Haier's Whale Swallowing White Power Market Hefei Sanyo Extends Self-insurance

"Every time I pull me on," Hefei Sanyo (600983) chairman Jin Youhua complained that although Haier's acquisition of Sanyo's white-electricity business did not involve Hefei Sanyo, the listed company was still focused by public opinion.

The newspaper disclosed on Friday that the shares held by Sanyo Electric in the Sanyo Electric Group will be transferred from Haier to 9 (3 in Japan and 6 in overseas). After the disclosure of the above information, rumors concerning Hefei Sanyo’s whereabouts were heard. Hefei Sanyo made an announcement last weekend that Haier’s acquisitions were mainly concentrated in Japan and four countries in Southeast Asia, and did not involve the Hefei Sanyo business in mainland China.

It is worth noting that, although Haier’s current Sanyo white-powered company does not involve most of Sanyo's business, it is not without direct impact. In the overseas business of Hefei Sanyo, the total sales of products to Sanyo Electric and its subsidiaries in the past three years were 145.1527 million yuan, 35.277 million yuan and 27.3247 million yuan, respectively, which accounted for 4.64% and 1.74% of Hefei Sanyo's operating income respectively. , 2.56%, this part of the business in Sanyo Electric in the integration of business in Japan and Southeast Asia, is likely to be affected by the intervention of Haier.

Hefei Sanyo strategy "self-protection"

In fact, after the merger and acquisition of Sanyo by Panasonic in 2010, Panasonic abandoned, rented, and frozen the Sanyo brand. It's all pending. Judging from the Panasonic-launched integration plan, Hefei Sanyo, which performed well in the Chinese market, was protected.

However, the analysis also generally believes that this acquisition will bring great pressure on Hefei Sanyo. Judging from the situation held by reporters, Hefei Sanyo has begun to cultivate new brands of Timor and Yishang. According to industry analysts, Hefei Sanyo’s “self-insurance” move is to take into consideration that the Sanyo brand's stay in China remains unresolved, thereby preventing the Sanyo brand from being banned through the development of a new brand.

White electricity pattern changes profoundly

Luo Qingqi, a senior director of Pall Consulting, believes that this acquisition has actually changed the structure of the global white power industry. Haier has become a global leader in white-electricity businesses such as refrigerators and washing machines, focusing on the key elements from distribution to supporting the entire supply chain and quality resources toward Haier. Therefore, Haier White-Electricity will have impact on other white brands in the world, including Hefei Sanyo.

Luo Qingqi predicts that high global inflation will continue for a long period of time without the cost advantages brought by the global scale. Traditional white brands in Europe, Japan, and North America's three high-cost regions have difficulty controlling costs and will have three more high costs. Businesses in the region sell their own white-power business.

Where does Hefei Sanyo go? Judging from the current shareholding structure, the major shareholder is the state-owned asset holding company under the Hefei SASAC, holding 33.57% of the shares, and Sanyo Electric Co., Ltd. and other three unanimous activists have a share of 29.51%.

Experts in the industry speculated that as early as in the 1990s, the Hefei Municipal Government put forward the idea of ​​“does not ask for everything but seeks for location and common development” for the household appliance industry. Hefei’s government’s exit from the specific appliance business operation is also a matter of course, in the Panasonic Group. In a hurry to influence Sanyo’s white-electricity “over-sale cash” business strategy that overlaps with its own white power business, Hefei Sanyo’s two major shareholder transformations are possible, and a better way out is to sell to Haier Group, which is in line with the major shareholder Hefei City. The SASAC and the two shareholders Sanyo Electric’s interests appeal.