Gu Chujun had once been seen as an expert in capital operations. Although he was not happy to hear such a title, until he recently acquired his fourth listed company, Yaxing, his funding source was still a mystery.
Gu's meat grinder entered the passenger car industry on December 15 this year, Yaxing Bus (600213) announced that the company's controlling shareholder Jiangsu Yaxing Bus Group Limited
On the 10th of this month, the company signed a share transfer contract with Gu Chujun’s Yangzhou Greencool Venture Capital Co., Ltd.
The contract states that Yangzhou Greencool has acquired 11.52725 million shares of the company held by Jiangsu Yaxing Bus Group with an agreement purchase, accounting for 60.67% of the company's total share capital. After the acquisition was completed, Yangzhou Greencool became a subsidiary of Yaxing. The largest shareholder, while Yaxing Group retains only 7% of the shares.
In the eyes of Yangzhou people, Yaxing is a declining aristocrat in the Chinese bus industry: Once a direct company of the Ministry of Communications, it is the godfather of domestic passenger car chassis technology development. In recent years, Yaxing has been declining. In 1998, the main business income of Yaxing Buses listed in the first half of the year was 2822.4298 million yuan, a year-on-year decrease of 30%; net profit was -169.91 million yuan, a year-on-year decrease of 310%.
Gu Chujun said that the opportunity has come. He compared Yaxing with the Kelon Group he acquired in 2001: Both were originally state-owned enterprises, and they were all leaders in the industry. However, they all suffered from high costs and slow product replacement. In the past three years, he has changed to three chairmen. The status of the company in the local area is no other than the right one. The local government has the desire to change the situation urgently.
If the above features only involve appearances, then from the analysis of the current situation in the bus industry, it can be judged that Gu Chujun’s move from home appliances to cars is not a crazy move.
First, the bus industry is full of changes and there are plenty of opportunities. In 2002, there were 32 large-scale passenger car manufacturing enterprises (including chassis factories) in China, 32 large passenger car conversion companies, 31 medium-sized passenger car manufacturing enterprises, and 99 medium-sized passenger car conversion enterprises.
In 2002, the production and sales volume of large and medium-sized passenger vehicles in China was 80,000 units, and the number of companies with the highest production and sales volume was less than 10,000, and the average output per unit was less than 500 vehicles.
Second, the top three passenger car production and sales have been unstable. In 1997, Yaxing climbed to the top and was the leader of the passenger car industry. In 1998, the straight line dropped and lost its number one position.
In 2002, the top three sales were Xiamen Golden Dragon, Yutong Group and Xiamen Golden Brigade; Yaxing fell to fourth. From January to September this year, the top three sellers changed again, Yutong Group, Suzhou Golden Dragon, Xiamen Golden Brigade and Xiamen Golden Dragon ranked fifth. The drastic changes in the short-term rankings indicate that the industry has not yet formed a strong leader. The development of the passenger car industry is not yet mature and the means of competition are not mature enough that short-term marketing methods can change the industry landscape.
Third, reorganization factors dominate the bus industry. One of the reasons for Zhengzhou Yutong's rise to the top position is that Yutong Bus acquired the Chongqin General Plant in Chongqing and established Chongqing Yutong; Luoyang Yutong was established in Luoyang.
Xiamen Golden Dragon did not enter the top three in this year's ranking. One of the reasons is that Jinlong is divided into four shareholders, each with a quarter equity, and the power is not concentrated, which affects the speed of decision-making. The second is the March of the Golden Dragon in Suzhou. Home, "Dragon King" had to reluctantly cut love. After Suzhou Golden Dragon separated from Xiamen Golden Dragon, the latter’s output value was only RMB 2.3 billion, and its power was weakened.
Finally, as a whole, in the automotive industry, compared with cars, China's bus companies have basically independent research and development capabilities, and there is room for independent development. It should be emphasized that passenger cars are different from car products, not mass-produced, and have labor-intensive features. Therefore, a differentiated strategy must be adopted; the interchangeability of passenger cars is better than that of cars, and “building blocks†production methods can be adopted. Use the best spare parts assembly at home and abroad to "make a platter" to match the best products. It is this type of production that has made China's passenger car industry in line with international standards in terms of vehicle body design and assembly configuration when the automobile parts foundation is still very weak.
Since it can be proven that entering the passenger car industry is a timely move, the following specific operations appear to be simple in Gu Shi's: a costly meat grinder will eventually produce a clean and clean cost.
To put it plainly, he believes that one of the reasons why Yaxing did not perform well in the past is that it does not calculate clean costs because of the existence of gray income or hidden expenditure.
Gu Xian did an experiment and let Yaxing also participate in the Kelon Global Procurement Conference in August this year. As a result, the purchase price of the same procurement part decreased by 25%.
The cost of meat grinders seems to be easy to produce results, but the challenges will soon follow. From the perspective of the development of the international bus industry, in foreign countries, there are almost no independent passenger car manufacturers with tens of thousands of cars, such as our passenger bus companies. It is Mercedes Benz and Volvo. There is no separate bus entity. Passenger car products are attached to the OEM.
It can be seen that although the impact of China's accession to the WTO is not as fast as that of the car industry, foreign competitors will not give Gu Shi too much time.
From the dominance of state-owned companies to the Gu’s dominance, it seems that Mr. Gu’s actions in the passenger car industry will not repeat the kind of embarrassment two years ago.
At the end of 2001, Gu Chujun’s Hong Kong-listed company Green Cole plunged his wealth of one billion Hong Kong dollars within two days. The incident occurred when he intervened in the initial stage of Kelon’s reorganization. For the emergence of Gu, the domestic media strongly questioned him and considered him to be Unknown, do capital operations.
Since Kelon took losses in one year and took off his ST hat in 2002, Gu Chujun no longer admitted that he was operating in capital. He was very willing to use the refrigerator as a proof to tell others that he could make a refrigerator within one year. With cost reductions of 48% and Kelon’s continuous loss of RMB 2.3 billion in 2000 and 2001, it turned out to be a big change in 2002—a profit of 100 million yuan.
It now appears that among the many industries in China where hidden ideas and opportunities are everywhere, Gu Shi's diversification model can divide the industry in a globalized industry, provide comparative advantages, and repatriate the people to release a large number of opportunities. Some industry market structures themselves are immature. Found in the background.
Under these conditions, Gushi changed the past relative holdings (acquisition of Kelon and Meiling was about 20% of the controlling share), and immediately took 60.67% of Yaxing's shares.
The result is that Yaxing Bus has become a dominating Gu family from the previous state-owned capital dominance (Asian Group Holdings 67.67%).
The Gu’s dominance—in other words—the premise that Gu’s totalitarianism brought good luck to Yaxing comes from the establishment of two hypotheses: one, Gu Chujun does have enough money; Second, Gu Chujun’s moral sense is sufficient. Strong.
The acquisition, according to the end of September this year, the total share capital of Yaxing Bus 19,000 shares, net assets of 3.30 yuan per share, to complete the pricing of 7.5% premium, Greenkell acquisition of funds totaled 417,862,800 yuan, after the tender offer According to regulations, the actual credited funds will reach 1 billion yuan.
Contacted Gu Shi’s series of acquisitions over the past two years: acquired the assets of Jinol Electric Co., Ltd. in September 2002; in December, acquired a total of six refrigerator production lines from Shanghai Shangling Electric Appliance Co., Ltd. and Shanghai Far East Ariston; 2003 In May, it acquired the West Point Refrigerator Production Line in Hangzhou and a 20.03% stake in Meiling.
And this time the acquisition of Yaxing easily transferred nearly 800 million in cash, Gu Chujun where so much money? — This old issue is also a big issue that cannot be avoided.
It seems that Gu Chujun’s capital manipulation method is easy to understand: Private companies are used to control listed companies. This private company is called Greencool, but from the available data analysis, they are independent of each other.
For example, Kelon and Meiling are controlled by Shunde Greencool, Yaxing is controlled by Yangzhou Greencool, Yangzhou Greencool was established in June 2003 in Yangzhou, and Gu Chujun holds a 90% stake in its father. Gu Shanhong holds another 10% of the stock.
Therefore, in each acquisition, money is paid out of private companies. From the perspective of information disclosure, huge amounts of funds do not come from the listed companies or guarantees from listed companies.
In this case, the acquisition of Yaxing by Yangzhou Green Cole, Yangzhou Greencool registered capital of 1 billion, 800 million is real money, although Kelon Meiling is generating a lot of cash flow every day, but there is still no public disclosure Any announcement of guarantee or financing for the parent company.
Moreover, on December 16, when Gu Chujun accepted an interview with this reporter, he denied rumors that the money came from domestic bank loans.
Gu’s funding source is still a mystery. Since the listed companies are all private companies, Gu’s right is not to reveal this mystery, but he first mentioned “my money†in this interview. There is an international background."
In fact, China is the fastest growing and safest economy in the economy, and there is a large surplus of foreign capital, and there is an influx of incentives for China to participate in China’s industrial investment. In the face of China’s implementation of foreign exchange control, offshore consortiums have reason to take the form of smuggling In cooperation with Gu Shi, Gu Shu’s people who understand the industry and who are familiar with Chinese culture have become an intermediary for foreign capital to invest in China.
Another possibility is that overseas financial institutions provide Gu Shi’s bridge loan. But this is a very risky practice and is generally used by capital players. However, in the short term, Gu's family still needs to raise money for repayment. From the perspective of Gu's current position, he will not easily break the image of a businessman who has been painstakingly operating.
So why did the fate of Yaxing relate to Gu's own morality?
In fact, Gu Shi’s dominance in Yaxing sooner or later is a problem. However, Gu Chujun was worried that the outside world had questioned the lack of checks and balances in the corporate governance structure. Therefore, when he was interviewed by reporters on December 16, he mentioned on multiple occasions: I saw Yaxing's success as a sign of my personal success. .
Gu's practice of directly linking his personal reputation with the success or failure of his business is showing that he is trying to make up for a single major loophole.
But it is clear that morality is not the root of the problem.
If this is the case, Gu Chujun has just begun to have a clear face and has become blurred. However, judging from the current reaction, people are willing to give him some time to prove that he is right — in fact, Gu Chujun also needs time. Do these things.
This category includes all waist packs and waist pack accessories, such as waterproof belts, sports belts, hiking belts, and more.
TSRIpromo has sourcing , https://www.tsripromo.com