Hongxuan agriculture zhaopin

When you order a delicious egg in Ajisen Lamian Noodles, can you think what it has to do with Haier?

Unlike the home appliance giant Haier, Haier has four plat

When you order a delicious egg in Ajisen Lamian Noodles, can you think what it has to do with Haier?

Unlike the home appliance giant Haier, Haier has four platforms of listed companies and holds financial licenses such as banking, securities, insurance, small loans and consumer finance. The combination of industry and finance involves tens of thousands of enterprises, which can be described as an invisible "financial giant".

After 20 14, with the acceleration of financial reform, industrial giants have set foot in financial control, with hundreds of billions of funds from real to virtual, and most of them have appeared frequently: Haier Department, Midea Department, Gree Department, Lenovo Department, TCL Department, Wanda Department and Suning Department. ...

The close combination of financial capital and industrial capital is generally regarded as the advanced stage of the development of the real economy and the only carrier to complete the transformation and upgrading of the real economy. Tens of thousands of Zhang Ruimin and Dong Mingzhu in Qian Qian have been baptized and tempered by financial capital; Only enterprises that overcome temptation and storms can "stand on the tide and continue to sail".

China's industries are adjacent to financial control, which started around 2000. At that time, price wars broke out one after another, and industrial profits fell. In order to maintain growth and expand financing channels, some industrial giants began to seek financial platforms.

2001-In 2002, Haier took full control of Qingdao Commercial Bank, becoming the largest shareholder of changjiang securities, a listed company, and established Haier new york Life Insurance (Peking University Founder Life Insurance), which integrates four financial licenses: banking, trust, securities and insurance. Haier was born.

Since 2002, Midea has set up fund companies, initiated the establishment of Shunde Rural Commercial Bank with the Department of Hope, and invested in industrial giants such as Jiangsu Bank, Hubei Bank TCL, Gree and Oaks, all of which have shown their talents in the financial field.

However, unlike the "empty gloves" of financial predators such as Delong Department and Tomorrow Department, these nascent industrial departments seek the combination of industry and finance. Taking Haier as an example, the upstream of the industrial chain involves thousands of suppliers such as non-ferrous metals, chemicals and molds, and there are tens of thousands of channel providers downstream. Most of them are private small and medium-sized enterprises, and it is difficult to obtain loans from banks. In 2002, Haier invested 500 million yuan to set up a finance company, relying on the financial control platform to finance loans and provide financial support for suppliers and distributors. According to statistics, since 2008, Haier Finance Company has collected more than 30 billion US dollars, and its operating capacity ranks among the top 5 financial companies in China all the year round.

In 20 15, Haier plans to expand 3,000 logistics storage bases, and needs to be equipped with 90,000 delivery service vehicles and180,000 service personnel. To this end, Haier dealers apply for loans from Haier Finance Company and obtain construction funds in batches according to the progress of the project; Haier recovers the principal and interest year by year according to the expected income during the operation period; In the process of construction, the land use right is pledged or the projects under construction are mortgaged, and the completed projects are also mortgaged with fixed assets. Haier's application of the combination of industry and finance can be described as drought and flood, and dealers have also solved the capital demand.

Comparing the time when Haier set up the finance company, Gree was 1 year later, TCL was 4 years later, and Midea was 8 years later. But it's never too late to have fun, so have fun.

Gree can use the funds collected by finance companies to avoid lending a penny to banks; The key point is that Gree and the upstream and downstream companies know the root of the matter and do not involve the differences of local financial policies. Therefore, the loan approval is fast and the capital flow efficiency is higher.

After 20 14, China's economic growth slowed down, but the "bankruptcy tide" that the outside world had been worried about did not actually happen. One of the important reasons is that the combination of industry and finance has saved the market. According to figures released by Gree, Gree transfused more than 25 billion yuan into the upstream and downstream industrial chains within 10 month. Through the finance company, the fund collection of group members reached 88%, effectively adjusting the surplus and deficiency of funds and investing the funds in key projects. Even if the companies in the industrial chain go bankrupt after the deadline, most of them are handled by the departments, so it is difficult to have a violent impact.

There is a sentence that profoundly reveals the difference between financial predators and the combination of industry and finance: financial predators are hunters, and they run when they hit their prey; The combination of industry and finance is a farmer, and more is cultivation. However, any money is risky, and the industrial sector will not be locked in the cage of the industrial chain forever. Once you choose to open to the outside world, risks and challenges will follow.

2. Open industrial system

In 2008, Legend Holdings invested in Suzhou Trust, Hankou Bank in 2009, and Lacarra on 20 10, and then obtained a third-party payment license. 20 12 Zhengqi Finance promotes guarantees, small loans and pawns ... But before the layout of the above-mentioned financial control platform, Lenovo, a giant in the technology industry, began to open to the outside world.

This may be due to the fact that the IT core industrial chain is not in China, and the products have obvious periodicity, prompting Lenovo to seek diversified development.

In 2000, Lenovo invested 50 million yuan to set up New Oriental Education Online, 654.38 billion yuan to set up the portal FM365, and 300 million yuan to acquire a 40% stake in the financial website Winstone. These investments all have a beautiful idea: by bundling with Lenovo computers to access the Internet, the e-commerce and advertising business will be developed after the traffic goes up. However, Lenovo's first expansion hit the Internet bubble, and its own Internet genes were not strong enough, so all projects failed.

"Entrepreneurship" failed, and Lenovo then turned to venture capital. In 200 1 year, Zhu Linan established Lenovo Investment with all the profits of the PC business entrusted by Liu Chuanzhi in the first ten years, focusing on venture capital in the initial stage and growth investment in the expansion stage. Although it didn't seize the century opportunity like BAT, Virgin Zhu Linan invested 8 million yuan to win the shares of Iflytek 1 1.43%, followed by CAR Inc, Joyo.com and other flash projects.

20 12, Lenovo Investment was renamed Junlian Capital. In 20 14, 9 investment enterprises of Junlian Capital went public, surpassing Sequoia, Goldman Sachs and IDG in one fell swoop.

In addition to the pioneer Junlian Capital, in 2003, Lenovo established Hony Capital, mainly engaged in PE business, focusing on acquisition; In 2008, Lenovo Star was established and launched the dual-drive mode of "entrepreneurship training+angel investment". Lenovo Music Fund was established on 20 10, mainly investing in early and high-growth TMT startups. As a result, Lenovo has built a rare whole industrial chain in PE/VC industry, and the four major investment institutions have jointly contributed the most profits except IT business.

Lenovo's specific routine is simply to lay eggs by borrowing other people's shells. For example, on 20 12, Legend Holdings established Wo Jia Group, an agricultural investment subsidiary, and later acquired 65% equity of Qingdao Wolin Blueberry Fruit Industry Co., Ltd. and all equity of Sichuan Zhongxin Agricultural Technology Co., Ltd., completing the original accumulation. In 20 16-20 17, Wo Jia Agriculture entered Wanfushengke, a listed company on the Growth Enterprise Market, and finally completed the "leasing shell listing". The assets loaded were also the seafood business of the third-party Guoxing Food.

What is more telling is the liquor business. In 20 1 1-20 13, Legend Holdings acquired four local liquor enterprises, including Wangwen Distillery and Kongfujia Liquor, from local state-owned assets, and then put Fenglian Liquor into liquor assets (later Fenglian Liquor was put into Wo Jia Group). Although it has suffered losses all the year round, the price won by Lenovo is still very low. 2065438+April 2007, it was sold to Laobaigan at a price of/kloc-0.4 billion, bringing Wo Jia Group to the throne of the second largest shareholder of Laobaigan.

In 20 15, Legend Holdings, the holding company, was listed on the Hong Kong Stock Exchange, including not only Lenovo Group, which is controlled by Yang, and Digital China, which is controlled by Guo Wei, but also four venture capital institutions, with investments in finance, agriculture, liquor, medical care, logistics, pension, chemical energy and other fields. Therefore, there is a view that Zhu Linan is Liu Chuanzhi's handpicked successor.

In 20 14 years, with the acceleration of financial reform, the home appliance giant financial control kingdom also chose to go out of the industrial chain, trying to find new growth points during the economic slowdown.

Haier established P2P Hairongyi, acquired the third-party payment express, and quietly won a very precious consumer finance license. Upstream, Hairongyi+Kuaijietong, together with Qingdao Commercial Bank, continued to transfuse blood to the industrial chain; In the downstream, Haier's consumer finance uses online to offline, and penetrates into consumption scenes such as Red Star Macalline, Youzhu.com and Greentown E-commerce, providing credit support for consumers. As a result, Haier's integration of industry and finance has achieved a closed loop, which can be described as self-production and self-marketing.

In synchronization with Haier, TCL established the P2P platform T Gold Institute and the Consumer Finance Division. Midea spent 300 million yuan to obtain a third-party payment license, and provided employee finance, supplier finance, dealer finance and micro-loans based on WeChat official account.

The increasingly diversified and open financial control platform will help the industrial sector to have longer contact time. For example, Haier's financial leasing company invested in Hongxuan Agriculture, the largest laying hen enterprise in East China, provided financial leasing for farmers in the industry, designated to purchase Hongxuan equipment, and provided order-based agricultural technical services from the demand side. In this process, Haier is neither a franchisee nor an industrial chain, but uses financial tools to build a production and marketing alliance and finally takes profits. In 20 16, the laying hen industry influenced by Haier has reached the order of 5 billion yuan, exceeding any single company in this industry.

Lenovo's wide-spread network and Haier's incarnation as a large chicken farmer are essentially using financial leverage to enter industries with higher profits. However, not every foreign investment can be successful. Industrial companies such as Panda Fireworks and Omar Electric, which started their foreign financial business after 20 14, have not been very successful so far, and some bad debts have appeared.

What's more, not all industries and companies want big industrial departments to get involved, even if they get along at first and then divide the money, they will turn against each other. Therefore, extortion seems inevitable.

3.M&A War

First of all, it's beautiful to wipe the gun off.

20 16, among the top ten tradable shareholders disclosed by Gree Electric, Ningbo proffitt Investment Management Co., Ltd. suddenly appeared. The legal person of this company is He Jianfeng, the son of He Xiangjian, the founder of Midea, and the indirect shareholders are Midea Investment and He Xiangjian himself. This incident undoubtedly made Miss Dong "unlucky". Although the "foreign enemy" finally retreated with a price difference, Gree had to be careful about the past style.

Midea is the first industrial department to go out of the combination of industry and finance and embark on the road of merger, expansion and financial control. As early as 20 years ago, Midea entered the field of air-conditioning compressors by acquiring Toshiba Wan Jiale; Subsequently, Rongshida and Hualing were acquired to improve the production capacity of the refrigeration industry and open up the white electricity market; Acquisition of Jiangsu Chunhua to achieve large-scale growth; In 2008-20 14, the absolute control of Little Swan was realized through nibbling step by step, and the market share of domestic washing machines exceeded 60%. In 20 16, Midea spent 3.3 billion yuan to acquire Toshiba's white electricity business, and opened up market channels in Japan, Southeast Asia, Europe and the United States, gaining Toshiba's core technology and industrial chain advantages in compressors.

Therefore, unlike Gree's emphasis on independent research and development, M&A is the first weapon for Midea to develop technology and market. Moreover, when the home appliance market is shrinking, Midea will not hesitate to choose to move out and open up a new battlefield.

The last migration took place in 2003, when Midea acquired bus companies in Yunnan and Hunan during the downturn of the industry and entered the field of automobile manufacturing. However, this attempt ended in fiasco, and Gree, who remained focused, took the opportunity to establish the king position in the air-conditioning market.

June 2065438+06-June 2065438+07-June 2065438, Midea overcame all difficulties to acquire the robot manufacturing giant KUKA. Different from before, the market reacted strongly, and a large amount of funds flowed into Midea Group, a listed company, which made the stock price climb more than 1 year and more than doubled, completing a merger & financial control routine.

Interestingly, Gree is now making a car that is not made in America. Following Dong Mingzhu's personal shareholding in Zhuhai Yinlong, Gree signed a mutual purchase order of 20 billion yuan with Zhuhai Yinlong, giving priority to the purchase of the other party's products and services in the fields of intelligent equipment, molds, casting, automobile air conditioning and new energy vehicles. In other words, Zhuhai Yinlong opened new energy vehicle technology to Gree. 2065438+June 2007, Zhuhai Yinlong applied for IPO. Although Gree doesn't own shares, considering Dong Mingzhu's status as a shareholder and a major customer accounting for more than half of Zhuhai Yinlong's revenue, Gree has actually conquered Zhuhai Yinlong.

In the eyes of the industrial sector, a good goal has become a "land" for every inch of land, and it is worthwhile to kill the red eye. 2065 438+05-2065 438+06, Haier and Midea made an offer for GE, the second largest home appliance giant in North America. Therefore, Fang Hongbo, CEO of Midea, went to new york to show his sincerity. Considering Midea's friendship with GE 15 years, some people think that Midea almost won the GE home appliance business. However, I never expected that Haier won GE at a sky-high price of $5.4 billion, nearly half the price quoted by Electrolux before!

Midea is narrowing the market gap with Haier in recent years. International business accounts for 40% of its revenue, but it lacks sufficient brand reputation. Therefore, if Midea can win GE, it will make Haier feel very uncomfortable. It is better to raise the price and directly crush the opponent's mind. It should be noted that GE has a large number of outsourcing orders in China, and it has taken over Midea and Gree. This order must have been transferred to Haier.

However, Midea also has a successful hand, and climbed into Huawei's in-laws through the acquisition of KUKA. Huawei and Haier had a close relationship before, and there were many technical cooperation between the two sides. However, in order to enter the smart home market, Huawei has been drooling over KUKA's intelligent manufacturing technology. As a result, Midea has reached an alliance of mobile intelligent terminals and smart home appliances with Huawei through KUKA, and the two sides will realize channel sharing, joint marketing, data sharing and data mining.

In the counterattack against the United States, Haier's preventive work showed the terror of the large-scale system. Since 20 16, Haier has been secretly laying out in the field of big data. At present, it has invested in seven top three companies in the field of big data segmentation, quickly digested and absorbed relevant technologies, and launched the first ecological operating system UHomeOS customized for smart homes.

From the restlessness of the capital market to the smoke of the consumer market, it is now like a blink of an eye.

Compared with the high profile of Midea, Gree and Haier, TCL is the owner of making a fortune: in addition to TCL Group listed on Shenzhen Stock Exchange, TCL also has four listed companies in Hong Kong: Kone Electronics, TCL Multimedia Electronics, TCL Communication Technology and TCL Display Technology. The New Third Board has 1 holding subsidiary, Hanlinhui, whose main business is IT product distribution.

In recent ten years, founder Li Dongsheng has been trying to push TCL to a new business model incubation platform. The specific financial technology used is continuous merger and reorganization, split, split and split again. According to the maximization of spin-off, TCL should have 7 product businesses, 3 service businesses, 1 venture capital, a total of 1 1 sectors. At present, six housing platforms have been transformed.

You know, the blindfolded LeTV has only seven or eight sections, and it has become the LeTV network of 1, which is far from TCL.

4. This is moral.

It is in the smoke of mergers and acquisitions that the discussion about whether the industrial sector is moderate is put on the desk.

Historically, from the combination of industry and finance to financial control of speculation, and the tragedies caused by it are countless. For example, Ford Motor Company, whose main business was impacted by Japanese manufacturers in 2006, led to an increase in the capital cost of financial business. Finally, it had to sell its financial business to raise money for the development of new cars. GE acquired by Haier also experienced a great recession because of the disconnection between industry and finance in history, which led to a big business sale.

In fact, there is a recognized standard to judge that the industry is strong and financial control does not bite the industry: the industrial profit should be much higher than the capital premium, and the financial control behavior should not be based on obtaining short-term price difference.

However, if this standard hits the barbarian, it is not clear.

2065438+September 2006, Sunac China, headed by Sun Hongbin, a close relative of Lenovo Group, acquired Ke Rong Land under Legend Holdings for 137 billion yuan. More than 40 projects involved in the transaction are the core areas of first-and second-tier cities, and the unit price is only 2,000 yuan per square meter, which is incredibly cheap.

This undoubtedly provided ammunition for Sunac to "do things" everywhere-since 2065438+04, Sunac has successively set foot in Greentown, Caesar, Lemon, Jia Kai, LeTV, Jinke ... and even approached Vanke for a time, and its position among white knights and barbarians has changed repeatedly, including "sweet marriage" and "Chou He divorce". Wherever Sunac goes, there are waves.

In addition, Midea not only harassed Gree, but also quietly lurked Blue Cursor and Wang Xi Food ... 2016.In July 2006, TCL and Weixing New Materials set up an equity investment fund, which was originally intended to invest in upstream and downstream affiliates of TCL and Weixing New Materials. As a result, it didn't take long to assemble funds to kill the listed company Mao Ye Communication, which led to the embarrassing situation that the latter had no actual controlling shareholder.

From industrial giants to industrial departments, we can only wait and see who will stick to the industry and always work hard, and who will swim naked to create bubbles.