An announcement once again allowed Gree's father-son dispute to surface.
Recently, Changyuan Group announced that Gree Group intends to initiate a partial offer to all shareholders of the company. This tender offer does not aim to terminate the listing status of the company.
However, Gree Group, a listed company of Gree Group, quickly responded and made clear relations with the matter. Its director secrets stated outwardly that: '(this acquisition) is a group-level action and has nothing to do with the listed company.'
An insider of the Gree Securities Department told the reporter of the Securities Daily: 'This acquisition was also announced through an announcement. The whole thing was operated by the Gree Group and we did not participate.'
However, it is worth noting that the Gree Group’s fancy Changyuan Group has been expanding in the field of intelligent electric vehicle manufacturing in recent years. This is the main direction of Gree’s current expansion and is one of its diversified key layouts.
Industry insiders believe that: 'Gree Group, if it holds the shares of Changyuan Group, may be interested in new energy and smart equipment business. The new areas that Gree Group will enter will completely coincide with the areas of its new subsidiaries.'
If Gree Group wants to get involved in new energy vehicles, why not put it in Gree Electric Appliances that have already been laid out in these fields? Why did Gree Electric Co., Ltd. know that Gree Electric had already carried out these businesses and would like to enter this field? Gree Group to Changyuan Group Involvement, is intentional control is still only equity, whether it will lead to changes in Changyuan Group's controlling rights? For Gree Group's action, speculation from outside speculation.
Why is it a new energy vehicle?
The Gree Group saw the Long Park Group, under which there are electric car-related materials, equipment and smart grid intelligent plant equipment three business segments. 2017, Changyuan Group achieved main business income of 7.36 billion yuan, of which, three The large business sector accounted for 27.67%, 33.02% and 39.31%, respectively.
According to the statistics, there are four subsidiaries of the Changyuan Group involved in the electric vehicle related materials business. The main products include lithium-ion battery electrolyte additives, lithium-ion battery wet diaphragm products, etc.; its subsidiary Changyuan Shenrui The products cover electric vehicle charging systems, electric vehicle charging piles and energy storage systems.
Household appliance industry observer Liu Buchen believes: 'Although this acquisition, Gree Group did not fully indicate whether it would hold Changyuan Group, but is likely to rely on the tender offer layout of the new energy automotive industry chain.'
According to public information, Gree Group has a total of three business segments: electrical industry, industrial and real estate.
Gree Real Estate, the original platform for Gree Group’s real estate business, was stripped away by Gree Group several years ago. At present, Gree Group has only electrical industry, a small part of industry and tourism.
According to statistics, Gree Group’s revenue was approximately 150 billion yuan last year, and Gree Electric Appliances’ revenue was 148.2 billion yuan. That is to say, Gree Electric Appliances contributed most of the revenue to Gree Group.
'In addition to Gree Electric Appliances, the Gree Group is basically a holding company with no substantial business, but it also needs to start new businesses quickly and reduce its reliance on Gree Electric Appliances.' A person close to the Gree Group disclosed.
At the same time, the information provided by the Changyuan Group also revealed Gree Group’s interest in the new energy business. Changhua Group Chief Executive Officer Ni Zhaohua stated that Gree Group’s offer to acquire Changyuan Group is due to the optimistic view of the company’s three business segments. Whether the two parties will jointly join the automotive industry chain, it did not respond positively.
A new round of competition?
In fact, in recent years, Gree Electric Co., Ltd., a subsidiary of Gree Group, has also been vigorously deploying automotive air-conditioning, energy storage equipment and other related products in the new energy automotive industry chain.
Gree previously intended to acquire Zhuhai Yinlong, but it did not end. However, it still signed a big order with Zhuhai Yinlong and entered the field of new energy vehicles together. Gree Electric Chairman Dong Mingzhu also invested Zhuhai Silver in its own pocket. Long.
It is reported that Zhuhai Yinlong's main business is based on lithium battery materials, expanding to lithium batteries, electric vehicle powertrain, vehicle manufacturing, and research and development, production, and sales of smart grid energy storage systems.
Although Gree Electric Co., Ltd. expressed that the acquisition is a group-level operation, it has nothing to do with Gree Electric. However, Gree Group’s fancy with the Changyuan Group’s business has almost overlapped with Gree’s layout in the new business area in the past few years. .
The new areas that Gree Group intends to enter into are completely coincident with the new layout of its subsidiaries. The parent company and its subsidiaries are doing the same thing, which may trigger a new round of parent-child disputes. If Gree Group acquires Changyuan Group Success, or even holding it, then it will also lead to peer competition. ' Liu Buchen thinks.
Industry insiders speculated that the Gree Group's acquisition of Changyuan Group was significant, or related to its control over Gree Electric Appliances, and also related to the upcoming new round of elections of Gree Electric Appliances.
Already quietly deployed?
At present, Gree Electric also ushered in a crucial period in the adjustment of the personnel structure. The current board of directors of Gree Electric Appliances will expire at the end of this month. Whether the board members will usher in a round of adjustment and whether Dong Mingzhu can serve as chairman of Gree Electric Appliances again. All lead to hot debate in the industry.
However, in recent years, Gree Group has performed frequent human activities or sent some signals. In October 2016, 63-year-old Dong Mingzhu was removed from Gree Group's chairmanship, president, and legal representative positions, and was held by Jinwan District of Zhuhai City. Deputy District Chief, Zhou Lewei, deputy director of the Administrative Committee of Aviation Industry Park, took over. In August 2017, the Zhuhai Municipal Committee established the first party organization at Gree Electric Appliances and appointed Deputy Director of the Bureau of Science and Technology and Industry Informationization. Li Xupeng, member of the Party Group, served as Deputy Party Committee of Zhuhai Gree Group. Secretary, Gree Electric Party Secretary. This series of actions was interpreted by the outside world as Zhuhai City is strengthening its control over Gree Electric Appliances.
At the same time, it is worth noting that in the 2017 annual report that Gree Electric just released, the position of CEO Huang Hui has become the executive vice president, which has caused a lot of speculation. In August last year, under the nomination of Dong Mingzhu, Huang Hui was promoted to executive director by the executive vice president. At the same time, he is also a director of Gree Electric, chief engineer, and is regarded by the industry as the successor of Dong Mingzhu.
However, according to the above, close to the Gree Group sources, 'currently, Dong Mingzhu is likely to be the chairman of Gree Electric Appliances. This means that this time Gree Electric's reelection, Zhou Lewei still has no chance. And Gree Group needs to be as soon as possible We have made achievements in Gree's new business that has not yet achieved results, establishing Zhou Lewei's influence.