Recently, Tongfang Youyou Holdings Co., Ltd. (hereinafter referred to as “Tongfang Youyouâ€) ushered in a new helm. The former chairman Lu Zhicheng retired due to age. The company issued a notice to appoint Fan Xin, the president of Tongfang, as the director of Tongfang Youyou. And the chairman of the board.
Tongfang Youyou, formerly known as China's lighting overlord "Zhen Mingli", in August 2014, Tongfang Co., Ltd. (formerly known as Tsinghua Tongfang Co., Ltd., hereinafter referred to as "Tongfang Shares") subscribed for the 1 billion new shares issued by Zhen Mingli, accounting for its issuance. After 51.6% of the shares, Zheng Mingli became the controlling shareholder. In December of the same year, Zhen Mingli Holdings Co., Ltd. was renamed Tongfang Youyou Holdings Co., Ltd. Since then, the industry has also paid close attention to the specific direction of the lighting hegemony after entering the same party. Therefore, this change coach, Tongfang Youyou ushered in the new helmsman, Fan Xin can continue the original good state, break the bottleneck, and achieve greater breakthroughs, but also received much attention.
Looking back at the development of Tongfang's shares, as the holding company of Tsinghua University, the impression brought to the industry is also very intuitive, that is, a high-tech hatchery, which brings the most competitive research results in China to the market. Up to now, Tongfang has more than 50 holding or shareholding subsidiaries, and has hatched and cultivated 12 major industrial clusters such as computers, digital cities, Internet of Things applications, microelectronics and radio frequency technology, multimedia, semiconductors and lighting. Tongfang Youyou has five listed companies. Under the leadership of Lu Zhicheng for nearly 18 years, Tongfang’s shares have grown from germination to growth, from grinding to transformation, and have now won over 30 billion yuan in total assets, more than 20 billion yuan in operating income, and more than 2,000 patents and software copyrights. The show is eye-catching. In particular, Tongfang Computer, as one of the two major PC manufacturers in China, has consistently ranked among the top three in the country and the top ten in the world with outstanding achievements. Today, the brand value of Tongfang shares is nearly 90 billion yuan, ranking among the top 500 brands in the world. He has undoubtedly become a highly respected figure in the Chinese IT industry.
However, the professor who used his own research funds to start a business in 1989 was very self-effacing. He scored only 60.5 points when he scored his helm career because he believed: "The same party has good appeals and visions for so many years. It is also true that this is the way to go, but because of the weakness of the so-called intellectuals, things are not strong enough, the strength is not big enough, the hand is not enough, and the execution is not strong enough."
Let's take a look at the layout of this technology industry's old brand in the LED industry. Before holding Zhenmingli, since 2006, Tongfang has owned a substrate (Tongfang Guoxin), epitaxial chip (Nantong Tongfang Semiconductor), display backlight (Shenzhen Tongfang Optoelectronics), and lighting engineering (Tongfang Optoelectronic Environment) in the LED field. Other industries, together with the lighting overlord Zhen Mingli, have built a more complete industrial chain in the LED field, greatly enhancing the competitive advantage. However, the data shows that the financial situation itself is not optimistic, after the real Ming Li, the annual results for the nine months ended last year, turnover of 558 million yuan (RMB, the same below), a loss of 196 million yuan. However, according to the 2015 mid-year report, as of the end of June, the medium-term loss turned into a profit, and the loss in the middle of last year was 156 million yuan. In the middle of this year, the net profit finally reached 3.379 million yuan, and the situation began to improve. However, the effect of 1+1>2 has not been achieved.
Lu Zhicheng is Fan Xin’s leader for many years and is a teacher. In Lu Zhicheng's eyes, Fan Xin is one of his many students with a Tsinghua style. "He is a very practical person, very rational, diligent, rigorous and careful."
According to Liu Wei, the vice president of the Tongfang Lighting Industry Group, who has been a colleague of both of them for many years, they have a lot of commonalities: "The strong intellectual property industry's intellectual feelings, the overall situation and the details of the thinking habits, perseverance Pulling down the calm character."
So now, Tongfang Youyou officially entered the Fan Xin era from the Lu Zhicheng era. What changes will be made in the hands of the new helm? What tactics will Fan Xin take to achieve further breakthroughs? What is the current status of the LED industry in Tongfang? What is the future development thinking and strategic layout?
Recently, the author went to Hong Kong to have a face-to-face in-depth exchange with Mr. Fan Xin, Chairman of the Board of Friends of Tongfang, and Mr. Xie Hanliang, President and CEO.
"We never thought that after acquiring a company that was on the verge of loss or serious problems, it would be better to go to the same party next year, and it would be better in the next year. No one is a god, because the problem is left, not formed in a day or two. Question.†When asked if the owner of Mingli is a success in the operation of many capitals of Tongfang’s shares, Fan Xin did not simply give the answer “yes†or “noâ€, but he has a soft tone. It also strongly pointed out the universal problems in the entire M&A industry.
“M&A is easy to say, but it’s not easy. It’s not easy in the Chinese market, but it’s the same worldwide. For example, HP has annexed Compaq, and after Lenovo’s annexation of IBM, the time required for successful integration is time.†With the rich experience of successful mergers and acquisitions, Fan Xin still unthinking the difficulties of mergers and acquisitions and mergers after mergers and acquisitions.
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