The brain of Russia's super-rich must be buzzing these days. European and American countries have successively cracked down on the Russian rich, restricted personal freedom, confiscated property, and the big yachts worth 500-600 million dollars directly left. We can't get involved in the affairs of the rich, but look at the yacht of the rich. According to the Report on Global Super Yacht Orders in 2022, in 20021year, the number of super yacht projects under construction or ordered worldwide reached 1024, a year-on-year increase of 24.7%, and the order volume even broke the historical record set in 2009. In the past two years, the epidemic situation, stock market turmoil, geopolitical local wars and other factors have superimposed. I thought that the money in the hands of rich people should be "prepared for danger in times of peace", but I didn't expect people to "create" it. As for the reason, Alberto Galassi, CEO of Italian yacht manufacturer Ferrari, said: "The epidemic made people realize how fragile life is. For those who can afford it, postponement is no longer an option. " Rich people get drunk today, and naturally the yacht industry benefits. According to HKEx's disclosure on March 13, Italian luxury yacht manufacturer Ferretti passed the listing hearing of HKEX, with CICC as the exclusive sponsor.
Tuyuan/Weibo @ Italian Ferretti Group
Who would have thought that this old Italian super-luxury brand was on the verge of bankruptcy more than ten years ago, and a China man tried his best to buy this company and let it go to such a beautiful place today. Why did Ferrari succeed under the leadership of the people of China?
How did the luxury ceiling come to China?
No matter how rich you are, it is enough to buy a yacht and choose Ferrari. As a luxury, Ferrari's advertisement used to be: buy a Ferrari and get a Ferrari. Yachts have always been regarded as one of the important symbols of the leisurely and luxurious life of the rich. Take the domestic rich as an example. Ma Yun was exposed by foreign media to own a yacht in Spain. Xu, the boss, owns a ship named "Evergrande 1". During the years when its value reached its peak, he often entertained the business partners, coaches and players of Guangzhou Evergrande Club to enjoy the beautiful scenery of the Pearl River.
Wang's richest man is even more generous, buying three ships, named Wanda No.1, Wanda No.2 and Wanda No.3 respectively. Total value of several hundred million, luxurious interior decoration, often appear in Wang Sicong or his friends' social circle of friends.
Although Zhang Chaoyang of Sohu is not what he used to be, he is one of the pioneers of domestic rich people playing yachts. He has a yacht named "Happy".
Ferrari yachts are loved by many rich people all over the world. RIVA is the world's leading top luxury yacht brand with a history of 180 years. It is also one of the oldest, most legendary and most expensive yachts in the world, and is recognized as the "Rolls Royce" among yachts. Because of its uncompromising high quality, excellent technology and materials, Liwa Yacht has become the favorite of royalty, big stars and industrial and commercial predators. The Spanish king, Prince Charles of England, Greek ship king onassis, Li Ka-shing, Elizabeth Taylor, George Clooney, Brad Pitt ... are all her loyal users.
Liwa Yacht/Tuyuan @ Italy Ferretti Group
What does such a luxurious ceiling have to do with China people? Let's talk about a crisis in this enterprise first.
Ferrari is one of the oldest luxury yacht manufacturers in Italy. It has nothing to do with the future of Jia boss Faraday, and it has nothing to do with Italian sports car brand Ferrari (two Italian surnames, like Lao Wang and Lao Wang). 1968, two Italian brothers, Norberto Ferretti and Alessandro Ferretti, started out as agents of American yacht brands, and later * * * co-founded LaDi Group. How can proud Italians keep selling American brands? Besides, shipbuilding is more profitable than selling ships. 197 1 year, the group began to build a shipyard. After more than 20 years' efforts, the rowing boats made by Ferrari stand out and often win the championship of rowing championships. Then, with the help of institutional investors' funds, they began to make big acquisitions. From 1996 to 2004, 1996 acquired six yacht brands and several shipyards. By 2008, it has 2000 employees and 9 production bases around the world. It has seven brands-Liva, Wally, Ferretti Yacht, Pershing, Itama, CRN and Custom Line, and each brand is the leader in this market segment.
Ferrari Group Brand Portfolio Source/Description
A month's profit is a loss. When the financial crisis broke out in 2008, the yacht industry entered a tightening cycle, and the acquired companies began to lose money. Ferrari's own operation has also experienced the dilemma of reduced income and falling profits.
In 2009, Ferrari was forced to restructure its debt, with poor results, and its sales revenue continued to plummet. Seeing that the debt is due and the money is not paid, the enterprise may be split and sold by creditors. At that time, Norberto Schmidt, the 70-year-old founder of Ferretti, went out to look for funds, hoping that the brand he worked hard to create would continue. At this moment, a China man appeared with colorful auspicious clouds on his feet. He is Tan Xuguang, chairman of Wei Chai Group. Wei Chai is an international multinational group (state-owned enterprise), which owns various business sectors such as power system, automobile business, construction machinery and seven listed companies.
A tortuous acquisition
The idea of buying Ferrari originated from the cooperation between Tan Xuguang and French companies. In 2009, Wei Chai acquired baudouin Marine Engine Company, and Tan Xuguang found that most of the engines they made were sub-packaged on yachts, so he decided to enter the downstream yacht industry. It happened that China put forward the "Blue Ocean" development strategy on 20 10, and acquired a yacht company to serve the marine economy, and the pattern and benefits went up at once. Want to sell, and want to buy at the same time, could have talked about business, as a result, Tan Xuguang met with obstacles. At the shareholders' meeting on 20 10, Tan Xuguang proposed to buy Ferrari. He told the shareholders, "This is an opportunity to copy the bottom of the world's largest luxury yacht manufacturing group, and it is also the transformation of Chai Wei from the investment field to the consumer market." The reaction of shareholders was very cold. Of the 23 shareholders present, 265,438+0 voted against it. Tan Xuguang believes that the acquisition of Ferretti is a good thing: first, it can use the popularity and perfect sales channels of Ferretti yacht to pave the way for Wei Chai to enter the consumer market; Secondly, the yacht's engine is a heavy engine, which is highly matched with Wei Chai's business and can complete the layout of high-end engines in Wei Chai. 20 1 1 In June, 2008, Tan Xuguang showed his shareholders around several Ferrari factories, and the shareholders seemed to feel the happiness of luxury brands and quickly passed the acquisition plan.
Tan Xuguang/Source: Baidu Encyclopedia
During the period, the CEO of Ferrari died of a heart attack, and the two sides had already passed three rounds of agreements and had to postpone it. However, at this time, Tan Xuguang found that the debt of Ferretti was extremely complicated, and the group had failed in debt restructuring twice. In fact, the company was entrusted by creditors such as Royal Bank of Scotland (RBS), Oak Capital and Bank of Italy. In this way, one-on-one negotiation becomes one-on-one three. Royal Bank of Scotland (RBS), Oak Capital and Bank of Italy are all Millennium foxes in the capital market. In the process of negotiation, we should pay attention to Tan Xuguang's anxiety, either asking for exorbitant prices or rambling. Royal Bank of Scotland courted both sides and negotiated with other fund companies, but it was fooled by its rivals. Tan Xuguang saw that they were insincere and had to wait. Fortunately, the balance of time is in Tan Xuguang's favor. If Ferrari's debt is not repaid at maturity, it will face bankruptcy liquidation, and it is hard to say how much money creditors and shareholders can get back. 20 1 1 At the end of the year, Tan Xuguang invited negotiators from Royal Bank of Scotland (RBS), Oak Capital and Italian Bank to come to Hong Kong and arranged for them to stay in different hotels. None of the three parties knew that the other two parties had arrived in Hong Kong. After seven days of separate discussions, the creditors, Ferrari Group and Wei Chai Group finally signed a framework agreement: Wei Chai Group invested 374 million euros in Ferrari through equity investment of 65.438+78 billion euros and bond investment of 65.438+96 billion euros, holding 75% of the shares of Ferrari. In the agreement, Tan Xuguang also left a hand. The remaining 25% equity is obtained by creditors in the form of debt-to-equity swap plus 25 million euros. On the one hand, it prevents them from running away with money, while avoiding the unknown risks of acquiring enterprises. After all, no one wants to plug this hole with their own money. In this way, Tan Xuguang brought an old yacht company to China.
How many Ferraris will you buy before you retire? /
According to the latest news, Ferrari will be listed in Hong Kong on March 2 1. It is expected that the stock will start trading at the end of March, and it is planned to sell 25% of the shares with a target valuation of 1 billion US dollars. This is not the first time that Ferrari has been included in the list. Ferrari went public in 2000. In 2003, after Primera, a private equity investment company, bought Ferrari Group for 698 million euros, Ferrari announced privatization and delisting. Primera quit in 2007 and Ferrari struggled for several years. Finally, in 20 12, Chai Wei won 75% of the shares for 350 million euros, and then increased to 86%. Tan Xuguang's bargain-hunting was copied to the floor, and its market value tripled in ten years. After coaching change, reform and integration, in just four years, 20 16 years, Ferrari turned losses into profits in an all-round way, and its net profit has reached140,000 yuan. According to the prospectus, during the 65,438+00 years after the merger, Ferretti's revenue increased from less than 300 million euros at that time to September 30, 2065,438+08, 2065,438+09, 2020 and 2026,5438+0 years, during which Ferretti achieved excellent results. Industry data is also good for Ferrari. According to the consulting data, according to the data of global affluent population, the number of ultra-high net worth people and ultra-high net worth people in the world is 6.8 million and 200,000 respectively. Among them, the Asia-Pacific region predicts that in 2025, the number of high-net-worth people in Wan Chao will reach about 350, and the number of ultra-high-net-worth people will reach 654.38+10,000, with compound annual growth rates of 65.438+00.8% and 65.438+065.438+0.6% respectively. In other words, Ferrari's potential customers and target customers are increasing. Of course, Tan Xuguang, a $654.38 billion enterprise, is not necessarily worried. The company he participated in the acquisition is the smallest. 1977, 16-year-old Tan Xuguang became a product experimenter in Weifang Diesel Engine Factory. He started at the bottom. Because of his outstanding performance, he led Wei Chai to acquire the "Xiang Torch" of Yangchai and Delong departments, and joined forces with Shandong Construction Machinery Group and Shandong Automobile Group to form Shandong Heavy Industry Group. Tan Xuguang's position was also realized by the director of Weichai General Factory who is also the chairman of Wei Chai Holding Group, Shandong Heavy Industry Group and China Heavy Duty Truck.
Tan Xuguang will also look overseas.
In 2009, Wei Chai acquired the French company baudouin, which filled the gap of high-power marine engines with a capacity of over 65,438+05 liters.
20 12 Wei Chai acquires Ferrari group to broaden the downstream market of high-power engines.
20 12 Wei Chai's strategic reorganization of German Kaio Group. This company controls the highest performance hydraulic technology in the world, filling the gap in China. In addition, its forklift business is leading the world.
In fact, Wei Chai was originally a subsidiary of China Heavy Truck. In business and cooperation between leaders, there are some discordant places, such as fights and quarrels. On June 5438+February, 2005, Wei Chai announced that it would stop supplying China Heavy Duty Truck. Three months later, the State-owned Assets Supervision and Administration Commission of Shandong Province separated the property rights of the two enterprises.
Wei Chai developed better and better, and formed Shandong heavy industry. 20 19 Jinan SASAC transferred its 45% equity of China heavy duty truck group to Shandong heavy industry for free; Shandong SDIC entrusts its 20% equity of China Heavy Duty Truck Group to Shandong Heavy Industry to exercise other shareholders' rights except the right to return on assets.
After this free transfer and this equity entrustment, Shandong Heavy Industry acquired and controlled 64.55% of the company's equity through China Heavy Duty Truck Group, and Tan Xuguang became the Party Secretary and Chairman of China Heavy Duty Truck.
Although it is nominally a reorganization of two group companies, it is now clear who is the boss.
In 2020, Shandong Heavy Industry Group's consolidated operating income reached 500 billion yuan, becoming the only enterprise in Shandong to reach this scale. Because it is a state-owned enterprise, it is not a "business empire", but Tan Xuguang's enterprises are huge enough.
In an interview, Tan Xuguang said with emotion: "In the past ten years, this section of the road is the most risky, which combines various factors. There will be no second person in China to do such a thing. "
In the past two years, Zhang Ruimin, 72, of Haier, and Zhou Houjian, 65, of Hisense, retired. Tan Xuguang should retire in February 20021year. He responded positively: "At present, I have not considered retiring. I will continue to serve the enterprise and create value for all shareholders."
It remains to be seen how many Ferraris he can "dig" for China enterprises.
Reference article
1. Wei Chai Group Tan Xuguang: Focus on the main business, selling engines makes more money than selling real estate! "Qilu entrepreneur Japanese ginseng;
2. The inside story of Wei Chai's bargain-hunting of the world's largest luxury yacht company: Tan Dan cried his negotiating opponent, Economic Observer;
3. "Shandong boss, to be the yacht business of the royal family and the richest man in the world, will soon have an IPO", entrepreneurial state.