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Dong Mingzhu's "Tale of Two Cities": Gree's "Core" and Silver Trouble

via:博客园     time:2019/1/5 11:32:55     readed:330

“This is the best era and the worst. & rdquo; Dong Mingzhu's experience in 2018, as the famous saying in Dickens's "Tale of Two Cities" is generally ups and downs. Zhuhai Gree Electric Appliance Co., Ltd. (hereinafter referred to as “Gree Electric Appliance”, 000651.SZ) and Zhuhai Yinlong New Energy Co., Ltd. (hereinafter referred to as “Yinlong New Energy”) are more like connected by Dong Mingzhu. The two cities are separate.

Among them, Dong Mingzhu was re-elected as chairman of Gree Electric Appliances. After nearly half a year of extension, he finally reopened the sequel in recent days. On January 2, 2019, Gree Electric announced the list of candidates for the new directors and supervisors. On the list, the election of Dong Mingzhu as a non-independent director of the new board of directors is already on the list. In other words, Dong Mingzhu’s re-election as chairman of Gree Electric has no suspense.

During the two sessions of the National Association in 2018, Dong Mingzhu said in an interview with the reporter of China Business News that “if I can hand over the class, I believe that Gree will operate better.” If the company can't operate better, I will never hand over. ”

It seems that for a long time in the future, Dong Mingzhu and Gree will still be deeply bound. However, the Gree under the leadership of Dong Mingzhu is not the same. From the traditional home appliance manufacturers to the smart equipment, smart home appliances, integrated circuits and other areas to upgrade and expand, Gree's business transformation is still full of unknowns.

Gree & ldquo; core & rdquo; things

The board of directors of Gree Electric Appliances has been delayed for nearly half a year, and the road to the re-election of Dong Mingzhu’s chairman has been divergent. However, the vigorous and vigorous Dong Mingzhu has always demonstrated his leadership in Gree Electric with practical actions.

In April 2018, after Gree Electric intercepted dividends and launched an attack on the integrated circuit field, Gree's "Building Core" program received much attention.

Gree Electric's "Seventeenth Board of Directors Resolutions Announcement" disclosed that according to the 2018 business plan and forward industrial planning, the company expects to have large capital expenditures in terms of capacity expansion and diversification in the future, and needs to make corresponding fund reserves. . In fact, Gree Electric is involved in the semiconductor field, and it is also the business development direction that Dong Mingzhu pushes.

On May 16th, 2018, at the evening of the Gree 2018 re-launch, Dong Mingzhu responded by saying that retiring is a natural law, but she thinks she is still young, although she is more than 60 years old, but her heart is 25 Same age.

At that time, a person from Zhuhai Quality Association, who is familiar with Zhuhai enterprises, revealed that Dong Mingzhu’s leadership and prestige in Gree Electric are very high. Gree’s development in recent years is also inseparable from Dong Mingzhu. At present, for Gree Electric Appliances, the stability of the corporate team is still the most important. ”

On June 25, 2018, Gree Electric held the 2017 Annual General Meeting of Shareholders and did not mention the progress of the board of directors. However, Dong Mingzhu released Gree's industrial plan at the meeting, which is divided into four parts: air-conditioning, high-end equipment, lifestyle products and communication equipment companies. The Internet of Things, mobile phones, chips and big data services are affiliated with communication equipment companies.

As soon as the plan was completed, Gree Electric promoted the related business in an intensive manner. In August 2018, Gree Electric Appliances set up Zhuhai Zero-Boundary Integrated Circuit Co., Ltd. (hereinafter referred to as “Zero Border Company”) for RMB 1 billion, officially opening the road of “Building Core”. The only shareholder of Zero Border Company is Gree Electric, and the legal representative and chairman of the company are Dong Mingzhu.

In addition, Gree Electric leveraged its strength and cooperated with the semiconductor “Giant”. In December 2018, Gree Electric signed an investment agreement and plans to invest 3 billion yuan to participate in the acquisition of the Anshi Group project by Wingtech (600745.SH), intending to strengthen cooperation with Wingtech in communication terminals, Internet of Things, intelligent hardware and other businesses. .

It is worth noting that the bright performance of Gree Electric in 2018 is even more important to Dong Mingzhu's re-election. At the end of 2018, Dong Mingzhu publicly declared that Gree's operating income in the fourth quarter of 2018 will increase by more than 50 billion yuan.

According to Gree Electric's financial report for the third quarter of 2018, Gree achieved operating revenue of approximately 148.689 billion yuan in the first three quarters, while its revenue in 2017 was 148.286 billion yuan. In other words, Gree's revenue has surpassed 2017's full-year revenue as of the third quarter of 2018. According to the growth of 50 billion yuan, Gree's revenue this year is likely to exceed the 200 billion mark.

Taking advantage of the performance of Dongfeng, the twists and turns of the board of Gree Electric Appliances will also be seen in the near future. On January 2, 2019, Gree Electric announced that the company will hold a general meeting of shareholders on January 16, 2019 to elect the board of directors. The board meeting of the company reviewed and approved the “Proposal on the Reelection of the Board of Directors”: the candidates for the non-independent directors of the 11th Board of Directors are Dong Mingzhu, Huang Hui, Wang Jingdong, Zhang Wei, Zhang Junduo, Guo Shuzhan, the 11th Board of Directors of the company. The candidates for independent directors are Liu Weiwei, Xing Ziwen and Wang Xiaohua.

Silver Trouble

The saints of the time are also the murderers of the time. From the generous gold lord of the capital increase to the party of Yinlong, the role of Dong Mingzhu in Yinlong in 2018 is still "the sinister".

In October 2016, Dong Mingzhu and Yinlong investors settled on the Gree Electric Shareholders' General Meeting after the semi-annual negotiations, “Gree acquired Yinlong New Energy”.

Dong Mingzhu, an unscrupulous unscrupulous company, has invested 3 billion yuan in the personal name with Beijing Yanzhao Huijin International Investment Co., Ltd., Dalian Wanda Group Co., Ltd. and Jiangsu Jingdong Bangneng Investment Management Co., Ltd. , obtained a 22.39% stake in Yinlong New Energy. Among them, Dong Mingzhu invested 1 billion yuan and obtained 7.46% of the shares, becoming the company's fifth largest shareholder. Since then, Dong Mingzhu has twice increased its holdings of Yinlong New Energy and promoted the second shareholder of Yinlong New Energy, holding 17.46%.

On November 13, 2018, Yinlong New Energy issued a statement on WeChat public account, saying that the company's new board of directors, board of supervisors and company management found that the former chairman Wei Yincang and former president Sun Guohua were suspected of encroaching on the company through illegal means. The amount of benefits exceeds 1 billion yuan. Yinlong New Energy has filed a civil lawsuit with the Intermediate People's Court of Zhuhai City and the Zhuhai Municipal Public Security Bureau's Economic Investigation Detachment.

On November 14, 2018, the plot reversed. Zhuhai Yinlong Investment Holding Group Co., Ltd. (hereinafter referred to as “Yinlong Investment”), which is controlled by Wei Yincang Holdings and Sun Guohua, has issued a letter entitled “To All Shareholders of Zhiyinlong New Energy Co., Ltd.” It is claimed that Dong Mingzhu, the second largest shareholder of Yinlong New Energy, used the company to attack the major shareholders for personal gain. Yinlong New Energy is a tool for Dong Mingzhu and individual shareholders to drive out the major shareholders.

The two sides blew themselves up to the ugly war. Subsequently, Sun Guohua put a series of financial vouchers on the media, saying that Dong Mingzhu started investing RMB 750 million in Yinlong New Energy's 1 billion yuan from dealers, while 250 million yuan came from borrowing from the major shareholder Wei Yincang.

Among them, a creditor's debt notice signed by Dong Mingzhu showed that Dong Mingzhu borrowed 1 billion yuan from Yinlong New Energy Investment. After the return of 200 million yuan of capital, on August 22, 2018, Beijing Shengshi Hengxing Gree and Hubei Shengxing Gree two Gree dealers will transfer a total of 750 million yuan to Yinlong New Energy Investment's creditor's rights to Dong Mingzhu. This claim was offset by Dong Mingzhu’s claim held by Yinlong Investment.

In the meantime, Wei Yincang announced that he would sue Dong Mingzhu. Wei Yincang said that the two sides had disputes over the agreement of Dong Mingzhu to invest in Yinlong New Energy. Whether the funds were investment or borrowing, the two sides did not reach a consensus.

“双城” association

On December 12, 2018, at the scene of the main event of the CCTV Financial Forum and the China Listed Companies Summit in 2018, Dong Mingzhu publicly mentioned Yinlong, saying, “Gree bought Yinlong, there is a good complement here, but later because of the Yin and Yang There is capital operation behind, and it has not been realized. If Gree’s acquisition of Yinlong was unsuccessful, it was a blow to Yinlong itself, and later it was known how big the hole in Yinlong was. ”

Despite the termination of Gree's acquisition of Yinlong New Energy, Gree Electric and Yinlong are related to various businesses. In 2016, Yinlong New Energy first appeared in the financial report of Gree Electric. In the annual report of the year, Gree Electric said: “Hand in hand with Yinlong to broaden the relevant industrial chain. Create new profit growth points in the fields of molds, motors, automotive air conditioners, and intelligent equipment. ”

According to Gree Electric's 2017 annual report, Gree's smart equipment business reached 2.126 billion yuan, including 1.94 billion yuan in revenue, from the related transactions between Gree and Yinlong. Specifically, Gree Electric sold 1.89 billion yuan of intelligent equipment to Zhuhai Yinlong New Energy and 9.64 million yuan of air-conditioning for sales of buses; and Yinlong New Energy sold 40.39 million yuan of new energy vehicles and energy storage equipment to Gree Electric. Gree Electric's 2018 semi-annual report shows that Gree Electric has sold a total of 197 million yuan of intelligent equipment to 11 Yinlong new energy related companies.

After Dong Mingzhu entered the game, the development of Yinlong New Energy was not satisfactory. Within 8 months of entering the Yinlong New Energy, Dong Mingzhu signed 7 new energy industrial park projects including Nanjing, Luoyang and Tianjin. By May 2018, these industrial parks of Yinlong New Energy were often exposed to production and construction that did not meet expectations. In addition, Yinlong New Energy's IPO road was suddenly terminated 9 months after receiving counseling.

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