At 10 o'clock on the morning of June 29, Henan Xinfei Electric Appliance Co., Ltd., Henan Xinfei Household Appliances Co., Ltd. and Henan Xinfei Refrigeration Appliance Co., Ltd. (hereinafter referred to as Xinfei) 100% equity at the end of the Taobao auction, Konka with 455 million yuan Successfully won the 100% stake in Xinfei and became a new investor in Xinfei.
The advertisement of 'Xinfei Advertising is not as good as Xinfei Refrigerator' has made the name 'Xinfei' a household name. Now, the king of the former refrigerator has crashed down. However, whether Konka’s takeover means this old days Home appliances are prosperous, and we will wait and see.
Konka 455 million take-up
At 10:00 on June 28, Xinfei was publicly auctioned on Taobao's judicial auction network platform. The auction auction price was 450 million yuan, and the auction period was 24 hours. The auction attracted more than 50,000 people. In addition, the new flight Part of the land under the name of the appliance, real estate and construction will start auction on July 5, starting at 115 million yuan.
The auction page shows that the auction target is 100% equity of Henan Xinfei Electric Appliance Co., Ltd., Henan Xinfei Household Appliances Co., Ltd. and Henan Xinfei Refrigeration Appliance Co., Ltd. Among them, the assets corresponding to 100% equity of Henan Xinfei Electric Appliance Co., Ltd. are 90 trademarks, 293 patents, 4 copyrights, 4 domain names and the right to use the purchased software (including the carrier corresponding to the software); Henan Xinfei Household Appliances Co., Ltd., Henan Xinfei Refrigeration Appliance Co., Ltd. 100% equity The assets are all low-value consumables (office supplies), houses, land, machinery, electronic equipment and molds under their name.
It is understood that there are two companies registered for this judicial auction. One company bidding for X5091 bids 450 million yuan at 10 am on the 28th, and another company bidding for F8731 is increasing at 9:50 am on the 29th. 5 million yuan, and finally won a 100% stake in Xinfei Company for 455 million yuan.
The company bidding for F8731 is Anhui Kangjia Electrical Technology Co., Ltd. According to Tianxue data, the company was registered on June 12, 2018, the major shareholder Anhui Konka Tongchuang Electric Co., Ltd. (hereinafter referred to as 'Kangjia Tongchuang Company') Holding 51% of the shares, Zhangzhou Hanshang Electric Co., Ltd. holds 49% of the shares. Among them, Konka Tongchuang is a wholly-owned subsidiary of Konka Group with a registered capital of RMB 270 million, which is mainly responsible for the production and sales of refrigerators of Konka Group. , washing machine and other household appliances business. It is reported that another participating company is the old-fashioned refrigeration appliance company Guangzhou Wanbao Group.
Why is Konka?
Although the new flight has been declining, its asset auction has attracted the attention of many related home appliance companies. In addition to Wanbao, before the Gome, Omar and other rumors have intentionally take over the new flight.
Why did Konka shoot, what does it look like?
Konka Group, said that although in recent years due to various reasons Xinfei into development difficulties, but the new flying refrigerator in R & D capabilities and complete product line degree large volume, air-cooled, inverter and other high-end products are at the advanced level, the new flight freezer R & D and manufacturing capabilities are also very competitive. and fly complete new product line, industry, high brand awareness, market share of the industry in 2017 ranked No. 6, brand value, R & D capabilities, production equipment, personnel and so on is in rapid The development of Konka white electricity has greater appeal.
Konka Group also stated that after the acquisition of Xinfei Company, it will be able to form a production capacity synergy with its own white power business, brand collaboration and product synergy, which will help Konka Group's white-power business to grow bigger and stronger.
As a subsidiary of the central enterprise OCT Group, Konka has shown a momentum of leap-forward development in recent years. On May 21 this year, Konka Group held a strategy for transformation and upgrading strategy. Zhou Bin, president of Konka Group, announced at the meeting that Konka will transform into a future Platform-driven companies driven by technological innovation, on the one hand, focus on smart homes, upgrade existing business models, and on the other hand, transform strategically emerging industries to create new industry circuits, and build 100 billion yuan in 2022.
At present, the main business of Konka Group includes multimedia business, supply chain management business, white electricity business, mobile phone business, etc. Konka Group realized a total operating income of 31.228 billion yuan in 2017, achieving a net profit of 5.057 billion yuan belonging to shareholders of listed companies, among which white electricity business Revenue was 1.737 billion yuan, accounting for 5.56%.
It is worth mentioning that the market also responded to the success of Konka's bidding. As of the close of the 29th, the share price of Shenzhen Konka A rose 8.47% to close at 5.25 yuan, the best performance in the household appliances sector.
Xinfei this life
Xinfei Electric has been praised as one of the 'four golden flowers' in China's refrigerator industry (Xinfei, Haier, Rongsheng and Meiling). In the 1990s, Xinfei Refrigerator was brilliant, product market sales and brand reputation were only second. In Haier, the market share has long occupied the top three. 'Xinfei advertising is doing well, not as good as the new flying refrigerator.' A sing in the north and south. In fact, the new flight from development to desolate, the whole process is also the epitome of the development of the home appliance industry.
Next, the fund tried to restore the life of the new flight in the form of time series.
Xinfei was formerly a small local military enterprise founded in 1958 - Xinxiang Radio Equipment Factory.
In 1983, Liu Bingyin took over as the director of the factory. In order to survive in the predicament, he finally chose the white household appliances project as the road to transformation.
In 1984, the first phase of the Xinxiang Refrigerator Factory broke ground and the new flight was officially born.
From 1986 to 1996, Xinfei entered a period of rapid development. Xinfei brand refrigerators gradually became China's recognized brand-name products. In the mid-1990s, Xinfei built the first production line of 600,000 double green fluorine-free refrigerators in the country. The home appliance industry took the lead in launching the 'green concept', which promoted the industrialization process of China's refrigerator industry without CFC replacement technology and became China's largest green refrigerator production base.
The picture below shows that in 1990, Liu Bing carried out the quality rectification of all the staff and roared the unqualified refrigerator.
In 1996, Xinfei Electric became one of the "three strongest" in the same industry in the country, achieving a historic turning point, and juxtaposed with the Haier, Rongsheng and Meiling in the "four golden flowers" of the Chinese refrigerator industry.
In 2002, the total production and sales of Xinfei Refrigerator jumped to the top two in the Chinese refrigerator industry. After deducting export factors, only the domestic market share was as high as 18.88%.
It is worth mentioning that in 1994, China was in the midst of a wave of investment promotion. Under the leadership of local governments, Singaporean company Hong Leong Asia entered the new flight, Xinfei completed the shareholding system transformation, and Xinfei Group was established. Xinxiang City, 2005. After the government transferred 39% of the state-owned shares held by Xinfei Electric to Hong Leong, the latter held 90% of the shares and became a decision maker. However, strong international capital combined with excellent domestic brands did not allow new flights. Achieving a leap, but the performance quickly turned down.
Perhaps because Hong Leong Group is a real estate and hospitality tycoon, there is no experience in home appliance management, and there is little understanding of the Chinese home appliance market, which has caused Xinfei to miss the opportunity of diversified development several times. Especially after the holding of the new flight, management The conflict with the major shareholders has intensified, and the new high-rise electrical appliances have been frequently replaced. The local team has left a lot, and the new flight has begun to decline.
According to statistics, the market share of Xinfei Refrigerator ranked third in the country at the end of 2005. After 2008, Xinfei Electric Appliances withdrew from the first camp of the home appliance industry. After 2010, it slipped to the sixth place with a market share of only 6.27. %, listed in Haier, Rongsheng, Meiling, Midea, after Siemens.
Especially after 2011, after the government subsidies were abolished, the company's revenue began to grow negatively, and its performance turned from profit to loss. Internal documents show that in 2011, Xinfei Electric lost about 200 million yuan, and continued to lose 180 million yuan in the first half of 2012. .
Since the salary has not risen in the past 10 years, at the end of 2012, Xinfei Refrigerator broke out of the whole factory strike, and the contradiction between workers and management quickly intensified.
Unexpectedly, due to the break of the capital chain, it is unable to pay off the debts due, and the assets are not enough to pay off all the debts. On October 30, 2017, Xinfei applied to the Xinxiang Intermediate People's Court for reorganization. November 9, 2017 On the day, Xinxiang Intermediate People’s Court ruled that Xinfei Electric Appliances, Xinfei Household Appliances and Xinfei Refrigeration Appliances were applied for reorganization.
On January 4, 2018, Xinxiang Intermediate People's Court ruled that Xinfei Company was merged and reorganized. However, the merger and reorganization decision was issued less than 40 days. On February 8, Xinfei Company announced the news of the return of work.
But two months later, Hong Leong Asia announced a notice to announce the withdrawal of funds from Xinfei. For reasons of divestment, Hong Leong Asia said in its announcement on April 13 that Xinfei has been losing money since 2011, given the Chinese refrigerators and freezers. The overall overcapacity and competition in the household appliance industry have intensified. In recent years, its performance has also deteriorated repeatedly, causing the financial performance of Xinfei Company to be adversely affected.
On May 18, 2018, Xinfei Company held a second meeting of creditors in the merger and reorganization case. The meeting passed the reorganization plan of Xinfei Home Appliances, Xinfei Electric Appliances, and Xinfei Refrigeration Appliances.
According to the reorganization plan, the original shareholders' equity of Xinfei Company will be fully adjusted and will be transferred to the appropriate restructuring investors in the form of auction. Xinfei Company will maintain the legal entity qualification, and the appropriate investors will hold Xinfei Company. 100% equity; the equity auction consideration will be used to settle the 8 pending items such as the debt of Xinfei Company.
According to public information, there are 840 creditors of Xinfei, and the amount of credits is as high as 2.295 billion yuan. However, it is understood that the subject matter of this auction does not contain the debt of Xinfei, and the issue of related debts is handled by Xinfei Bankruptcy Reorganization Manager. .