Deep understanding of the "investment sentiment" behind Dong Mingzhu and Wang Jianlin

After Gree’s acquisition of Zhuhai Yinlong failed, people were speculating whether Dong Mingzhu was going to be depressed, but on the afternoon of December 15, Dong Mingzhu announced at the China Manufacturing Summit held in the Great Hall of the People that he would invest in Zhuhai Yinlong in his own name. This time she also took Wang Jianlin's Wanda and Liu Qiangdong's Jingdong to invest together.

董明珠与王健林

Dong Mingzhu and Wang Jianlin

Although all parties did not disclose the overall investment plan, according to various sources, Dong Mingzhu City jointly increased capital with Wanda, Jingdong, CIMC and Beijing Yanzhao Huijin International Investment Co., Ltd. (“Yanzhao Huijin”). 3 billion, obtained a 22.388% stake in Zhuhai Yinlong.

According to the above five-party share price, Zhuhai Yinlong's valuation is 13.4 billion yuan. This price has a certain increase from August. In August of this year, Gree Electric originally planned to acquire 100% equity of Zhuhai Yinlong by way of issuing shares, and the transaction price was 13 billion yuan.

In the propaganda materials, CIMC said that the subsidiaries of CIMC increased its capital by 200 million yuan to participate in Zhuhai Yinlong, which accounted for 1.5% of Zhuhai Yinlong. It also agreed that the two sides will carry out various business cooperation.

Wang Jianlin did not disclose his specific investment amount and share of shares at the scene. However, he euphemistically expressed, "Wanda is a global entertainment giant. This is the first time in more than 30 years that it has invested in manufacturing. The investment is not too much, not too little." And a text of CCTV and Wang Jianlin's dialogue. The interview showed that the amount invested by Wang Jianlin was 500 million yuan.

Dong Mingzhu and Yan Zhao Hui Jin did not disclose their respective investment amounts and share of shares.

Dong Mingzhu: Gree's failure to acquire Zhuhai Yinlong is not a minority shareholder's objection

After Dong Mingzhu took office, he lost a few words of the strong woman's style of speech and said that he is now a bit sour and bitter. However, she immediately regained her temperament and explained the reasons for Gree’s failure to acquire Zhuhai Yinlong. She said quite sternly, “I’m here to tell you that Gree’s acquisition of Zhuhai Yinlong has not been successful, not some minority shareholders’ opposition. When the stockholders expressed their position, more than 99.9% of the scenes were passed. Although everyone thought that the price was higher and they were not satisfied, they thought the technology was unquestionable. We are a sudden accident. The acquisition failed." But Dong Mingzhu did not explain in detail what this unexpected incident happened.

After telling the reason why Gree and Zhuhai Yinlong lost, Dong Mingzhu still expressed his optimism about Zhuhai Yinlong. She said, "Although the acquisition failed is indeed a bit regrettable, my cooperation and support for Yinlong will never stop. It is not that Gree's acquisition of Yinlong is unsuccessful, I will compromise, I am willing to take all my assets. Go inside Yinlong because I see the future market of new energy vehicles ."

Although Dong Mingzhu did not say that there are many cows in Zhuhai Yinlong technology, she still does not forget to praise the quality of Yinlong car. "I invested in Yinlong here today. I am here today to represent Yinlong." I used the silver-long car for ten years to ensure that you don't change. The battery is broken, my no one dares to stand with me and shout this sentence. This is China's pride."

As for the public's concern about the failure of the acquisition and the chairman's exemption from Dong Mingzhu's own influence, she also directly responded that "the position of the chairman who failed the acquisition was dismissed. Today, someone asked Dong Dong how you can suffer, I I feel that these things are against us, and that we are crushing us is our heart. We have a firm belief that our survival, the value of our living is not to make money, but because of our existence, because we can make the world change".

Wang Jianlin: I invested in Zhuhai Yinlong out of trust Dong Mingzhu and Gree

When Wang Jianlin came to power today, his voice was obviously wrong. He said half-jokingly, "While the cold affects the body, it does not affect the stock price." Although it is quite sensitive to the stock price issue, Wang Jianlin said that the reason for investing in Zhuhai Yinlong is quite straightforward. The reason why he will invest in Zhuhai Yinlong is mainly due to the trust of Gree and Dong Mingzhu. He explained that Wanda and Gree are close strategic partners and the two sides have been working together for many years. Moreover, the Wanda Group issued a document requesting all small domestic appliances, all of which were selected by Gree.

In addition to talking about the long-term cooperative relationship between the two companies, Wang Jianlin also specifically mentioned his personal trust in Dong Mingzhu's role in this investment.

Wang Jianlin said that it is based on the trust of General Manager Dong that he will invest in Zhuhai Yinlong, and this kind of trust comes more from admiring Dong’s ability to achieve more than 10% after-tax interest rate in the field of home appliances. He said with some excitement, "China does not dare to say that this one alone, I think there will be no more than two. Do not think that real estate is very high, in fact, the average after-tax profit of real estate listed companies last year was less than 10%, but its The scope is large, it seems to be profitable. It can make 200 billion sales revenue companies to 200 billion, and become a global leader, it is amazing."

As for the future prospects of Zhuhai Yinlong, Wang Jianlin obviously has his own "small ninety-nine". He said, "The role of entrepreneurs is to be forward-looking and to see points that others cannot see. From the perspective of investing in Zhuhai Yinlong, we judge that it is promising. I don’t think it will be in the future. In the new energy vehicles , I feel that more is in energy storage. More than a decade ago, foreigners also used energy storage to fool me. At that time, they had worked as energy storage companies. Later, because the technology was not mature, the effect was not very good. Good. Zhuhai Yinlong has two cores, one is electric car and the other is energy storage technology. If the energy storage technology can be commercialized, the company's market value will double. 15 years ago the world's construction industry is in I have learned about energy storage, and there is no technology that can really be commercialized yet, so I saw a prospect at this point."

How does Zhuhai Yinlong attract so many big coffee?

So many big coffees insisted on investing in Gree after the failure of the acquisition of Zhuhai Yinlong. The reason is curious. In the view of Wei Yincang, chairman of Zhuhai Yinlong, this is mainly because lithium titanate technology has enabled Yinlong to embark on a fast lane, from 2011 Zhuhai Yinlong Strategic Holdings Ao Ti Nanotechnology Co., Ltd. to the fourth generation of nano titanic acid. The development of lithium batteries has been successful. In just a few years, this technological breakthrough has been influential both at home and abroad.

Wei Yincang said that on the quality of performance theory, the superiority of lithium titanate battery is unmatched by other batteries. It is reported that lithium titanate battery is the longest and safest battery in lithium battery. On the life cycle, ordinary lithium-ion batteries are about 1000-2000 cycles, and lithium titanate is 10,000-cycles, which is 10 times that of the former. Yinlong New Energy has mastered the world's top lithium titanate core technology, and has overcome the industry's recognized “five major problems”, achieving excellent characteristics such as fast charging for 6 minutes, wide temperature resistance, 30-year cycle life, no fire and no explosion.

According to the data provided by Zhuhai Yinlong, lithium titanate battery has excellent power characteristics and high and low temperature performance. The only shortcoming is the low energy density, but Zhuhai Yinlong Company has continued research and development, the company's fourth generation high energy density titanic acid. Lithium batteries have a 40% reduction in cost and a 60% increase in energy density compared to the third generation.

In addition, following lithium titanate, Yinlong announced the investment in silicon anodes, sulfur anodes and so on. Yinlong is also in the leading position in the development of hydrogen titanium. The mastery of this core technology will solve the problem of battery energy density. The hydrogen-titanium powertrain developed by Yinlong not only serves the electric vehicle field, but also serves the broader energy storage market. Wei Yincang said that these may be the key to Yinlong's popularity with Wanda, Jingdong and CIMC.

Dong Mingzhu’s true love of Zhuhai Yinlong has 3 A shares of love

In fact, Zhuhai Yinlong has a lot of connections with the capital market. In the past two years, there have been three A-share companies and signed a cooperation agreement with Zhuhai Yinlong.

In March 2014, Sanyou Chemical announced that in order to promote the industrial transformation and upgrading of the company, according to the national economic restructuring policy, the company signed a strategic cooperation framework agreement with Zhuhai Yinlong, intending to invest in Zhuhai Yinlong through the cooperation mode of the equity rights of 2%. In September of the same year, the two sides signed the "Investment Cooperation Agreement", and the company plans to provide Zhuhai Yinlong with a debt investment of about 200 million yuan.

However, the above bond investment is conditional, Zhuhai Yinlong has a commitment to complete the shareholding system transformation before the listing of the proposed listing entity within one year from the date of signing the agreement; and promised to complete the IPO or backdoor listing within three years after the signing of the agreement. At the same time, Zhuhai Yinlong agreed that Sanyou Chemical has the right to make an equity investment of no more than 21% equity to Zhuhai Yinlong's proposed listing entity and to hold the equity of the same amount of capital contributed by Zhuhai Yinlong's proposed listing.

In April 2015, the cooperation between Sanyou Chemical and Zhuhai Yinlong was terminated. Sanyou Chemical said that Zhuhai Yinlong has recently started the equity capital increase. The current valuation of Zhuhai Yinlong is 2.5 billion yuan before the capital increase, that is, the investor's capital increase price is calculated according to the net asset value of 2.5 billion yuan before the capital increase. In view of the current uncertainties in the development of the new energy automobile industry, the two sides have great differences on the capital increase conditions, industrial layout and development direction of Zhuhai Yinlong. The company decided not to exercise the right to invest in Yinlong New Energy. .

In January 2015, Zhongyeda announced that the board of directors agreed that the wholly-owned subsidiary Zhongyeda New Energy (Shanghai) Co., Ltd. and Zhuhai Yinlong New Energy Co., Ltd. and other capital increase entities signed the “About Zhuhai Yinlong New Energy Co., Ltd.” The Capital Increase and Share Expansion Agreement, Shanghai New Energy increased its capital by 100 million yuan to participate in Zhuhai Yinlong, accounting for 2.5% of its registered capital. According to this calculation, Zhuhai Yinlong is valued at 4 billion yuan.

However, in February 2016, Zhongyeda (002441) announced the transfer of part of Zhuhai Yinlong's equity, namely Shanghai New Energy and Jingning New Energy Investment Partnership (Limited Partnership) of Jingning Yi Autonomous County signed an equity transfer agreement, Shanghai Xinneng The 1% equity of Zhuhai Yinlong, its shareholding subsidiary, was transferred to Fangde New Energy at a transaction price of 50 million yuan.

According to estimates of Zhongyeda's equity transfer price, Zhuhai Yinlong was valued at 5 billion yuan at the beginning of this year. The data shows that in the first nine months of 2015, the company's operating income was 936 million yuan, and the net profit was 76.686 million yuan. In 2014, the company's operating income was 618 million yuan and net profit was 64.262 million yuan.

Another company that participates in Zhuhai Yinlong is Beiba Media. In December 2015, Beiba Media issued an investment announcement. In order to further extend the company's investment business field and cultivate new profit growth points for listed companies, Beiba Media intends to There are funds of 200 million yuan transferred to Zhuhai Henggu to hold 5% of Yinlong New Energy.

According to the calculation of the share price of the North Pakistan Media, in December 2015, Zhuhai Yinlong was valued at 4 billion yuan. At that time, the financial report data released by Zhuhai Yinlong was that in the first six months of 2015, the company's operating income was 325 million yuan and the net profit was 13.3604 million yuan.

However, this year, Zhuhai Yinlong's performance growth rate is obvious. The announcement shows that in the first six months of this year, Zhuhai Yinlong achieved operating income of 2.484 billion yuan and net profit of 377 million yuan. Of course, the value of Zhuhai Yinlong is also rising. From December 4, 2015, when the North Bank Media (600386) took a share of 4 billion yuan, to 13.4 billion yuan today, just one year, Zhuhai Yinlong's worth rose by 235%.

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