On August 22nd, Midea Group issued an announcement that the acquisition of German KUKA has made the latest progress: the German Federal Ministry of Economic Affairs and Energy has no objections to this acquisition.
Previously, Fang Hongbo, chairman and president of Midea Group, said in an interview with the media that the review by the German Federal Ministry of Economic Affairs and Energy and the Foreign Investment Committee of the United States (CFIUS) is a relatively difficult one. And through the review of the German Federal Ministry of Economic Affairs and Energy, it means that the United States is one step closer to the final acquisition success.
Since 2016, Chinese home appliance companies have successively launched many large-scale cross-border mergers and acquisitions. The most famous cases are Haier’s acquisition of GE Appliances, Hon Hai’s acquisition of Sharp Group, Midea’s acquisition of Toshiba’s White Electric business and German KUKA Robots.
What is the logic behind the sudden acceleration of cross-border mergers and acquisitions? Reflect the current situation of China's home appliance companies how? Also, how to raise children? All these things require us to think and give answers.
Chinese home appliance companies have reached the "critical point"
In the past few years, I have been pondering a question: Why did the Korean home appliance giant, whose internationalization started at almost the same time, took the lead in completing the transformation of local brands into international brands, but the Chinese household appliance giants did not?
Take Samsung Electronics as an example, its large-scale internationalization started in the early 1990s, and it was only about five years earlier than mainstream Chinese home appliance companies such as Haier and TCL. However, Samsung has already become a global famous consumer electronics brand. In the global brand structure, Chinese brands are still regarded as “latecomers†and are not accepted by mainstream groups, especially foreign consumers.
One question is: What has stopped Chinese companies from moving to international mainstream brands?
My thinking is that two major factors have constrained Chinese companies: First, the lack of core technology has directly led to the lack of competitiveness of our products; second, the brand has not been able to achieve a leap from the "Chinese brand" to the "international brand," the brand premium Ability is not strong.
Let me talk about the lack of core technology.
The so-called "core technology", in layman's terms, is the key technology part that supports product realization and is the core element that determines product competitiveness. The product is the materialization of technology, and possesses the core technology to have the core product; the essence of market competition is the competition of the product, so the market status is ultimately determined by the technical status. Maybe you can find cases that do not correspond to this conclusion. For example, Nokia's mobile phone technology is of good quality, but it is eventually replaced by Apple. What I want to say is that in most cases this conclusion is true, otherwise we cannot explain why Huawei has spared no effort in R&D investment. For a long time, the right to speak in Chinese companies’ technology has been very weak, and it has directly caused China to fail to compete positively with international brands. It is not because our products are doing well, but because we use other long boards to make up for the shortcomings of products, such as providing better services, more favorable prices, and implementing more powerful promotion, etc. .
From a global perspective, truly competitive products must be technologically advanced products. It is difficult to imagine that a product's backward technology can also be sold well, even if there is, it is also a small probability event.
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