Of the country the United States (000493.HK), the event is Huang Guangyu to worsen as the decline of a trauma, or a transfiguration and the opportunity to wear red hats?
Daily access Peng Run Building, Chaoyang District, Beijing headquarters of the national U.S. employees feel increasingly relaxed. They have more good news: The company promised not to lay off, the same treatment; organizational structure for the re-adjustment; 2009 strategic plan finalized; they even draw conclusions contrast, the new management team is more sympathetic to subordinates.
Not all good news for countries outside the United States and concerns about cash flow, for the States United States and suppliers, banks never quell doubts relations, national U.S. attempt to increase their investment, the introduction of strategic investors, rumors spread like wildfire.
Huang Guangyu of GOME in the end left to go where, if there is new funding, then a single person who will: the entry of foreign strategic investors will undoubtedly face the threat of foreign capital and the approval of the dual pressure due to the involvement of local private enterprises strength and embarrassing task, that of state-owned group holding a large amount of money then?
States United States the new adjustment
This week, the National US-based employees are being held with the annual work plan will be, "is mainly a get-together Jinjinzhangzhang over a year, let us relax, deepen solidarity." GOME insiders say. Work before, they just completed in 2008 and 2009 summary sales planning.
Gome is one of the measures of structural adjustment store. States United States did not intend to reduce the number of stores in 2009 to prepare the relevant 100 stores, but plans to open 100 stores. China plans U.S. sales are down. A month ago, the National US-3C division to separate the living appliances division, the traditional home appliance division and other major business sectors. This newspaper has learned the first half of 2009, sales of the sector plans to 44.95 billion yuan. This is about 10% lower than last year or so.
Gome's stores adjustment is not surprising, the country almost every year, close some U.S. stores. However, total cessation of growth in store for the first time in recent years.
It seems people in the industry, Gome stores is an important function of the financing function. Because of payment, time, stores will occupy part of the funding provider.
State financing capacity of the U.S. stores, depending on their ability to take up to vendors, and can more longer occupying provider payment, but also depends on its market share, because market share determines its bargaining power with suppliers, so U.S. to expand rapidly the country is known for. The present situation, would mean that the financing capacity of the country the United States declined rapidly, unless the supplier of funds to extend its occupation of the country the United States time.
GOME semiannual reports, as at June 30, 2008, the company's unaudited accounts payable and notes payable scale of 14.302 billion yuan. Which, due within 3 months of accounts payable and notes payable of about 9.443 billion yuan. Same period, the company's cash and cash equivalents of 3.39 billion yuan.
Insiders pointed out that the huge amount of accounts payable and notes payable, and 4.6 billion in 2010 facing redemption pressure on convertible bonds, resulting in state funding the U.S. current chain tension, for which the United States in 2009 the country's capital spending will drop by half compared with 2008 to 9 billion or less.
Luan Xuefei China Sea Securities researcher, said the country's ability to resist the United States is far stronger than ordinary retail business. She said that from the corporate entity operating fundamentals and management capacity to judge, as long as the upstream appliance business to stabilize, Gome Huang Guangyu incident would not worsen the decline.
Tightening of the external line of
China hopes the United States and indeed the stability of the upstream supplier who was known as the type of financial model the main source of cash flow home appliance chain, including its own funds, bank loans and take up to vendors.
Sources pointed out that the tighter capital chain Gome rumors from last year in the first half of suppliers spread. Interim results in October at the meeting, the National US-made solutions to include full use of vendor dependence, targeted to extend the accounts payable cycle.
Country before the United States in the negotiations and suppliers in an absolutely strong, the country within the United States have pointed out, "In addition to Haier, Lenovo, Sony and other international frontline brands, other manufacturers are basically no more voice." However, this situation Huang Guangyu change after the incident, the supplier raised voice.
States United States, insiders say, present and relationships between the major suppliers, appears to be most harmonious over the years. Fast shipping income countries are the United States also speed up the turnover. However, he said, at present there are Suning's oppression, there are financial pressures, although the verbal support of the major supplier countries the United States, but worried about the safety of their own funds, will be selling merchandise, especially the supply of goods reservations.
Now, many suppliers of the requested State of the United States to account reduced to 2 months, and some even demanded cash. Previously included in accounts payable bills of account, accounts of up to 6 months. "Before we were all after the first cargo section, the supplier price is too high, we can take the initiative to cut prices to meet the market. Before this part of the price difference is borne by manufacturers, and now more manufacturers do not recognize, and to us to bear." the source said.
More suppliers of information obtained also showed that many manufacturers have already issued a document in-house, as soon as possible liquidation of accounts receivable, but they do not want the country the United States this fall. A corporate vice president of small household appliances, said: "gates of fire, adverse impacts in the country before the U.S. we have almost 4 months of receivables, the U.S. should really drained the country, we have the same damage."
2008 semiannual reports show that China's household electrical appliance enterprises listed on the United States in the country (including medium and large electrical appliances) have a large number of accounts payable. Little Swan, which the United States and the United States in the country's receivables more than 80 million yuan, ST Kelon 90 million yuan, Shenzhen Konka about 75 million yuan, the Shenzhen Huaqiang about 1400 million.
He said that if the supplier focus dunning money, Gome's cash flow will be restricted.
Pressure from the banks are the State Bank of Acceptance by the United States in the form of payments to its suppliers, but has not said if related reports, some of Acceptance by the state-owned bank Industrial and Commercial Bank of China and other places to replace weaker commercial banks.
China Industrial and Commercial Bank of China, sources said several major commercial banks in the country is still actively supporting the United States, but he is a credit to its re-examination. Meanwhile, the mortgage bank acceptance bills required deposit ratio increased from 53% before rising to 60%.
Control of suspense
States United States the balance in mid-2008 rate of 69.83%. States within the United States say, as long as the banks do not give us the pressure, we would not be the same as the year Zhengbaiwen was crushed.
Luan Xuefei said that Gome can ride out the storm, its corporate governance structure and management systems constitute a greater challenge. In her view, China's private enterprises are mostly decentralized cut fan of the "family" management model, the same should not be an exception Gome, China's control of the United States has always been and will remain in the hands of Wong Kwong Yu.
States United States the new management structure, the original 7 to Board decision-making committee was Deputy Chairman and three-person team, led by President Chen Xiao replaced, and in decision-making committee established under the Executive Committee of 11 individuals. States within the United States have a saying, Wang Junzhou, Wei Qiuli who is Huang Guangyu, Huang Guangyu in the business license to the Wang Junzhou, personnel and administrative authority to the Weiqiu Li.
GOME insiders view, the three-member panel, Chen Xiao, Wang Junzhou, Wei Qiuli if unity and cooperation, planning and strategy can really be implemented, is whether the United States from countries within the decision of the main factors through a critical situation.
Country United States has served as consultant and president of Li Su Jun venture, said Chen Xiao took over the country the United States, the United States is actually the country's blessing. Chen Xiao strong strategic thinking ability, but also learn to accept various opinions. Chen Xiao Zhuzheng, its scientific and balance is quite strong, his personality is more suitable cooperation with the yellow, no problems at this stage as long as Chen Xiao, the internal will not produce split.
Now, the country to introduce new investors to the United States has been widely circulated rumors. States United States for the current pattern, if there is new capital to enter, at the same time improve its governance structure, no doubt the U.S. will strengthen national capacity to resist risks.
In the current situation, the slowdown in economic growth, sagging real estate transactions, home appliances significant price reduction trend, home appliances chain stores fell revenue growth is a fact. To judge from the report of Everbright Securities, the home appliance chain store growth next year may be the same zero or even negative growth.
Participated in the Hong Kong-listed Gome's investment banking sources said the problems facing the country is the United States at this stage all the problems, like chain distribution companies, assets and liabilities of high thin profits, while pre-expansion and mergers and acquisitions are too fierce, these are hidden .
Nationalization?
In the States United States the introduction of new investors, the past two months, Chinese peace institutional investors such as Best Buy, multinational home appliance giants are rumors on the list. The latest rumor is that appliance manufacturers may also be joint ownership stake in Gome, to help the country tide over the crisis in the United States. For these rumors, the National Ho Yang Qing, vice president of the United States have denied, and said the country the United States currently operates as usual.
For the coveted Chinese market, overseas investors and Best Buy for such a multinational giant, to set the country then the U.S. extremely difficult.
Country United States is China's largest home appliance retail channel, won the country the United States, it means that China's home appliance manufacturers have the right to speak. For foreign mergers and acquisitions, particularly acquisitions of key local businesses, authorities have been cautious. There are also technical difficulties, the first sale of shares must be the majority shareholder approval. "Huang Guangyu now Shenxianlinghu, without his consent, it is difficult to reach an agreement, the same will be involved in decision-making approvals problems." The investment bankers say.
Suppliers obviously do not agree with Suning this country the U.S. counterparts to become connected set by, for suppliers, Gome and Suning of oligopoly competition, they Seek survival, Gome decline, the market is likely to occur Suning an independent Great situation, this is clearly not the home appliance manufacturer is willing to see. A home appliance manufacturer, said: "Then we fell into the yoke of another country the United States means more slotting allowance, rebate payments, but also means that we voice the full loss." This is why the suppliers in the States United States crisis, even behind the country one of the important reasons the United States.
It seems people in the investment bank, Gome, Suning then set basically impossible. Gome's market capitalization was 14.3 billion Hong Kong dollars, Suning the end of the third quarter, more than 100 billion yuan in cash. More importantly, Gome Huang Guangyu hold a total of 35.55% stake, Xiao-equity ratio remains at 7.28%, nearly half of the two together, not a plate. Gome, Suning To acquire the secondary market will trigger a tender offer, but also face assessment, premium and other problems, from this perspective, there is no private enterprise to a country the United States to swallow.
Analysts said the country by the United States to increase their investment in the form of the feasibility of introducing a greater number of strategic investors. "But at this stage the overall economic downturn, the private equity investors need to charge the State the current situation in the United States is so chaotic that no funds dare enter hastily."
In theory, to take over state-owned enterprises is feasible. For those who often hand tens of billions of liquidity in the country owned enterprises, the support recipient countries in terms of policy the United States this company is not difficult, as this is a commitment to social responsibility, as China's largest retailer, Gome more than 1,300 stores nationwide, its more than 20 million employees.
This newspaper has learned that not long ago, in a state owned system, the meeting, the executives have said the central enterprises should take advantage of the economic situation worsened, and go out the acquisition of private enterprises bigger and stronger.
In 2008 the Ministry of Commerce work meeting, Commerce Minister Chen Deming said position, to actively foster a number of large-scale circulation enterprises. Through the stock exchange, asset acquisition, etc., for about 3 years time, set up training a few of the international competitiveness of the state-controlled large-scale circulation enterprise groups. Commerce Department officials told this newspaper said the U.S. position is not for the country. Ministry of Commerce, a batch of large-scale circulation enterprises to say has already begun in 2001, but the direction of the major inputs for agricultural products, food and clothing mainly supermarkets, department stores Format, for the home appliance chain industry is still no specific integration plan.
Of course, huge obstacles to take over state-owned enterprises. GOME is a listed company in Hong Kong Stock Exchange, but after taking over state-owned enterprises will face a re-integration of the process, faced with tremendous uncertainty. "If the State took over, most likely state of funding the U.S. chain of a sudden rupture in the short term, the whole operation all collapse, the Government took over for a stable point of view." Say the investment bank.
GOME Group has served as consultant and business CEO Li Su Jun, said the management of state are not suitable for distribution industry. In his view, the only country the United States the possibility of sudden collapse is the banks do not support, lead to a US-fund-strand breaks. "But that does not meet the suppliers, bank interest, and their loss will not be small, from this perspective that banks are afraid to take the withdrawal of U.S. loans Forcing the country this road."
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