Author |Yan Da.
Just after the Spring Festival, Gree Group ushered in the "new head" on the hot search, and at first glance I thought it was Sister Dong retiring. In fact, it is not, the person riding a white horse is not necessarily a knight or a monk, there are several called "Gree", not necessarily the one of Sister Dong. The well-known "Gree" actually has three companies: Gree Group, Gree Electric Appliances and Gree Real Estate. From the perspective of historical evolution, Gree Electric Appliances and Gree Real Estate are subsidiaries of Gree Group, and Gree is often referred to as Gree Electric Appliances where Dong Mingzhu is located, Gree Electric Appliances was listed in 1996, and now strictly speaking, Gree Group is only one of the major shareholders of Gree Electric Appliances. According to public reports, the predecessor of Gree Group was established in 1985, is an industrial development company, and is also the first state-owned capital investment and operation platform in Zhuhai, with a credit rating of AAA, and its business covers industrial investment, construction investment, urban renewal, construction installation, service operation and other fields. In 1991, Gree Group merged its subordinate plastic company and air conditioner factory, and on this basis, a new air conditioner factory was established, which was later known as Gree Electric Appliances. At that time, Sister Dong went from sales to becoming the area manager in charge of sales, and it was about that period that she had a scolding fight with Suning Zhang Jindong, who had made a fortune, because of the payment. Later, with the business sense and management of the old factory director, and the blessing of Dong Mingzhu, the wheel of history began to turn, and Gree Electric established a brand image, and in 2001, Dong Dajie began to serve as the general manager of Gree Electric Appliances. Looking through, Gree Group is backed by Zhuhai State-owned Assets, and one of the major shareholders of Gree Electric Appliances is Gree Group. This time it was Zhuhai Gree Group that changed the commander, and Sister Dong of Gree Electric did not move. As for the impact of the change of leadership of Gree Group on Gree Electric Appliances, from the perspective of equity, it is no longer what it used to be. Before 2019, it can be said that the actual controller of Gree Electric Appliances is Zhuhai Gree Group, and Zhuhai state-owned assets are behind it. However, in 2019, Zhuhai decided to restructure Gree Electric Appliances, and the controlling shareholder Gree Group agreed to transfer 15% of the total share capital of Gree Electric Appliances through public solicitation of transferees. After that will hold the shares to 46 per shareThe ** of 17 yuan was transferred to the "Zhuhai Mingjun Investment Partnership" managed by Zhang Lei's Hillhouse Capital. To put it bluntly, at this time, Gree Electric is extremely close to a "no actual controller" enterprise. The total price of Zhuhai Mingjun Investment Partnership to acquire 15% of the shares of Gree Electric is about 41.6 billion, and it is reported that this fund is in two parts: self-owned funds and self-raised funds, and self-raised funds are Zhuhai Mingjun's loans to banks. Here comes the best part. According to the report, in December 2019, Zhuhai Mingjun signed loan agreements with a total of seven banks, including China Merchants, Bank of China, Ping An, and Pudong Development, with a total loan amount of 2083.1 billion, and the guarantee measure should be a pledge made with the Gree Electric Appliances **. The money in his pocket, plus the money pledged from the bank, was used for Zhuhai Mingjun to acquire 15% of the shares of Gree Electric Appliances held by Gree Group. In other words, nearly half of the acquisition funds were pledged by Gree**, and then the price of buying Gree ** was paid. It's like taking out a mortgage on your house to buy your house. Isn't it amazing, isn't it unexpected?! In fact, this is a conventional means of many capital operations, of course, the premise is that it must be in accordance with laws and regulations and shareholders reach an agreement through negotiation. According to comprehensive reports, Zhuhai Mingjun's operation was agreed by all parties and should have been agreed upon in the previous negotiations on the transfer of shares. Starting from the transfer of the total 15% of the shares held by Gree Group and the state-owned assets of Zhuhai City, Gree Electric Appliances and the parent company and the state-owned assets behind it have completed most of the cutting, and Gree Group has only retained about 344% of the shares.
Gree Electric is closer to a listed company with "no actual controller", rather than a listed company controlled by the original state-owned assets. Therefore, how much impact the change of Gree Group's commander will have on the position of Sister Dong of Gree Electric Appliances, my personal feeling should be very limited. Moreover, then again, if Sister Dong retires one day, it will have a huge impact on Gree? Personally, I think that if an enterprise can't do without a certain person, then the operation and management of the enterprise is problematic. A mature and high-quality enterprise must be able to achieve self-feedback cycle and self-optimization and upgrading by improving the system and process. Just like what Mr. Ren said, he can't even ask for a bottle of Coke in the office, because the system and process are not supported; Put the power into the process, and the company can run normally without anyone.