The author | Yao Yue
Source| Mustang Finance
In the "2020 Hurun Rich List", the He Xiangjian family ranked 6th with a wealth of 225 billion yuan. At the same time, a capital map with Midea Group and He Xiangjian as the core, spanning manufacturing, automobile, medical, real estate, environmental protection, film and television, finance and other industries, has been presented and is still expanding...
Time back to June 14, 2020 at about 17:33 pm, in Shunde City, Beijiao Town, Junlan International Golf Life Village A60 villa, Forbes rich Man He Xiangjian is enjoying a rare reunion with his family.
Affected by the epidemic, his son He Jianfeng, daughter-in-law Lu Deyan, and his young grandson, who were originally abroad, have all returned to China. Suddenly, sharp brakes punctured the tranquility, followed by 5 strange men breaking into the home, one claiming to be strapped with explosives.
They had a clear goal, directly controlled He Xiangjian, and demanded a lot of money from him.
However, just when the gangsters focused on He Xiang's fitness, He Xiangjian's son He Jianfeng was in danger, immediately jumped into the river next to the villa, swam all the way to the other side, and successfully called the police.
Foshan has had similar hijacking cases before, but most of them are aimed at the recovery of gambling debts by the rich second generation, and it is the first time that the elderly "creation generation" is still the first time. After receiving the police, the three levels of police forces in Guangdong Province, Foshan City and Shunde District rushed out to surround the He family villa, and after a long negotiation, the criminal suspect was subdued at 5 o'clock the next morning, and the 79-year-old He Xiangjian was successfully rescued. Mr. He, who has experienced many big winds and waves in his life, was abducted for a full 12 hours, and finally a false alarm, which was not a big problem.
Afterwards, the police found out that the main criminal, Li Moulong, a native of Zhanjiang, was addicted to gambling and had caught up with unemployment, and wanted to make a lot of "big money" by kidnapping the richest person in Shunde. Therefore, he gathered his friend Chen Mousi and 3 fellow villagers to agree on a distribution plan after getting a huge amount of money. After months of meticulous planning, it was put into practice on June 14.
The five kidnappers knew that He Xiangjian was rich, but they did not know how rich He Xiangjian really was.
In the "2020 Hurun Rich List", the He Xiangjian family ranked 6th with a wealth of 225 billion yuan. He Xiangjian's main wealth comes from holding 31.07% of Midea's group shares. He Xiangjian is also a group of 000333. SZ) and the soul of the Ho family. He Jianfeng, who saved his father by swimming, his daughter-in-law Lu Deyan, and the two daughters of He Qianchang and He Qianxing, are the left and right arms of this family.
According to the incomplete statistics of Mustang Finance, at present, the Members of the He family control a total of 8 listed companies, including 6 A-shares, 1 Hong Kong stock, 1 German company, and 1 New Third Board company, and has also participated in more than 10 financial institutions.
In addition, Wandong Medical (600055. SH) disclosed in February this year that it will be acquired by midea group, and has issued a report on the change of interests, which means that it has also been pocketed by the He Xiangjian family.
A "beauty system" capital territory with He Xiangjian as the core, spanning manufacturing, automobile, finance, real estate, medical care, environmental protection, film and television and other industries, has taken shape and is constantly expanding...
The core territory built by He Xiangjian
A Midea group employee told Mustang Jun that in addition to the annual meeting dinner of midea group, He Xiangjian rarely appeared in the company. "The owner was accommodating, quiet and smiling, just like an old gentleman next door." Midea Group employees once described He Xiangjian at the dinner to the media.
But this did not affect his role as the soul of the Beauty Group in the slightest.
In 1968, He Xiangjian raised 5,000 yuan to establish the "North Street Plastic Production Group" in his hometown of Beijiao, Shunde, and in 1980, he manufactured fans into the home appliance industry, and registered the "Midea" trademark the following year. In 1992, it promoted midea to carry out joint-stock system transformation.
In 1993, Midea Electric Appliances was listed on the Shenzhen Stock Exchange, becoming the first listed company in China to be reorganized from township enterprises, with a market value of 1.8 billion yuan.
In the first few years of Midea's electric appliances, it is still focused on doing business, and in 2007, Midea's capitalization route began to appear, introducing the well-known investment bank Goldman Sachs as the second shareholder.
In 2012, He Xiangjian stepped down as chairman of the board, handed over the baton to Fang Hongbo, and Midea entered the era of professional managers.
After Fang Hongbo took office, the first major event was to complete the overall listing of Midea's group share swap absorption and merger of Midea's electrical appliances, becoming a leading A-share home appliance.
In 2017, Midea Group opened the road of mergers and acquisitions expansion. According to Midea's group announcement, on January 6, 2017, Midea Group acquired the German-listed industrial robot KUKA (KU2.DF) for 29.2 billion yuan, and He Xiangjian indirectly controlled 94.55%.
In 2020, Midea HVAC Equipment Co., Ltd. acquired Hekang Xinneng (300048.SZ) in the automotive industry for 740 million yuan. He Xiangjian held 23.73% of the shares and became the actual controller.
In February this year, Midea Group announced that it would acquire a 29.09% stake in Wandong Medical and become its controlling shareholder.
In addition, Midea's Innovation Investment Co., Ltd. owns semiconductor and smart device company Espressif Technologies (688018. SH) 1.13% stake, Midea Group holds 9.1% of the shares of robot manufacturing company Eft-U (688165.SH); Midea Intelligent Technology Industry Investment Fund Management Center holds industrial Internet of Things company Youfang Technology (688159. SH) 2.18% stake.
But U.S. investment-led diversification strategies have also been put to the test. Kuka Robot, acquired for 29.2 billion yuan, is currently worth only 1.667 billion euros (equivalent to 12.886 billion yuan, with an exchange rate of 7.73).
Mustang Finance contacted midea groups on issues such as diversification, but as of press time, the other party did not respond.
Home appliance industry analyst Liang Zhenpeng told Mustang Finance that the diversification of the United States has taken too big a step, it is all non-related diversification, and even some small companies have also been acquired, and third-tier brands such as Lingwang Elevator have certain synergies with the real estate business of the United States. However, the acquisition of a large number of non-related businesses, without professional care, but also occupy the development resources of the main business, such diversification is very dangerous. Historically, enterprises such as Little Swan, AUCMA, and Chunlan have all dragged down their main business due to diversified expansion.
He Jianfeng's "Yingfeng System"
The "prince" of the beauty of swimming to save his father- He Jianfeng chose not to take over and create another career. However, He Jianfeng's development still maintains close ties with the United States.
Born in 1967, He Jianfeng graduated from South China University of Technology, and began to stand on his own at the age of 27, initially starting his father's old business.
In 1994, He Jianfeng set up a company in Shunde and started with midea's OEM production of rice cookers and induction cookers. In 2002, Infore Holdings was established, and its business covers fans, electric heaters, rice cookers, etc.
Soon, He Jianfeng realized that his strength was not in doing business. In 2004, He Jianfeng sold two of his companies to Midea Electrical Appliances, cashing out nearly 70 million yuan.
In 2006, Midea Group and Zhongshan Jiayu Investment Co., Ltd. transferred part of the equity of ST Shangfeng (000967.SZ) to He Jianfeng, and did not earn a penny, making He Jianfeng the controller of the listed company. He Jianfeng began to have the first listing platform - Infore Environment. In the end, He Jianfeng was still stained with the light of beauty.
In March 2018, He Jianfeng spent 1.8 billion yuan to join the main film and television company Hualu Baina (300291. SZ), an individual holding 4.45%, a total of 17.55% of the shares through Infore Holdings and affiliates, and He Jianfeng holds a total of 34.1% of the shares, which is the ultimate beneficiary.
In May 2020, Infore Environmental announced that it intends to promote the listing of its wind turbine industry. He Jianfeng may soon usher in the third listed company.
Infore Capital, a subsidiary of Infore Holdings, has laid out AI and robot tracks. Infore Capital invested US$410 million (RMB2.684 billion) in SenseTime, 135 million yuan in Kuwa Robot, and unicorns in AI fields such as Yunzhisheng and Yun whale intelligence.
With the wave of AI companies going public, the "listing club" of the He Xiangjian family will welcome more members.
The financial landscape of "father and son"
In addition, the Ho father and son also quietly controlled many financial institutions.
In July 2015, during the "short China" storm, 34 accounts on the Shanghai and Shenzhen exchanges were restricted from trading. Infore Capital has 4 quantitative hedge fund accounts. He Jianfeng was also involved in the rumors of "short selling", and the private placement layout of the secondary market was exposed. According to the data of the private placement network, the current management scale of Infore Capital is more than 10 billion yuan, and there are 43 funds under it.
Infore Holdings is the largest shareholder of E Fund, holding 22.65% of the shares, and is also one of the initiators of Guangdong Min investment, a joint investment platform for private enterprises in Guangdong Province. According to Tianyan, Infore Holdings has 4 funds, all of which belong to the commercial service industry, and 19 foreign investment funds.
He Jianfeng also joined hands with Midea to take a stake in Shunde Rural Commercial Bank, which is known as the "treasury" of Shunde. At present, the bank is preparing for an IPO, and the prospectus shows that the second and fifth largest shareholders are Midea Group and Midea Financial Company, and He Jianfeng personally holds 0.02% of the shares, and the three hold a total of 9.71%, which pressures shareholders including Chengshun Assets and Guangdong Wanhe Group.
In addition to the above-mentioned financial institutions, according to the article "Midea's Shaodongjia Involved in Short-selling Doubts" published by CBN Daily in August 2015, He Xiangjian and his son also participated in the Golden Eagle Fund, Jiangsu Bank, Hubei Bank, Jiangxi Zhangshu Shunyin Village Bank, Fengcheng Shunyin Village Bank, Zhejiang Shangyu Rural Cooperative Bank, and Kaiyuan Securities.
It is not uncommon for examples like The He father and son to "do industry in one generation and finance in the second generation", such as Zhu Mengyi of Hopson Anderson and daughter Zhu Jurong.
Industry insiders to mustang finance analysis, "easy to fight the country, difficult to defend the country", the macro environment is different, the industry is not as good as before, turning to finance and other new economic fields is a good choice. And China's wealth market has just begun, the public's money will flow more into equity assets, and the investment industry will be an explosive industry.
Three women of the He family
In 1997, in order to better promote the modernization of the enterprise, He Xiangjian could be described as "scraping bones to cure poison", and persuaded a group of entrepreneurial elders, including his wife, Liang Fengchao, who was a warehouse administrator at the time. Since then, the role of women in the United States of the He family has begun to change.
In the 2020 Hurun Female Entrepreneur List, He Xiangjian's daughter-in-law Lu Deyan ranked 21st in the list with a net worth of 29.5 billion.
Lu Deyan is very low-key, the outside world only knows that she was born in 1967, is a Hong Kong permanent resident, has the right of permanent residence abroad.
Lu Deyan and her father-in-law He Xiangjian jointly run Midea Holdings, the group's major shareholder, Midea. He Xiangjian holds 94.55% of the shares of Midea Holdings, and Lu Deyan holds 5.45%. According to this calculation, Lu Deyan indirectly holds 1.7% of the shares of Midea Group, with a market value of 10.428 billion yuan.
Lu Deyan also runs the family's real estate business, which is a Hong Kong-owned company Midea Real Estate (3990.HK). HK) and the actual controller of Midea's property of the New Third Board Company, together with He Xiangjian.
The robbery that caused a sensation in China mentioned at the beginning of the article occurred in the Junlan International Golf Community developed by Midea Real Estate.
As early as 1995, Midea Real Estate was established, but it did not develop. In 2013, He Xiangjian transferred all the equity of Midea Real Estate to Lu Deyan's name, and the real estate business developed independently, and Midea Real Estate gradually improved. It landed on the Hong Kong Stock Exchange in October 2018.
In 2019, the sales amount of Midea Real Estate reached 101.23 billion yuan. In 2020, it sold 126.16 billion yuan.
He Xiangjian's two daughters, He Qianchang, and her sister He Qianxing also contributed a lot to the family business.
Tianyan's investigation showed that the eldest daughter, He Qianchang, controlled 10 companies, 7 of which were new material companies. Mainly producing molds and plastic products, it belongs to the upstream industry of midea group. According to Midea's group financial report, from 2018 to the first half of 2020, Midea Group purchased goods from Huitong New Materials Co., Ltd., which is controlled by He Qianchang, the amount of goods purchased was 333 million yuan, 1.16 billion yuan and 519 million yuan, respectively.
In November 2020, He Qianchang's Huitong shares (688219. SH) is also listed on the Science and Technology Innovation Board, holding 30.61% of the shares, and is worth about 4.8 billion yuan by market capitalization.
Little sister He Qianxing is an executive in 7 companies such as Midea Holdings. According to the Times Weekly, He Qianxing has been engaged in the electronic device industry and has operated a new technology group in Guangdong. He Xiangjian later entrusted some of the business in Hong Kong to her.
In addition, He Qianchang and He Qianxing are shareholders of Yinghai Investment Company, a subsidiary of Infore Holdings, each holding 4.55% of the shares.
The He family also produced a son-in-law of "floating capital" - Zhang Jianhe, He Qianxing's ex-husband. Before 2007, Zhang Jianhe had speculated in lotus MSG, Fudan Fuhua, Hanshang Group, Falsheng and other stocks, which was quite famous. In 2010, it was also listed on the A-share Wealth 1000 Rich List of Caishang Magazine.
Although the son, daughter and daughter-in-law of the He family are talents, the operation of the United States mainly relies on the professional manager Fang Hongbo's team, and the data of the Midea Group's 2020 semi-annual report shows that Fang Hongbo, who is the chairman and president, received a pre-tax remuneration of 9.63 million yuan from the company in 2020; vice presidents Yin Bitong, Gu Yanmin and Zhu Fengtao were 7.65 million yuan, 3.48 million yuan and 4.94 million yuan, respectively. "Sharing" may be the most important secret of the "beauty system".
Li Delin, the founder of the well-known financial big V and Delin Society, told Mustang Finance that the most critical point of the United States in the succession issue is to "manage their own power and use the people who can be used." The He family has mastered the equity and control, and made good use of the professional manager team such as Fang Hongbo. Now the most important question under the diversification and expansion of the United States is whether it can find the second and third Fang Hongbo.
Midea Group may be the listed company that is the best at using professional managers in the entire A-share market, and the family members have built a huge "Midea system" through investment and collaboration, spanning manufacturing, automobile, medical, real estate, environmental protection, film and television, finance and other industries, and are still expanding... This model has also brought enlightenment to many family-owned private enterprises facing inheritance problems in the A-share market!
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