My Age of Investment

  Chapter 768 Renaissance Industry Holding Group

  A few days later, Kelon Electric’s equity transfer agreement was sent to prison.

  Although the major shareholder is a prisoner, according to the formal process, he still has to sign.

  Xia Jingxing didn’t know and didn’t care how specific things were handled in the prison.

  After seeing Gu Chujun’s autograph, he instructed the newly registered company "Fuxing Industry Holding Group" to make a down payment of 500 million yuan to the account designated by the court. The court began to unfreeze the equity and clarify the debt according to the process...

  The acquisition of Kelon Electric is proceeding in an orderly manner.

  Li Ying and the acquisition team stayed in Focheng to take care of the aftermath.

  He left with Liu Xiaoduo and came to Xicheng.

Xicheng Guolian Group, the controlling shareholder of Little Swan, warmly received them and their party.

After learning about Xia Jingxing's coming, Wang Ximu, chairman of the League of Nations Group, did not rush to start negotiations, but first led Xia Jingxing and his party to the exhibition hall of the factory, and talked about the glorious history of Little Swan.

   "Mr. Xia, look at this old photo. This is the earliest factory building of Little Swan."

  Xia Jingxing looked in the direction of Wang Ximu's fingers, and what he saw was a picture frame hanging on a white wall with an old photo in mottled colors.

Several low-rise buildings of two and three floors look like a small farmyard, but two signs are hung upright on each side of the door, like a couplet. The left is "Xicheng Washing Machine Factory" and the right is a ceramic factory. There is a sense of age.

Wang Ximu smiled and said: "Little Swan was born in a ceramic factory. It was like this in those days, so it didn’t matter. But the Chinese people from top to bottom, from all walks of life, were suffocating the breath of "making the Chinese their own XX". ."

  Xia Jingxing nodded slightly. He has acquired a lot of state-owned factories, almost all of them have the same imprint of the times. The current main business is completely indistinguishable from before the change.

  Wang Ximu saw that Xia Jingxing seemed to be quite interested in this old photo, so he introduced in detail the hardships of that era.

"The craftsmanship at the beginning was like this. The master fitter used a lead sheet to enclose a rectangular parallelepiped, buckle a hole underneath, put a motor, and then install a ceramic pot made by the potter’s old profession, a hand-made one. The washing machine was declared successful."

   "Can this work?"

  Xia Jingxing is really interested. The hardships of that era are far beyond the imagination of ordinary people. The industrial chain is very rough, the military industry is relatively perfect, and many civilian things are blinded.

   "Hey, that must be unusable."

  Wang Ximu has no temperament within the system, and tells the story like a talkative and kind neighbor old man.

  "The situation at the time was a battle. It was necessary to use the power of the entire tin city, the power of the entire factory, and the investment of the Ministry of Light Industry to build such a fully automatic washing machine of its own.

But in the end it was really uncertain. It was the factory leader who bought back a Panasonic fully automatic washing machine from Japan and dismantled it into more than 200 parts. Researched one by one. Some domestic parts are directly purchased, and the main parts that are not are imported. ...

  After all my thoughts, I finally made a fully automatic washing machine, which is the first in China. "

  After listening, Xia Jingxing was in awe. From 1978 to 1987, although it took Little Swan ten years to build the first fully automatic washing machine, it still assembled products without any own technology.

  However, Little Swan was the first home appliance company in the world to launch the Internet of Things washing machine.

  Of course, Haier also claims to be the number one in the world.

  Wang Ximu pointed to the old pictures on the wall as he walked.

  "Little Swan’s first batch of single-tube washing machines was priced at 120 yuan a unit, and fully automatic washing machines were 792 yuan a unit. At that time, the average monthly salary per capita was only 30 yuan. The washing machine was considered a baby bump, a must-have product for marriage."

  “However, it’s not expensive. Many washing machines broke down in less than 3 months, leaking water and electricity, thunderous noises, and some even “dancing”.”

   "At that time, Tiexiang went to Xicheng to hold a corporate forum and asked the director of Little Swan: What is the standard for trouble-free operation of domestic washing machines?"

  "This has made the Little Swan workers embarrassed, and the shame has been thrown to the head. So the factory learned from the pain, and finally started to update the products."

   "Let Panasonic, Siemens and other foreign companies work together to introduce, absorb and transform technology, and the ugly duckling has finally turned into a white swan."

   "At that time, there was a saying that as soon as the newlyweds got the marriage certificate, they would immediately snap up a little swan washing machine. The little swan became popular ever since."

   "From 1996 to 1997, Little Swan B shares and A shares were listed on the Shenzhen Stock Exchange in turn, becoming the first washing machine stock in China."

   "Until 2003, Little Swan held the throne of washing machine sales champion for more than ten years, and became a giant in China's home appliance industry with an annual growth rate of 30%."

  Xia Jingxing was listening vigorously, but Wang Ximu stopped abruptly and stopped talking.

  The old man paused and sighed: "Oh, the next thing, President Xia must be clear to you.

  Due to blind diversification, the dishwasher business suffered a huge loss. Little Swan suffered a loss for the first year after it went public, and it was also put on the hat of ST.

  There is no way, our state-owned management unit can only sell it to a high-tech company-Sweet, in an attempt to preserve this national brand. "

  Wang Ximu's tone was disdainful when it came to the three words "high-tech".

   Immediately he jokingly said: "It turns out that we did something wrong, and we were not entrusted with it!

  The private company that made money printing machines used Little Swan as a cash machine. It not only allowed Little Swan to operate and manage it, but also defaulted on transfer payments and embezzled the funds of listed companies several times, which directly emptied Little Swan.

  Thinking that such a good brand cannot be left to their ruin, this year the city took the Little Swan back and gave it to the League of Nations to manage it. "

  Wang Ximu looked at Xia Jingxing, “I don’t know much about industrial production and management, but I know that in the hands of people who know the goods, the Pearl will never be covered in dust.”

  Xia Jingxing chuckled, the old man was lying in ambush here.

   seems to introduce half a day of history, but in fact it is telling him the foundation of the Little Swan brand.

  The old man has a full understanding of the value of the brand.

  As far as he knows, the old man in front of him is still a master of investment.

  Suntech Solar, which was hotly discussed in the industry last year, was jointly invested by Guolian Group and several state-owned assets in Jiang Province.

  In 2001, Suntech invested 6 million U.S. dollars and made 200 million U.S. dollars four years later.

  If it were not for all liquidation and exit before the listing, the investment income would be as high as two to three billion US dollars.

  "Hundreds of household appliances are struggling for success. To this day, Little Swan has fallen a lot."

  Wang Ximu smiled, “Haier is leading, which is the case in recent years. It’s not that there is no chance to sit back in the championship.”

  Xia Jingxing shook his head, "Haier is already full of wings, and its market share is nearly three times that of Little Swan."

   "That's because they have strong funds, President Xia, I believe that the little swan will be able to shine again in your hands."

  Xia Jingxing smiled, then fell silent.

  After thinking for a while, he said, "Let’s go, sit and talk in the meeting room."

  Wang Ximu happily led Xia Jingxing into the meeting room of the factory building.

  Everyone sits down one by one.

  Xia Jingxing single-handedly said: "The 24.01% of Little Swan A shares currently held by the League of Nations, we want them all, Mr. Wang, please make a price."

  Wang Ximu fought haha, “Mr. Xia, this price is not easy to open. Little Swan’s situation is getting better day by day. If it sells low, it may cause the loss of state-owned assets. If it sells high, it will make you feel embarrassed.

  Or else, let's make a price. "

Xia Jingxing didn't refuse, and said lightly: "Well, just use today's stock market closing price as a premium, 10% premium, and factor in next year's stock price increase. In this way, Mr. Wang, have you explained to all parties? "

  Wang Ximu feels that the premium of 10% is a bit too small. The current share price of Little Swan is less than 4 yuan per share, but it was more than ten yuan per share a few years ago. Moreover, many home appliance companies in the market covet Little Swan, which is a rare target.

  "How about 20% premium?" Wang Ximu asked tentatively.

   "Then 20%."

  Seeing that Xia Jingxing promised to be so refreshing, Wang Ximu regretted the low price.

   Seeing Wang Ximu's hesitation and wanting to speak, Xia Jingxing immediately added: "We will all purchase with our own funds, and all payments will be paid in one lump sum."

  This made Wang Ximu hold back what he wanted to say. He likes this kind of clean and neat transaction, leaving no hidden dangers.

  He smiled and said, "Then let’s make a decision. I will sign the agreement of intent today."

   After finishing speaking, before Xia Jingxing's reply, Wang Ximu asked someone to prepare a contract template.

  After a while, the two parties signed an agreement of intent to transfer equity.

On the basis of today's closing price of 3.51 yuan per share, Renaissance Industry Group has a premium of 20%. It plans to acquire 87.67 million Swan A shares held by Guolian Group at a price of 4.212 yuan per share. The total transaction price is about 369 million yuan.

  Little Swan is divided into A and B shares, with a total share capital of about 365 million shares. After the completion of the transaction, Fuxing Industry Group will become the largest shareholder and control the enterprise's operating leadership.

  After signing the intention investment agreement, the agreement will also be reported to the higher-level department, and the transaction can be formally concluded after the upper-level approval.

  However, Xia Jingxing thinks there is nothing to worry about. Generally, transactions are acquired at a 20% or 10% discount on the stock price. He is considered generous, and the superior department has no reason to overturn the transaction.

  In fact, the premium is not too much. The 20% premium is about 60 million yuan. What you want is a good look on all sides, and the transaction will be settled sooner.

  At this time, the market value of home appliance companies is very low, such as Supor, Kelon Electric, and Little Swan, all of which have a market value of less than one billion, two or three billion.

  Similar to buying cabbage, billions are sprinkled, and a home appliance aircraft carrier formation is easily completed.

  (End of this chapter)