The "2006 (5th) China Enterprise Leaders Annual Meeting" hosted by "China Entrepreneur" magazine was held at the China World Hotel in Beijing from December 9-10, 2006. Sina Finance exclusive coverage of the entire process. The following is a speech by Wu Changjiang, President of NVC Optoelectronics:
He Li: Next Wu is always the president of NVC Optoelectronics. It introduces venture capital in the development of the enterprise. What is the difference between venture capital and venture capital?
Wu Changjiang click here to view all news photos
Wu Changjiang: Talking about mergers and acquisitions, just as our company has plans for this aspect this year, and in negotiations, it may soon have this action. I will share this opportunity with you today as a feeling for the company to talk to others about mergers and acquisitions. We have developed slightly faster in recent years, so we need funds. We introduced strategic investment softbank this year. What should we do after the money comes in? At that time, shareholders felt that they had to do mergers and acquisitions. As an investor, I knew very well that they wanted to make the order as big as possible and make the report look better. However, as a company, we must consider the long-term development of the company. I said that the merger considered four horizontal and four verticals. I was considering a vertical merger. The same thing was slowed down first. See if we need it or not. What is the purpose? If you don't need advice, don't go to M&A. If the market's production capacity, the market's sales volume is so big, you go to buy a similar company, who buy it for sale? If the demand is large, the market is in short supply, and your production capacity cannot keep up. If it takes a long time to invest in construction, this is a process. You can acquire similar enterprises through mergers and acquisitions. This is feasible.
The other one is whether you lack technology, lack of core technology, lack of brand or lack of channels. I feel that what is missing is what to buy, and don’t miss the merger. Just like eating, you are so big, and eating a lot will break your stomach. My point of view has been recognized by shareholders, what do I need to acquire? Because we are lighting fixtures, we are indeed the boss in the field of lighting, including Philips. However, we are weak in the field of light source, and the other one is mainly in the domestic market. NVC was doing the domestic market at that time. The overseas market invested less and did not pay much attention to this piece, because our idea is to be a brand and a state-owned independent brand. The idea of ​​overseas is that you must do your homework before you do it. Now everyone is talking about internationalization. In fact, the company's goal is to be a world brand. There is no advantage in overseas. We want to acquire a company that has some channels and sales networks overseas. After this direction, in the industry. In the election, we have contacted many companies in a few months, and all kinds of mentality are there. I feel that I will talk to you through half a year or so. First of all, what do you need to acquire, and the mentality of M&A is very important because there are some corporate mentality. Not good, you buy him, and the future must be a bit of a fight. Therefore, through more than half a year of negotiations and selection, I recently acquired a company, and it has a background of state-owned assets. Now it is a joint venture. The philosophy of both parties is very good. Our products are complementary and the market is complementary. He mainly does European and American markets. We mainly do In the domestic market, it has invested a lot of money in China, but the brand has not been played. We all have complementary needs and the concept is very good. So we talked very successfully and withdrew the shareholders who originally invested in pure investment. I will sign an agreement with us right now.
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