When you order a loose egg at Ajisen Ramen, can you imagine what it has to do with Haier?
Unlike the household appliance giant Haier, the "Haier system" has four listed companies, holding financial licenses such as banking, securities, insurance, microfinance, consumer finance, and so on, and the combination of industry and finance involves tens of thousands of enterprises, which can be called the invisible "financial control giant. ".
After 2014, along with the acceleration of financial reform, the industrial giants have been involved in gold control, hundreds of billions of dollars of capital from the real to the virtual, the big system frequently: "Haier system" "the United States system". "Gree system" "Lenovo system" "TCL system" "Wanda system"" Suning system"......
The close integration of financial capital and industrial capital is generally regarded as an advanced stage of the development of the real economy, and is an unparalleled vehicle for the completion of real economic transformation and upgrading. Thousands of Zhang Ruimin, Dong Mingzhu, must go through the baptism of financial capital and sharpening; only which overcomes the temptation and the wind and waves of the enterprise, can "stand on the tide to continue the voyage".
China's industry on the gold control, starting around 2000. At that time, price wars were on the rise, and industrial profits were declining. In order to maintain growth and expand financing channels, some industrial giants began to seek financial platforms.
In 2001-2002, Haier held Qingdao Commercial Bank in one fell swoop, took a stake in Anshan Trust, became the largest shareholder of listed company Yangtze River Securities, and set up Haier New York Life (Beifang Founder's Life)------ to gather the four major financial licenses of banks, trusts, securities, and insurance, and the Haier system came out of nowhere.
From 2002, the United States to create a fund company, and hope that the Department initiated the establishment of the Shunde Agricultural and Commercial Bank, participation in the Bank of Jiangsu, Hubei Bank -----TCL, Gree, Oxy and other industrial giants are in the financial sector to show their hands.
However, with the Delong system, tomorrow's system of financial predators such as the "empty glove" is different, these nascent industrial system seeks to combine production and financing. Haier, for example, the upper reaches of the industrial chain involves non-ferrous metals, chemicals, molds and other thousands of suppliers, and tens of thousands of channels downstream. The majority of them are private small and medium-sized enterprises (SMEs), and it is difficult for them to obtain loans from banks. 2002, Haier injected 500 million yuan to set up a finance company, relying on the financial control platform to finance lending, and provide financial support to suppliers and distributors.
In 2015, Haier plans to expand 3,000 logistics and warehousing bases, requiring 90,000 delivery and installation service vehicles and 180,000 service personnel. To this end, Haier dealers apply for loans from Haier Finance Company to obtain construction funds in batches according to the progress of the project; Haier recovers the principal and interest year by year according to the projected income during the operation period; in the construction process, all of them have carried out the pledge of land use rights or mortgage guarantee for the construction work in progress, and the completed project has taken the mortgage guarantee for fixed assets. Haier utilizes the combination of production and financing can be described as drought and flood, the dealer also solved the capital needs.
Compared to Haier set up a financial company time, Gree late 1 year, TCL late 4 years, the United States late 8 years. But all good things are not too late, as usual, play "slippery".
Gree use of financial companies to pool funds, can not do to the bank to lend a penny; money from the bank to the financial company to put the deposit, and then to the industry chain of more than 20,000 companies lending, earnings are several times the bank. The key is that Gree and upstream and downstream companies know the roots and do not involve local financial policy differences, so the approval of lending quickly, the flow of funds more efficient.
After 2014, China's economic growth slowed down, but the outside world has been worried about the "wave of bankruptcy" "closure wave" did not actually happen. One of the important reasons is that the combination of production and financing has played a rescue effect. According to the figures released by Gree, Gree in 10 months to the upstream and downstream industry chain blood transfusion of more than 25 billion yuan; through the finance company of the group members of the funds pooled up to 88%, effectively regulating the balance of funds, put the funds to the key projects. Even if the companies in the industry chain have overdue, bankruptcy, most of them are also handled by the department, and it is difficult to produce a drastic shock.
There is a saying that profoundly reveals the difference between financial predators and the integration of production and finance: financial predators are hunters, hitting the prey on the run; the integration of production and finance is a farmer, more plowing. However, any money is with the adventurous temperament, the industrial big system will not always be shut in the industry chain within the cage. Once you choose to open up to the outside, risks and challenges come with it.
2, open industrial big system
In 2008, Lenovo Holdings shares in the Suzhou Trust, in 2009, Hankou Bank, in 2010, the holding of Lakala, and then access to the third-party payment license in 2012 through the Zhengqi financial quite into the guarantee, micro-credit, pawning ---------. --- However, before the layout of the above gold control platform, the technology industry giant "Lenovo system" has begun to open up to the outside.
This may stem from the IT core industry chain is not in the country, and there is a clear cyclicality of the product, forcing Lenovo to seek diversification.
In 2000, Lenovo invested 50 million yuan to create New Oriental Education Online, invested 100 million yuan to create the portal FM365, and invested 300 million yuan to acquire a 40% stake in the financial website Winstar. These investments have a good idea: access to the Internet through bundled with Lenovo computers, traffic up and then develop e-commerce and advertising business. However, the first round of expansion of the Lenovo system hit the Internet bubble, coupled with their own Internet gene is not strong enough, all the projects failed.
"Venture" failed, Lenovo then turned to venture capital. 2001, Zhu Linan took Liu Chuanzhi entrusted all the profits of the first ten years of the PC business of 35 million U.S. dollars, the establishment of Lenovo Investment, the main focus of the start-up period of venture capital and expansion of the period of growth investment. Although did not seize the opportunity of the century such as BAT, but Zhu Linan maiden investment to 8 million yuan to take the KU Xunfei 11.43% shares, followed by Shenzhou car rental, excellence and other flash projects.
In 2012, Lenovo Capital changed its name to Junlian Capital, and in 2014, 9 of Junlian Capital's portfolio companies went public, surpassing Sequoia, Goldman Sachs, and IDG to rank first that year.
In addition to the pioneering work of Junlian Capital, in 2003, the Lenovo system set up Hony Capital, the main PE business, focusing on acquisitions; in 2008, the establishment of Lenovo Star, the launch of the "entrepreneurial training + angel investment" dual-drive model; in 2010, the establishment of the Lenovo Fun Fund, which is mainly invested in the early stages of TMT with high growth potential, In 2010, Lenovo Le Fund was established, mainly investing in early-stage, high-growth TMT startups. As a result, Lenovo has constructed a rare whole industry chain in the PE/VC industry, and the four major investment organizations have jointly contributed the most profits except for the IT business.
Lenovo's specific formula, simply put, is to borrow other people's shells under their own eggs. For example, in 2012, Lenovo Holdings set up an agricultural investment subsidiary Javo Group, and then acquired and loaded 65% of the equity of Qingdao Wolin Blueberry Fruit Co. Ltd. and all the equity of Sichuan Zhongxin Agricultural Science and Technology Co. Ltd. to complete the primitive accumulation. 2016-2017, Javo Agriculture entered into the ownership of GEM-listed company Wanfushengke through the form of voting rights entrustment, and finally completed the "rental shell listing", and the assets loaded are also the seafood business of the third party Guoxing Food.
Even more telling is the liquor business. 2011-2013, Legend Holdings took Wenwang Brewing, Kongfu Family Wine, and four other local liquor companies from local state-owned enterprises, and then set up Fenlian Liquor to load up on liquor assets (which was later loaded into the Javo Group). Although perennial losses, but the Lenovo system to take the price is still very low, in April 2017 turned around and sold to the old white dry 1.4 billion yuan, incidentally, Javao Group to bring the old white dry second largest shareholder throne.
In 2015, Zhu Linan in charge of Lenovo Holdings listed on the Hong Kong Stock Exchange, under the banner of not only includes two listed companies: Yang Yuanqing in charge of Lenovo Group, Guo Wei in charge of Digital China, but also gathered four major venture capital institutions, investment in finance, agriculture, liquor, medical, logistics, pension, chemical energy and other fields. Therefore, there is a view that Zhu Linan is Liu Chuanzhi's hand-picked successor.
In the Lenovo system to kill the four sides of the occasion, in 2014, borrowing the financial reform acceleration, home appliance giants gold-controlled kingdom also have chosen to go out of the industrial chain, trying to find a new point of growth in the period of economic growth slowdown.
Haier set up P2P Hai Rongyi, the acquisition of the third-party payment fast pass, and quietly took the very precious consumer finance license. In the upstream, Hairong Yi + fast pass, combined with the Qingdao Commercial Bank to continue to blood to the industry chain; in the downstream, Haier consumer finance to take the O2O model, into the red star Macalline, have to live in the network, green city electricity supplier and other consumer scenes, to provide credit support to consumers. As a result, Haier's combination of production and financing has realized a closed loop, which can be described as self-production and self-sale.
Synchronized with Haier, TCL set up the P2P platform T Jinshang and formed a consumer finance division. The United States spent 300 million yuan to take the third-party payment license Shenzhou Tongpai, and relying on WeChat public number to provide employee finance, supplier finance, dealer finance and micro finance.
The increasing diversification and openness of the financial control platform helps the industrial big system's hand to reach out longer and longer. For example, Haier's financial leasing company has taken a stake in Hongxuan Agriculture, the number one egg enterprise in East China, to provide financial leasing for farmers in the industry, designating them to buy Hongxuan's equipment, and providing order-based agricultural technology services from the demand side. In this process, Haier is neither a franchisee nor a layout of the industry chain, but uses financial tools to build a production and marketing alliance, and finally takes away the profits therein. 2016, Haier's influence on the laying hens industry has been the magnitude of 5 billion yuan, more than any individual company in this industry.
Lenovo system of wide spread net, and Haier system incarnation of chicken farmers, are essentially the use of financial leverage, into the more profitable industry. However, not every foreign investment can be successful. Panda fireworks, Oma appliances and other foreign financial business after 2014, industrial companies, so far, have not seen much success, there is a certain bad debt.
What's more, not all industries, companies want to industrial big system to insert a foot, even if the beginning of the meticulous later to share the money will fall out. Therefore, it seems inevitable to take by force.
3, mergers and acquisitions war
First of all, the United States of America.
In 2016, Gree Electric disclosed the top ten outstanding shareholders, suddenly appeared Ningbo ProFi Investment Management Co. This matter undoubtedly let Ms. Dong "bad". Although the "foreign enemy" ultimately earned a spread retreat, but the United States Department of the past style, Gree had to be careful to watch out.
The United States is the first to go out of the combination of production and financing, sailing on the road of mergers and acquisitions to expand, feed the gold control of the large industrial system. As early as 20 years ago, the United States through the acquisition of Toshiba Wankel, into the field of air conditioning compressor; followed by the acquisition of Rongshida, Hualing, to enhance the refrigeration industry capacity, to open up the situation of the white power market; the acquisition of Jiangsu Chunhua, to achieve the scale of growth; 2008-2014, through the step by step nibbling, to achieve the absolute holdings of the Little Swan, the domestic market share of washing machines exceeded 60%; In 2016, the United States spent 3.3 billion yuan to acquire Toshiba's white goods business, to open up Japan, Southeast Asia, Europe and the United States market channel, and to obtain Toshiba's core technology in the compressor and the advantages of the industrial chain.
Therefore, unlike Gree's emphasis on independent research and development, mergers and acquisitions are the first weapon of the United States to develop technology and the market. Moreover, when the home appliance market is shrinking and sluggish, the U.S. Department of the United States will not hesitate to choose to move out and open up a new battlefield.
The last time outside the shift occurred in 2003, the United States in the industry down period to buy Yunnan, Hunan bus companies, enter the car. However, this attempt to fail miserably, to maintain the focus of Gree in turn took the opportunity to lay the king in the air conditioning market.
June 2016 - January 2017, in the context of the saturation of the home appliance market, the United States ruled out all the difficulties, the acquisition of the robot manufacturing giant Kuka. Unlike before, the market reaction was strong, and a large number of funds flowed into the listed company Midea Group, causing the stock price to climb for more than 1 year, more than doubled, completing a merger and acquisition & gold control set.
Interestingly, when the United States did not make the car, Gree eye is doing. Following Dong Mingzhu in his personal name, Zhuhai Yinlong shares, Gree has signed with Zhuhai Yinlong 20 billion yuan of mutual procurement of large single, in the field of intelligent equipment, molds, casting, automotive air conditioning, new energy vehicles, and other areas of priority procurement of each other's products and services. In other words, Zhuhai Yinlong to Gree open up the new energy automobile technology. 2017 June, Zhuhai Yinlong applied for IPO. although Gree did not account for a share, but taking into account the identity of Dong Mingzhu's shareholders and accounted for Zhuhai Yinlong more than half of the revenue of the status of the big customers, Gree system has actually been subdued Zhuhai Yinlong.
In the eyes of the industrial big system, the good subject has become a "country" of the land, it is worth killing red eyes. 2015-2016, Haier, the United States coincidentally to North America's second largest appliance giant GE offer. For this reason, the United States CEO Fang Hongbo personally went to New York to show sincerity. Considering the friendship between the United States and GE cooperation for 15 years, there is a view that the United States has almost taken GE home appliance business. However, never expected, Haier surprisingly threw out 5.4 billion U.S. dollars to take GE, this price is higher than the previous Electrolux offer of nearly half!
The United States in recent years is dramatically narrowing the market gap with Haier, the international business accounted for 40% share of its revenue, but lack of sufficient brand reputation. Therefore, the United States if you can take GE, will make Haier very difficult, not as high as raising the code directly break the rival thought. It must be known that GE has a large number of outsourcing orders in China, the takeover is the United States, Gree, this single certainly turned to Haier.
However, the United States also has a backhand, through the acquisition of Kuka climbed Huawei's in-laws. Before, Huawei and Haier relationship is more intimate, the two sides have more technical cooperation. But Huawei has been coveting Kuka's smart manufacturing technology, with a view to entering the smart home market. Thus, the United States borrowed Kuka and Huawei reached a mobile intelligent terminal and smart home appliances alliance, the two sides will realize the channel **** enjoy and joint marketing, data sharing and data mining.
The counterattack on the United States, the Haier system of preventive work as much as possible to show the big system of horror - from 2016 onwards, the Haier system secretly layout in the field of big data, has invested in seven big data segments in the field of the top three companies, and quickly digested and absorbed the relevant technology, launched the first dedicated to the smart Family customized ecological operating system UHomeOS.
From the agitation of the capital market, to the smoke of the consumer market, is now like a white horse.
Compared to the United States, Gree, Haier's high-profile, TCL belongs to the Lord of the muffled wealth: In addition to the Shenzhen Stock Exchange-listed TCL Group, the TCL system under the banner of the four Hong Kong-listed companies: Tongli Electronics, TCL Multimedia Electronics, TCL Communication Technology and TCL Display Technology. There is also a new three board to IT product distribution as the main business of the holding company Hanlin Hui.
In the last decade, the founder of Li Dongsheng is trying to promote TCL to the new business model incubation platform, the use of specific financial techniques is constantly mergers and acquisitions and restructuring, spin-off, spin-off, and spin-off. If the spin-off maximization considerations, TCL should have 7 product business, 3 service business and 1 venture capital, total **** 11 plates, has become 6 listed platform.
It must be known, blindfolded wildly soaring LeEco only seven or eight boards, turned out a LeEco, and the gap between the TCL system can be said to be like mud.
4, the actual system of moral
It is in the mergers and acquisitions of the smoke, the discussion about whether the industrial big system of moderation was put on the desk.
Historically, there have been countless fiascoes that have gone from industrial integration to gold-controlled speculation. For example, Ford, in 2006, the main business was hit by the Japanese manufacturers, causing the cost of capital to rise in the financial business, and finally had to sell the financial business in order to come up with the funds to develop a new car. And Haier's acquisition of GE, historically, also due to the disconnect between production and finance caused by the Great Recession, which led to the sale of the business.
Judgement of industrial firm, gold control did not devour the industry in fact, there is a recognized standard: industrial profits should be much higher than the capital premium, the behavior of the gold control should not be to obtain short-term price difference as the main means.
However, this standard is not clear if the barbarians hit.
In September 2016, the Legend System "close relatives" Sun Hongbin helmed Sunac China to 13.7 billion yuan to acquire Legend Holdings' Rongke Zhidi, more than 40 projects involved in the transaction are all the first and second-tier cities in the core area, the unit price of only 2,000 yuan per square meter.
This undoubtedly provides ammunition for Sunac to go around "doing things" - since 2014, Sunac has been involved in Greentown, Jiazhaoye, Lemon, Jiakai City, Leshi, Jinke ------ and even once close to Vanke! The identity of the white knights, savage people repeatedly change, and there is no lack of "sweet marriage, hate into a divorce" case. The first time I saw this, it was a very good thing that I was able to see it," he said.
In addition, the United States, in addition to disturbing Gree, but also quietly lurked in the blue cursor, Xiwang Foods ------ July 2016, TCL and Weixing New Material set up an equity investment fund, was to invest in the upstream and downstream of the TCL and Weixing New Material related companies, and the results soon after it was even assembled to kill the funds to the listed company Maoye Communications, resulting in the latter into an embarrassing situation of the major shareholders of no real control. Embarrassing situation ------ in the public opinion heatedly discusses the capital invasion of industry at the moment, the industrial big system in fact, also in the "bottom".
From the industrial giants, to the industrial system, who in which the industry always plow, who in which the skinny-dipping mad dash to create a bubble, we only wait and see.