Dabao
listed after the sale of idle and let people see that foreign mergers and acquisitions are interested in the transfer.
2007 years 2 27, Beijing Dabao Cosmetics Co., Ltd. in Beijing Equity Exchange listed low-key, the price of 2,300,000,000 yuan as a whole to sell 100% equity. Dabao
made one of the conditions is that the transferee must be engaged in the production and sale of skin care products business, have at home or around the world with high name recognition, market reputation and good performance of skin care brand . There are those who point out that the industry, according to the Dabao out of the price and conditions to the acquisition of non-foreign-funded enterprises can not. Even as local enterprises in Japan as the leading enterprises in Shanghai Jahwa this year’s sales will only be 1.9 billion, how can a hand on 2,300,000,000 yuan? However, this has never
foreign mediocre response, from Dabao official said that there is no intention to enter; including Procter & Gamble, L’Oreal and Johnson & Johnson, the giant of Japanese foreign investment are not express an opinion on this news.
an interesting detail is that the Dabao sale price is based on the Beijing Huarong Asset built the assessment of the value of the firm to assess the development, and Jian Hua-Rong Bao large assets on the basis of the assessment is February 28, 2006. According to the state-owned enterprise assets Interim Measures for the Administration to assess , the assets of the assessment results will be valid for the use of self-assessment of baseline date of 1 year. In other words
Dabao time in assessing the validity of the last day of the listing for sale, from which there is not hard to see Dabao sale at the heart of at least a year ago, but this year is clear that very little gain.
qualified M & A target
Dabao apply the ad, the Dabao sale as a whole can be regarded as a cost-effective, full volume. In fact, when the big news of the sale of Po-listed, public opinion has been in an uproar, even with Bao is the Chinese on the outcome of the industry’s fate, Nan Yi to express the emotion.
this place was National Day of picking up the banner of hope that the local brands, has been maintained in the skin care market segments of the status of the leading market share second only to Procter & Gamble’s Olay. According to the Beijing Equity Exchange shows that Dabao the net assets of about RMB 600,000,000 yuan more than that in 2006 the year the main business income of 676,000,000 yuan, for a net profit of 41,660,000 yuan. Despite the low profit margins, but also on local enterprises doing my part in the individual champion.
but maybe very few people know that Bao is a big business benefits, there are a certain number of employees for people with disabilities, currently attached to the District Beijing Industry Corporation, the current shareholding by the Beijing Municipal open three plants in Beijing and the workers who Bao Cosmetics Co., Ltd. Unit holders will be for 100% of the state-owned enterprises. Dabao
history has not always been smooth, since the brand was founded in 1985 has also experienced a shortage of funds on the verge of closure to the situation. This is the current chairman of the board from Du Bin helm in 1990 after the big Bao began to turn for the better. Since then, Dabao will re-brand for working-class high-quality skin care products, marketing strategy which has gradually carried out. Dabao in 2004 to have sales revenue of 780,000,000 yuan more than in 1990, an increase of 25 times.
big treasure, a growth of the Chinese people’s well-known brands, even if never used the product Dabao can speak impromptu say the phrase Dabao, see every day, the ad; this is a good word-of-mouth brand, with a lot of inertia The high-end cosmetics abroad, young women are also full of praise for Dabao, especially in the face of dry cold weather, when the North; in a sense, this is even a certain brand of forward-looking, Bao male skin care market in a very Strong penetration, and foreign brands in the past two years began to take some action. However
Dabao has its own problems. Despite the up trafalgar skin care products in 13 categories of dozens of products, but people can still remember that the only SOD honey ; despite Dabao also maintained a certain amount of market share, sales and marketing is no longer sharp rise in profits Or even decline in 2004 compared with 780,000,000 yuan and sales revenue in 2006 of 676,000,000 yuan will be able to clearly see this trend.
a single brand and the advantages of a single product has been so great to explore the ceiling Bao, and the face of foreign capital each year to update constantly introduce new brands and new products, Bao is the only clear that the future does not advance. In this sense, the relative peak in the moment, foreign capital and technology to find help is the best time.
big treasure, is to do so. In the second half of 2006, Johnson & Johnson to extend the olive branch Dabao, Bao to the sale of 51% of the shares in exchange for enterprises and brands must retain the right words. The two sides had entered the substantive phase of negotiations, and even news that has been reported to the approval of relevant departments. However, with the final Dabao listed for sale, the joint venture has the possibility of completely gone.
Some critics believe that the overall Dabao sale price on the high side, a relatively small price to sell when the nurse is about 200,000,000 U.S. dollars. Dabao, but stressed that there is intangible assets such as brands and channels. In this sense, the overall Dabao sale is more like an upset – not since the business will grow further, at least to have the opportunity to brand Liufang vancomycin, Du Bin has also been used to uphold the must adhere to the To interpret these initiatives.
foreign interest
the transfer of matter from which point of view, Dabao to attract foreign investment should be a good acquisition target. It has foreign capital can not match the excellent local brand name recognition and reputation are very good, and a sizeable market share; position in the low-end products, it is difficult to present its own brand of foreign involvement in the market; smooth channels, 350 shopping centers nationwide have more than 3,000 supermarkets and special counter; framework for simple equity, but also to sell 100% of the total. In addition, the acquisition will not encounter big treasure, future management issues, Du Bin is currently serving as the parent company of Beijing Dabao Home Corporation of the main person in charge. However, foreign
Why Dabao response to the flat then? There are those who believe the industry is not foreign to the Dabao individual enterprises to reduce interest, but on the whole of the industry’s interest in the faded on the financial capital goes without saying that the industrial capital case. As a matter of fact-based industries on the capital since the last century to enter the Chinese market has been keen on Chinese enterprises and brand acquisitions, which have seen for a long time frozen or carried forward , until 2003, L’Oreal takeover Only a small nurse.
in the following three years of Japanese foreign investment enterprises have not acquired other local brands, they have local acquisition after the date of the brand’s ability to operate has also been suspected, L’Oreal acquired Yue-Sai is small and nurses One typical example. Japanese foreign investment enterprises will gradually start to mature and low-end foreign brands into the Chinese market to local, rather than direct acquisitions of local brands such as L’Oreal from 2006, increase input Garnier, P & G will Covergirl The introduction of the Chinese market, and so on.
such a transfer is not interested only in a day of the industry. From a macro point of view, despite the foreign financial capital and industrial capital, mergers and acquisitions in China is just the prelude to the opening, but the choice of foreign investment in the industry have been very forward-looking.
to engage in cross-border mergers and acquisitions over the years up to the public of the law firm partner in charge of Zhao for a long time that the Soviet Union in industrial upgrading, the Chinese are not satisfied with their own manufacturing power as a single economic status, foreign capital can see this very clearly. More importantly, the labor-intensive industries, labor costs, China and other countries is narrowing the gap. Therefore Zhao for a long time that the Soviet Union, from the industrial point of view, foreign capital is gradually inclined to turn to mergers and acquisitions in the services sector, especially banking, securities, insurance and tourism industry. This is in the United States in 2006 listed a few of the services sector enterprises can be sought after by the evidence.
even in the manufacturing sector, foreign investment interest in M & A is gradually leading enterprises and to high-end, from a global point of view, these enterprises have become the next big international potential. Despite still being in this industrial policy, and other restrictions, or even other external factors, such as Carlyle to buy Xugong, as well as some foreign investment in the Chinese steel industry has done to explore mergers and acquisitions and so on.
2009-11-15
Dabao harder to sell
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