v3 Chapter 958： Strategic investment

With the successful acquisition of Kowloon Motor Bus and China Motors, and Liu Sanquan also handled the dead and injured properly, Jiuding Newspaper no longer contributed to the flames, and the public opinion on the Kowloon Motor Bus quickly dropped.

People are good at forgetting the past!

I believe that with the passage of time, this matter will gradually become dusty in history and turn into a dust.

Unless there is another accident and it is picked up and exposed by a caring person, the memory can be awakened.

...

"Tuk tuk!"

"Come in!"

Hearing the knock on the door, Xia Yu didn't raise his head, and continued to sign and issue the documents. When he felt someone coming, Xia Yu raised his head and found that it was Huo Jianning.

Xia Yu smiled and motioned Huo Jianning to sit down: "Jianning, sit down!"

"Thank you, Chairman!"

"Chairman, this is the information about Pioneer Electronics Co., Ltd. that you arranged for me to collect before. There are 28 pages in total. Please have a look!"

Huo Jianning said, presenting a document in his hand to Xia Yu, and after Xia Yu took it, he sat down upright.

Xia Yu weighed the documents and said with a smile: "It seems that there is a lot of information, you have worked hard."

"You go to other things first, I should finish reading in half an hour, and you will come back."

Huo Jianning was taken aback, then got up and bowed slightly and said, "Okay, then Chairman, I will go down first."

"Ok!"

Ignoring Huo Jianning, Xia Yu lowered his head and flipped through the information, browsing quickly, only staying for a while when he encountered key information.

More and more information about the Pioneer Electronics Company of the island country entered his mind.

Island Pioneer Electronics Co., Ltd. was established in 1938. The founder Matsumoto Nozomi started with the research and development of A-8 dynamic speakers. The company's original name was Gospel Chamber of Commerce Electric Manufacturing Co., but it was not changed to its current name until 1961.

Pioneer Electronics' products have four prominent stages.

The first stage was the launch of the world’s first modular stereo system in 1962, which became popular all over the world. Because of this product, Pioneer Electronics also established sales companies in Europe and the United States in the next few years. To the world, from an island company to a multinational company.

Pioneer Electronics has been listed on the Tokyo Stock Exchange, the Osaka Stock Exchange and the Amsterdam Stock Exchange in the Netherlands.

The second stage was in 1975, when the first modular car audio system was once again launched, which was once again welcomed by the market. The sales volume and outstanding performance of Pioneer Electronics Co., Ltd., in order to further develop the American market, went on the New York Stock Exchange in December 1976. Listed.

In this way, Pioneer Electronics Co., Ltd. has properly become a well-known and solid multinational company.

The third stage was in 1977. Pioneer Electronics broke through the business scope of the audio field and launched the world's first two-way addressable cable television system in the United States. With the help of the cooperation with Warner Bros., it entered the US cable television industry market. .

The fourth stage was in 1979 and 1980. After acquiring most of the copyright of Philips' LD laser disc system, the industrial LD ​​player and the home LD player VP-1000 were successively launched.

In addition to these more iconic products, Pioneer Electronics has other products and businesses, but they are not as prominent as the above-mentioned products, but there are also many bright spots.

In general, Pioneer Electronics is an outstanding electronics company and a top large company in the world's audio field.

Xia Yu vaguely remembered that when he visited the Rolls-Royce Motor Group in the UK, he heard that the Bentley Motors subsidiary purchased Pioneer Car Audio...

According to data, Pioneer Electronics is listed on multiple exchanges. The Tokyo Stock Exchange has the highest market value, with a current market value of 180.4 billion yen.

According to the current USD/JPY exchange rate, the market value after equivalent to USD is about 820 million USD.

As for the shareholding structure of Xia Yu’s concern about Pioneer Electronics in the island country, it has the characteristics of the island country from the early days after World War II to the present. It has a highly dispersed individual shareholding and a relatively stable shareholding structure between relatively concentrated financial institutions and industrial legal persons.

Remember that after the 1990s, after a series of reform measures by the island government to relax the rules, will it bring about the second shareholding structure change of the disintegration of mutual shareholding and the rise of pure market investment holdings.

So for now, Pioneer Electronics does not have the so-called largest shareholder.

The largest shareholder is Mitsubishi Electric Corporation, which holds 5.9% of the shares.

The second shareholder is the founding family Matsumoto family, with a shareholding ratio of 4.7%.

...

Then the top ten shareholders hold 31.7% in total!

The top 20 shareholders hold 43.4% in total!

However, Huo Jianning made the information very carefully, and specifically marked the background or related backgrounds of the top ten and top twenty shareholders.

Just like the largest shareholder Mitsubishi Electric Corporation, it is undoubtedly one of the core companies of the Mitsubishi consortium.

Among the top ten shareholders, in addition to Mitsubishi Electric Corporation, the fifth largest shareholder Bank of Tokyo-Mitsubishi holds 3.2%, and the ninth largest shareholder Mitsubishi Motors holds 2.2%.

Therefore, the Mitsubishi Consortium camp controls Pioneer Electronics Co., Ltd. in total, accounting for 11.3%, which is the largest proportion.

Even if this cumulative shareholding ratio does not allow the Mitsubishi Consortium to make a single-word decision on Pioneer Electronics’ decision, considering the cooperative relationship with Mitsubishi Motors and other companies under the Mitsubishi Consortium, the influence of the Mitsubishi Consortium on Pioneer Electronics It's still big.

Therefore, Pioneer Electronics can be regarded as a peripheral company of the Mitsubishi Consortium.

But Xia Yu also knows that there are not too many Mitsubishi consortiums for peripheral companies like Pioneer Electronics. If there is anything special, Pioneer Electronics has a higher market value and stronger strength!

Before he knew it, half an hour passed before Huo Jianning came to Xia Yu's office again.

Xia Yu showed admiration and praised Huo Jianning: "Jianning, you have collected very detailed information, and you have worked hard."

Huo Jianning said modestly: "Thank you for the compliment, Chairman, this is what I should do."

Xia Yu smiled and nodded, put the information on the desktop, and said to Huo Jianning: "I also read the content. Although Pioneer Electronics has a dispersed shareholding, the acquisition is more difficult."

"What do you think of this situation?"

Huo Jianning has obviously considered this issue. He sorted out his thoughts and said: "Chairman, among the top 20 shareholders of Pioneer Electronics, 14 of them have deep business dealings, or have funds with banks and insurance companies. The lending relationship is either the business cooperation with Mitsubishi Motors and Mitsubishi Electric Corporation."

"Moreover, Pioneer Electronics also has a mutual shareholding relationship with some of these companies. Although the shareholding ratio is not large, corporate legal persons are each other's shareholders and directors."

"This also shows that these shares are mainly used for cooperative links, not purely for investment, so the acquisition will be very difficult."

"Even if the equity of these shareholders is really acquired, it will bring hidden dangers to Pioneer Electronics, and the cooperative relationship with other companies will be unstable."

"In addition, Pioneer Electronics is also listed on the Amsterdam Stock Exchange in the Netherlands and the New York Stock Exchange in the United States. Some European and American institutions also hold shares in Pioneer Electronics. These holdings are purely stock investments. It will also make acquisitions cumbersome."

"Of course there are disadvantages and advantages. Pioneer Electronics is listed on many exchanges, which will also facilitate us to secretly attract funds, and the probability of being discovered is lower."

"If you don't want to acquire Pioneer Electronics Company wholly, then I suggest buying from the secondary market in various places in the name of a number of companies, unknowingly increasing the shareholding, and rushing into the top 20 and top 10. Among the shareholders, the shareholders of the top 20 shareholders who do not have business dealings will then purchase shares."

"Papa..."

After Huo Jianning finished speaking, Xia Yu's applause followed.

"The thinking is very clear and the implementability is high."

Xia Yu said in admiration.

Huo Jianning smiled modestly, and said: "It's still the chairman that you have cultivated well, but I don't know if my ideas are in line with yours."

Xia Yu said with a smile: "Your thoughts are in my heart. I don't want to wholly acquire Pioneer Electronics."

"The main purpose is to improve the industrial chain."

"Like Pioneer Electronics' car audio, it is what car companies need."

"LD player and related patents are what Tiangong Electronics needs in the future."

"Stereo systems and limited TV systems are also available."

As long as you have invested in Pioneer Electronics and have an important voice, automobile companies, electronics companies, electrical appliance manufacturing companies, and American media companies will all have a solid supply chain in terms of product and technology supply. Don’t worry about the future These areas were blackmailed by other people, or other problems occurred.

This is the significance of strategic equity participation!

The six major consortiums of the island countries rely on this model to acquire shares in companies all over the world and open up all the industrial chains of various industries. Many possible constraints disappear before the bud due to a small number of shareholding relationships.

Xia Yu’s Jiuding Consortium has developed to the current scale, and it will inevitably be on the edge of the world’s major consortia. Then this strategic investment model is undoubtedly the most suitable. It costs little but can make a difference. effect.

Seeing that he had guessed the chairman's thoughts correctly, Huo Jianning became more confident. He smiled and asked: "Chairman, what are you going to do then? Please give instructions!"

Xia Yu pondered for a moment and said to Huo Jianning: "Originally, it is more appropriate to leave this matter to Wang Qi of Jiuding Securities Co., Ltd., but since you are handling it, it is left to you to handle it. You also take advantage of this opportunity to exercise and deepen your understanding. Understanding of the capital market, a company must have a sufficient understanding of the capital market if it wants to develop well."

There was a flash of thinking in Huo Jianning's eyes, and he solemnly nodded that he had listened.

Xia Yu continued: "The acquired equity will be placed under Tiangong Electronics' salary, Tiangong Electric Manufacturing's salary, Tiangong Machinery Group, Tiangong Automobile Group, and Jiuding Securities Co., Ltd. The purpose is to deepen the influence on the board of directors of Pioneer Electronics. As for the level of achievement, it's up to you to decide on the situation, and you will report to me after completion."

"As for capital, I will inject 100 million U.S. dollars into Tiangong Group, and each of its four subsidiaries will divide 25 million U.S. dollars. You can find a solution for the capital gap."

"In order to facilitate your actions, I will appoint you as the acting chairman of the Tiangong Group, and strive to remove the word agency as soon as possible."

Huo Jianning was pleasantly surprised. He took a deep breath of air pressure to restrain the excitement in his heart, and assured him: "Thank you for the new appointment, I will not let you down!"

Xia Yu crossed his palms, leaned forward, and asked with a smile, "Do you have any questions?"

Huo Jianning thought for a while and shook his head and said, "No more!"

Xia Yu nodded slightly and said: "That line you go to work!"

"Goodbye Chairman!"

After speaking, Huo Jianning bowed slightly and exited the chairman's office.

Seeing Huo Jianning's fighting spirit after going out, Xia Yu smiled.

He always looked at Huo Jianning's performance. Whether it was assisting him in handling affairs or operating Tiangong Electronics Company, he performed very well, and the situation that he was worried about did not happen.

That's why he will take advantage of this opportunity to safely burden Huo Jianning and continue to help him grow.

I believe that without too many teenagers, Huo Jianning can become a capable man with complete confidence and trust!