, ranks second in the country, second only to TCL.

Washing machine, although Little Swan was beaten by Haier, its heritage remains.

When it comes to air conditioners, Gree is definitely number one.

In kitchen appliances, Supor has the dominant strength.

Lamps, NVC Lighting drew its sword and looked around at a loss.

Consumer electronics, Kunlun is second only to Lenovo.

As you can see from the list, among the electrical appliance companies owned by Hongyan, the only large appliances missing are refrigerators.

Therefore, Hongyan’s next target is definitely a large refrigerator company.

For a time, the stock prices of all refrigerator companies across the country rose sharply.

(End of this chapter)

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