My 1999

Finally, he glanced at the DJI acquisition contract in his hand and handed it to Li Jinling.

"Save it."

"I thought they were really going to reject our cooperation with Sequoia, but I didn't expect them to compromise so quickly." Li Jinling said.

"Li Zexiang is a smart man. He knows very well what is the most advantageous choice.

But Wang Tao is lucky to have found a good and responsible teacher."

Li Jinling nodded in agreement. After many years in the workplace, she has seen a lot of intrigues and struggles for power.

Like Wang Tao's situation.

It is normal for teachers to secretly cooperate with investment institutions to lower the selling price of their students' companies and secretly reap benefits.

After a brief thought, Xu Liang said, "You invite Li Zexiang to be the CEO of DJI in my name. I like people who follow the rules."

"Mr. Xu, will Wang Tao have any objections? You promised to let him be the CEO of DJI."

"If it were someone else, they would not be able to control this stubborn donkey, but looking at the state of the master and apprentice today, Li Zexiang still understands his student very well and knows how to manage him.

And he has experience in running a business, which makes him much more suitable to be the CEO than Wang Tao.

In addition, Wang Tao is too young, and he does not have the ability to manage a large company now.

Let him be in charge of the R\u0026D department first, and learn from Li Zexiang for a few more years."

"Okay."

"By the way, DJI's CFO and HR will be transferred from Hongyan, and key positions will be replaced by our people. In addition, recruit people as soon as possible to help DJI set up."

"Yes."

"Go and get busy. By the way, find Qiu Youren."

After agreeing, Li Jinling pushed the door and left.

Not long after, there was a knock on the door.

"Come in."

Qiu Youren, who is in charge of the M\u0026A and Restructuring Department of Hongyan Fund, pushed the door open and walked in.

"Mr. Xu, are you looking for me?"

Xu Liang came out from behind his desk and invited him to the sofa in the reception area.

"Sit down and talk."

After pouring a cup of tea for him, Xu Liang asked.

"How is the acquisition going?"

After successfully acquiring Gree, Xu Liang has always planned to build Kunlun in the direction of Xiaomi.

So, refrigerators and washing machines, which are missing in the three major white appliances, and TVs, which are the most critical in black appliances, have all become acquisition targets of Hongyan.

"The acquisition of Little Swan went smoothly. After we promised not to move Little Swan's headquarters, Wuxi sold all of their 65.7% stake in Little Swan to us.

The price was not very high, 7.37 billion Chinese yuan."

Little Swan is now the third largest washing machine company in China in terms of domestic washing machine sales.

After Haier and Siemens, it accounts for about 18% of the total sales of washing machines in the country.

Although the sales volume has dropped compared to the No. 1 in the country in 2004, Wuxi Guolian has made drastic integration of Little Swan since 2007, divesting bad businesses and focusing on the laundry industry.

Since then, Little Swan's attention has continued to rise and its value has doubled.

If Xu Liang had not urged Hynix to spend $4 billion to build two chip factories in Wuxi in the early years, the two sides would not have cooperated happily, and Hongyan would not have been so easy to win.

"What about Skyworth?"

"Huang Hongsheng agreed, but he has one condition."

"What condition did he put forward? As long as it is not too excessive, you can satisfy him." Xu Liang said.

For Kunlun's smart home strategy, TVs are an indispensable part.

And the black-and-white industry, starting ten years ago, has experienced several rounds of color TV price wars initiated by Changhong.

Although it successfully drove out foreign color TVs, domestic counterparts are almost dead.

Now there are only a few brands left in the market, such as Konka, Hisense, TCL, and Skyworth. The rest have either been acquired or become a fleeting wave in the tide of the times.

In fact, he really wanted to acquire Changhong, the former king of color TVs.

After all, it had a glorious history and its brand value has not been completely lost.

The 2006 financial report released by Changhong showed a huge loss of nearly 3.7 billion yuan, setting a record for the largest loss of a listed company in the history of the Chinese stock market.

Even so, Changhong is still very arrogant. After the collapse of Gu Chujun's Klinger system, it actively acquired "Meiling Refrigerator", one of the four golden flowers in the refrigerator industry.

Like Midea and Haier, it is actively deploying in the white goods field.

If it can be acquired, it can not only get a TV brand, but also a refrigerator brand.

Complete the layout of Kunlun Group in the three major white goods and black appliances.

Unfortunately, it is not as expected. Changhong's internal burden is too serious, and the other party's asking price is very high.

And the company is very resistant to selling itself to Kunlun.

In the end, it can only be left unresolved.

After excluding Changhong, there are not many acquisition targets for him to choose.

Only Skyworth, whose boss is in prison, is most likely to be taken over by him.

"Although Mr. Huang is now in prison, he still pays close attention to the business dynamics of the outside world." Qiu Youren said.

"He hopes that we will pay him half in cash, and the other half of the equity acquisition payment, he wants to exchange for the equity of Kunlun Technology."

Xu Liang smiled and said, "He is very insightful."

Because of smartphones, the world now has mixed opinions on Kunlun Technology.

Some say that they are sensational, intending to raise the stock price so as to take advantage of the opportunity to make profits.

Others say that they are innovative technology upstarts and the pride of China's technology field.

Qiu Youren: "He has been paying attention to changes in the outside world while in prison, and he praises Kunlun mobile phones."

Xu Liang smiled but said nothing.

Huang Hongsheng is actually a powerful figure. Together with Konka's Chen Weirong and TCL's Li Dongsheng, they are called the "Three Musketeers of South China University of Technology" because the three of them were students in a class of the Radio Department of the school in 1978.

It is really awesome that there are three color TV bosses in one class.

In November 2004, Huang Hongsheng was arrested in an operation of the Hong Kong Independent Commission Against Corruption called "Tiger Mountain".

The reason for his imprisonment was that he colluded with his brother and mother to steal more than 50 million Hong Kong dollars from listed companies in a few years.

All this money was taken by Huang Hongsheng from left to right to develop real estate in Hainan Province.

The case was officially sentenced in Hong Kong in 2005, and Huang Hongsheng and his brother were sentenced to six years in prison.

Huang Hongsheng felt that he was wronged. His friends who were listed on the A-share market all played this way. Is it wrong for listed companies to be the cash machines of major shareholders?

However, the laws and regulations of Hong Kong's securities market are much more complete, and Huang Hongsheng has been caught with solid evidence. It is impossible to just fine him "500,000 yuan and be banned from the securities market for ten years" like in the mainland.

Fortunately, Huang Hongsheng had set up a team of professional managers in advance, so Skyworth did not suddenly collapse after he, the founder and major shareholder, was imprisoned.

However, in the long run, Xu Liang guessed that Huang Hongsheng was still very nervous in prison. After all, he had to stay in prison for six years. Who knows if there will be any major problems in the company during this period.

And they seized Huang Hongsheng's psychology and offered him a good buyout price, so that he would have the capital to make a comeback after he was released from prison.

Qiu Youren smiled and said, "I asked Mr. Huang why he didn't take all the cash, which is safer after all.

He told me that he thought Kunlun mobile phone was a revolutionary product with great potential in the future.

And he thought you were a genius, and it was rare to achieve such achievements at this age.

He bet his hopes for the rest of his life on you."

Xu Liang smiled and said, "He is good at talking."

He didn't have much impression of Huang Hongsheng.

He only saw him a few times when he was browsing Douyin occasionally.

This guy turned into an Internet celebrity, imparting life experience and entrepreneurial thinking online.

Thanks to his years of entrepreneurial and business experience, he spoke pretty well and was quite popular.

"Then do we agree to his terms?"

"Why not? It's just right to save some acquisition funds, and he doesn't own much equity."

With the popularity of Kunlun mobile phones, the sales of Kunlun's computers, notebooks, USB flash drives and other electronic products have also increased significantly.

It has driven Kunlun's revenue to grow rapidly.

Now Kunlun Technology's valuation has exceeded 10 billion US dollars.

How much is Skyworth's valuation?

Giving him some equity will not threaten Hongyan's controlling rights.

"By the way, Huang Hongsheng also made a request, hoping that we would retain part of the management team."

"It's rare that he still has this heart."

In the business world, it is more about the exchange of interests. Not backstabbing is considered to be worthy of you.

Helping each other is too rare.

"He is actually full of gratitude to Skyworth's professional management team. These people did not take advantage of his misfortune and saved his family business that he had worked hard for half his life. Naturally, he also wants to return the favor.

Otherwise, who will work for him in the future."

Xu Liang nodded.

"Tell him that I can consider agreeing to him, but the employment principle of Kunlun is that the capable are promoted and the mediocre are demoted, and everything depends on ability.

I will resolutely clear out those who are not capable enough."

These domestic enterprises that have emerged from the grassroots basically have the problem of nepotism.

If a company is prosperous, all relatives will be arranged to work in it.

Those who have a little brains know how to know people and assign them to positions, and pay money to support those who are not capable.

The brainless ones just swallowed up everything.

The worm eats the rat, and the latter basically has no good end.

"Okay."

"Is there no progress in the acquisition of refrigerators?"

"Haier and Hisense both refused.

Currently, we are mainly in contact with Meiling and Xinfei."

The four golden flowers of domestic refrigerators.

Haier, Meiling, Rongsheng, Xinfei.

Haier, let alone, has always dominated the country.

Meiling and Rongsheng both belong to Klinger, after Gu Chujun was eliminated.

Rongsheng was bought by Hisense, and Meiling joined Changhong.

As for Xinfei.

In 2005, the production and sales volume reached 3 million units, a year-on-year increase of 20.3%, and the total industrial output value reached 6.88 billion yuan, making it one of the two strongest companies after Haier.

The slogan "Good advertising is not as good as good refrigerators" has spread all over the country.

Unfortunately, with the acquisition of Xinfei by Hong Leong Asia, this Singaporean company did not think about becoming bigger and stronger.

It just borrowed the brand of Xinfei to expand its product line.

At one time, Xinfei water heaters, Xinfei air conditioners, etc. were launched one after another.

What's more exaggerated is that it also rented out the "Xinfei" brand to earn brand usage fees.

In the short term, it achieved considerable benefits, but the lack of supervision of small brands seriously eroded Xinfei's brand reputation.

When Meiling and Rongsheng, with the support of their respective major shareholders, gradually got out of the predicament and gradually recovered.

Xinfei was already dead.

"Mr. Xu, I suggest giving up Xinfei and focusing on Meiling."

"Why?"

"When we contacted Honglong Asia, they offered too high a price.

They wanted 7.4 billion Chinese yuan to sell the company to us.

But we studied Xinfei's financial statements. Their revenue in 2006 was nearly 7 billion Chinese yuan, and the main business revenue only accounted for 68.9% of the company's total revenue.

Brand licensing income accounts for 28.2%, which is too high.

This is not the financial structure that a normal electrical appliance company should have.

But they used this report to negotiate with us.

As a result, the acquisition price of Xinfei is nearly double the price obtained by our valuation model.

In contrast, although nearly 25% of Meiling’s equity is in Changhong’s hands, more of it is still in the Huizhou Municipal Government and the stock market, making it relatively easier to acquire. ”

Xu Liang nodded after a brief thought.

"Just follow your strategy."

"Yes. ”

——

May 2007.

Hong Kong-listed Skyworth Digital applied for a trading suspension and issued an announcement stating that the company's controlling shareholder, Mr. Huang Hongsheng, and his spouse intend to transfer 906 million shares to Hongyan Fund at a price of HK$1.03 per share.

After the transaction is completed, the company's controlling rights will change, and Hongyan Fund will become Skyworth Digital's largest shareholder, holding 39.7% of the total share capital.

At the same time, Little Swan also applied for a trading suspension in Pengcheng A shares.

And issued an announcement that Wu \u0026 Xi Guolian sold its 65.7% stake in Little Swan Co., Ltd. to Hongyan Fund.

At the same time, DJI was also acquired.

But the latter is too Small, and without much influence, apart from a few venture capital companies, almost no one paid attention to it.

Even so, the acquisition of Skyworth and Little Swan still made a sensation in the Chinese business community.

Thanks to this good news, the two listed electrical appliance companies under Hongyan Fund, Supor and Gree Air Conditioner, both saw a wave of gains.

The valuation of Kunlun Technology has also risen to a certain extent.

Professionals in the financial circle were not willing to let go of this hot topic, and they all came out to express their opinions and became opinion leaders.

And they gave the four listed companies a code name "Hongyan System", representing the birth of another heavyweight player in the capital market.

The heroes of the home appliance industry, There is an urgent sense of the coming of a great enemy.

Including Zhang Ruimin of Haier, a group of home appliance company bosses are very anxious.

What exactly is he going to do?

Who will be the next acquisition target?

The behavior of Hongyan Fund swallowing up the sea, coupled with its bottomless capital, really scared them. Some people are very worried that their companies will become the next prey.

Except for a few state-owned enterprises that are fearless, other private listed companies have begun to raise money secretly and prepare to increase their holdings of stocks. They are very worried that Boss Xu will turn into a barbarian and defeat them with capital strength.

Amid the clamor, everyone has a plan for Hongyan's next merger and acquisition. A certain guess.

Actually, it is not difficult to guess.

For TV, Skyworth is the second in the country, second only to TCL.

For washing machines, although Little Swan is beaten by Haier, its foundation is still there.

For air conditioners, Gree is absolutely the first.

For kitchen appliances, Supor is the dominant force.

For lamps, NVC Lighting is confused when it draws its sword and looks around.

For consumer electronics, Kunlun is second only to Lenovo.

It is clear from the list that among the electrical appliance companies under Hongyan, the only large electrical appliance missing is refrigerators.

So the next goal of Hongyan is definitely a large refrigerator company.

For a time, the stock prices of all refrigerator companies in the country rose sharply.