Xiamen Overseas Chinese Electronics Co., Ltd. had a place in the domestic color TV sets, computers, mobile phones and other fields. Although its color TV sets are not strong domestic brands, they have repeatedly taken the lead in domestic product development.
However, in the fierce market environment, the veteran home appliance business has finally withdrawn from the ranks of competitors.
As the company's equity changed hands, the company's assets plummeted from billions of dollars to tens of millions today.
In recent years, new shareholders have been trying to seek reorganization for the company, but both are free from illness and eventually become empty shells.
Recently, the company is brewing a reorganization of up to 1.6 billion consideration, the outside world still think this reorganization of disaster fortune.
TV business losses can not stand up
In China's color TV industry, 'Xoceco' had its own place.
Zebra consumption found that in the domestic television counterparts, Xiamen Overseas Chinese Electronics Co., Ltd. (hereinafter referred to as 'Xiamen Hua Electronics') time to market only later than Sichuan Changhong.
The company is located in the forefront of China's economic opening up to Xiamen, as early as the 90s of the last century, Xiamen Overseas Electronic Standard on the subject of China's economic development context.While doing color TV at the same time, had in the computer (display) and mobile phone business earlier layout .
According to the current buzzwords of the Internet, it can also be regarded as a step on the tuyere of those people.
2000, the company has basically completed the color TV, mobile communications, computer three pillar industries.More commendable is that in three industries, Xiamen Overseas Chinese Electronics have done some influence.
That year, Xoceco ranked sixth in the domestic market share of the market; only in 1998 began to set foot in the mobile phone business, but also the rapid development in 2000 Xoceco brand mobile phones in the domestic GSM mobile phone market ranked No. 2; color computer monitor Domestic brands ranked No. 1; color TV and computer exports are located in the country's first.
Let's take a look at the business performance of Xiamen Overseas Chinese Electronic Co., Ltd. After the listing of the company in 1995, the development can not be made by leaps and bounds, and it can be said that the business income has risen steadily from 860 million in 1995 to 2.84 billion in 1999. Net profit increased from 39 million To 89000000. Not a particularly profitable business, small days can always be good.
This should be the best 5 years Xoceco Electronics.
After entering 2000, the company's business layout has taken shape, facing the face of a fiercely competitive domestic market.
In this year's annual report, the company also frankly acknowledged the management team's mistakes: In order to expand market share as soon as possible and enhance corporate efficiency, the company built many branches and sales outlets throughout the country, but the color TV, mobile phones and other products continue Price cuts, gross profit margins continue to decline, the marginal benefit tends to zero, expanding sales margins basically offset by transaction costs.
This year, Xiamen Overseas Chinese Electronics finally ushered in the first loss-making year, net loss of nearly 300 million yuan loss, the first five years to make money lost to go.
In 2001, the vicious price cut of domestic audio-visual and communications products was competing and many products even showed zero gross profit.
Urgent adjustment of the company, no longer blind pursuit of market share and rankings. Accelerate the development of high-end products, and improve the company's production and sales deposit model.At the same year, the company's high-end TV products to achieve domestic rankings, or failed to restore the huge losses 290 million bad luck.
In 2002, the company and Lenovo set up a joint venture of mobile communications to gradually divest the mobile phone business.
Vicious competition spread to all enterprises in the industry.Zebra consumption access to Sichuan Changhong, TCL Group, Shenzhen Konka A, Hisense Electric and so on, these two companies almost without exception, the performance has shown a significant decline or even loss.
With Amoi in Xiamen, the development path is exactly the same with Xiamen Overseas Chinese Electronics, as early as 2009 Xiangyu shares backdoor.
Repeatedly many times, frequently reorganized
Nothing is done
At the end of 2005, Xoceco, the former controlling shareholder of Xoceco Electronics, transferred its equity interest to Hua Ying Wujiang and other companies, and Hua Ying Wujiang became the controlling shareholder of Xoceco Electronics Co., Ltd. Behind Huaying Wujiang is the world famous panel and CRT maker Chunghwa Picture Tubes .
In theory, Wu Ying Wu Hua's entry, allowing the company through the TV industry upstream and downstream industry chain, the core components of the procurement, supply more advantages.
However, after Hua Wu took over Xoceco Electronics in Hua Ying, the company once again fell into the abyss of irretrievable.
From 2006 to 2008, the company suffered a huge loss for three consecutive years with losses of 520 million, 390 million and 1.0 billion respectively, and the company was suspended from listing.
It is also a huge loss in 2008, Prima launched the first naked eye 3D TV, the first uncompressed HD wireless flat-panel TV.
Under the unfavorable situation of the stock being suspended from listing, shareholders finally managed to get the company through a variety of ways, including extending the time limit, providing entrusted loans and interest-free borrowing.
In 2009, the company achieved a dramatic turnaround, with a loss of 1 billion yuan from the previous year and a net profit of 100 million yuan. It also created the best performance of the company since listing.
At that time, the domestic color TV market competition more intense, Epworth's performance suddenly surged, it seems more like a back in the future.
In 2011 and 2012, the company deducted non-net profit losses for two consecutive years, the company seems very difficult to have a future in the color TV. Hisense, Skyworth, TCL has firmly occupy the domestic color TV market, the first echelon of music as Representatives of the new forces also began to quietly layout in the field of Internet TV.
Hua Ying Wujiang had brewing the company's restructuring, and ultimately because of key cooperation conditions failed to reach consensus and abortion.
At the end of 2013, most of the equity interests held by Hua Ying Wujiang were transferred to Xiamen Xinhui and parties acting in concert with it, which is the second change of hands of Xoceco Electronics Holdings Co., Ltd. In the same year, the company suffered a loss of more than 500 million yuan.
Through the stripping of assets, liabilities and personnel, Xiamen Overseas Chinese Electronics Co., Ltd. has only one shell left. Xiamen Xinhui needs to realize the continuous development of the company through asset restructuring.
In 2014, the company completely stopped its color TV business and lost another 230 million yuan a year, warning it again.
In recent years, the company has been seeking reorganization of the subject.Only in 2015, the surname of the reorganization of the object up to 3. They are the fire industry in the game industry, the mutual wealth industry, and third-party payment Apple Information. All without exception, all abortion.
In 2016, the company re-brewing again, this time the target is to engage in big data of the Union baton, the transaction price of 1.8 billion.
This time seems to be more secure, and plans have been announced what eventually failed because of changes in the market environment and the transformation of the underlying business model.
Toward the end of last year, this year, Xoceco again seek reorganization plans to 1.6 billion acquisition of 61.67% stake in Fuguang, the company restructuring optical lenses and optical components.
The reorganization of specialized households in the New Year re-created the widespread concern of the media and regulators, do not know if it is a blessing or a curse.
50 million assets strong support market value of 3.9 billion
Xiamen Overseas Chinese Electronics has had a glorious history, it is China's first plasma TV maker; the first transition flat-panel TV.
Listed on the market more than 20 years, almost few years of life, has been wearing a hat, hat and shell hatred. The worst 2011, 2011, the company's total assets of 1.6 billion yuan, total liabilities of 2.48 billion yuan, a serious shortage of capital Debt.
After stripping its color TV business in 2014, Xoceco supported the trade in electronic products and deducted a non-net profit of 3.3 million in 2015, reluctantly securing the shell.
The company suffered another loss of 5.1 million in 2016. In the first three quarters of 2017, the company's main business income dropped to 354 million with a net loss of 5.47 million.
In 2013, after the stripping of color TV assets, the total assets of the company dropped to about 50 million and the net assets were less than 5 million in 2014. By the end of the third quarter of 2017, the company's total assets were 52.29 million with net assets of 8.79 million.
Zebra Consumer Review Xoceco earnings growth over the years, the heyday of the company employees up to 7,000 people, by the end of 2016 the company's staff number only 20 people.
It is such an assetless, business-no-company before the suspension of the company's total market capitalization is still as high as 3.9 billion.