In recent days, the A-share market, a piece of home appliances plate 'soared'. On the 21st, the appliance sector hit the highest single-day rise during the year - 3.92%. Appliance sector plate and the recent gains in Hisense, the United States, Konka several large Trading stimulus is not unrelated to the past week, the appliance sector after several ups and downs, heavy news continue, several major giants manufacturers major transactions revealed what kind of industry information and trends?
Black and white have their own generous transactions
Last week, Hisense Electric Co., Ltd. and Toshiba Corporation (hereinafter referred to as "Toshiba") jointly signed the "Equity Transfer Agreement on Toshiba Visual Solutions Corporation" Hisense intends to use its own funds of JPY12,916 billion (approximately RMB798 million) Toshiba holds a 95% stake in TVS, Toshiba reserves a 5% stake in the equity transfer is completed, TVS will become a controlling subsidiary of Hisense and Toshiba Television will receive 40 global brand authorization.
Prior to this, Toshiba White Business has priced about 53.7 billion yen (about 473 million US dollars) transferred to the United States, while the semiconductor business has also been sold.
Just before the official acquisition of Toshiba Toshiba, the news of a piece of home appliances has caused turmoil.Willing Holdings issued a public announcement that the company's largest shareholder Midea International Holdings Co., Ltd. will be the price of 2.06 yuan / share privatization acquisition Welling Holdings, A premium of 30.4% over the last trading day. As Midea Holding already owns 68.63% of Wellington, the remaining 31.37% (or 898mn shares) still needs to cost nearly HK $ 1.85bn.
The news on the first day after it came out, Welling controlling stock price soared to 25% immediately opened, and then once stabilized to 25.95% of the closing, the day the turnover of 3955 shares and turnover of 78.25 million yuan, is the former Nearly 50 times the daily trading day.
Heavy trading ensued, last weekend, Konka has finally disposed of suspense pending headquarters block for many years.Longuang Group to 69.8 billion, a premium of 68% won the 70% stake in Kangqiao Jiacheng Real Estate Investment Co., Ltd. to obtain Konka headquarters development of plots of land .This transfer will bring 6350000000 yuan of Konka investment returns. Prior to this, the controversy on this plot has lasted for 4 years.
Giants 'vertical and horizontal' ambitions
Toshiba acquired Westinghouse Electric for nearly $ 3 billion in 2006 with a market premium of $ 5.4 billion, and began to set foot in the nuclear power industry. The sudden onset of the 2011 Fukushima nuclear leak broke the nuclear power industry instantly and the Japanese government immediately shut down all its nuclear power plants. The world also ushered in a round of nuclear power plant shut-down .Toshiba huge investment in nuclear energy business has been hit hard.
Since then, Toshiba deteriorating, the recent is the sale of assets around in the near future, to avoid being the Japanese government 'market.' The acquisition, Hisense used only about 798 million yuan, while the third quarter of Hisense cash on account of about 21 100 million, which has little effect on Hisense's solvency.
It is worth noting that, although the decline of Toshiba, but its TV sales still have a certain share.WitsView data show that the first three quarters of the global TV shipments of about 146 million units, Hisense TV shipments of about 8.76 million units, ranked fourth in the market Share of about 5.98% (Samsung 20.50%, LG13.25%, TCL 7.06%), Toshiba TV sales in 2016 is still the top three in the Japanese market.
This means that the acquisition of Toshiba will help Hisense to expand overseas market share, which is what Hisense did not have before, but more importantly, the acquisition also bolstered Hisense's product technology.
At present, Toshiba is listing high-end OLED TV products in Japan, Europe, etc. In fact, Toshiba owns the unique OLED Engine Beauty Pro image quality engine technology, as well as the already famous super-resolution technology, but it is not listed in China.
At present, Hisense sponsored the 2018 World Cup, the urgent need for high-end products to attract global attention. Earlier, Hisense main push ULED products, but now the limelight is OLED, Hisense ULED technical director Yang Jia has publicly stated: 'Hisense did not exclude OLED TV technology. 'Thus, the acquisition of Toshiba, in fact, Hisense will enter the fresh blood of OLED technology.
If the acquisition of Hisense is a horizontal expansion, then the privatization of Wellington Holdings is the vertical blessing. Welling Holdings is the leading Chinese home appliance motor business, the main downstream home appliance industry for air conditioners and washing machines, with an annual capacity of more than 220 million units, the main Customers include Whirlpool, Electrolux, Sharp, Siemens, Italy Daixi well-known manufacturers.
Analysis of the industry, Welling Holdings is the upstream business of the United States more than a number of divisions. Welling Holdings has always been the controlling shareholder of the United States, the United States, the controlling stake in the acquisition of Welling holdings, in fact, the Department of the United States stepped up the control of the upper reaches, Not only helped a subsidiary of its subsidiary, but also conducive to the United States and the Group's industrial chain. Prior to this, Geli had hoisted shares Haili to upstream business blessing.
The contribution of mergers and acquisitions to 'profit' is still a problem
In recent years, as China's home appliance manufacturing continues to grow, mergers and acquisitions on the appliance sector and even overseas mergers and acquisitions continue.With the Hisense's idea is similar to the urgent need for restructuring Konka also made it clear will turn diversified investment group.
Konka Group Chairman Liu Fengxi recently said publicly that Konka in the future is no longer just a color TV business company will speed up the diversification and transformation into an investment holding group.One is to expand the new product line, either through M & A or independent research and development or configuration Incubator; the second is to achieve expansion through investment and mergers and acquisitions, Konka to use the platform of listed companies to achieve industry expansion; third is the hope that through the formation of IOT ecosystem through direct investment, Konka will choose some IOT companies for direct investment, equity participation can also be controlled .
Konka Jiacheng equity transfer, it is one of the prelude to Konka embarked on the road.On 21, due to no one transferee, Konka terminated Yingrui Optoelectronics public listing and transfer, and this is also the year Konka planned One of the transfers.
In the Hisense, the United States, Konka's 'generous' operation, the share price of these three companies were varying degrees of rise, while in succession by the large trading stimulus, on the 21st A-share market, the appliance sector hit the highest single-day gains during the year - 3.92%.
However, to stimulate stock prices, profit levels or will become China's home appliance manufacturers in the merger must face problems.
Ping An Securities analysts pointed out that from the profit impact point of view, TVS16 fiscal year loss of 568 million yuan, Hisense 16-year profit of 1.789 billion yuan, simulating 16-year consolidated, will reduce the company's profit of about 30%, if the merger is completed TVS can not Achieving profitability will affect Hisense's profitability.
In the United States after the acquisition of KUKA, although KUKA brought to the United States revenue rose, but in terms of contribution to profits is not yet obvious.However, with the previous Geli stake Holi shares subject to controversy, for the beauty Wellington privatization, but also questioned the claim that 'the United States in the disposal of non-performing assets, only to pull up Welling controlling stock'.
Welling Holding mid-year report shows that 2017, the company's owner profit attributable to more than 343 million Hong Kong dollars, down 16.25%. Earnings and expectations discomfort, pulled down the stock price Welling, and more is the privatization of Wellington After that, we must solve the problem in the long run.