According to Japan's "Asahi Shimbun", Japan's Toshiba Corporation was delisted from the Tokyo ** Stock Exchange on the 20th local time, ending the 74-year history of listed companies since 1949.
According to reports, in order to get rid of the protracted business turmoil, Toshiba accepted the acquisition of a consortium mainly composed of Japan's leading "Japanese Industrial Partners" (JIP). On the 22nd of this month, the management team will be renewed and the restructuring will begin, with the goal of relisting in five years.
Toshiba Corporation issued a document on the 19th, saying that after the delisting, it will "take an important step towards a new future under the leadership of new shareholders".
Screenshot of the Asahi Shimbun ** report (the picture shows the ** price of Toshiba Corporation on the last day of trading in Tokyo on December 19).
toshiba, toshiba, Toshiba in the new era". In the 80s of the 20th century, Toshiba's advertising slogan was popular in China.
Founded in 1875, Toshiba Corporation was once regarded as the "light of Japan" and built a vast business empire spanning home appliances, electrical, semiconductor, energy, infrastructure and other fields.
Screenshot of the Reuters report.
In the course of more than 100 years, Toshiba has created a number of "firsts". For example, Japan's first light bulb, the first washing machine, the first refrigerator, the first television, the first rice cooker, and so on.
The world's first laptop was also developed by Toshiba, and it has maintained the world's No. 1 market share for 7 years.
In the early 80s of the 20th century, Japan's semiconductor technology and production capacity increased rapidly, surpassing the United States and becoming the world's largest semiconductor chip company.
However, a series of problems such as poor management and financial fraud have caused the former manufacturing giants to fall back and fall.
In 2015, Toshiba fell into a financial crisis after being exposed to an accounting fraud scandal, and has been in a state of management chaos and operational difficulties for a long time. During this period, Toshiba repeatedly reported mergers and acquisitions and restructuring plans, but all of them failed. According to some analysts, the reason why Toshiba's restructuring plan is difficult to determine is related to Toshiba's possession of sensitive technology and the fact that the Japanese authorities are particularly cautious in selecting investors. In 2017, Toshiba introduced external funds to resolve its insolvency predicament and increased its capital by 600 billion yen (about 295.5 billion600 million yuan), which was spared delisting. However, analysts believe that the exercise of the right to speak by overseas shareholders involved in the capital increase will affect Toshiba's management. In 2022, Toshiba began to look for an acquirer, trying to cut off from the overseas ** that has been involved in the operation. Since August this year, a consortium of Japan's leading "Japanese Industrial Partners" (JIP) has officially launched a tender offer for Toshiba totaling about 2 trillion yen (about 14 billion U.S. dollars). According to the documents released on Toshiba's official website, the JIP consortium will acquire the remaining shares from ordinary shareholders and acquire Toshiba as a wholly-owned subsidiary. On November 22, Toshiba Corporation held an extraordinary general meeting of shareholders to approve the company's privatization proposal and announced that it would be delisted from the Tokyo ** Stock Exchange on December 20. Xiang Haoyu, a distinguished researcher at the Asia-Pacific Institute of the China Institute of International Studies, pointed out in an interview with ** Radio and Television Global Information Broadcasting that Toshiba's delisting is a microcosm of the difficulties encountered by the once glorious Japanese manufacturing industry. The main reason is the lack of corporate governance, risk management, and ability to respond to market changes in Japanese companies.
Toshiba's decline is due to poor management and long-term losses, especially after the financial fraud incident in 2015, the company's reputation and image were seriously damaged, and its operating conditions continued to deteriorate, falling into the predicament of insolvency. From the perspective of the external environment, since the bursting of the bubble economy in the early 90s of the last century, the Japanese economy has fallen into a long-term downturn, the domestic market demand has declined, and emerging economies such as South Korea and China have risen in the chip, semiconductor, electronics, and white goods industries, which has had a direct impact on Toshiba's advantageous areas, and Toshiba's products have been losing in international competition. Toshiba's ability to reform and innovate is insufficient, and it cannot adapt to the drastic changes in the domestic and foreign environment. Toshiba's problems are somewhat prevalent throughout the Japanese industry. Some of the unique corporate cultures and systems formed by Japanese enterprises during the period of rapid economic growth in the last century can no longer meet the needs of the Internet era. However, many Japanese companies are still conservative and rigid in their thinking, and fail to adjust their business strategies in a timely manner according to changes in the internal and external markets. In addition, many well-known Japanese companies have been exposed to financial scandals and mismanagement in recent years, which has damaged the brand image of "Made in Japan" and damaged the confidence of investors.