What purpose does Liu Chuanzhi buy back from Lenovo Mobile?
Why did Lenovo step into the same river twice?
"In 2007, there were three reasons for Lenovo Mobile ’s poor performance. First, the entire mobile phone industry was affected by the mountain racing machine, and the market competition was fierce. Second, the management at the time was reluctant to continue to invest in the mobile phone business. The way exists in the big Lenovo system, and such a management system has problems. "
On November 30, Liu Chuanzhi, chairman of the board of directors of Lenovo Group (HK.0992), in an interview with our reporter explained this motive for "selling" Lenovo Mobile two years ago.
"Lenovo has a judgment that mobile Internet will develop rapidly, and repurchasing Lenovo Mobile will help Lenovo to deploy mobile Internet." On November 27, Lenovo Group CEO Yang Yuanqing explained the reason for the $ 200 million "repurchase" of Lenovo Mobile.
Interestingly, this is not the first time in the history of Lenovo to lay out the Internet. In 2001, Lenovo set three new development directions: Internet, IT services, and mobile phone business. In the following three years, Lenovo invested a total of more than 1.25 billion Hong Kong dollars, of which more than 1 billion Hong Kong dollars were invested in the Internet business, and 150 million Hong Kong dollars and 100 million Hong Kong dollars were invested in the mobile phone and IT services industries, respectively. However, in the following years, Lenovo has faded out of the above business in turn.
One moment, this moment. Lenovo ’s internal explanation for strategy repetition is that the repurchase of Lenovo Mobile was the beginning of Liu Chuanzhi ’s second-degree diversification strategy.
The logic of lobbyist Liu Chuanzhi
Sold in January 2008, bought in November 2009-who made it, who lost it?
In two years, Lenovo Mobile has "changed hands" twice: First, on January 31, 2008, Lenovo Group announced that it would sell Lenovo's mobile phone business (Lenovo Mobile) to Jade Ahead, Little Elephant Ventures, for $ 100 million. Ample Growth Hongchang Enterprise and Super Pioneer, the above four shareholders accounted for 45%, 30%, 15% and 10% of the shares; the second time was mid-2008, Lenovo Mobile CEO Lu Yan and the rest of the company ’s backbone were 12 million The US $ and US $ 4 million considerations respectively bought 15% and 5% equity interests in Lenovo Mobile from Ample Growth and Jade Ahead, wholly-owned by Hony Capital.
This time is the third change of hands. The 20% equity purchased by Lu Yan and others at the time of 16 million US dollars was cashed into 40 million US dollars-it seems that the profitable trading is not so simple. The "Announcement" shows that throughout 2008, Lenovo Mobile's pre-tax and post-tax net profits were approximately RMB 34 million and 30 million yuan respectively; in the first half of this year, the pre-tax net profit reached approximately 40 million yuan. The sale of Lenovo Mobile was a huge loss hole. For the whole of 2007, the pre-tax and post-tax losses were about 235 million yuan and 184 million yuan, respectively.
The reason why the rapid turnaround is very important is that the investment institutions headed by Hony Capital supported the management of Lu Yan and others to purchase the company ’s shares by means of borrowing. Initiative.
"If it goes public, management and investment can get quite good returns. From the perspective of Lenovo Mobile's performance in the past two years, the development trend is better than expected. There is no problem in listing." Liu Chuanzhi also believes that the original management has lost. Because Lenovo Mobile did plan to go public in 2011.
How does the "earned" association work?
Lenovo explained that Liu Chuanzhi persuaded other funds except Lenovo Holdings, and Lenovo had to convince other investors except Hony and Xinmai. Liu Chuanzhi revealed that he did a lot of persuasion during the repurchase process. One is to persuade Zhao Linghuan, president of Lenovo Hony Capital, and the other is to persuade management led by Lu Yan.
Lu Yan and Zhao Linghuan are both subordinates of Liu Chuanzhi, and Hony Capital is a subsidiary of Lenovo Holdings. The hardest thing to convince is Hony Capital investing in other LPs (Limited Partners). Because the acquisition of Lenovo Mobile was funded by Hony Capital Phase III Fund, of the USD 580 million Hony Capital Phase III fund, Lenovo Holdings only accounted for 34.5%, while the remaining funds came from other institutions, including 17 international institutions including Goldman Sachs, Sun Hung Kai and Temasek.
If Lenovo Group wants to buy back Lenovo Mobile, other funds will have to cut meat. "Zhao Linghuan is not only responsible for Lenovo Holdings, but also for other funds." Liu Chuanzhi said.
It's all Amelio's fault?
Selling and repurchasing the room, the responsibility is pushed to Amelio who has made a different association.
In 2007, the entire mobile phone industry was bleak due to the impact of copycats. The management headed by Amelio (former Lenovo CEO) believes that mobile phones not only do not bring profits, but also disperse energy and are unwilling to continue to invest in the mobile phone business. There are 16 senior vice presidents of Lenovo Group, and Liu Zhijun, president of Lenovo Mobile, is just one of them.
A Lenovo employee recalled: "Lenovo Group holds a regular meeting every month. All 16 senior vice presidents attended. When Liu Zhijun spoke, the audience was only Yang Yuanqing (the chairman) and Amelio (the CEO). Others Everyone is absent, because they are all in charge of the PC. The regular meeting is two days long, and the time to discuss the mobile phone business is less than one hour. "
Yang Yuanqing insisted that Lenovo should not give up the mobile phone business at the time. At the end of 2003, before Lenovo acquired IBM PC, Lenovo divested IT services and Internet business, leaving only the mobile phone business. Liu Chuanzhi recalled: I was very persistent at the time, and Yang Yuanqing was very persistent. At that time, we foresee that there will be intersections in the development of computers, wireless and broadband in the future.
In March 2008, Lenovo decided to sell its mobile phone business, and Yang Yuanqing said that he was "unwilling". But at that time, management led by CEO Amelio, he insisted on giving up the mobile phone business, Yang Yuanqing can only accommodate.
Yang Yuanqing recalled that even after Lenovo sold its mobile phone business, there was still a team in the Lenovo Research Institute to study mobile terminals, and the old He who was in charge of the team (He Zhiqiang, president of the Lenovo Research Institute) "reported directly to me."
Now that Amelio has left, Liu Chuanzhi is back, and the internal obstacles for Lenovo ’s mobile phone business have been eliminated. Liu Chuanzhi believes that with the repurchase of Lenovo Mobile and the restart of diversification, Lenovo's internal and external environment has undergone tremendous changes: First, in terms of external environment, the rapid development of 3G has driven the mobile phone industry to recover; The importance of the mobile phone business in the entire architecture.
Yang Yuanqing said: After the repurchase, Lenovo Mobile will maintain a relatively independent operating state, including manufacturing, channel sales, and services are independent, finance, R & D share Lenovo resources. Lenovo plans that after the mobile phone, Lenovo will expand to more Internet terminals.
Touch the net again
Lenovo exhibited a mobile phone with Internet access, photography, and audio and video playback during the Olympics last year. Lenovo envisaged that this product was between a mobile phone and a netbook, and it also had the entertainment functions of voice calls and netbooks. Some software and applications come from Lenovo, but more software and applications come from software providers and various content providers.
It now appears that it is a foreshadowing of Lenovo's strategy of diversification and re-entry.
Liu Chuanzhi explained: The emergence of the mobile Internet has brought various opportunities to PC computer companies. Cloud computing requires high-performance servers, and terminals are developing to handheld and mobile, but the greater opportunity is to cooperate with software, content, and service provision. Promote the best Internet experience to users. He said: This is the direction of Lenovo's efforts.
Liu Chuanzhi said: "I think I can see a big break in half a year, and I will see a small break in two months." Lenovo analysts said that "small break" refers to the terminal product that will be launched soon; "It may be that Lenovo will form an alliance with many content and service providers. It may also be the way of the standards alliance: many Internet applications and services flow seamlessly on many terminals, and a unified standard is needed.
Since the beginning of this year, Liu Chuanzhi has repeatedly interviewed by our reporter. He has repeatedly stated a point: because of the development of cloud computing and mobile Internet, the PC industry has undergone changes that have not been seen in 30 years. The position in the industrial chain is free from the dilemma of low-end manufacturing. And tightly integrated with the Internet, becoming a mobile Internet application and service platform provider, standard setter, is Liu Chuanzhi's path to achieve industrial upgrading.
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