What the market is familiar with is its strong ownership of several listed companies. Obtaining the equity of Dongbai Group (600693 SH) from high-priced auction, indirectly owning new materials (600255 SH), participating in Sundiro (00057 1 SZ), and Wuhu Port (600575 SH), which has persisted for nearly two years but has not completed the equity transfer, have all attracted a sigh from the always sensitive capital market. Therefore, the upstart "Commercial Aircraft Department" often appears in various newspapers.
"Investing in stocks and futures is just a battlefield for Comac to quickly accumulate original capital. At the beginning of our business, we established an industry-based development strategy. " Li Feilie speaks quickly. In the eyes of Li Feilie, who is experienced in capital operation, 2000 is an important turning point.
According to its introduction, in mid-2000, due to the high P/E ratio of the domestic capital market, the imminent circulation of corporate shares, the establishment of the Growth Enterprise Market and other related factors, especially the lessons that overseas colleagues experienced many ups and downs in the overseas securities market at the beginning of their business, Comac's shareholders' meeting concluded that the China securities market will be a high-risk area for various industries in China in the next few years. Since 2000, Comac has been continuously involved in the restructuring of large and medium-sized state-owned enterprises, and began to turn to industrial investment in an all-round way. In just a few years, it has acquired a number of large and medium-sized state-owned enterprises and quickly completed the transformation from the capital market to the industrial field.
In a large number of acquisitions, Li Feilie said that Comac strictly requires that the acquisition target must meet the overall strategic needs. "We have a clear stipulation that enterprises with an annual return of less than 20% and a debt ratio of more than 50% will not be considered."
As for why Comac frequently buys shares in listed companies, Li Feilie believes that Comac is interested in the company's monopoly resources and does not care whether it is a listed company. Good resources are more valuable than listed companies, which are no different from ordinary companies in the eyes of Comac. However, Comac insiders told reporters that if the conditions of the two types of companies are the same, Comac is more willing to acquire unlisted companies. The reason for this is quite puzzling.