Perfection of Rebirth

Chapter 868

While "The Voice of Heaven" was constantly swiping the screen, Jiang Hui and his party quietly came to the island country.

Speaking of which, no matter in the previous life or in this life, Jiang Hui came to the island country for the first time.

"Mr. Jiang, this time the people from Goldman Sachs asked us if we were interested in Sanyo. It seems that they intend to continue to promote the listing of other companies in the group," Tang Wenwen said on the way from Narita Airport to the hotel.

This time Jiang Hui brought Tang Wenwen, Guan Weidong, Zeng Qingying, Xiang Weiwei and others to the island country because Goldman Sachs contacted Guanghui Group and asked if they were interested in taking over Goldman Sachs' Sanyo shares.

As the leader of Wall Street, Goldman Sachs has also been greatly affected by the subprime mortgage crisis.

On March 2008, 3, the Federal Reserve and the other four major central banks announced that they would continue to inject liquidity into the market and ease the pressure on the global money market.

On March 2008, 3, U.S. Treasury Secretary Paulson and Federal Reserve Chairman Bernanke and other regulatory officials will propose stricter supervision of bank capital, and the U.S. official forecasts an economic recession for the first time.

On March 2008, 3, the US investment bank Bear Stearns sought emergency financing from the Central Bank and the New York Fed, and the market's concerns about the health of the US banking industry deepened.

2008年3月17日，美联储意外宣布调低窗口贴现率25个基点，到3.25%，****同意以2.4亿美元左右收购贝尔斯登。

On March 2008, 3, the Federal Reserve announced a 19 basis point cut in interest rates and hinted that it would continue to cut interest rates.

On March 2008, 3, the Bank of England met with senior executives of the five major investment banks and stated for the first time that it would provide more financial assistance to domestic banks.

Nov. 2008, 3

The Federal Housing Finance Commission allowed the Federal Home Loan Banking System to increase its holdings of more than $1000 billion in MBS issued by Freddie Mac and Fannie Mae.

On March 2008, 3, the liquidity of the European money market became tight again, and the Bank of England and the Swiss National Bank jointly injected capital.The Federal Reserve provided US$27 billion in government bonds to primary dealers through term securities lending facilities. British Prime Minister Brown and French President Sarkozy held a meeting to discuss how to improve the transparency of financial markets and urge the reform of major international financial institutions.

It can be said that throughout March, the international financial market was in turmoil.

In order to have more funds to tide over this crisis calmly, and in order to have more funds to get some profits out of the crisis, Goldman Sachs has been constantly rearranging assets around the world.

The sale of Sanyo's stake took place against this backdrop.

"Old Tang, do you think Goldman Sachs is not sincere enough to sell Sanyo this time?" Jiang Hui asked Tang Wenwen while looking at the materials on Sanyo.

Tang Wenwen also worked on Wall Street in the early days, and Goldman Sachs was the contractor for the IPO on Xiaonei. Therefore, Tang Wenwen has always had a very close relationship with some people in Goldman Sachs.

This time, the other party also found Tang Wenwen first, and asked Jiang Hui through Tang Wenwen if he was interested in acquiring Sanyo.

Sanyo Electric was founded by Toshio Iue in 1947 and formed a corporation in 1950. The founder was Konosuke Matsushita's brother-in-law and a former employee of Matsushita Electric.

The company's name means "three oceans" in Japanese, referring to the company's founders' ambition to sell their products all over the world, across the Atlantic, Pacific and Indian oceans.

Without Jiang Hui, at the end of this year, Panasonic will reach an agreement on the acquisition of Sanyo Electric and three financial companies including Sanyo’s major shareholder, the US financial giant Goldman Sachs. ).It is estimated that the overall acquisition amount will exceed 131 billion yen (about 10.27 billion yuan, 5600 billion U.S. dollars).

As a result, this company with a very deep relationship with itself was brought under its banner.

The founder of Sanyo, Toshio Iue, accompanied his brother-in-law Konosuke Matsushita to witness the establishment and development of Panasonic when he was only 14 years old. established.

Starting from lighting lamps for bicycles, Sanyo successively entered the fields of radios, washing machines, and televisions. The original jet-flow washing machine made Sanyo a well-known star enterprise.

By the 1960s, Sanyo had established its position as a home appliance giant in the industry.At its peak, Sanyo’s annual sales exceeded 2 trillion yen (approximately 1038 billion yuan), and its stock price far surpassed competitors such as Panasonic and Toshiba. The number of employees once exceeded 10.

The Iue family has always firmly grasped the control over the enterprise, which makes Sanyo full of the atmosphere and shortcomings of old-style Japanese companies: no distinction between public and private, and low efficiency.The family and management are often at loggerheads, even to the point of ignoring the interests of the business.Sanyo, whose internal management is rigid and aging, is also slow-witted about changes in the outside world. Toshi Iue, the former president of Sanyo Electric Co., Ltd., once said: "We neglect to understand our opponents."

Jing Zhimin also tried to fight back, but Sanyo's road to reconstruction has been repeatedly frustrated.

On the public level, Sanyo "broke" some half-century-old family management mechanisms.Tomoyo Nonaka, who was born as a reporter, succeeded Toshi Iue in April 2005. When he became the chairman and CEO of Sanyo Electric, he once attracted great attention from the outside world.However, after taking office, Sanyo's management became increasingly chaotic, and she was overwhelmed by the long-term confrontation with investors. In March 4, Tomoyo Nonaka left Sanyo.

Sanyo's business reconstruction is also worrying.The foundry once brought huge profits to Sanyo, but also caused Sanyo to eventually die out.

"Mr. Jiang, I think Goldman Sachs is serious. Now Sanyo has fallen into the trough of development. Since the 1990s, due to the obvious advantages of the island country's electrical appliances companies - fine production quality control, complete spare parts supply, etc., Sanyo began to produce OEM for other companies, which created huge profits for Sanyo in the short term, which is particularly eye-catching compared with the struggles of other Japanese home appliance companies in the same period. Profit can be made by OEM, which makes Sanyo have no motivation It is also difficult to implement innovation and business transformation.

In the color TV business, Sanyo focuses on the production of color TV cores, which is different from Sony, Samsung, Panasonic and other Japanese and Korean companies that focus on complete machine production. In the end, Sanyo's customers became Sanyo's most important competitors.A senior executive within Samsung pointed out sharply that Samsung used to manufacture TVs for Sanyo, but now Sanyo doesn’t even have the qualifications to manufacture LCD TVs for Samsung.”

"The same is true for other businesses. In 2002, Sanyo was still the world's largest digital camera OEM, with the highest output accounting for 30% of the world. It is also one of the world's largest battery OEM manufacturers. Sanyo's OEM products also include chargers and CPU fans. , flash memory, analog semiconductor chips, etc. Sanyo insisted on OEM manufacturing as its core business until 2005. However, when the market situation changes, OEM capacity is often the first to bear the brunt of excess production capacity, which is Sanyo’s biggest hidden danger.”

Tang Wenwen began to analyze Sanyo's situation for Jiang Hui.

(End of this chapter)