GOME is no longer a one-man show - the country the United States, home appliance retailers - HC Netw
GOME is no longer a one-man show - the country the United States
, home appliance retailers - HC NetwHuang Guangyu, chairman of not having an easy. Since the end of last year in Hong Kong to the U.S. state of some famous investment institutions interested in the release of the signal to introduce institutional investors, the investment community really started a few months to a sizeable battle. After many negotiations approached, Huang Guangyu final choice and the world's largest private equity fund Warburg Pincus is one (WarburgPincus) to form the so-called "strategic alliance." Under the agreement, Warburg Pincus will subscribe for 125 million U.S. dollars Gome issued convertible bonds and 25 million U.S. dollars warrants. This is by far the Warburg Pincus investment in China's biggest single.
2 early Gome the dissemination of the news, with institutional investors as Softbank (Softbank) is satisfied Goodwill Investment president temperature days is not without regret, "the Mainland in Hong Kong listed companies, the country's investment value of U.S. one of the best. This single investment in China is clearly very beneficial to peace. "GOME long-term follow Li Tong, analyst believes that the" national level the U.S. is to China by a sum of money. "In any case, following the announcement that Gome shares three days, rose 21.5%.
"2006 years of key words is safe"
In this investment, Warburg Pincus has made some very harsh conditions, Huang Guangyu is very readily agreed, that some surprise. Li Tong revealed that the mode of cooperation of two signals, one of Gome's capital may be a bit nervous, the other is Warburg Pincus has not yet completely convinced of the States United States. "Warburg Pincus's convertible bonds, the period is five years, five years if the stock price more than 6.4 Gome Pincus can share transfer cash in the Hong Kong dollar, or five years China could recover principal and interest level." He pointed out that "China is simply the risk level can be ignored, unless the cash in five can not find the opportunity, or the country less than five years on the U.S. operation went out of business! "
It really because of tight state funds the United States had to make this choice?
Gome not to be named within a financial director level who do not agree with that. The source said the United States in 2005 was the rapid expansion of the country a key year, a full doubling of the number of stores, but in fact the demand for capital is not strong, from the appliance retail business model point of view, the input is simply to open new store the rent and renovation costs, and these costs also would be admission of suppliers and stores flush a large advertising revenue. From past experience, in 2006 the country should be little pressure on the U.S. capital.
But the person does not deny, "to my intuition, initiative from the finance point of view, Huang Guangyu may be a little more positive." GOME series as in the capital market, to head of Huang Guangyu to leave the outside world a "bold, courageous" impression, but the people that "whether strategic or financial decisions, Huang Guangyu in fact has always been both ambitious, cautious, he is a particularly strong sense of crisis the people."
Changes in the competitive environment may encourage companies began to adjust the rhythm Huang Guangyu. In 2005, Gome and Suning Appliance, China Paradise depth each other's hinterland town. War between giants become increasingly direct and bloody, three have suffered declining margins, increasing the number of single-store loss situation, the share price into the downturn. On the other hand, by the end of 2005 the Ministry of Commerce issued new regulations for the retail industry to wider rectification looks fierce.
2005 12 Huang Guangyu in the "China Entrepreneurs" interview brings it in this round of macro-control in some companies have trouble, "said reflection, I think many companies do not only consider the immediate, the most important to consider the future, taking into account security. It is a , fast fish eat slow fish of course, who have fallen is not surprising. The most important thing is you can control their own development within the enterprise, to be pragmatic. "
Said this time Wong Kwong Yu has been with Warburg Pincus financing began secret negotiations. Accordance with the deployment of Huang Guangyu, a new shop in 2006 the number of countries the United States from 250 in 2005 reduced to 100, center of gravity to improve store operations and management efficiency, enhance the management of single-store performance and refinement. No wonder the U.S. Group for the development of the country in 2006 keywords, Huang Guangyu address him, "Security! Security is the enterprise's health, with health have everything." The United States believe that these factors make the financing arrangements as soon as possible to urge Huang Guangyu .
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