Introduction: If Wanxiang's main success before the 199s was the success of industrial operation, then it will be the success of capital operation after entering the 21st century, and capital operation will further promote the greater success of industrial operation. The following is the capital operation of Wanxiang Group I brought you, hoping to help you.
From the development process of Wanxiang Group, it has gone through four stages under Lu Guanqiu's tie: the first stage was before 198, that is, the initial stage of starting a business; The second stage was from 198 to 1989. Is it universal? Production specialization and management modernization? In the growth stage, Lu Guanqiu took his property as collateral and contracted the then Hangzhou Universal Joint Factory. In 1988, Lu Guanqiu took the lead in completing the shareholding system reform of Wanxiang. The period from 199 to 1999 was the third stage of Wanxiang. By establishing a modern enterprise system, Lu Guanqiu made Wanxiang step into? Enterprise collectivization and internationalization of operation? Stage. Wanxiang products account for more than half of the domestic market, and have 18 companies in 8 countries including the United States, becoming a supporting cooperative enterprise of international first-class automakers such as GM and Ford. The fourth stage was implemented by Wanxiang Group after 1999? Capital operation and international operation? As a result of its strategy, Wanxiang Group has not only become the largest auto parts enterprise in China, but also made great achievements in the fields of finance and agriculture. The combination of industry and finance and capital operation run through the whole development process of Wanxiang.
I. Building Wanxiang System
On January 1, 1994, Lu Guanqiu and his Wanxiang Group took the first step in their capital market, and Wanxiang Qian Chao was officially listed on the Shenzhen Stock Exchange. At that time, Wanxiang Qian Chao issued 3 million shares for the first time, with the issue price of 3.8 yuan and the opening price of 8.4 yuan on the first day. Wanxiang was rewarded handsomely when he first entered the capital market.
On April 16th, 1997, China National Color Co., Ltd. was listed on the Shenzhen Stock Exchange. Wanxiang received 38,72, state-owned shares of China National Color Mining Group at a price of 3.25 yuan per share. After the split share structure, the shareholding ratio decreased from 1% to
7.77%, and it remained the second largest shareholder.
in 1998, Wanxiang invested 62 million yuan to participate in Hangmin shares, becoming the second largest shareholder. On August 9, 24, Hangmin shares were listed on the Shanghai Stock Exchange at the issue price of 7.2 yuan, with Wanxiang holding 21.4% of the shares and retaining the second largest shareholder.
in 21, Wanxiang acquired the American Nasdaq listed company, UAI, at a lower price, which initiated the acquisition of overseas listed companies by private enterprises in China. Four years later, UAI went bankrupt and liquidated. Wanxiang gained lessons and enlightenment in the international capital market at the cost of 3 million yuan.
On December 28th, 21, Lulu Group signed the Share Transfer Agreement with Shenzhen Wanxiang Investment Co., Ltd., a subsidiary of Wanxiang Group, and transferred its 67.45 million shares (accounting for 26% of the company's total share capital) to Wanxiang Investment. In March 26, Chengde Lulu proposed to repurchase all the state-owned shares of the company held by Lulu Group at a price of 2.64 yuan per share. After the targeted repurchase, Lulu Group no longer holds shares in Chengde Lulu, and the shareholding ratio of Wanxiang Sannong rose to 42.55%, becoming the largest shareholder of Chengde Lulu. Wanxiang Group has also successfully become the actual controller of Chengde Lulu. (Chengde Lulu was listed on the Shenzhen Stock Exchange on November 13th, 1997)
In June, 24, Wanxiang Sannong, a subsidiary of Wanxiang Group, became the largest shareholder of Huaguan Technology. On June 18th, 27, Huaguan Technology was renamed as? Wanxiang denong co., ltd? Wanxiang Sannong holds 94,86,15 shares of Wanxiang Denong, accounting for 61.2% of the total share capital.
In April, 25, Bunny was listed on the Shenzhen Stock Exchange in May with 42 million shares at an issue price of RMB 4.98 per share. Wanxiang Sannong holds 33.1% of Dehua Holdings, and Dehua Holdings holds 35.52% of Bunny, which is the controlling shareholder. Wanxiang indirectly participated in Bunny with an initial investment of 68.62 million yuan.
in March 28, all the 1% equity of shunfa hengye held by wanxiang resources was injected into lanbao information. After the split share structure, it was renamed as? ST lanbao? . On June 5, 29, Lanbao Information resumed its listing in Shenzhen Stock Exchange and changed its name to Shunfa Hengye. Wanxiang successfully achieved backdoor listing, and Wanxiang Resources and Shenzhen Heli * * * held 76.86% of the shares.
tongchuang investment is a platform for Wanxiang to invest in private equity. Tonglian Venture Capital holds 4.56% (8,429,167 shares) of the shares of Aerospace Power after the share reform, and sold 2,657,8 shares on the day of lifting the ban on May 16th. Tonglian Venture Capital ranks the second largest shareholder of Beiwei Communication with 4.725 million shares, and its market value is more than 2 times higher than the investment of 8.61 million yuan in that year. In the secondary market, Tonglian Venture Capital invested 1.1 million shares in S Yanbian Road, ranking the fifth largest tradable shareholder. Tonglian Venture Capital also invested in Guan Aluminum and Xishan Coal and Electricity.
In the process of building Wanxiang System, Wanxiang's investment strategy From the perspective of financial experts, Wanxiang Group's vision is to get it before Huaguan Technology is officially listed. Primitive shares? , not only accumulate the experience of running-in with the largest shareholder, but also compare with the direct acquisition of one? Shell? Save costs. Wanxiang's becoming the second largest shareholder cost less than 6 million. This is a win-win result regardless of the strategic consideration at that time or in the future. Wanxiang? Be the second shareholder? The acquisition model has become a distinctive feature of Wanxiang Department.
ii. building a universal financial kingdom
in early 21, China wanxiang holdings co., ltd was established as a platform for building a universal financial kingdom. Established before this, specializing in investment banking? Shenzhen Tonglian? (1995),? Wanxiang lease? (1996),? Wanxiang
futures? (1999) and? Tonglian Venture Capital? (2) were gradually nationalized? Wanxiang Holdings? Under its banner. Wanxiang Group, Wanxiang Holdings and Wanxiang Agriculture, Rural Areas and Farmers hold shares with each other, forming the first level of capital expansion.
in 22? Wanxiang Holdings? 、? Universal Qian Chao? (559) and Wanxiang Group invested 4%, 3% and 3% respectively to establish Wanxiang Finance, the first financial company in Zhejiang Province. . Is it a step? Oriental finance? The second private financial company approved to be established in China. In the same year? Wanxiang Holdings? Invested 12 million yuan to invest in Minsheng Life Insurance, the first insurance company in China with private capital as the main investment? , holding 14.45% of the shares, tied for the largest shareholder with Oceanwide Group.
since 23, when many private enterprises are still at the crossroads of diversification or specialization, Wanxiang Group has taken drastic measures to increase the integration of its financial resources.
in 23, Wanxiang invested 12 million yuan to invest in the first insurance company in China with private capital as the main investment? Minsheng Life Insurance, holding 14.45% equity, ranks as the largest shareholder with Oceanwide Group.
In addition, Lu Guanqiu and Lu Weiding also established Wanxiang Resources (Lu Guanqiu holds 9% of the shares and Lu Weiding holds 1%) and Wanxiang West (Lu Guanqiu holds 75% and Lu Weiding holds 25%) respectively.
in 23, Wanxiang Group acquired 24.85% of the shares of Zhejiang Industrial and Commercial Trust and Investment Co., Ltd., ranking the second largest shareholder and the first largest shareholder. China Tobacco Corporation Zhejiang Company? The difference between the shares is only 9.5%. Participating in Zhejiang Industrial and Commercial Trust, thus indirectly controlling Tianhe Securities and Zhejiang Bohong Investment, and the two institutions also jointly established an investment consulting company, Guojin Investment.
In 24, Zheshang Bank (formerly Zhejiang Commercial Bank) was opened with a registered capital of 1.5 billion yuan. Wanxiang Holdings? It accounts for 1.34% of the total share capital and ranks as the largest shareholder with Zhejiang Communications Investment Group and Traveler Automobile Group. This is the 12th joint-stock commercial bank in China and the first national joint-stock commercial bank in Zhejiang Province. As 13 private enterprises among 15 shareholders account for 85.17%, Zheshang Bank? It is also called the first genuine private bank in China by the insiders.
in the international market, wanxiang also carries out financing. In 21, firstly, through Wanxiang American holding Wanxiang Horton Insurance, * * * established Horton Insurance Brokerage Company with capital contribution; Wanxiang USA has also established long-term cooperative relations with world-renowned financial institutions such as Citigroup and Merrill Lynch. Financing methods include loans and mortgage of creditor's rights. In 23, Wanxiang American Company founded? Wanxiang manufacturing fund? Invite a group of local celebrities in politics and business to become shareholders. The local financing ratio of Wanxiang American Company < P > is twice that of the headquarters investment, and the financing methods include loans, bond issuance and creditor's rights mortgage.
in 26, the expanding financial map of Wanxiang Group was discordant. Tianhe Securities, which is controlled by Wanxiang Group, suffered a huge loss of 6 million yuan due to illegal entrusted wealth management. At that time, after holding Tianhe Securities, Wanxiang Group had as many as 11 financial licenses, but less than two years after entering the securities field, problems began to appear frequently.
wanxiang finance company mainly provides financial services for the subordinate enterprises of the group. Every subordinate company will have an account in the finance company and deposit money in it, and these accounts of Wanxiang Finance Company will have the same corresponding account in ICBC. It is said that if the subsidiary of Wanxiang Department borrows money from the bank, the bank will first transfer the loan to the account of Wanxiang Finance Company, and then Wanxiang Finance Company will transfer the money to the subsidiary that needs the loan. The loan procedure is the same. Wanxiang Finance Company can monitor the security of the group's funds, and at the same time, it can also obtain very considerable benefits.
it is different from the vertical strategy adopted by most private enterprises when they enter the financial field (that is, financial institutions are at the bottom of group control), and the division between production and finance is vague. Universal system? A professional financial investment platform has been built, and financial investment and industrial investment are clearly divided and developed in parallel.
iii. successful transnational integration
in 1994, wanxiang American company was established in Chicago, USA. Over the past 1 years, it has achieved a leap from products going abroad, to personnel going abroad, and then to enterprises going abroad, from single product sales to international resource allocation, and has established 3 overseas branches in 8 countries, building an international marketing network covering more than 4 countries and regions. Established strategic alliance with overseas enterprises, and the products are matched by GM, Ford and other automobile companies, becoming the first China spare parts enterprise to enter the matching line of international main assembly plant.
in 1998, American Scheler suffered a serious loss. The sales of Wanxiang American Company have reached 3 million dollars. Wanxiang and American LSB company jointly acquired Scheler, and LSB accepted Scheler's workers and factories; Scheler's brand, technology patents, special equipment and market are owned by Wanxiang. Scheler became an American subsidiary of Wanxiang, and Wanxiang only paid $42, for it. Wanxiang has increased its sales in the US market by at least $5 million a year. More far-reaching significance is that Wanxiang products have the support of local brands, technologies and production bases. This localization strategy enabled Wanxiang to integrate into the American market almost overnight. In order to integrate into the American market, Japanese companies spent 2 years from setting up factories, training employees, promoting products, and accepting users.
IV. Invest heavily in the new energy automobile industry
Wanxiang started the project of polymer lithium-ion power battery in 22, and successfully acquired Jiaxing Aitek Company, introducing the advanced manufacturing technology in the world at that time. After five years' efforts, the 12AH polymer lithium-ion power battery independently developed by Wanxiang has successfully passed the performance tests of two designated testing institutions for lithium-ion batteries in the National 863 Program, which has achieved a leap from battery monomer technology to battery group power supply technology, and has better solved the battery performance and safety problems that are most worried in the industry, with the characteristics of high safety and high specific energy, and obtained CE certification and UL certification. Start mass production
On April 27th, 29, Wanxiang pure electric vehicle and lithium battery production base was laid in Xiaoshan Economic Development Zone, Hangzhou, with an additional investment of 1.365 billion yuan. At present, it is also the only enterprise in China that has the industrial capacity of battery, motor, electronic control and other key parts of electric vehicles and powertrain system. It has an industrial scale with an annual output of 1, pure electric commercial vehicles and 1 billion watt-hour lithium-ion power batteries.
if wanxiang's main success before the 199s was the success of industrial operation, it will be the success of capital operation after entering the 21st century, and capital operation will further promote the greater success of industrial operation.
it may be more important to take the road of combining industry with finance than to directly obtain profit returns. Lu Guanqiu has publicly stated that it is an inevitable choice for enterprises to take the road of combining industry with finance after they have developed to a certain stage. He believes that if an enterprise only engages in industry and does not combine with finance, the risk will increase with the expansion of the enterprise scale.