My 1999

In May, the company acquired the remaining equity of Lingda Compressor and Gree Electric Company to achieve full ownership.

The company has achieved vertical integration of the air-conditioning industry chain by acquiring air-conditioning core component manufacturers, ensuring the supply of core components while controlling costs. "

Xu Liang nodded slightly.

Compressors and motors are the most core components of air conditioners, accounting for about 35% and 15% of the cost respectively.

Gree relies on its two wholly-owned subsidiaries, Lingda Compressor and Kaibang Motor, to ensure the quality and quantity of the supply of core components for air conditioners.

At the same time, the two companies not only supply Gree, but are also large companies in the field of compressors and motors for Huaxia air conditioners.

However, they do not have enough technical background and can only produce some low-end products.

But this is also the norm for Huaxia industry. After all, it is impossible to catch up with others' decades of technical accumulation in a few years if you start late.

"Production also includes products.

1988-2000 was the starting stage of Gree. The company was mainly engaged in assembly and relied on imports for core components.

With the acquisition of Lingda compressors and Kaibang motors, Gree has initially acquired the ability to independently develop and manufacture core components. Our main development strategy in the future is to invest in the development of our own core technologies, use our own technologies to produce our own products, and become a top home appliance company integrating production and research and development. "

"In terms of sales, we will continue the 'off-season rebate' and 'year-end rebate' policies to attract dealers to join, fully mobilize the enthusiasm of dealers, and expand Gree's sales network.

Continue to promote the 'regional sales company model' pioneered by Gree..."

Looking at Dong Zhuming's proud expression, Xu Liang could understand her feelings.

The 'off-season rebate' and 'year-end rebate' policies have made great contributions to Gree's development.

In order to solve the vicious competition among dealers, such as price wars and channel diversion.

At the end of 1997, Gree's first regional sales company was established in Beihu.

The sales company united large dealers in the region and jointly invested in the establishment of a sales company.

The company has unified wholesale, unified prices, unified channels, unified management, and unified services, and the profits are distributed according to shares.

By the beginning of 2002, all provinces and cities had successively established Gree sales companies according to this model.

It can be said that the reason why Gree has developed so fast is that the 'regional sales company' is crucial.

"The next step is to introduce dealers to hold shares, form a community of interests, and deeply bind dealers."

Looking at Xu Liang, his expression was confident.

"The above is Gree's development strategy for the next five years. "

Xu Liang smiled and clapped his hands.

"It's a very good strategy. Following this strategy, I believe Gree can become a top company in the domestic home appliance field."

Dong Zhuming was excited and was about to say a few polite words.

"But!"

"I have a question here. Can Mr. Dong answer it for me?"

"Please go ahead."

"Now the domestic e-commerce business is developing in full swing. The annual turnover of No. 1 Store and Taobao is growing rapidly. Amazon and Yahoo abroad are also expanding.

Countless consumer electronics and retail companies are formulating their own online marketing strategies.

But Gree seems indifferent to all this.

Does Mr. Dong think that Gree's regional sales strategy can conquer the world? "

Xu Liang's words were very sharp.

When Dong Mingzhu came, she also expected that the other party might ask about e-commerce. After all, the other party was the founder of No. 1 Store, and he repeatedly promoted new concepts such as Internet 2.0 and Internet + in public.

He is one of the few people in China who most admire e-commerce.

"Mr. Xu, e-commerce is indeed a very important sales model in the future, but it is still a little early now.

According to our survey, most online sales are low-value products such as clothing, shoes, hats, and books.

For 3C products including home appliances, because they are more expensive and cannot be seen or touched, and there is no way to confirm the quality, customers are still more willing to go to offline stores to buy. "

"This is not a reason for Gree to ignore online."

Xu Liang handed over a stack of information at hand.

"This is the sales data of 3C products of No. 1 Store in the past three years. Take a look. "

Dong Mingzhu took it.

After a quick look, her expression changed.

In 2002, Yihaodian's sales in the 3C field were less than 20 million.

But in 2003, it increased more than ten times to 270 million Chinese yuan.

Although it was not as exaggerated as in 2003, it also expanded to nearly 1 billion Chinese yuan.

The SARS in 2003 helped the development of online retail.

Many people who didn't know about online shopping were forced to shop online because they couldn't leave their homes.

As a result, they used it and it was pretty good.

Gradually, they became loyal users of online shopping.

0 4. The battle between Taobao and eBay in 2005, although the ultimate goal was to compete for the Chinese C2C market, was essentially a promotion for online shopping.

Yihaodian's revenue in the 3C field has doubled again, reaching 2 billion Chinese yuan.

It is now August 2006, and Yihaodian's revenue in the 3C field has exceeded 2.9 billion Chinese yuan.

This year's revenue will definitely exceed last year's.

In addition to the total revenue, there are also revenue records for individual products such as computers, refrigerators, color TVs, washing machines, and air conditioners.

Dong Zhuming focused on the air conditioner.

In the first seven months of 2006, the total revenue exceeded 240 million Chinese yuan.

Compared to Gree's estimated revenue of more than 20 billion Chinese yuan this year, it is just a fraction.

But it is undeniable that online retail is developing very fast.

In 2005, it was less than 100 million yuan, and this year it has doubled or tripled.

If this speed is maintained.

Next year, it will reach 800 million or 900 million yuan, and in 2008, it will exceed 1.5 billion yuan.

For any air-conditioning manufacturer, channels worth billions of yuan cannot be ignored.

Dong Zhuming slowly put down the information in his hand.

"What do you feel?"

"Mr. Xu, I did ignore the construction of online channels. After I go back, I will immediately organize a meeting of the company's senior management to formulate a detailed online marketing strategy.

But I hope you can allow me to take this information back."

"It's okay to take it back, but don't disclose this information."

This is a business secret that many commercial investigation companies want to get, and it can be sold for money.

Of course, Xu Liang doesn't care about money.

But he cares about Gree's competitors taking advantage of it.

"I understand."

He originally planned to mention the "smart home" to Dong Zhuming, but he gave up when the words came to his lips.

It's only 2006, and smartphones haven't appeared yet.

It won’t be too late to pursue ‘smart home’ in five or six years.

Now Gree has just achieved some success in the air-conditioning industry. It is the time to actively develop new technologies and lay a solid foundation. If it crosses the border rashly, it will distract its energy.

Not only will the air-conditioning not be well made, but it will also delay the development of new products.

The two talked about some things about Gree’s future development. Xu Liang originally planned to keep her for dinner, but Dong Zhuming is a man of swift action.

Especially when it comes to the establishment of online channels, she is in a hurry to leave.

Fortunately, Xiangjiang and Haizhu are across the sea from each other, and it takes no more than half an hour to take a helicopter back and forth, which is very convenient.

In the afternoon, in the small conference room of Hanhua International Center.

The registered headquarters of Hanhua Group is in Xiangjiang.

The management headquarters is in Beijing.

At the same time, the business of Hanhua Office is divided into two parts.

One part is local business.

Securities, trusts, insurance, etc.

The other part is global business.

Mainly three major funds.

Private equity fund ‘Qinglong’ and hedge fund ‘Pacific’.

These two funds are directly managed by Xu Liang.

Currently, Qinglong Fund is divided into three phases, managing a total of US$120 billion in funds.

Phase 1 is US$60 billion and will expire at the end of this year.

Phase 2 is US$30 billion and will expire at the end of next year.

Phase 3 is US$30 billion and will expire in October this year.

Pacific Fund is also divided into three phases, but the funds it manages are US$30 billion less than Qinglong Fund.

The maturity time of Phase 3 is similar to that of Qinglong Fund.

Qinglong and Pacific are the two most prestigious funds of Hanhua in the world.

They have been dominating the top of the income rankings of the two major series of private equity and hedge funds for many years.

The revenue record they set has not been broken to this day.

Qinglong and Pacific are the two pillars supporting the financial empire of Hanhua Group.

In addition to these two funds that are personally managed by Xu Liang and are shining brightly.

There is also an "Indian Ocean Hedge Fund" directly managed by the headquarters of Hanhua Group.

There are three sub-funds under it.

If there is a contempt chain in the fund field.

Then public fund managers are undoubtedly at the bottom.

Hedge fund managers are at the top of private equity.

Anyone who can become a hedge fund manager within Hanhua Group is a top financial genius who has proven himself.

Hanhua has been established for seven years, and there are more and more venture capital funds and private equity fund managers, now adding up to no less than thirty or forty.

But there are only three hedge fund managers.

"Old Sun, your No. 1 fund expires next year?"

Sun Zhenping nodded.

"It expires on December 1 next year."

"How much is the floating profit now?"

"124%. In the past two years, companies such as Amazon, Apple, eBay, and BlackBerry have developed very well. The bonds they issued are very popular in the market, and the quotations have repeatedly set new highs. I have also made a lot of money."

Sun Zhenping smiled.

In the past two years, he has been following Xu Liang's investment.

Xu Liang invested in Apple's stocks, and he invested in Apple's bonds.

Although he was privately said to have no real ability and just followed the rules, the money he made was real.

As the first person in charge of Hanhua's independently managed hedge fund, the fundraising amount of the No. 1 fund he was responsible for has exceeded 6 billion US dollars.

After seven years, his net worth has exceeded 500 million US dollars just from fund dividends.

So, he doesn't care what others say.

Xu Liang nodded and turned his eyes.

Sitting below Sun Zhenping was a middle-aged man wearing a white shirt, black-framed glasses, and a plain look.

His name is Jiang Ping. He was once named the annual "Top 100 Traders" by the famous Wall Street professional magazine "Traders", and he is also a financial genius praised by Buffett.

Before Xu Liang's rise, he was the strongest financial genius among Chinese in the world.

If it weren't for the habitual discrimination against Chinese within Lehman.

It would not be so easy for Hanhua to dig this real financial genius.

"Old Jiang, the No. 2 fund you manage will expire this year, right?"

"Yes."

"How much money do you plan to raise for the second phase?"

"5 billion US dollars." Jiang Ping smiled.

"You have created an average annual excess return of 153%. Is 5 billion US dollars too little?"

"It's good enough to jump from $1 billion to $5 billion. If it's more, I don't have a better investment channel.

The rate of return cannot be guaranteed at that time."

For hedge fund investment, the more money the better.

Without a good channel, the money will stay in your hands and you won't make money.

The reason why Xu Liang dared to play with $90 billion is because he has the memory of his previous life and knows clearly what makes money and what doesn't.

Where are the pits and when will the crisis break out.

Others don't have his conditions.

"Sister Zhong, what about you?"

Zhong Lifang smiled and said, "I joined Indian Ocean the latest, so I don't have as much experience as Lao Sun and Lao Jiang. When my No. 3 fund expires, I will raise 2 billion next time.

To be honest, I am under a lot of pressure from jumping from 500 million to 2 billion US dollars. Mr. Xu, please stop putting pressure on me."

"Haha, OK. I won't say more.

This time I came to call you for a meeting. In addition to asking you how to develop next, I also want to ask you what you think of the current real estate market in the United States?

To be precise, when do you think it will explode?"

Hearing this, the three exchanged glances.

They knew from the information collected by the group that the situation of the US real estate market was very hidden.

But they were not very clear whether it would explode and cause a major recession in the entire real estate market.

After all, this kind of thing has never happened in the past history of US real estate.

"Lao Sun, you go first."

Sun Zhenping organized his words.

"Mr. Xu, the current M1 in the United States has exceeded 10 trillion US dollars, and M2 has exceeded 34 trillion US dollars..."

Xu Liang waved his hand to interrupt him.

"You don't need to tell me the macro data, just tell me your conclusion."

Sun Zhenping thought for a moment.

"I think it will not explode until 2008 at the earliest."

Xu Liang nodded slightly, "Sister Zhong, what about you?"

"I also think it should be 2008, but the specific time is hard to judge." Zhong Lifang said.

"Old Jiang, what about you?"

"I may be more adventurous than the two of you, mid-2007, May or June." Jiang Ping smiled.

A trace of surprise flashed in Xu Liang's eyes.

This judgment is very close.

"Old Jiang, although there is no space now without subprime debt, Europe, the United States and Japan and South Korea, two markets closely linked to the United States, still have a lot of capacity.

It should not explode in May or June." Sun Zhenping said.

Generally, it will explode only after it cannot be sold and a liquidity crisis occurs. If there is still a market for US subprime debt, it will not explode so quickly.

"The M2 of the United States is almost 40 trillion US dollars.

According to the current development speed, it may exceed 70 trillion or even 80 trillion by the middle of 2007.

Even if the European and American markets can share this huge pool, the market should soon be stable.

As for Japan and South Korea, the Asian financial crisis has drained away their 30 years of development.

The current Japanese and Korean financial system is not to say that they are frightened birds, but they are definitely very conservative.

Although they are not sure when the US subprime crisis will break out, they must understand that there are big problems.

They will not rush in.

Ordinary people in Japan and South Korea, especially in Japan, are still paying off their real estate debts. Now they are almost avoiding real estate and real estate bonds, and they will not buy them.

The Chinese financial market is not in line with the international market.

The scale of Singapore, Malaysia and Thailand is too small.

So I judge that this bomb will explode in May or June 2007."

Sun Zhenping did not refute it again. In this matter, each party has its own reasons. Without solid evidence, no one can convince anyone.

The last three people looked at Xu Liang.

The person in front of him is currently recognized by the world as an investment master who can rival Buffett.

He has been in the industry for seven years and has never failed.

Xu Liang was not polite: "I agree with Lao Jiang's judgment, but I am more radical. The US subprime mortgage crisis will occur in April next year."

"April?"

Sun Zhenping and Zhong Lifang showed surprise on their faces.

Xu Liang nodded.

"It is April, this is my judgment.

If you agree, take the opportunity to invest in some short options on US subprime bonds, such as CDS bonds.

I believe there will be better returns."

Looking at the three people with thoughtful eyes, Xu Liang did not explain more.

"I have told you my judgment. You can make your own decisions. Go and get busy."

Sun Zhenping and the other two nodded.

They all stood up and walked out.

Watching them leave, Xu Liang was relieved.

I have said everything I should say. Whether they can seize it depends on themselves.