Text | Chinese merchants are strategically boated
"Advantageous industries are the capital for China's economy to participate in global competition, if the weak cannot survive and the advantages are sold, where is the future of China's economy?" What does it take to realize the dream of a great power?! ”
This is the question raised by Xiang Wenbo, president of Sany Heavy Industry, when XCMG Machinery almost fell into the hands of foreign consortiums.
XCMG Group, which has been founded nearly 80 years ago and now ranks third in the world with annual sales of US$16.252 billion, has almost fallen into the hands of foreign consortiums.
In 1957, XCMG began to enter the construction machinery industry, with the tower crane, steam roller, truck crane, full hydraulic crane and many other independent brands were born, XCMG Group gradually established a leading position in the domestic mechanical engineering industry.
However, by the beginning of the new century, XCMG was in financial crisis, most of the product lines were in a state of loss, facing high debt pressure, and the funds invested in the research and development of new products and technologies were also extremely scarce.
Because the burden is too heavy, XCMG plans to implement a debt-to-equity swap and find investors to reform the system, which is actually a plan to sell itself. In 2003, the Xuzhou Municipal Government officially launched the overall restructuring of XCMG, released project promotions at home and abroad, and sold the equity of XCMG Machinery.
After the news of XCMG's sale of equity came out, some investment institutions came to Xuzhou to investigate and negotiate the acquisition. "Since the second half of 2004, more than 30 institutions have come." Wang Yansong, deputy general manager of XCMG Group, once recalled.
Among these 30 companies, there are international investment funds such as Carlyle and JPMorgan Chase, there is a world giant in the same industry as Caterpillar, and there is also a Chinese industry giant Sany Heavy Industry. At the same time, it was favored by many giants around the world, which also proved the strong strength of XCMG at that time.
Finally, in October 2005, XCMG signed an agreement with Carlyle Capital. In other words, as long as the state approves, control of China's largest construction machinery company will be taken by the US consortium.
At the time of the outbreak, Xiang Wenbo, president of Sany Heavy Industry, suddenly attacked the acquisition on the blog, continuously published blogs to disclose the inside story of XCMG's acquisition, and broke the offer of Carlyle's competitor JPMorgan Chase for 3.198 billion yuan, higher than Carlyle's $375 million offer. At the same time, Xiang Wenbo also shouted that Sany Heavy Industry was willing to buy XCMG at a price 30% higher than Carlyle.
Xiang Wenbo's blog pushed the acquisition to the cusp of the storm, eventually sparking a big domestic debate about whether the acquisition endangered national security.
A month after Mr. Wenbo was sent, China's Ministry of Commerce organized a hearing in Beijing, summoning XCMG, the Xuzhou municipal government, and senior executives of Sany Group, dissatisfied with the acquisition, to Beijing for questioning. The founder of the Carlyle Group and former US Secretary of State Powell, in order to successfully win XCMG, also arrived in Beijing at that time to communicate about the acquisition.
The foot-and-foot excavator developed by XCMG is still alive in the battlefield that guards the Chinese border, and can climb a 4-meter-high vertical cliff to be responsible for the infrastructure construction of the Sino-Indian border
Since then, XCMG and Carlyle have signed several new agreements to increase the purchase price, but in the end they were still aborted because they were not approved by the Ministry of Commerce during the agreement period. By July 2008, XCMG and Carlyle Investment issued a joint statement terminating the cooperation.
China finally succeeded in retaining the ownership of XCMG Machinery, which is now the world's third largest construction machinery giant.
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