From the development course of Wanxiang Group, it has gone through four stages under the help of Lu: the first stage is before 1980, that is, the initial stage of entrepreneurship; The second stage is 1980 to 1989. Is it universal? Production specialization and management modernization? In the growth stage, Lu took his own property as collateral and contracted the then Hangzhou Universal Joint Factory. 1988, Lu took the lead in completing Wanxiang's shareholding system reform. The period from 1990 to 1999 is the third stage of cardan. By establishing a modern enterprise system, Lu made Wanxiang step into it? Enterprise collectivization and internationalization of operation? Stage. Wanxiang products account for more than half of the domestic market, and have 18 companies in eight countries including the United States, becoming a supporting cooperative enterprise of world-class automobile manufacturers such as GM and Ford. The fourth stage is the implementation of Wanxiang Group after 1999. Capital operation and international operation? Due to this 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.
First, a general system is established.
199465438+1October 10, Lu and his Wanxiang Group took the first step in their capital market, and Wanxiang was officially listed on the Shenzhen Stock Exchange. At that time, Wanxiang Qian Chao issued 30 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 has just entered the capital market and gained rich returns.
1997 April 16, China National Color Corporation was listed on Shenzhen Stock Exchange, and Wanxiang received 38.72 million 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 10%.
7.77%, still the second largest shareholder.
1998, Wanxiang invested 62 million yuan to participate in Hangmin shares, becoming the second largest shareholder. On August 9, 2004, Hangmin shares were listed and traded on the Shanghai Stock Exchange at the issue price of 7.2 yuan. Wanxiang's shareholding ratio is 2 1.4%, retaining the second largest shareholder.
200 1, Wanxiang bought the US Nasdaq listed company UAI at a lower price, which opened the precedent for private enterprises in China to buy overseas listed companies. Four years later, UAI went bankrupt and liquidated. Wanxiang gained lessons and enlightenment from the international capital market at a cost of 30 million yuan.
200165438+On February 28th, Lulu Group signed the Share Transfer Agreement with Shenzhen Wanxiang Investment Co., Ltd., a subsidiary of Wanxiang Group, holding 67.405 million shares of Chengde Lulu (accounting for 26% of the company's total share capital).
Transferred to Wanxiang Investment. In March 2006, Chengde Lulu proposed to buy back 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 on1997165438+10/3).
In June 2004, Wanxiang Sannong, a subsidiary of Wanxiang Group, became the largest shareholder of Huaguan Technology. On June 18, 2007, Huaguan Technology was renamed? Wanxiang denong co., ltd? Wanxiang Sannong holds 94,860 105 shares of Wanxiang De Nong, accounting for 6 1.20% of the total share capital.
In April 2005, Bunny IPO issued 42 million shares at an issue price of 4.98 yuan/share, which was listed on Shenzhen Stock Exchange in May. Wanxiang Sannong holds 33. 10% shares of Dehua Holdings, and Dehua Holdings holds 35.52% shares of Bunny as the controlling shareholder. Wanxiang indirectly participated in Bunny, with an initial investment of 68.62 million yuan.
In March 2008, all the shares of Shunfa Hengye 100% held by Wanxiang Resources were injected into Lanbao Information. After the split share structure, it was renamed as? Saint sapphire? . On June 5, 2009, Lanbao Information resumed 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%.
Tongchuang Investment is a platform for Wanxiang Department to invest in private equity. After the split share structure reform of Tonglian Venture Capital Holdings Aerospace,
4.56% (842,965,438+067 shares) and 2,657,800 shares were sold on May 65,438+06. Tonglian Venture Capital ranks the second largest shareholder of Wei Bei Communication with 4.725 million shares, and its market value has increased by more than 20 times compared with the 8060 1 10,000 yuan invested in that year. In the secondary market, Tonglian Venture Capital invested S Yanbian Road 165438+ 10,000 shares, 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 comes from the perspective of financial experts, and Wanxiang Group's vision is to get it before Huaguan Technology is officially listed. Primitive shares? , not only accumulated the running-in experience with the largest shareholder, but also comparable to the direct acquisition of a company? Shells? Save costs. Wanxiang's becoming the second largest shareholder cost less than 60 million. No matter from the strategic consideration at that time or in the future, this is a win-win result. Wanxiang? Being a second shareholder? The acquisition mode has become a distinctive feature of Wanxiang Department.
Second, build an all-powerful financial kingdom.
At the beginning of 200 1, China wanxiang holding co., ltd was established on the platform of building wanxiang financial kingdom. Established before this, specializing in investment banking? Shenzhen Tonglian? ( 1995),? Wanxiang lease? ( 1996),? universal
Futures? (1999) What else? Tonglian Venture Capital? (2000) was gradually nationalized? Wanxiang Holdings? Under its flag. Wanxiang Group, Wanxiang Holdings and Wanxiang Sannong hold shares with each other, forming the first level of capital expansion.
In 2002? Wanxiang Holdings? 、? Global Qian Chao? (000559) and Wanxiang Group invested 40%, 30% and 30% respectively to establish Wanxiang Finance, the first financial company in Zhejiang Province. . Is it a step? Oriental Finance? The second privately-run financial company approved to be established in China. The same year? Wanxiang Holdings? Invested 654.38+0.2 billion yuan to invest in Minsheng Life Insurance, the first insurance company in China with private capital as the main investment? , holding 14.45% equity, tied for the largest shareholder with Oceanwide Group.
Since 2003, 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 2003, Wanxiang invested 654.38+0.2 billion yuan to invest in the first insurance company in China with private capital as the main investment? Minsheng Life holds 14.45% of the shares, and is tied for the largest shareholder with Oceanwide Group.
In addition, Lu and Lu Weiding also set up Wanxiang Resources (90% owned by Lu, 0/0% owned by Lu Weiding) and Wanxiang West (75% owned by Lu and 25% owned by Lu Weiding) respectively.
In 2003, 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 share difference between the two is only 9.5%. Participate 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, Guo Jin Investment.
In 2004, Zheshang Bank (formerly Zhejiang Commercial Bank) opened with a registered capital of 65.438+0.5 billion yuan. Wanxiang Holdings? It accounts for 10.34% of the total share capital and ranks as the largest shareholder with Zhejiang Communications Investment Group and Traveler Automobile Group. This is the first 12 joint-stock commercial bank in China and the first national joint-stock commercial bank in Zhejiang Province. As 15 shareholders 13 private enterprises account for 85. 17%, Zheshang Bank? It is also called the first real private bank in China by the insiders.
In the international market, Wanxiang also carries out financing. 200 1, first, through Wanxiang American Holdings Wanxiang Horton Insurance, * * * jointly established Horton Insurance Brokerage Company; 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 creditor's rights mortgage. In 2003, Wanxiang American Company was founded? Wanxiang manufacturing fund? Invite a group of local political and business celebrities to become shareholders. Wanxiang USA company
The proportion of local financing is twice that of headquarters investment, including loans, bond issuance, creditor's rights mortgage and so on.
In 2006, Wanxiang Group's expanded financial landscape was not harmonious. Tianhe Securities, which is controlled by Wanxiang Group, suffered a huge loss of 600 million yuan due to illegal entrusted financial management. At that time, after holding Tianhe Securities, Wanxiang Group had as many as 1 1 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 subsidiaries of the Group. Every subsidiary company will have an account in the finance company to deposit money, and these accounts of Wanxiang Finance Company will also have the same corresponding accounts in ICBC. It is said that if Wanxiang's subsidiary borrows from the bank, the bank will first transfer the loan to Wanxiang Finance Company's account, 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 safety of the group's funds, and at the same time, it can also obtain very considerable income.
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), the division of labor between industry and finance is vague. Universal system? A professional financial investment platform has been built, and financial investment and industrial investment have a clear division of labor and develop in parallel.
Third, the successful implementation of transnational integration.
1994, Wanxiang USA was established in Chicago, USA. /kloc-in the past 0/0 years, it has achieved a leap from product going out, to personnel going out, to enterprise going out, and from single product sales to international resource allocation. It has established 30 overseas branches in 8 countries and built an international marketing network covering more than 40 countries and regions. Establish 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 OEM.
1998, the American Scheler suffered serious losses. Wanxiang America's sales have reached $30 million. Wanxiang and American LSB company jointly acquired Scheler, and LSB accepted Scheler's workers and factories; Scheler's brand, technical patents, special equipment and market are all owned by Wanxiang. Scheler became an American subsidiary of Wanxiang, and Wanxiang only paid $420,000 for it. Wanxiang's sales in the US market will increase by at least $5 million every year. The 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 enterprises have spent 20 years from building factories, training employees, promoting products and accepting users.
Fourth, invest heavily in new energy automobile industry.
Wanxiang started the project of polymer lithium-ion power battery in 2002, and successfully acquired Jiaxing Atek Company, introducing the advanced manufacturing technology in the world at that time. After five years' efforts, the 120AH polymer lithium-ion power battery independently developed by Wanxiang successfully passed the performance tests of two designated testing institutions for lithium-ion batteries in the National 863 Program. It has realized the leap from battery monomer technology to battery pack power supply technology, and better solved the battery performance and safety problems that the industry is most worried about. With the characteristics of high safety and high specific energy, it has obtained CE certification and UL certification and started to enter mass production.
On April 27th, 2009, Wanxiang pure electric vehicle and lithium battery production base was laid in Xiaoshan Economic Development Zone, Hangzhou, with an additional investment of 654.38+365 million yuan. It is also the only enterprise in China that has the industrial capacity of key components and powertrain systems of electric vehicles such as batteries, motors and electronic controls. It has an industrial scale with an annual output of 65,438+0,000 pure electric commercial vehicles and 65,438+0 billion WHr lithium-ion battery.
If Wanxiang's main success before the 1990s was the success of industrial operation, then it will be the success of capital operation after entering 2 1 century, and capital operation will further promote industrial operation to achieve greater success.
It may be more important to embark on the road of combining industry with finance than to directly obtain the return of interests. Lu once publicly stated that it is an inevitable choice to take the road of integration of industry and finance after the enterprise develops 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.