If it is not because of the shocking move of Hummer , Tengzhong Heavy Industry's reputation in Xinjin, Chengdu, China, is even worse than his predecessor, Xinjin Road Machinery Factory. This headquartered private enterprise suddenly became famous after it announced the acquisition of the American Hummer. "The merger and acquisition are in urgent detail. The formal contract will be announced at the end of September." This is the official explanation provided by Tengzhong Heavy Industry. However, compared with the high-profile of the previous stage, Tengzhong, including the general manager Yang Yi, took an evasive attitude toward interviews with reporters. What happened in the middle? Exploring the "military restricted area" "Who speaks from the outside, who is going to teach!" On August 18th, at the Tengzhong Heavy Industry Headquarters in Chengdu Xinjin Huatong Industrial Park, security was as rigorous as ever. Reporters interviewed were told that they must have an invitation from the company's top management to enter the office area. At the entrance of the Tengzhong plant, the CNC barriers, the sensor cameras set up every ten meters on the external walls of the factory, and the fingerprint authentication system for workers entering and leaving the office area all said “no†to reporters. Tengzhong staff told the reporter that the militarized management has been implemented here and is a military secret unit awarded by the Chengdu Military Region. “Camera surveillance is available in almost all areas of the plant. Our management is detailed to the point of wearing and even talking to the toilet and staff. Any violation will be punished.†A Tengzhong employee told the “China Business†reporter. After Tengzhong's merger and acquisition of Hummer was exposed in a large area, Tengzhong held two meetings and issued a “password for all employeesâ€. “Who speaks from the outside and who has the class!†Tengzhong staff told reporters cautiously that it is important to observe discipline here. The reporter received information from Tengzhong Heavy Industry website that Tengzhong Heavy Industry was one of the scientific units of the military equipment and supplied the military with special equipment component technology achievements and materials. This 18-plant machinery manufacturing company currently deals with special vehicles, bridge components, construction machinery, new energy, and petrochemical equipment industries. In the field of vehicle manufacturing, only special vehicles such as large and medium sized trucks, dump trucks, trailers, trailers, concrete transport mixers, and oil trucks are produced, and civilian vehicles are not produced. The Xinjin Industrial Park Management Committee reporter at Tengzhong Heavy Industry Co., Ltd. learned that the total assets of Tengzhong Heavy Industry are about 4 billion yuan. The output value of Tengzhong Heavy Industry was about 1 billion yuan in 2008 and the total tax was 11.05 million yuan. From the acquisition of Xinjin Road Machinery Factory in early 2008 to the entry of Xinjin Industrial Park to the intervention of special machinery production to the negotiation of general-purpose Hummer, Tengzhong Heavy Industry has become a well-deserved cross-border “dark horse†with a reputation worldwide. In fact, all this is related to a person - he is the actual operator behind the scene, Hua Tong, the actual controller of Li Yan. Li Yan's Capital Authority Good at small, empty gloves, white wolf In early June, US General Motors announced that it had reached a memorandum with Sichuan Tengzhong Heavy Industry Machinery Co., Ltd. on the sale of Hummer. After half a month, listed on the HKEx Xuguang [3.16 -0.32%] resources (00067.HK) issued a paper notice: Chairman of the Board of Directors of Eon (andå索朗多å‰) will participate as private investors Hummer Mergers and acquisitions. Since then, Li Yan has begun to jump into the public's field of vision. Li Yan, Weiyuan, Sichuan, 46 years old. The businessman who built the first pot of gold by building roads was described by the Sichuan business community as "having the courage of having a sturdy style." In 2004, Li Yan invested in Sichuan Chuanmei Mirabilite Co., Ltd. through its holding company, Sichuan Huatuo, and changed it to Xuguang Resources. On June 11, 2009, Xuguang Resources was listed on the Hong Kong Stock Exchange with a total share capital of 1.924 billion shares. According to statistics, two months after the listing of Xuguang Resources, the stock price rose from 2 yuan to 3.07 yuan on August 19th. In other words, after the Tengzhong Hummer case was announced in June, it was listed on the stock market. The month has appreciated about 2 billion yuan. According to information from the Sichuan Industry and Commerce Bureau, the Tengzhong Heavy Industry Co., Ltd., established by Li Yan’s company Sichuan Huatuo Investment, was a “small factory†provided by Sichuan Deyang Polymer Materials Company in 2005. In 2005, Tengzhong Heavy Industry acquired Sichuan Changdian Electric Power Company and in 2006 it acquired Sichuan Guangyuan Construction Machinery Group. At the beginning of 2008, Tengzhong Heavy Industry bought another Xinzhu Road Machinery Factory, one of the leading enterprises of China's road and bridge equipment, from the China Communications Construction Group for RMB 133 million . The original director Chen Shi became the representative of Tengzhong Heavy Industry Corporation, and this was Hangzhou. The total assets of the companies providing road and bridge equipment, such as the Bay Bridge and the Nanjing Yangtze River Bridge, were valued at RMB 215 million at auction. After repeated "snakes", Tengzhong Heavy Industry established Tengzhong Power Generation Energy Equipment Manufacturing Company in the Deyang Economic Development Zone in Sichuan. Tengzhong Heavy Industry is headquartered in Chengdu Xinjin Huatong Industrial Park. The reporter saw the introduction of Tengzhong Heavy Industry in Xinjin Industrial Park. In 2008, Tengzhong Heavy Industry was also valued at only RMB 300 million by Sichuan Yongdao Certified Public Accountants. Now it has a scale of nearly 1,000 acres of land, and the asset value has reached 4 billion yuan. “Tengzhong’s acquisition of Hummer’s funds is mainly from corporate self-financing and some private investors.†Yang Yi, general manager of Tengzhong, previously disclosed to the media. With the opening of Tengzhong's "growth" path and the identification of Li Yan's private investors, this "dark horse" fund from the capital operation has been revealed. According to the prospectus of Xuguang Resources, on the eve of the merger and acquisition of Hummer, Hong Kong financial institutions had loaned Li Yan for private use, and the mortgage condition was part of Xuguang Resources. Confused financial path Bai Mi has a sparse and local government attitude is critical However, this seemingly sophisticated capital bureau still has flaws. One problem that Li Yan could not control was the attitude of the local government. It is understood that Tengzhong Heavy Industry is expected to purchase Hummer's funds for 350 million US dollars, about 2.4 billion yuan . According to the agreement reached between Li Yan and the Chengdu government before the establishment of Hummer’s domestically settled Chengdu, the Chengdu government will provide Tengzhong Heavy Industry with a financing guarantee of RMB 1 billion. The remaining 1.4 billion yuan was realized by Li Yan and a wind energy project of Deyang New Materials, a subsidiary of Huatong, which is controlled by the company, and was financed overseas by 100 million U.S. dollars (about 700 million yuan). However, Li Yan later proposed to the Chengdu Municipal Government that the financial guarantee provided by the government could be increased from 1 billion yuan to 1.6 billion yuan. This gave the Chengdu government a feeling of being fooled. “Li Yan did not understand the rules of the game and he was not sincere.†One person who claimed to be familiar with Li Yan’s unwillingness to disclose his name stated that the matter had made the Chengdu government “very I'm not happy. After that, my attitude towards Li Yan has become subtle. In fact, Li Yan's doing so is also a matter of fact. It turned out to be 100 million U.S. dollars in overseas financing. "How to use the 100 million U.S. dollars for overseas financing is monitored overseas. Originally, wind energy was used. How can we buy Hummer?" according to a person familiar with the matter. According to reports from outsiders, the delay in the acquisition of Hummer by Tengzhong also stems from the fact that “Tengzhong wants to keep the price down, and the rift between Universal and Universal is unavoidable.†As Tengzhong Heavy Industry has been unable to give an accurate timetable for the acquisition of Hummer. Due to concerns about the prospects for mergers and acquisitions, the Chengdu government had to “leave a handâ€. “At present, GM has not planned to allow Hummer to move to China for production.†GM (China) related sources told the “China Business†reporter. And Jim Taylor, Hummer's CEO, said even more plainly: "Tengzhong is only an investor. After a company buys another company, don't want to completely take over from the beginning and tell the acquiree what to do. The kind of reckless behavior that rushes to whack the baton is more like a battle." Can we rely on Tengzhong to complete this "snake swallow" initiative? The answer is of course negative. According to the reporter’s understanding, because Tengzhong Heavy Industries was in arrears with the RMB 470,000 project of the Sichuan Antong Electromechanical Company’s long-term unpaid project, leading ant soldiers to come to the bank to pay their debts, Teng Zhongzhong and his workers said: “There is no money on the account and headquarters funding is required.†“Li Yan has been anxious these days. Find a friend, find the US side, and look for foreign capital.†The above-mentioned person who claims to be familiar with Li Yan said that Tengzhong is currently trying to save this dangerous capital game. However, whether or not he can face him in the way he hopes is a more complicated situation. Background links The Marriage of Tengzhong and Yuma From 2008 onwards, there have been a lot of “swoffs†about the acquisition of Hummer. Tengzhong General Manager Yang Yi once said firmly: “The agreement signed between Tengzhong and GM is an exclusive agreement. Hummer currently has only one Tengzhong target for sale.†However, rather than being exclusive, it might be better to say that everyone carefully quit the Houma after carefully analyzing the future of Hummer. Only left Tengzhong. Reuters reported on August 18 that a Tengzhong Heavy Industry spokesman stated that if the Hummer brand is successfully acquired, the company will maintain the existing global sales network of Hummer. In addition, Teng will continue to retain Hummer’s production base in North America. "U.S. spending, Chinese pay," Teng Zhong's doctrine of industry screams. Even if the acquisition is successful, how can Li Yan prevent the generic "fat meat" from being dumped on himself? Golf Trolley,Best Golf Trolley,Cheap Golf Trolley,Golf Trolley Accessories Shenzhen New Gaopin Sports Goods Co,Ltd , https://www.newgaopins.com
February 01, 2023