Compared with the manufacturing empire created by his father, He Jianfeng is better at "buying, buying and buying" in the financial and capital markets.
| Yao Yun, reporter of China Entrepreneur
Editor | Mina
The source of the head image | Visual China
With only one TV series, Zhang Han pulled He Jianfeng, who has always been low-key and 55-year-old, into the spotlight.
A few days ago, some netizens found that the TV series "Gentlemen of the East 8th District" has been removed from major platforms. As of press time, Douban has a score of 2.1, and more than 200,000 people have participated in the evaluation. What is this concept? "Chasing Dreams in Showbiz", previously known as the "representative of bad films", currently has a score of 2.2 points, and "Shanghai Fortress" is "as high" as 2.9 points.
After the drama premiered on August 31, it was pushed on the hot search several times because of controversial issues such as greasy, wiping, and three views. Before the broadcast, Zhang Han worked hard, sharpened a sword for ten years, and personally handled the sword and other points were the focus of the show's publicity. There is no doubt that Zhang Han is the first to bear the brunt, followed by the major producers and related enterprises, Baina Qiancheng (formerly Hualu Baina) is one of the producers of the play.
The listed company Baina Qiancheng (300291.SZ) belongs to the Infore system controlled by He Jianfeng, the "young owner" of the United States. When the outside world mentions He Jianfeng, the label in the impression is the son of He Xiangjian, the actual controller of Midea Group.
According to public information, He Jianfeng was born in 1967 and graduated from South China University of Technology. In 1994, He Jianfeng established a company in Shunde to produce rice cookers and induction cookers for Midea's OEM. In 2002, he founded Infore Group. Today, Infore Group's business territory involves culture, film and television, water conservancy environment, leasing services and finance, and he is also a director of Midea Group.
In recent years, He Jianfeng has been given a new label such as "Infore at the helm", and Infore is also known as "invisible beauty". The topic of "Gentlemen of the East Eighth District" led to Baina Qiancheng, who belonged to the "Infore system" behind it, and accidentally bumped into a corner of He Jianfeng's commercial territory. On the afternoon of October 26, "China Entrepreneur" contacted Infore Group to confirm the cooperation between "Gentlemen of the East 8th District" and Baina Qiancheng, as well as the related investment of Infore Group, and the other party did not comment.
Behind the folding of the shares
"Gentlemen of the East 8th District" does not reflect a hundred thousand successes everywhere, but it is a hundred thousand successes everywhere.
In public channels, it is already difficult to find a direct connection between "Gentlemen of the East 8th District" and Bai Na Qiancheng. From the entry introducing the play on a certain platform to the introduction of the official Weibo, it is impossible to directly find the shadow of Bai Na Qiancheng. On the entry, the producer wrote Zhejiang Dongyang Yihua Kaitian Film Co., Ltd., Chengdu Weishi Culture Communication Co., Ltd., and Zhenjiang Guangjing Film and Television Culture Co., Ltd.
Source: Qi Chacha
Enterprise investigation shows that the actual controller of Zhenjiang Guangjing Film and Television Culture Co., Ltd. is Guo Pan, the major shareholder Guo Pan holds 80% of the shares, and Zeng Yun holds 20%. Guo is the general manager of Shanghai Mena Guangjing Entertainment Co., Ltd., with a final income of 32% of the shares, and the company's major shareholder is Beijing Baina Qiancheng Film and Television Co., Ltd.
Source: Qi Chacha
Chengdu Micro Time Culture Communication Co., Ltd., a small and micro enterprise established in 2019, is also inextricably linked with Baina Qiancheng, see the figure below for details. In May 2022, Beijing Hualu Bainer Film and Television Co., Ltd. changed its name to Beijing Bainer Qiancheng Film and Television Co., Ltd.
Source: Qi Chacha
Peel back the layers of folded equity, which hides Baina Qiancheng's investment in "Gentlemen of the East 8th District".
In fact, before that, the promotional poster has always had a position of 1000 thousand percent: the bottom producer of the poster shows four companies, namely Yihua Kaitian Pictures, 100 thousand pictures, Guangjing Film and Television, and Twelve Star Entertainment. The situation of Twelve Stars Entertainment is similar to that of Yihua Kaitian Pictures, with Zhang Han as the actual controller and a shareholding ratio of 90%. In other words, two of the four companies are hundreds of thousands of companies.
In April 2022, Hualu Bainer (now renamed Bainer Qiancheng) released financial reports showing that the projects that have been filmed and entered the post-production stage include "Our Southwest Associated University", "Unparalleled Beauty", "Gentlemen of the East 8th District (original name: gentlemen, please stand up)", "Mars orphans", "Operation Hummingbird" and so on. At the same time, in the 2022 shooting plan, "Gentlemen of the East 8th District" is ranked third, and the cooperation method is participation.
Source: 2021 Annual Report
Baina Qiancheng is actually a mature and established film and television company.
Founded in 2002, in 2012 as the first film and television media group with the background of a central enterprise, it successfully landed on the A-share market, in 2018 it actively responded to the mixed reform of central enterprises to join Infore Group, and in 2022 it was officially renamed as Bainer Qiancheng. The works he has controlled or participated in include "Hanwu the Great", "Wang Gui and Anna", "Let's Get Married", "The Happy Life of the Golden Wolf", "Lion Boy", "Shangyang Fu", "East Palace", "Hello, Li Huanying", "Detective Chinatown 3" and other well-received drama movies.
Source: Dongxing Securities
Today, He Jianfeng, the actual controller of Infore Group, is also the actual controller of Baina Qiancheng. Enterprise investigation shows that Infore Group only nominally holds 27.44% of the shares, while He Jianfeng personally holds 4.45%. In the end, He Jianfeng has 31.89% of the voting rights and 30.241% of the proceeds of the company.
Source: Qi Chacha
At the beginning of 2018, with the transfer of the equity of Hualu Culture, the former shareholder of Hualu Baina, He Jianfeng's Infore Group and Profei Investment entered the market, and then Infore Group became the actual controlling party of Hualu Bainer with 33.77% shareholding by virtue of 5 successive increases in shareholding. According to Beijing Business Daily: He Jianfeng is also the chairman of Infore Group and the investment company Profi, and the major shareholder of Prophine is Midea Group. At present, the current chairman of Hualu Bainer is Infore Fang Gang.
On the evening of March 21, 2018, Hualu Bainer announced that its controlling shareholder will change from Hualu Culture to Infore Investment, and the actual controller will be changed by the central enterprise Hualu Group to He Jianfeng.
Cultural entertainment film and television is not He Jianfeng's main battlefield
I don't know if it is due to the general environment of the film and television industry, or whether it has overestimated hundreds of thousands of percent before, since he joined the company in 2018, He Jianfeng has been increasing his holdings, and the company's losses are also expanding.
According to the "Changjiang Business Daily" report: In the secondary market, since 2018, the share price of Hualu Bainer has continued to decline, until February 3 this year, the stock price fell to 4.68 yuan / share. In 2018, He Jianfeng, who spent 1.8 billion yuan to enter the ownership and then continuously increased his holdings, is expected to have lost 1.6 billion yuan.
In fact, entertainment film and television is not He Jianfeng's main battlefield.
Infore Group's official website shows: founded in 1994, headquartered in Shenzhen and Shunde, Guangdong, the group's industrial layout environment, culture, investment, technology, consumption five major fields, with a listed company "Infore environment" (000967. SZ), "Baina Qiancheng", and Infore Environment, Infore Zhonglian, Shangzhuan Co., Ltd., Baina Qiancheng (formerly Hualu Baina), PMORE, Huayi International, Momi Children's Wear and a series of well-known brands at home and abroad.
Bainer Qiancheng is only one of the five layout areas of Infore Group.
According to the statistics of "China Entrepreneur", Infore Group has directly invested in 47 foreign companies, of which Baina Qiancheng and Infore Environment have been listed on the A-share market. In addition, Infore Group is also one of the shareholders of E Fund Management Co., Ltd., with a shareholding ratio of 22.6514%, ranking with Guangdong Yuecai Trust and GF Securities as the largest shareholder, and He Jianfeng is the second largest income subject. Enterprise investigation shows that the culture, sports and entertainment industries only account for 2.13% of Infore Group's foreign investment projects. Leasing and finance are the main forces, accounting for 42.55% and 31.92% respectively.
Source: Qi Chacha
Infore Group is only one of the continents in He Jianfeng's commercial map. According to enterprise investigation data, there are 12 enterprises for which he personally serves as the legal representative, 22 companies with foreign investment, 27 foreign positions, and 396 holding enterprises.
China Entrepreneur counts the 396 enterprises directly or indirectly controlled by He Jianfeng, which refers to enterprises that directly or indirectly have control in the name of the company or the name of the individual. These enterprises span 12 industries, including water conservancy, environment and public facilities management, leasing and business services, finance, wholesale and retail, culture, sports and entertainment, scientific research and technical services, manufacturing, and information transmission. Among them, the largest proportion of industries are water conservancy, environment and public facilities management, leasing and business services, finance, wholesale and retail, culture, sports and entertainment, accounting for 43%, 13%, 10%, 8% and 7% respectively.
Draftsman: Yao Yun
Water conservancy and environment, leasing services and finance are He Jianfeng's main battlefield. Expanding the territory also chooses to invest in the form of investment.
Compared with his father's manufacturing empire, He Jianfeng is still good at "buying, buying and buying" in the financial and capital markets, following the sale of Infore Group's Dongze Electric to Shanghai Yongle in 2004, He Jianfeng successively made moves, contributing to the acquisition of Midea of Shangfeng Hi-Tech (later renamed Infore Environment) and E Fund.
Then, in 2007, He Jianfeng acquired a 25% stake in E Fund from Midea Electric for 165 million yuan. It is understood that around 2005, when Midea acquired these shares of E Funda, it invested a total of nearly 120 million yuan.
In addition to E Fund, the private equity institution Infore Capital and Infore Investment, which mainly makes equity investment, are also expanding the boundaries of its financial sector, among which Infore Investment has invested in SenseTime, Yunwhale Intelligence, Ruiwei Technology, Kuwa Robot, Geely Electronic Chemical, Jiujie New Materials, Anjies and other enterprises. According to the first financial report, the financial assets of Midea Group and Infore Holdings in 2015 have exceeded at least 180 billion yuan.
And He Jianfeng's expansion of environmental protection and environmental industry territory also started from Infore environment.
In 2006, Midea Group and Zhongshan Jiayu Investment Co., Ltd. transferred part of the equity of ST Shangfeng to He Jianfeng, who thus had the first listed company and renamed it Infore Environment.
This time the transfer, the outside world speculation endlessly. Huang Xiaoming, vice president of Midea Group at the time, responded that Infore Group had no equity relationship with Midea Group and Midea Electric Appliances. Huang Xiaoming said that Midea Group's withdrawal from Shangfeng Hi-Tech is that on the one hand, Midea Group needs to control investment and shrink the front; On the other hand, they want to get a new business development platform.
From a rational point of view, the contraction of the business and the digestion after the merger and acquisition are the main reasons for the transfer. According to the "21st Century Business Herald": The poor performance of Shangfeng Hi-Tech is also one of the reasons for the withdrawal of Midea Group. Due to the intensification of competition in the domestic fan market, Shangfeng Hi-Tech has performed poorly in recent years, and it is expected that the loss in 2005 will be large. Midea Group has been in Shangfeng Hi-Tech for more than a year, but in fact, it has not obtained investment income.
This transfer also contributed to the formation of He Jianfeng's core business segment environmental and environmental protection business.
After 2015, Infore Environment has successively acquired Yuxing Technology, Green Oriental Environmental Protection, Liangke Environmental Protection, Shunkong Environmental Protection and other companies, with a total transaction price of nearly 18 billion yuan. Among them, the total transaction price of Zoomlion Environment acquired from Zoomlion reached 15.2 billion yuan, while Infore Environment's market value at that time was only 8.8 billion yuan.
He Jianfeng replaced He Xiangjian in an alternative manner
On the evening of July 30, 2018, Infore Environment disclosed a 170-page reply to the inquiry letter of the Shenzhen Stock Exchange, which replied to core issues such as the core assets of the "sanitation business department", the valuation of the target, the sale of Naduler's equity, and the source of funds.
And this reply revealed the source of funds for Infore Holdings' acquisition of Zoomlion Environment at that time: nearly 3 billion yuan was its own funds, 4.4 billion yuan came from bank financing, and the guarantor of the financing was He Jianfeng's father He Xiangjian Holdings of Midea Holdings.
He Jianfeng did not take the stick of He Xiangjian, but he caught the stick of the investment field.
After graduating from university, He Jianfeng first trained at the grassroots level of the Midea Group. Not long after, He Jianfeng left Midea and started a business of OEM production for Midea's small household appliances. At that time, Midea Electric was listed on the Shenzhen Stock Exchange, and in 1993, it made small household appliances independent and planned to expand the production capacity of small household appliances.
When the outside world discussed the handover of the United States most enthusiastically, when the outside world judged when He Jianfeng would take over the baton of beauty, He Jianfeng chose to go out "independent".
In 2002, he changed the name of Modern Industrial Company to "Infore Group". Since the end of 2003, Infore Group began to sell its subsidiaries related to home appliances. In 2004, He Jianfeng sold his related companies to Midea and other enterprises, and completely withdrew from the OEM home appliance manufacturing field, cashing out 120 million yuan. In 2006, Infore Group acquired 25% of the shares of the listed company Shangfeng Hi-Tech from Shangfeng Industry and Midea Group, becoming the largest shareholder of Shangfeng Hi-Tech, and He Jianfeng also became the chairman of Shangfeng Hi-Tech in 2007. Until 2012, He Jianfeng joined the board of directors of Midea Group.
At this time, He Jianfeng was in the limelight with several mergers and acquisitions.
In the 2017 Fortune Global 500 ranking, Midea ranked 450th and 208th in profit. In the 2018 Hurun Global Rich List, He Xiangjian, He Jianfeng and their sons ranked seventh in Greater China and 34th in the world with a wealth of 185 billion yuan. In the list, the Wang Jianlin family is 36th and Musk is 40th.
In the spring of 2006, He Xiangjian won a battle against hostile takeovers, using about 1.08 billion yuan five times to increase his 23.58% stake in G Mei's (000527.SZ). After the completion of G-Mei's "defense battle", the integration of Hualing and Rongshida, which were acquired in 2005, was also put on the agenda.
Low-key, not in front of the stage, this is also one of He Xiangjian's ways of working.
"I want to ignore anything. Relying on family management, boss management to keep the company growing, is not what I want. In 2007, He Xiangjian confessed that he played three games of golf a week, had no mobile phone, had to look at data and financial indicators every day, went home from work, and never worked at night. Midea's internal executives also have an impression of He Xiangjian: "Make good use of people and dare to delegate power." In 2012, the 70-year-old He Xiangjian resigned as chairman of Midea Group and was replaced by Fang Hongbo.
This investment and management method with clear management rights, management rights and ownership responsibilities has also been continued by He Jianfeng, and he often does not appear in front of the stage in his Infore system.
When talking about the family, He Jianfeng once said, "Values are the best inheritance, and virtue is the greatest wealth." "But from the perspective of practical actions, the understanding of business and investment and development strategies are another inheritance and succession that He Jianfeng has obtained from He Xiang Fitness."
Resources:
"Midea's young owner He Jianfeng at the helm, Infore environment to use the top ten businesses to run to 30 billion market capitalization", interface news
"Infore Environmental Financial Report Fog: Net Profit Increase 60%, Cash Flow Drops 7 Times, Midea's Young Marshal He Jianfeng's Equity Pledge Rate Exceeds 95%", Changjiang Business Daily
"Infore System of "Invisible Beauty", China Economic Weekly
"Infore Environment's large-scale merger and acquisition of total assets increased 11 times in 6 years, 6 billion accounts receivable and 1.8 billion overdue, resulting in stalled net profit", Changjiang Business Daily
"Defending G Beauty: He Xiangjian Bought 1.08 Billion Yuan to "Inherit His Father's Business"", 21st Century Business Herald
"He Jianfeng's refusal to be the "second lord" of the United States He Xiangjian's successor is no longer family-oriented", IT Times Magazine