With all her money on the table, Miss Dongs time to save Chinese cars is running out

category:Finance
 With all her money on the table, Miss Dongs time to save Chinese cars is running out


Editors tour

Recently, the industrial and commercial information of Yinlong new energy Co., Ltd. (Yinlong new energy) revealed by Tianyan inspection shows that Dong Mingzhu, chairman of Gree Electric appliances, has withdrawn from the shareholders. In this regard, Yinlong new energy quickly refuted the rumor and said: the equity of Ms. Dong Mingzhu, the shareholder of our company, has not changed.

In addition, Luoyang Bureau of industry and information technology also said: on June 27, Dong Mingzhu, chairman of Gree Electric appliances, visited Gree intelligent manufacturing industrial base and Yinlong new energy industrial park project accompanied by local municipal leaders.

Source: Official wechat of Luoyang Gongxin

It seems that Dong Mingzhu still hasnt given up Yinlong new energy, but the new auto making forces have entered the elimination race: in the past month, sailin, Bojun, Baiteng and other auto enterprises have encountered operational difficulties.

How long can the Iron Lady like Yinlong last? Does it still have the capital to persevere after four years?

To build a car, gamble on all your wealth

In January 2016, accompanied by Wei yincang, Dong Mingzhu visited Zhuhai Yinlong industrial park. In August of the same year, Gree Electric announced that it planned to purchase all shares of Yinlong new energy at a price of 13 billion yuan, and at the same time, it would issue shares in a non-public way, and raise no more than 10 billion yuan, all of which would be used for the construction and investment projects of Yinlong new energy.

For Dong Mingzhus dream of car building, shareholders did not buy it. In November 2016, the general meeting of shareholders of Gree Electric Appliances rejected the plan to purchase Yinlong. At the annual meeting of Chinas business leaders, Dong Mingzhu said angrily that Grees shareholders were shortsighted, only looking at the current situation.

Source: pixabay

The overall acquisition failed, and Dong Mingzhu decided to take a stake in his own name. In December 2016, Dong Mingzhu, together with Wanda and Jingdong, invested a total of 3 billion yuan in equity and took 22.39% of Yinlongs equity. Dong mingzhuguang personally contributed 1 billion yuan, and Wang Jianlin based on his trust in president Dong and invested 500 million yuan, not much or not. he also said that he had hardly done any investigation before his investment and was not even sure about his share proportion.

In the next few months, Dong Mingzhu acquired 17.47% shares in various ways, with a total cost of 2.34 billion yuan. According to media estimates at that time, Dong Mingzhu held a total of about 2.65 billion yuan of stock value at that time, and obtained a total of about 50 million yuan from Gree Electric appliances. It can be said that this stake in Dong Mingzhu almost bet on all his wealth.

What does Dong Mingzhu want?

On CCTVs dialogue program in June 2017, Dong Mingzhu explained why he invested so much money: in the household appliance sector of Gree Group, only energy storage was lacking. But Yinlongs lithium titanate battery technology, no one knows, just like gold buried in the desert for a long time, we have to dig it out..

To a large extent, Dong Mingzhu is looking for a way out for the diversified development of Gree. In 2019, according to Japanese economic news data, Gree air conditionings global share is 20.6%. However, air conditioning is not a high growth business. According to Ovi cloud, the retail sales of air conditioning in China will increase by 5% in 2019, but the retail sales will drop by - 1.2%. Dong Mingzhu urgently needs to transfer Grees manufacturing advantages to a new position.

Taking a stake in Yinlong was initially regarded as a business with advance, attack and retreat.

With these plans, Dong Mingzhu established and expanded eight new energy industrial parks in 2017. In September of the same year, Dong Mingzhu was also exposed and showed up with his team in FAW Xiali, possibly planning to become a shareholder. For Yinlongs future, Wei yincang is also full of ambition. The most successful new energy car in the world is Tesla of the United States, but it is not the old car company general motors or BMW or Mercedes Benz, which seems to compare Yinlong to a typical innovation company.

In terms of propaganda, Iron Lady has come up with her killer mace. Chinas cars are a bit of a shoddy one. For so many years, we havent had a voice in the auto industry in the market, so I think we must have our own things, Dong Mingzhu said in the dialogue program Its almost a war on Chinese brands.

Source: CCTV dialogue

One is the Iron Lady of Chinas manufacturing industry, and the other is the whole traditional automobile industry waiting for her to make achievements. Dong Mingzhu has pushed herself into the spotlight since the beginning of car building, and is confident of completing a great transformation. But the farce that followed was unexpected.

Dream of car making to gongdou opera

Although the dream of car building is infinitely good, in 2017, Yinlong new energy encountered a decline in sales: Dong Mingzhus expected 30000 vehicle order actually sold 3355 vehicles, nearly a cut compared with the previous year. According to an interview by the securities times, Yinlongs lithium titanate battery business was basically shut down, with employees sharply reduced from more than 700 to more than 300.

In terms of company personnel, the relationship between Dong Mingzhu and Wei yincang also began to be tense.

In the above-mentioned dialogue program, Wei yincang complained bitterly: as we all know, when a car is more than ten meters long, when it shakes and walks, it is flexible, and when it creaks, it makes noise. On this point, president Dong (Dong Mingzhu) is absolutely not let go. We have to work overtime day and night, and we have to deal with it. No matter what means, we should solve it thoroughly. The pursuit of perfection is the pressure on tens of thousands of employees of Yinlong.

In the face of the hosts inquiry, whether to let the silver dragon speed up smoothly, Wei yincang replied do your best. Dong Mingzhu denounced him on the spot: what is doing your best? As the head of the company, you have to go. Unless you are not in your position, you must ask your team with the utmost vision if you are in the position and manage the affairs. Theres nothing to do to the best of our ability.

Source: CCTV dialogue

At the end of 2017, Wei yincang resigned as chairman of Yinlong and was replaced by sun Guohua. Within half a year, sun Guohua was removed and replaced by Lu Chunquan, chairman of Puren capital. Finally, at the beginning of 2019, silver dragon will be fully taken over by Gree, and the chairman will be Lai Xinhua of Gree department. Four of the seven vice presidents are from Gree background.

But on the other hand, Dong Mingzhu, who won Yinlong, failed to harvest the victory. The process of Yinlong new energys plan to go to A-share listing was terminated after eight months of guidance. In 2019, the amount of related party transactions between Yinlong new energy and Gree Electric appliance also decreased by 80% year on year, marking the collapse of synergy. However, Dong Mingzhus lithium titanate battery is not the mainstream technology of power battery, and its energy density is only 1 / 3-1 / 2 of that of ternary lithium battery.

Yinlong new energy Aifei source: Yinlong new energy

From Dong Mingzhus seizing power to now, Yinlong new energys main new model is Effie MPV, with an astonishing price of 430000 yuan. Although Aifeis sales volume has not been announced, the overall sales volume of Yinlong new energy bus in 2019 is only 2708, down 62.8% from the previous year. At present, Dong Mingzhus car manufacturing layout has turned to a new direction: to provide Gree brand factory air conditioning for Geely, FAW Volkswagen, Dongfeng Honda and many other equipment, such as magnetic levitation, centrifuges, screw machines and multi split machines. In addition, Gree also cooperates with Weima motor, which will focus on two high-frequency life scenes of surrounding home and travel, without specifying the specific business, but Weima said it would not create customized models for Gree. It can be said that none of the two goals mentioned by Dong Mingzhu when he took a stake in Yinlong new energy: to sell automobile air conditioners and to sell cars. For four years, Gree is still hovering outside the threshold of the auto industry. Now the elimination competition of new forces of car making is intensifying, leaving Miss Dong little time. Source: future auto daily editor: Chen Hequn_ NB12679

From Dong Mingzhus seizing power to now, Yinlong new energys main new model is Effie MPV, with an astonishing price of 430000 yuan. Although Aifeis sales volume has not been announced, the overall sales volume of Yinlong new energy bus in 2019 is only 2708, down 62.8% from the previous year.

For four years, Gree is still hovering outside the threshold of the auto industry. Now the elimination competition of new forces of car making is intensifying, leaving Miss Dong little time.