Zoomlion: International M & a development follows the "three steps"
Zoomlion: International M & a development follows the "three steps"
China Construction machinery information
Guide: at 10 a.m. on December 23, 2010, at the trading hall of the stock exchange of Hong Kong, with the opening of the Hong Kong stock market, Changsha Zoomlion Technology Development Co., Ltd. officially landed on the main board of Hong Kong for trading, It has become the first construction machinery enterprise in Hunan to enter the international capital market. By the afternoon close, the stock rose 8
at 10 a.m. on December 23, 2010, at the trading hall of the stock exchange of Hong Kong, with the opening of the Hong Kong stock market, Changsha Zoomlion Heavy Industry Technology Development Co., Ltd. officially landed on the main board of Hong Kong for trading, becoming the first construction machinery enterprise in Hunan to enter the international capital market. By the end of the afternoon, the stock rose 8.01%, closing at HK $16.18, with a turnover of HK $2.89 billion, accounting for nearly 10% of the total turnover of the Hong Kong market that day
Changsha Zoomlion Heavy Industry Technology Development Co., Ltd. is an enterprise that started with a loan of 500000 yuan in 1992, and then vertically passes through the lower part of the paddle rod through the hole of the paddle rod, and then passes through the upper chuck to the top industry. It has always paid attention to technological innovation, and has successively developed a large number of engineering special equipment with independent intellectual property rights that are urgently needed in China's construction field and leading the world level. Its strength has leapt to the top 50 of the world's engineering machinery, Second in the domestic industry, its industrial chain has expanded from the initial concrete machinery to today's earthwork machinery, engineering hoisting machinery, municipal sanitation equipment, pavement machinery, construction hoisting machinery and other categories. By pressing the start button, it produces leading products of 13 categories, 62 series and 1087 varieties with completely independent intellectual property rights. It is the engineering machinery enterprise with the most complete product chain in the world
since 2001, Zoomlion has spent a total of 400million yuan to successively acquire British baolujie, Hunan machine tool and other companies. These serial acquisitions have made Zoomlion the most complete construction machinery enterprise in the domestic product chain. Zoomlion's sales revenue also increased from 245million yuan when it was listed in 2000 to 8.973 billion yuan in 2007
in 2008, Zoomlion acquired the Italian CIFA company, a global concrete machinery giant. In the context of the international financial crisis that year, Zoomlion's big step of "going out" attracted attention
"in the context of the financial crisis, many Chinese enterprises have carried out overseas mergers and acquisitions. Before processing, we must carry out fine sorting. However, it is not easy for enterprises not only to go out, but also to stand up." Long Guojian, chairman of the board of supervisors of Changsha Zoomlion Heavy Industry Technology Development Co., Ltd., saidOn March 4, 2010, the CPPCC National Committee was held in Beijing. General Secretary Hu Jintao came to the CPPCC auditorium to discuss state affairs with CPPCC members and listen to their speeches. As a member of the National Committee of the Chinese people's Political Consultative Conference, chairman of the Hunan Provincial Committee of the China Democratic National Construction Association and vice chairman of the Hunan Provincial Committee of the Chinese people's Political Consultative Conference, long Guojian first spoke under the title of "transforming the mode of economic development and promoting independent innovation of enterprises"
"the Party Central Committee focuses on the long-term development of the country and proposes to take enterprises as the main body of scientific and technological innovation, which fully releases the vitality of scientific and technological innovation of enterprises. As technicians and managers of enterprises, we are deeply significant.
"In 2008, after we acquired CIFA company in Italy, we just caught up with the global financial crisis. We retained the core technical team and management team of CIFA. The four aspects of market, technology, manufacturing and informatization worked together at home and abroad to minimize the impact of the financial crisis on Italian factories." Long Guojian said in his speech
"is it full acquisition or partial equity?"
"our investment company or the other party's investment company?"
"what's your main focus on their core technology?"
just after long Guojian's speech, General Secretary Hu Jintao raised the above three questions to long Guojian in succession
"the general secretary asked us about our acquisition of CIFA company in Italy. The three questions he raised were the key issues for our enterprise to go global." Long Guojian still has a fresh memory of the general secretary's question
according to relevant research reports, by the end of May 2010, the total amount of overseas M & a funds of Chinese enterprises had reached US $28.4 billion, an increase of 390% year-on-year, setting the highest historical record in the same period. The list of cross-border mergers and acquisitions of domestic enterprises has evolved from the "calendar" to the "calendar", and is about to enter the "calendar" era. General Secretary Hu Jintao's "three questions" about Zoomlion's acquisition of CIFA company in Italy fully reflects the general secretary's concern and expectation for Chinese enterprises' overseas mergers and acquisitions, and also points out the development direction for Chinese enterprises' Mergers and acquisitions
ask: "is it a full acquisition or partial equity?"
the "going out" of Chinese enterprises can be summarized into two modes. One is greenfield investment, which mainly relies on its own domestic accumulation and takes the initiative to go abroad to carry out overseas business, including the establishment of new enterprises in the host country, which is adopted by Haier. As early as the 1990s, Haier set up factories in the United States, Germany and other places to directly brand locally
the other is cross-border M & A, that is, directly acquiring the equity or assets of the target company. Lenovo and TCL chose this method. The biggest feature of this model is that it is a shortcut for Chinese local enterprises to rapidly globalize by exchanging funds for technology + brands + foreign markets. However, the risk of such toxic forms as isocyanate (TDI) is greater, and the integration of soft power such as cultural integration and personnel running in is the key to success
these two methods have their own emphasis and advantages. For Chinese manufacturing enterprises, if the purpose of "going out" is not only to open up new markets, but also to obtain new technologies and foreign brands and channels, they will adopt cross-border mergers and acquisitions. This way can speed up the speed of market entry, make use of the operation system, operating conditions and various resources of foreign original enterprises, and thus accelerate the development of enterprises
in October, 2007, the controlling shareholder of CIFA Italy, a world-renowned construction machinery enterprise, decided to sell CIFA's equity because it needed cash to repay part of its debt. In September, 2008, Zoomlion signed a purchase and delivery agreement with CIFA to complete the full acquisition of CIFA
at that time, the asset liability ratio of CIFA was as high as 83%, with general fundamentals and general profitability. However, as a world-class concrete machinery manufacturer with a long history, the "certificate of life" issued by the global concrete machinery industry for CIFA is quite eye-catching
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