Among domestic female entrepreneurs, Dong Mingzhu, the chairman of Gree Group, has the highest media attention index. Dong Mingzhu went south to Zhuhai from a widowed Nanjing woman. After decades of hard work, she became the president of the largest air-conditioning enterprise in China, and also made Gree Electric a fortune 500 enterprise in the world. Moreover, Gree Electric's net profit is second to none among domestic appliance enterprises.
Dong Mingzhu is also famous for its strength at home. It can ridicule its competitors with all kinds of vulgar words, and treat its employees extremely harshly, even close to harshness. Every time she speaks, she is almost the focus of media attention, and there is always a feeling that her words are not surprising and endless.
Five years ago, Dong Mingzhu also changed from an entrepreneur to an investor, and even led Gree to buy a company in full for 654.38+03 billion yuan, but it was ultimately rejected by the shareholders' meeting. Later, Dong Mingzhu invested 65.438+00 billion yuan of his own, and joined Wang Jianlin and other domestic entrepreneurs to invest in a startup company, but in the end, the founder of the company was out and stayed overseas. Now Gree Electric only spent 65.438+08 billion to buy the company.
This controversial company is Yinlong New Energy. Today, it is still controversial whether Yinlong New Energy is a scam. More controversial is whether Wei Yincang, the founder of Yinlong New Energy, cheated Dong Mingzhu or Dong Mingzhu kicked Wei Yincang out. So far, there is no conclusion.
But what is certain is that Gree Electric finally acquired and controlled Yinlong New Energy at a lower cost, which allowed Gree Electric to join both new energy vehicles and lithium batteries.
So who is Wei Yincang? Why do many people say that he cheated Dong Mingzhu of 2.6 billion? Moreover, Wei Yincang's education has not yet graduated from junior high school.
In 1980s, cars became popular in China. Wei Yincang, who has a business mind, thinks that repairing cars is a profitable business, so he entered the garage as an apprentice under the introduction of a friend. Wei Yincang has a glib tongue and many friends. Later, as an apprentice, I worked as a middleman to sell auto parts, and soon earned my first bucket of gold.
After making money, Wei Yincang opened his own car beauty maintenance shop and also engaged in the business of buying and selling used cars. In 2008, the domestic new energy industry developed rapidly, and many traditional car companies began to lay out during this period. Wei Yincang also saw business opportunities, spent a lot of money to win a new energy company and battery factory, set up Yinlong, and entered the new energy car-making track.
In 20 10, Yinlong spent $57.5 million to acquire 53.3% shares of American Olympic Sports, and successfully acquired lithium titanate battery technology. Next, Yinlong acquired two automobile companies, which are qualified for vehicle production and sales. Yinlong New Energy has successively obtained state-owned capital investment from CITIC, Huarong International, Orient Assets, Shaanxi Coal and even the capital of listed companies by virtue of new energy technology and automobile concept.
From Wei Yincang's experience, we can see that he is a sales-driven talent who is good at interpersonal communication and sales execution, which is similar to Dong Mingzhu's road to business growth. This is probably why Dong Mingzhu later appreciated his work ability and entrepreneurial potential with the other party.
You know, the financial threshold for building a car is quite high. At that time, the technology of new energy was still immature, the investment in fixed assets was relatively high, and the research and development cycle was relatively long. Moreover, the buyers are often local public service departments, which also leads to the problem that Yinlong New Energy faces the problem of capital exhaustion and research and development interruption. Therefore, Wei Yincang turned his attention to Dong Mingzhu, another local celebrity in Zhuhai.
On the recommendation of a friend, Wei Yincang found Dong Mingzhu. After some conversation, Dong Mingzhu and Wei Yincang soon appreciated each other under the same background of business growth. Wei Yincang claims that he has successfully mastered a battery technology called "lithium titanate", which can realize fast charging, can be fully charged in 5 minutes, and has a battery life of 50 years.
At this time, for Dong Mingzhu, it is eager to find new growth points for Gree Electric, and the door-to-door visit of Yinlong Company in the field of new energy has convinced Dong Mingzhu of its technology and management capabilities, and also made Dong Mingzhu very eager to follow up the forward-looking needs and trends of the future market through the acquisition of Yinlong.
No wonder when Dong Mingzhu put 65.438+03 billion yuan to buy Yinlong New Energy on the table, many shareholders strongly opposed it. As a result, Dong Mingzhu said in "Beating the Floor" that "I will shoot him (Wei Yincang) after three years" and that "we can rebuild a billion-dollar enterprise by buying Yinlong." In the end, Gree Electric's acquisition of Yinlong didn't happen.
Dong Mingzhu said that he would finance the project out of his own pocket. At the same time, Dong Mingzhu also invited his good friends Liu and Wang Jianlin to invest 3 billion yuan in Yinlong. Dong Mingzhu also paid 65.438 billion yuan out of his own pocket, and pledged 65.438 billion yuan with Gree equity. He invested 2.6 billion yuan in this project and became the second largest shareholder of Yinlong, holding 654.38+07.46%.
However, after only holding shares for one year, the two fell out. Dong Mingzhu accused Yinlong Technology of just studying data and theory on TV, and Wei Yincang was forced to resign as chairman. Soon Yinlong accused Wei Yincang of encroaching on the company's 654.38 billion yuan, and Wei Yincang accused Dong Mingzhu of actually controlling Yinlong, because the core business departments responsible for procurement, finance, quality control and production technology all came from Gree.
In fact, Zhuhai Yinlong's operating income in 20 17 was as high as 8.752 billion yuan and its net profit was 268 million yuan, but most of it came from subsidies for new energy vehicles. However, the large-scale reduction of 20 18 related subsidies also led to the plight of Zhuhai Yinlong, so that a large number of industrial parks stopped production.
It is believed that the intensification of the contradiction between Dong Mingzhu and Wei Yincang is mainly due to the weakening of state support, so that the development prospect of enterprises is unknown, which has become another fuse.
20 19 April, Yinlong announced that Sun Guohua, the former president of the company, and six senior executives were detained on suspicion of encroaching on the company's interests of more than 654.38+04 billion yuan, while Wei Yincang was stranded abroad. At this point, Zhuhai Yinlong was basically controlled by Dong Mingzhu, and at the same time, due to the expiration of Wei Yincang's share pledge, it entered the auction stage.
At present, the owner's equity of Yinlong is still as high as 5.4 billion yuan, but recently Gree acquired 30.47% of the shares through auction with only 65.438+83 billion yuan, which is basically calculated at the net asset price.
It is worth noting that the news released by Yinlong New Energy official website this year shows that the company's lithium titanate electrochemical energy storage technology has reached the "international leading" level, and it has also been certified by the Chinese Academy of Sciences. In addition, Yinlong has made research and development achievements in many aspects, and has been successfully applied to lithium titanate energy storage systems with high safety and high rate. This clearly shows that the technology and strength of lithium titanate battery accumulated in the past Wei Yincang era are not necessarily fake.
Therefore, there are many controversies about Gree Electric controlling Zhuhai Yinlong with only 65.438+83 billion yuan. Some people think that this is because Dong Mingzhu controlled the company and liquidated Wei Yincang in order to monopolize Yinlong, and finally controlled Zhuhai Yinlong at a very small price. Dong Mingzhu is the operator and the ultimate winner.
No wonder the research report of China Merchants Securities thinks that the acquisition cost is extremely low. If the net profit of Yinlong 20 18 is taken as the benchmark, the PE of Yinlong is valued at about 40 times, the value of Yinlong is seriously underestimated, and Gree Electric's acquisition accounts for a big bargain.