My Age of Investment

Chapter 766 Fuxing 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 procedure, he still has to sign.

Xia Jingxing didn't know and didn't care how the specific matters in the prison were handled.

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 procedure...

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

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.

Knowing Xia Jingxing's intention to come, Wang Ximu, the chairman of Guolian Group, did not rush to start negotiations, but first led Xia Jingxing and his party to the exhibition hall of the factory area, 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 finger, and what came into view was a photo frame hanging on a white wall, inside which was an old photo with mottled colors.

Several low-rise buildings with two or three floors look like a small farmyard, but there are two signs hanging on both sides of the gate, like a pair of couplets. On the left is "Xicheng Washing Machine Factory" and on the right is a ceramics factory. There is a sense of age.

Wang Ximu said with a smile: "Little Swan's predecessor was a ceramics factory. It was like this in those days, and there was nothing to ask for, but at that time, the people of the country from top to bottom and from all walks of life were holding back the air of "making the Chinese their own XX". .”

Xia Jingxing nodded lightly. He had acquired quite a few state-owned factories, and almost all of them had the same imprint of the times. The current main business has nothing to do with what it was before the re-opening.

Seeing that Xia Jingxing seemed quite interested in this old photo, Wang Ximu introduced the hardships of that era in detail.

"The process at the beginning was like this. A cuboid was surrounded by a lead skin by a master fitter, a hole was dug out at the bottom, a motor was placed, and a ceramic gall fired by a ceramic worker with his old skills was installed. A handmade The washing machine was declared successful.”

"Can this work?"

Xia Jingxing was really interested. The hardships of that era were far beyond the imagination of ordinary people. The industrial chain was very rough, the military industry was relatively complete, and many things for civilian use were missing.

"Hey, that definitely won't work."

Wang Ximu had no temperament within the system, and told stories like a talkative and kind neighbor old man.

"It was a battle,

It is necessary to mobilize the power of the whole Xicheng, the power of the whole factory, and the Ministry of Light Industry invests in building such a fully automatic washing machine of its own.

But in the end, it was really uncertain. The factory leader bought a Panasonic fully automatic washing machine from Japan through the relationship, disassembled it into more than 200 parts, and studied them one by one. Some domestic parts were purchased directly, and the main parts that were not imported were imported. ...

After painstaking efforts, I finally built 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 was still an assembled product without any technology of its own.

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

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

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

"The first batch of single-drum washing machines launched by Little Swan cost 120 yuan a set, and the fully automatic washing machines cost 792 yuan a set. At that time, the per capita monthly salary was only 30 yuan. Washing machines can be regarded as baby bumps and must-have products for marriage."

"However, it's expensive. Many washing machines break down in less than three months, leaking water and electricity, making noise like thunder, and some even "dance."

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

"This embarrasses the workers of Little Swan, and the embarrassment is thrown to the chief. So the factory learned from the painful experience, and finally began to update the products."

"With the cooperation of foreign companies such as Panasonic and Siemens, the introduction, absorption and transformation of technology, the ugly duckling has finally turned into a white swan."

"At that time, there was a saying that newlyweds would rush to buy a Little Swan washing machine as soon as they got their marriage certificates. Little Swan has become a hit since then."

"From 1996 to 1997, Little Swan's 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 had been the champion of washing machine sales for more than ten years, and became a giant in China's home appliance industry with an annual growth rate of 30%."

Xia Jingxing listened with enthusiasm, but Wang Ximu stopped abruptly and stopped talking.

The old man paused for a moment, then sighed: "Oh, you must be clear about the rest, Mr. Xia.

Due to blind diversification, the dishwasher business lost a lot of money, and Little Swan made its first annual loss after listing, and was later labeled ST.

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

When it comes to the word "high technology", Wang Ximu's tone is very disdainful.

Immediately, he said jokingly: "It turns out that we did something wrong, and we didn't trust people!

This private enterprise that manufactures banknote printing machines regards Little Swan as a cash machine. Not only does it let Little Swan's management go, but it also defaults on transfer payments and embezzles funds from listed companies several times, directly emptying Little Swan.

Thinking that such a good brand cannot be allowed to be spoiled by them, this year the city took back the little swan and handed it over to us for the management of the League of Nations. "

Wang Ximu stared at Xia Jingxing, "I don't know much about industrial production and management, but I know that in the hands of those who know the goods, a pearl will never be dusted."

Xia Jingxing chuckled, it turned out that the old man was lying in ambush here.

It seems that he introduced the history for a long time, but he was actually telling him the background of the Little Swan brand.

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

According to his understanding, the old man in front of him is still an investment expert.

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

In 2001, he invested US$6 million in Suntech Solar, and earned US$200 million four years later.

If it weren't for all the liquidation and exit before listing, the investment income would be as high as two to three billion U.S. dollars.

"The home appliance industry is vying for success. Today, the little swans have fallen behind a lot."

Wang Ximu smiled, "Haier took the lead, that is, in the past few years, it's not that there is no chance to regain the championship if it catches up."

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

"That's because they have a lot of money. Mr. Xia, I believe 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, let's sit and talk in the meeting room."

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

Everyone sat down one by one.

Xia Jingxing said straightforwardly: "We want all the 24.01% of the Little Swan A shares that Guolian currently holds. Mr. Wang, please set a price."

Wang Ximu laughed, "Mr. Xia, this price is not easy to ask. The situation of Little Swan is getting better day by day. If you sell it too low, you will be suspected of losing state-owned assets. If you sell it too high, you will feel embarrassed.

Otherwise, you should make a price. "

Xia Jingxing didn't refuse, and said flatly: "Well, let's use today's stock market closing price as the basis, let's make a 10% premium, and take into account the increase in the stock price next year. In this way, Mr. Wang, you have explained to all parties, right? "

Wang Ximu thinks that the premium of 10% is a little too low. The current stock price of Little Swan is less than 4 yuan per share.

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

"Then 20%."

Seeing that Xia Jingxing agreed so readily, Wang Ximu regretted asking for a lower price.

Seeing Wang Ximu hesitating and wanting to speak, Xia Jingxing immediately added: "We will use our own funds for the purchase, and all the money 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 without leaving any hidden dangers.

He smiled and said, "Then let's make a decision, and sign the letter of intent today."

After finishing speaking, without waiting for Xia Jingxing's reply, Wang Ximu asked someone to prepare a contract template.

After a while, the two parties signed the intentional equity transfer agreement.

On the basis of today's closing price of 3.51 yuan per share, Fuxing Industrial Group plans to acquire 87,673,341 Little Swan A shares held by Guolian Group at a premium of 20% at 4.212 yuan per share. The total transaction price is about 369 million.

Little Swan is divided into A shares and B shares, with a total share capital of about 365 million shares. After the transaction is completed, Fuxing Industrial Group will become the largest shareholder and control the management of the company.

After signing the intentional investment agreement, the agreement must be reported to the superior department, and the transaction can only be formally concluded after the above-mentioned approval.

However, Xia Jingxing didn't think there was anything to worry about. Usually, the transaction would be a 20% discount on the stock price or a 10% discount on the acquisition. He was considered generous, and the higher authorities had no reason to overturn the transaction.

In fact, the premium is not much, and the 20% premium is only about 60 million. What I want is to look good in all aspects, and the transaction will be settled early.

The market value of home appliance companies at the moment is very low, such as Supor, Kelon Electric, and Little Swan, all of which have a market value of no more than one billion, two or three billion.

Just like buying cabbage, if you spend billions, a home appliance aircraft carrier formation is easily formed.