Spring is late, there is still no vegetation in the black land. But in the 160,000-square-meter factory between the provincial government and the Chinese Medicine University, Haliang Group and its strategic investors are hand-picked a hopeful seed – brewing for more than a year. Haliang Group successfully introduced the large-scale central enterprise China General Technology Group yesterday. According to the agreement signed between the municipal government and China General Group, China General Motors Group will purchase some of the shares of Haliang in advance, and then increase its capital and share the shares. It is estimated that the total capital injection within two or three years will not be less than 1 billion yuan. With the various strategic resources provided by China General Motors Group, Harmony will achieve a national brand that will take advantage of the power of capital to go global and have an influence in the international market.
This is considered to be the success of the butterfly transformation, the successful implementation of the “modelful entrepreneurial model that enables employees to share the results of state-owned enterprise reforms – the collective entrepreneurship model†and the “first cross-border M&A and “going out†project in Heilongjiang Provinceâ€. Another major breakthrough in the planning of sprinting world-renowned corporate groups.
1. Multi-win reorganization The two parties in the restructuring are highly strategically aligned, which makes the reorganization of Haliang and China General Group end in a rare win-win result. Nowadays, including the three parties involved in the industry -- the city's industrial asset management company, Haliang Group and China General Motors Group, all the investors who have participated in the past few years have been rewarded.
Wu Xiaoting, deputy general manager of the Industrial Asset Management Company, said that due to the 10% premium in equity transfer, the city’s industrial asset management company, which previously controlled the transfer of 9.37% of the equity, has obtained a certain premium income, and the proceeds from the equity transfer will be used by 33 million yuan. To support the reform and development of other companies.
The reorganized two parties, China General Motors Group and Haliang Group, are undoubtedly the biggest beneficiaries of this restructuring. Yu Mingsheng, chairman of the city's industrial asset management company, said that "reorganization will make Haquan form four major capabilities." The first is the ability to finance. Since China General Motors' capital injection will be used first to deal with non-performing assets, it will enable Haliang to unwind the debt chain and have financing capabilities. Second, the continuous capital injection of China General Motors Group will completely solve the problem of “thinking about the office but no moneyâ€, so that Harbin has the ability to integrate domestic peers. Third, relying on China GM's huge overseas network, Harbin can form an overseas expansion capability. Fourth, a large number of institutions of China General Motors Group can also provide scientific and technological support for independent innovation. The formation of the four major capabilities has enabled Harbin to leap directly from the “domestic boss†to the platform for sprinting the goal of “world-renowned companiesâ€. For China General Motors, this restructuring has also taken a step forward in strategic adjustment, further extending the industrial chain and value chain.
In less than four years, 71.10 million yuan of employee shares have been capital gains. Due to the shrinking of bank debts and the debts of financial assets companies, the net assets of Harbin have increased after the debt repurchase, and the stocks of employees have risen, which can also increase the value. If the listing is successful, employees can regain profit from the employee stock replacement process.
2. With the generic "half-life"
Although it is rarely known to the Ice City people, and often mistakenly thought to have inextricably linked with the United States, but China General Technology Group and Harbin, and Harbin have a deep "love."
Relevant information shows that China General Technology Group was founded in 1998 by six foreign trade and economic enterprises including China National Technology Import and Export Corporation. As one of the 55 key enterprises directly managed by the central government, the group is active in China's economic field. It is the main channel for China to introduce foreign advanced technology and equipment, and the main force for exporting mechanical and electrical products, complete sets of equipment and foreign contracted projects.
The 146 complete sets of equipment that laid the foundation for the industrialization of the Republic - the Soviet Union's aid to build China's 156 complete sets of equipment projects, were also introduced by the China National Technical Import Corporation. Harbin’s “Three Powersâ€, “Top Ten Military Industry†and Haliang Group, the relationship with China General Group can be traced back to this. As the largest major technical equipment and advanced technology introduction service provider in China, in 2005, Hazai merged and reorganized German Kaishi Company, which was also helped by the Demas company in Europe. The extent to which both sides know each other and know each other can be seen.
For China General Motors, the driving force behind its leadership is its own transformation strategy. In September 2007, China General Motors Group, which has a foreign trade and economic background without an industrial background, has determined its policy of “promoting the transformation of advanced equipment manufacturers and trade integration service providers in the R&D and design consultancy industryâ€. Manufacturing is ranked as the top four of the Group's business.
The development strategy of Harmony begins with the need for this transformation. At the beginning of 2008, the two sides began to have the willingness to cooperate. In May of that year, China General Motors Group submitted a report to the municipal government on the joint restructuring of Haliang. Subsequently, the leaders of the municipal party committee and the municipal government specifically instructed the report to support this strategic restructuring work. After China General Group and the municipal government, the Municipal State-owned Assets Supervision and Administration Commission, and the industrial asset management company repeatedly negotiated, in January 2009, the municipal party committee secretary Du Yuxin and the mayor Zhang Xiaolian led a delegation to Beijing to discuss and form a framework agreement.
From the outside world's view, China General Motors Group's acquisition of this volume is another major step in continuing to improve its "advanced manufacturing" sector.
3. Progressive change Corporate restructuring has always been a two-way choice. In the view of Chairman Wei Hualiang, "Without the development of the past few years, it is impossible to talk about the strategic restructuring of China General Group and Harbin."
In fact, after thoroughly cleaning up the house in the early stage and clarifying the people, finances and things that have been entangled in the enterprise for decades, since 2005, Haquan has entered a new stage of development. The company has carried out a series of reforms and explorations and made important progress in the merger and acquisition of Germany's Kaishi Company and the implementation of the “state-owned holdings and employee shareholdings†mixed ownership system.
“Collective entrepreneurship†has released vitality, and the reform results have benefited 3,000 workers. At the beginning of 2005, on the basis of the “original†restructuring plan of the Harbin amount, after the municipal party committee and the municipal government considered the interests among them, the “collective entrepreneurship†model that can reward employees was finally determined. According to the design of the plan, Haliang adopts a mixed ownership model of “state-owned holdings and employee participationâ€. The employee shares account for 44.13% of the total share capital and the state-owned shares are reduced to 55.87%. After the restructuring, the vast majority of employees became shareholders and started their business in the original business with unprecedented enthusiasm. Since then, as employees have repaid the bank loans and the original corporate land as a major asset, the employee shares and state-owned shares have been further consolidated.
High-speed integration of cross-border mergers and acquisitions, industrial interactions have won synergies. In May of the same year, with the full support of the state and provincial governments, Haliang Group successfully acquired the German Kaishi company with high-end manufacturing technology. In the following three years, with the contractual total value of 9.5 million euros in Heilongjiang Province, the first cross-border M&A and “going out†project began to operate, Kai Lion not only became the estuary of understanding and going to the world market, but also became the amount of Europe's exchange base, technology and management windows, and access to the world market.
The gradual change of “never satisfied†has made the old-fashioned state-owned enterprises in this industry have entered the fastest growing period in history, and has broken the “energy†of capital gains and operational efficiency. Undoubtedly, this provides an excellent foundation for attracting strategic investors.
4. Take the road of high-end development When the signing of the contract is calm, the new development blueprint of the Haliang Group will gradually spread out -
According to the agreement, China General Group will build a channel for Harbin to enter the capital market. Of course, "If the backdoor is successful, within a few years or less, the amount will be boosted and listed separately." A person involved in the restructuring revealed to reporters.
"In the next few years, Haliang will take the road of high-end development," said Lu Hongxiang, deputy general manager of Haliang. "At the same time, consolidate and improve mid-end products and further increase the market share of traditional low-end products. By the end of the '13th Five-Year Plan', The Group's total sales revenue will be several times higher than now.†Around this goal, Harmony will give priority to the development of precision measuring instruments, CNC tools, CNC machine tools and functional components, and on the other hand, some products for market demand and filling domestic gaps. Advanced technology will be obtained by means of introduction or mergers and acquisitions.
However, it is unthinkable to bury a few times in the existing factory area of ​​Harbin. Therefore, by relying on China General Motors Group, Haliang will force mergers and acquisitions, focus on integrating the same industry enterprises and upstream and downstream industries, and expand the business to the upstream and downstream industrial chain to form an industrial chain. Just recently, the merger and acquisition of a German tool magazine manufacturer, which was helped by China General Motors Group, has been fully launched. In addition, Harmony will also integrate the international sales channels of the cutting tool products to build a platform for greatly increasing the international market share of the cutting tool products.
Yu Mingsheng, chairman of the Industrial Asset Management Corporation of the city, said that after the reforms in the past few years, many state-owned enterprises in Harbin have solved the problems of employee survivability and debt burden, but the development foundation is still incomplete. Very fragile, including Harbin, a tool, heavy, transformer factory, engineering machinery factory and many other enterprises, need to carry out the "development" as the core of the second and third restructuring.
How to highlight the reorganization of factors and promote the reorganization of enterprises at a higher level? How to make good capital gather in advantageous backbone enterprises and further enhance the industrial energy level of advantageous enterprises? On these issues, the gradual reorganization of the path provides a good reference for many companies that are still struggling to solve on the second step of the restructuring.
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