Sanlian Trading Co., Ltd. retail assets return to Gome gambling security mobile phone

Eight years after entering the Sanlian Trading Company, Gome began a reorganization of its Sanlian Trading Company. If the restructuring is completed, Sanlian Trading Co. will officially divest the retail assets and enter the mobile phone industry, and Gome has begun to extend its reach to the manufacturing system upstream of the supply chain.

The triple trading company, which has been suspended for four months, finally resumed trading in recent days, throwing an unexpected ending to the market: it will no longer be a home appliance and will enter the mobile phone market. Under the impetus of the major shareholder Gome Holdings, the Sanlian Trading Co., Ltd. wants to acquire the entire equity of the mobile phone OEM, Dejing Electronics, for 900 million yuan. This also means that the problem of horizontal competition that has plagued Gome and Sanlian Trading Co. has been further resolved.

On January 26, He Yangqing, vice president of Gome and chairman of Sanlian Trading Co., said in an interview with the Securities Daily reporter: "If the progress is smooth, Sanlian Trading will follow up the retail assets, and this part of the assets will be integrated into the retail system of Gome. Gome may conduct mergers and acquisitions throughout the industry chain." He revealed that in addition to smart terminals, Sanlian Trading Co., Ltd. will not rule out entering other fields in the future, and may layout the smart home industry.

It is worth noting that after the completion of this transaction, Gome's subsidiary Longji Island maintains its triple shareholding shareholder status with 10.46% of the shares held, and Gome Holdings will share the share of 9.98% as the second largest shareholder. Together with the trilateral trade and the Beijing war, the total shareholding of the Gome will reach 30.39%. After buying and selling this time, the equity of Sanlian Trading Co., Ltd., which has been in a decentralized state, will be more concentrated. Gome will also seize the control of Sanlian Trading Co.

The equity of Sanlian Trading Co. is unprecedentedly concentrated?

Buying and selling one at the same time, while the Sanlian Trading Company and the Gome are competing for the same industry, the Gome is firmly in control of the control of the Sanlian Trading Company.

In September last year, Sanlian Trading Co., Ltd. suspended trading due to the planning of major asset restructuring. After a lapse of two months, Sanlian Trading Co. announced that it would acquire a 100% stake in Dejing Electronics and show it in a new identity. Recently, Sanlian Trading Co., Ltd. resumed trading again and the daily limit was on the day.

According to the announcement of Sanlian Trading Co., Sanlian Trading Co., Ltd. intends to non-publicly issue shares and pay cash to Dejing Electronics Shaxiang, Yu Zhenggang and Jiaxing Jiuluxin to purchase 100% equity of Dejing Electronics.

For the follow-up of the retail assets of Sanlian Trading Co., Ltd., the chairman of the Board of Supervisors of Sanlian Trading Co., Ltd., said in an interview with the Securities Daily reporter: "Sanlian Trading Co., Ltd. will divest the retail assets during the reorganization, and the assets will return to Gome. The retail-related personnel will be merged into Gome. Gome still has a controlling stake in the restructured Sanlian Trading Company. There will be no major changes in the senior personnel, and the original personnel of Dejing Electronics will also be retained."

It is worth noting that after the completion of this transaction, Longji Island will still maintain its triple shareholder status as a 10.46% shareholding, while Gome Holdings will have a share of 9.98% as the second largest shareholder, plus Trilateral trade and Beijing warfare, the total shareholding of the Gome will reach 30.39%. Ziguang Zhanrui will hold a 3.99% stake in the listed company. If it comes, the Sanlian Trading Company enters the smart phone market, which not only wins the support of the chip giant Ziguang, but also strengthens the controlling power of the Gome to the Sanlian Trading Company.

In recent years, rumors about the restructuring of Sanlian Trading Co. have been constant. Even some insiders speculated that Huang Guangyu would spin off Gome's e-commerce platform Gome Online to inject Sanlian Trading Co., and at the same time, Gome's other listed company, Zhongguancun, became a financial investment holding platform. Although the Gome continues to blame related rumors, with the reorganization of the triple trading company unveiled, its future direction has been basically clear.

As for the reorganization of Sanlian Trading Co., whether the name of Sanlian Trading Co., Ltd. will be retained, Fang Fang told reporters: "At present, the two companies are still discussing the name of the new company. Sanlian Trading Co., Ltd. also enjoys high popularity in the industry. After the discussion, he revealed that the restructuring will be held at the shareholders meeting in March this year, and the entire restructuring is expected to be completed in the first half of this year.

In fact, the Sanlian Trading Company, one of the "Troika" of the Gome, has been plagued by competition in the same industry. Before Huang Guangyu was released from prison, his status was expected to be completely resolved. Nowadays, Gome is also unprecedentedly united, veterans frequently go out, take the lead of each subsidiary, or reorganize, or acquire, carry out asset restructuring, and focus on the Huang family.

The frequent actions of Gome are also related to their overall planning. The saying that "Gome is interested in delisting from H shares and re-listing in A-shares has never been broken."

It is undeniable that in recent years, the Huang family has been carrying out internal asset integration, and wants to concentrate the assets of non-listed companies and consolidate their control. Recently, Gome's acquisition of Huang Guangyu's assets of more than 9 billion yuan - related to the development of Gome's overseas electrical assets, has just been approved by the Gome shareholders' meeting. Through this acquisition, Gome will achieve full integration of listed and unlisted offline resources. The triple business is now injecting new business through asset restructuring. The insiders believe that: "If the overall listing of Gome becomes a reality, then the revitalization of Sanlian Trading Co., Ltd. will inevitably increase its valuation."

The horizontal competition will be completely solved?

This time, Gome’s large-scale integration of the Sanlian Trading Company has also greatly solved the problems left over by history.

In 2008, Gome participated in the auction through the curve of Shandong Longjidao Construction Co., Ltd., and won 27 million shares of Sanlian Group by Sanlian Group as the largest shareholder of Sanlian Trading Co., Ltd. with 541 million yuan. Gome’s commitment to completely solve the problem of horizontal competition with Sanlian Trading Co., Ltd. within 5 years.

At that time, Gome's alternatives were: Gome and the company absorbed and merged; the company divested its original business by means of asset swaps with Gome or its related parties and other third parties to establish a new main business; Or other methods approved by the China Securities Regulatory Commission. Today, through restructuring, Gome also indirectly completed the original commitment.

Liang Zhenpeng, an industrial economic observer, said: "Injecting the acquired listed company into a new business is an alternative form of the non-performing assets of the Sanmei Trading Co., Ltd., and it also injects a new direction for the future development of Sanlian Trading."

As for this restructuring, whether it can completely solve the problem of horizontal competition between Sanlian Trading Co. and Gome. Wu Xianjian, deputy secretary-general of China Household Electrical Appliances Business Association, believes that: "Sanlian Trading Co., Ltd. was originally engaged in home appliance retailing, and now passes

Reorganization and asset replacement have basically solved the problem of horizontal competition. However, the name of 'Sanlian Trading Co., Ltd.' still has a certain reputation in the industry. At present, the home appliance chain stores such as Weifang Sanlian and Dongying Sanlian, which use the name of 'Sanlian', are still common. After the reorganization of Sanlian Trading Co., we should pay attention to solve this problem and avoid it. dispute. "

Layout smart security phone

After the Sanlian Trading Company purchases the entire equity of Dejing Electronics, it will completely transform itself into a smartphone manufacturer and service provider.

According to the restructuring plan, Sanlian Trading Co., Ltd. will raise funds for Gome Holdings, Ziguang Zhanrui and Trilateral Trade to issue funds for Jiaxing R&D Center projects, private brand building, and marketing channel construction.

However, the current smartphone market has nearly 400 mobile phone brands, and the top ten account for 75% of the market. The models of mobile phone manufacturers are mostly brand + R&D + foundries. Most of the pure foundries are going downhill and the profit margin is low. At the same time, most of the traditional mobile phone manufacturers are at a loss, and emerging mobile phone manufacturers such as Xiaomi are also showing signs of fatigue in the rapid expansion. Gome chose to devote itself to the smartphone market in the Red Sea at this time, causing controversy.

Regarding the doubts raised by the industry, He Yangqing responded: "China's secure mobile phone market is full of gimmicks and hype, and it is in its infancy, but it will also usher in the next 3-5 years. Now it is a good time for Gome to enter. It is not a foundry, it has strong R&D and manufacturing capabilities on secure mobile phones, and it has a differentiated route with other mobile phone manufacturers." He said that in the future, Gome mobile phones will not rely on price, the direction is around intelligence, security, and mainly enter the enterprise level. market. "Gome is the safest, highest value, best used, most cost-effective mobile phone, brand positioning companies and families."

According to insiders of Gome, there are currently 30,000 orders for smart security phones and one thousand have been delivered to customers.

As for the emergence of Gome's mobile phone with Gome online and offline resources as the main sales channel, will it affect the relationship between Gome and existing mobile phone manufacturers? He Yangqing said that there is no conflict between the two: "Gome's 1,700 stores are Gome's mobile phones. One of the sales channels, in addition to Gome’s own stores, Gome’s mobile phone sales may also choose other professional stores, operators, online channels, etc. Gome will regard its own brands as the same as other brands in the distribution of mobile phone brands. There will be no difference."

Fang Wei told reporters that Gome mobile phone will be implanted in the future, such as financial applications: "Sanlian Trading Co., Ltd. will become an important channel for linking Gome's all-intelligent terminals, and realize the rapid distribution of terminal products on the Gome platform."

Liang Zhenpeng believes that retailers will begin to penetrate the upstream intelligent manufacturing field, which will become a trend in the future. "Retailers will reach out to the upstream suppliers and manufacturing sectors. This is a way of deepening their own supply chain reforms, but the prospects are still difficult to determine, depending on whether they can be recognized by the market."

Zuo Yanzhen, general manager of Zhongyikang Market Research Brand Center, said: "Gome's mobile phone is an important direction for Gome's mobile Internet. It integrates Sanlian Trading Co., Ltd. into an independent mobile phone manufacturer. In the future, it intends to connect it with Gome online and offline business. The group will build a multi-screen cross-platform development direction, and use mobile phones to establish user scenes with traditional users, thus expanding the layout of Gome."

He believes that 2016 is a year of more intense competition in the mobile phone industry. Only those companies with strong capital strength and strong user base will survive this year. Gome is trying to enter the mobile phone system

Create areas to create new business models. For Gome, in the future mobile phone layout, how to find more precise positioning and consumer demand is something that must be finely operated.