The mixed reform of central enterprises Sinopec and China Unicom has attracted much attention. It is worth noting that even if BAT becomes a shareholder, it will not have much say. For the central enterprises in monopoly industries, social responsibility should always rank first, and the party’s leadership can never be weakened. As for business cooperation, improper shareholders should have it, and when they become shareholders, they must strictly abide by market rules and cannot transfer interests.
Local state-owned enterprises are not. Private enterprises must have the hope of "being masters of the country" when they participate in the mixed reform, but the local SASAC may not be willing to give up. How to win the game between public and private enterprises is a difficult topic.
Deep room a () Mixed reform attracted China Evergrande ()。 The latter bought Vanke A () helped the capital operation of Shenzhen subway and lost more than 7 billion yuan, which is equivalent to transferring a large piece of benefits to Shenzhen SASAC outside the plate of Shenfang A. But this is an example that other private enterprises can’t learn.
In contrast, the mixed reform of Haili shares is more representative and "ornamental".
Established listed company Haili shares () is one of the domestic air-conditioning compressors. At the beginning of August 2017, Shanghai Electric (Group) Corporation, the controlling shareholder, planned to transfer the controlling stake, but then quickly announced that it would give up the transfer.
September 21, Gree Electric () announced that "holding Haili shares reached 5%." On September 23, Gree Electric publicly promised not to reduce its holdings in the next 12 months; Actively participate in the contingent equity transfer plan of shareholders of Haili Co., Ltd.
Haili Co., Ltd. is considered as "the pioneer of mixed reform of state-owned enterprises in Shanghai", and the prospect of mixed reform is confusing.
How "cow" is Haili air conditioning compressor?
In the early 1990s, the air-conditioning and refrigerator markets in China exploded, but the compression was heavily dependent on imports.
In 1992, the listed company "Shanghai Refrigerator Compressor Co., Ltd." launched the "1.4 million air-conditioning compressors project" with Hitachi ()。
In 1992, the project was "started, completed and put into production that year". In fact, there is not much technical content in saving turbine, worm and other parts. In this way, children who have high fun are even better: start work on the same day and finish it on the same day.
In fact, the joint venture project didn’t take shape until 1994 ()。 The propaganda point of that year was "the amazing achievements that were put into production, reached production and achieved results in that year."
Since then, Shanghai refrigerator compressor factory has gradually turned to air-conditioning compressors. In 2000, the sales volume of air-conditioning compressors exceeded 3.6 million units, accounting for 26.41% of the national market. The sales volume and market share of refrigerator compressors were 873,900 units and 8.04% respectively.
In 2001, Shanghai Refrigerator Compressor Factory was renamed Haili Co., Ltd.-Shanghai Haili and Hitachi.
By 2005, the sales volume of air-conditioning compressors in Haili Co., Ltd. reached 9.353 million units ()。 The refrigerator compressor was produced in "zanussi" with a 35% share, and sold 2.047 million units in 2005. The company has suffered losses for years, but its performance has not been incorporated into the listed company Haili.
In 2009, the sales volume of air-conditioning compressors of Haili Co., Ltd. was 11.366 million units (), with a market share of 21.14%. The refrigerator compressor business has not improved after several integrations.
Since 2010, the revenue of Haili Co., Ltd. has reached two peaks, namely, 8.205 billion in 2011 and 7.384 billion in 2016.
In 2011, the sales volume of Haili air-conditioning compressors reached 17.55 million units (), but the market share dropped to 15.32%.
In 2014,The sales volume of Haili air-conditioning compressors reached a record 18.01 million units, but only 2.641 million units were inverter air conditioners, accounting for 14.66%.. Inverter air conditioners have quickly become the mainstream of the market, accounting for 57.9% in 2014 ()。Haili is two or three beats slower in the tide of industrial upgrading.
Except for a few years, the net profit rate of Haili shares (Less than 2%, only 95 million yuan in 2016.
In 2014, the market share of Haili Co., Ltd., which was slow to upgrade its product structure, dropped to 12.8%. Gree and other big brands have built their own compressor factories to support their own products. At a fixed frequency () Haili, a product-oriented company, turned to a "non-self-supporting market", with a share of 29.5% in 2014. # I can’t get the overall share, and Haili began to show people with market share #
Mainstream air conditioning brands have shouted the slogan of "eliminating fixed frequency and variable frequency parity", and fixed frequency air conditioning is dying. At the same time, self-equipped compressors have become a trend.
In 2016, 61.1% of air conditioners were equipped with compressors from manufacturers. Almost all of Haili’s 17 million air-conditioning compressors are put into the non-self-equipped market, accounting for 30.2% and maintaining the first market share, but they can’t enter the mainstream air-conditioning manufacturers.
Taking Gree Electric as an example, it has the most complete supporting capacity in the industry, not to mention that the compressor can independently produce capacitors and enameled wires. "Complementarity with Haili shares is far-fetched.
Motor and new energy are not exciting enough.
In 2015, Haili Co., Ltd. cut into the refrigeration motor market by restructuring Hangzhou Fusheng Electric Appliance. Sales began in August, and sales reached 20.2 million units that year. In 2016 and the first half of 2017, the motor sales were 20.53 million units and 12.02 million units respectively.
However, the reorganization under the banner of "realizing resource integration and exerting synergy" did not reflect much synergy. In 2016, only 950,000 vertical compressors were equipped with their own motors, accounting for 5.58%.
In addition to enriching the concept, the main gain of integration is to increase revenue and cover up the decline of the original main business. In 2016, motor sales revenue exceeded 1.3 billion, accounting for 18%. Excluding this new business, the sales of Haili compressor is 360 million less than that in 2010.
The most interesting thing of Haili Co., Ltd. is the R&D and production of vehicle scroll compressor.
In the early days, the engine was used as the power source of automobile air conditioning, and later, the motor and compressor were assembled into a whole to form a fully enclosed part. Because this is the only driving mode for electric vehicles, the integrated compressor for vehicles is covered with a "new energy" coat.
In 2016, the sales volume of new energy vehicles in China was 511,400, and the share of Haili compressor was about 16%, corresponding to 81,000 units, accounting for 0.48% of compressor sales in 2016.
Automotive air conditioning integrated compressor is a good direction. At the 2017 China International Forum on Automobile Development held on September 8, 2017, Vice Minister Xin Guobin revealed that "the Ministry of Industry and Information Technology has started relevant research and worked out a timetable to stop producing and selling traditional energy vehicles".
However, looking back at history, Haili Co., Ltd., which started with import substitution and assembly, is lacking in technological innovation, otherwise it will not miss the opportunity of changing from fixed frequency to frequency conversion. Haili may not be able to hold the cake of air conditioning compressor for new energy vehicles.
Even if all the 20 million passenger cars sold nationwide in 2040 are electric vehicles, 20% of them use Haili’s "all-in-one machine", which is at best 4 million, only equivalent to 23.5% of the sales in 2016.
"New energy" is not only a "distant water" but also a "glass of water" for Haili, so the major state-owned shareholders will sell their shares. As the saying goes, "what you buy is not what you sell", not to mention that the seller is from Shanghai!
Sample of mixed reform of local state-owned enterprises
Local state-owned enterprises like Haili Co., Ltd. have no monopoly position (), no attractive resources (), three have no bright performance and four have no bright future. # In 2016, it also received 58.44 million government subsidies #
If there is, it will be stripped first and then mixed. For example, in May 2016, the government repurchased two plots of land located in Hangzhou from Haili, with a consideration of 88.46 million yuan.835 yuan per square meter of land!
Local governments that undertake the responsibility of maintaining and increasing the value of state-owned assets can neither let go nor dare to sell them cheaply, but with strong private enterprises () the bargaining power is insufficient, and the mixed reform plan is very difficult to get.
The controlling shareholder of Haili Co., Ltd. is Shanghai Electric (Group) Corporation, and the actual controller, Shanghai State-owned Assets Supervision and Administration Commission, indirectly holds 20.22%.
On July 31, 2017, Haili shares began to be suspended. On August 4th, the major shareholder announced that "the transferee is to be publicly solicited", and the solicitation period is from August 14th to August 25th.
If the average price of 30 is the pricing basis and the transaction price is 90% of the benchmark price, the unit price is 9.5 yuan/share. The total consideration for the transfer of 175 million shares by Shanghai Electric is about 1.66 billion yuan.
1.66 billion won the control of listed companies on the main board of Shanghai Stock Exchange, which is really not expensive, but Shanghai Electric () Two points in the "13 Articles" made potential buyers unhappy:
First, "the transferee promises to keep the existing main business of the listed company from major changes and keep the management and staff of the listed company stable after obtaining the controlling right of the listed company." In other words, if the new director wants to inject his own assets, he can’t. He must be a compressor and can’t lay off employees.
Second, "on the premise that the transferee’s business and the main business of Haili Co., Ltd. do not constitute horizontal competition, the transferee is right
The development of Haili joint-stock industry has a synergistic effect. For example, Gree’s huge compressor production capacity is competitive with Haili, which does not meet the premise of the transferee.
The first restricts the enthusiasm of potential buyers in other industries, and the second binds the hands and feet of potential buyers in this industry. Although the transfer price is not high, the buyer is tied behind his hands and cannot integrate according to his own will. What is the use of it?
On August 21st, the General Electric Company terminated the "public solicitation" with four days to expire ahead of schedule, saying that "it is planned to make major adjustments to the plan."
On September 21st, Gree Electric announced that he "holds 5% of Haili shares". The announcement shows that since the resumption of trading of Haili shares on August 29th, Gree Electric has bought 43.3156 million shares in the secondary market for 16 consecutive trading days. The average price is about 13.1 yuan.38% higher than the possible consideration of Shanghai Electric..
Gree Electric announced: "On August 23, 2017, Haili Co., Ltd. issued the" Announcement on the Transfer of Shares by Termination Agreement "and did not contact the controlling shareholder of Haili Co., Ltd." That is to say, there may have been contact before..
On September 23rd, Gree Electric made two commitments:Not to reduce its holdings in the next 12 months; Actively participate in the contingent equity transfer plan of Haili’s shareholders.. As for whether it will continue to increase its holdings in the secondary market, Gree Electric said that it "does not rule out the possibility of further holdings" but "will decide when to increase its holdings of Haili shares and the specific shareholding ratio according to the overall situation of the securities market and the development of Haili shares and its stock price."
Gree Electric took an "open plan": first collect 5% chips in the open market, and then talk to Shanghai Electric. Price is not a problem, but two of the "13 articles" should be removed! # Otherwise we can’t let Yinlong borrow the door #
It is estimated that the bottom line of Shanghai SASAC is not to move books or lay off employees, and it is not impossible to make concessions on other terms.
The final result of the mixed reform of Haili shares is likely to be "customers bullying stores".