"Elephant" Finally Shouted To Ants?

In the 80s of the last century, when Japan was made in the world, the Japanese model and the Japanese spirit once became the target of China's law.

Tokyo.

July 29th.

Renown office building, Japan.

A "mouth" long table sits on both sides of the Chinese and Japanese executives. It looks a bit like a diplomatic negotiation between the two countries.

You can't see any difference in color and appearance.

But on the side of the long table, there is a sharp contrast between the one who is dressed in a dark suit and a tie.

According to Qiu Yafu, this house is now a "brother".

Shandong Ruyi group, chairman of the board of directors, has just been approved by Rena shareholders' meeting and successfully entered the old Japanese clothing enterprise.

Now, he sits with the president of Renna Corporation, North Ren, and holds the first "family meeting".

Since the signing of the takeover agreement with the Japanese side in May this year, it will not be finished until the night before.

Qiu Yafu was somewhat agitated.

But in his speech, he deliberately avoided the acquisition of such words, saying that the Chinese did not come to "control" Japanese enterprises, but hoped to achieve "win-win" through "asset restructuring".

Qiu Yafu's "restraint" is not groundless. At the beginning of his contact with Rena, he heard the unease of Japanese domestic opinion on the merger and acquisition of Chinese enterprises.

Since 2009, Chinese enterprises' acquisition of Japanese assets has suddenly entered a stage of rapid growth.

Among them, in May 2010, Liu Jianguo, chairman of the Shanghai Pentium enterprise group, registered the Off Shore Company Merlion at the cost of 100 million US dollars (about 8000000000 yen), and won the first brand HONMA of the Japanese golf products, which was reorganized and regenerated.

Japanese society has been particularly cautious about the entry of foreign investors into China, and the acquirers from a developing neighbouring country like China.

Japanese media have even used the following sensational headlines, "China will buy Japan".

Data from Recof Corp, a Japanese M & amp; a research firm, showed that between 2007 and 2009, Chinese enterprises took part in 75 mergers and acquisitions with Japanese companies as takeover targets, an increase of 60% over the previous three years.

In 2009, the number almost doubled in 2008, but in the first 7 months of 2010, the number of mergers and acquisitions of Chinese companies reached 22.

In fact, China's theory of "buying Japan" is not the same as Japan's "buy the United States" in the 80s of last century.

On the one hand, although the number of mergers and acquisitions in China's enterprises has soared this year, it accounts for only 30% of the total number of foreign acquisitions.

On the other hand, Chinese enterprises are basically the small and medium-sized enterprises that are in the predicament of the merger and acquisition. Chinese enterprises are not involved in such enterprises as MITSUBISHI, TOYOTA, Hitachi and SONY.

Ruyi group, which is mainly made of textile materials, is not well-known in China. The purchase amount is not worth a lot of money, only about 4000000000 yen. But the mainstream media in Japan is concerned that this is the first time that Chinese enterprises have acquired the main board listed companies of the Tokyo exchange, and they have been the first Brand Company in the Japanese clothing industry for a long time, and are widely known in Japan.

In Japanese public opinion, the theory of "buying" is purely overreaction, but for Chinese enterprises, the goal of "pformation and upgrading" and "internationalized operation" has become a new trend.

In 2004, Lenovo and TCL took the lead in the acquisition of large multinational corporations in Europe and America. The first wave of internationalization of Chinese enterprises appeared. Although it is still in the ascendant, there are many bad news. Now, with the Alibaba and Shandong Ruyi entering the Japanese market, the internationalization of Chinese enterprises seems to be forming the second round of upsurge.

It must be admitted that the acquisition is also a process for Chinese enterprises to learn from Japanese enterprises again.

Since 1980s, Chinese enterprises, especially manufacturing enterprises, have been

Since 2009, Chinese enterprises' acquisition of Japanese assets has suddenly entered a stage of rapid growth, {page_break}

Japan was generally taught, and later pferred to Europe and America.

Now this round of close contacts, though wrapped up in the "takeover" coat, actually contains the deep demands of Chinese enterprises to take this pformation and upgrading.

Then, whether it is the second round of internationalization or the second round of learning, what will Japan, a country with a narrow strip of water, bring to Chinese enterprises?

"Activate" Japan

1 yen.

The trend of China led by Chen Yihong is the Japanese sportswear enterprise Phenix, which was founded in 1952 by such a "floor price".

This is April 30, 2008.

At that time, the Japanese company was on the verge of bankruptcy, with an annual loss of $15 million.

Prior to introducing the idea, Renna had been losing money for ten years and had to live on selling assets. Laox and HONMA struggled for years before finding Chinese buyers.

The "lost ten years" and the shock of the financial crisis have made many Japanese companies such as Phenix have to pray for foreign aid in the past two or three years, which has given opportunities to Chinese enterprises with abundant capital.

Do not think that these Japanese enterprises are worthless "junk goods".

They all have a long and proud history: Reina is a century old shop, the first brand of Japanese clothing industry; HONMA has 52 years of history, is the first Asian brand of golf, the Japanese market share is the first; Phenix has 58 years of history, is Japan's market share of the highest ski and outdoor sporting goods brand; Laox has 80 years of history, the Japanese household appliance chain elder, brilliant period sales ranked second in the country.

No matter which one, it is much longer than China's history of reform and opening up.

History has shaped the brand and brought about the burden.

"Conservative, rigid, unwilling to innovate."

This is Liu Jianguo's impression of Japanese enterprises.

"Most of the founders of Chinese enterprises are active, passionate and experienced.

Japanese enterprises can be reactivated. "

If Qiu Yafu hadn't changed his young team a year ago, it might be hard for him to make up his mind so quickly.

In early 2010, after consulting with Mr. Qiu Yafu, he began to contact Rena.

The first time I visited the Japanese company, I saw an enterprise magazine written with "change" everywhere: the cover was the standard image of the chairman, but it was torn apart from the middle, half of the old face and half of the pursuit of change.

"I touched.

Because Japanese companies generally feel that they tend to be more stable and more conservative.

Later, I realized that after last year's acquisition, Reina had had a confrontation with the chairman and the chairman. Just after the change, a group of forty year old people came up.

Because of their long-term work in Rena, these people know very well where the disadvantages of enterprises are, and clearly propose changes. What they lack is financial support.

I think this is an opportunity. "

Yes, Chinese people bring not only capital, but also passion and energy to Japanese enterprises.

Next is strategic arrangement.

Speaking of "turning the road of losses", these Chinese buyers have long been clear about what is very simple, that is, "Japanese brand + Chinese market"; of course, cost control is another big killer of "made in China".

What is the concept of HONMA, just like the Hermes in clothing industry.

The product is very good, but there is a problem in marketing.

Its share in the Japanese market has reached 70%, and it is clear that the appetite of the local market has been saturated.

If you can't get enough to eat, then do the Chinese market. "

Liu Jianguo analysis.

"It should learn from LV."

According to the idea of the Wenzhou businessman, HONMA's brand value remolding is divided into three steps: 1, comprehensive acquisition; 2, developing the Chinese market, on the scale; 3, listing in Hongkong or the mainland, adding value through capital market.

Suning Appliance Vice Chairman Sun Weimin is also very clear about this point. "Acquisition of Laox is not suing's development in Japan, but rather the development of Laox to China and the development of their models to China."

In June 24, 2009, sun Weimin, the then president of Suning Appliance Co., Ltd. and Laox Changshan Xia Yan announced: Suning Appliance has subscribed for 66 million 670 thousand shares of Laox's private placement, which cost 800 million yen (57 million 300 thousand yuan) and hold 27.36% equity interest of Laox company, becoming the largest shareholder of Laox.

At that time, Suning Appliance is expected to help Laox turn around one year and a half to two years.

It was only a year after that. In August 13th, Laox announced that the first quarter of 2010 (the full fiscal year of Japan) began to be profitable in April.

Qiu Yafu's confidence seems to be stronger for losses. His goal is to end the 10 year loss of Rena in 2011.

The following is Qiu Yafu's account of Chinese Entrepreneurs:

In the 1 year, it is my request to turn around the deficit. On the other hand, it is also a change in their contacts.

The strategic goal they set for me turned out to be a deficit in 2014.

Later, I went to inspect my business to see how my business achieved 10 billion 700 million in 170 million years from nine years.

After listening to our story, he was very curious and learned a lot.

So this mutual appreciation makes them constantly adjusting their goals.

Later, we put forward whether we should turn round losses in 2013, and finally boldly put forward losses in the 1 years.

When we first met in Beijing in 2010, I proposed the goal of deficit reduction in the past 1 years. Their chairman, chief financial officer and director of operations said it was impossible.

It's impossible not to have meetings.

They know their businesses, and billions of yen sales companies have been selling assets in recent years.

Later, they found that it would be easy to turn around the losses through two combinations and complementarities.

For example, if the two industries link up, the cost will be greatly reduced.

We proposed to outsource their logistics departments. They didn't feel it at first, but later they found out.

Logistics costs a lot in their businesses, which is more than 700 million yen a year.

The second time was a month ago, and I said I could not make it two years earlier.

They say it's possible.

At the end of the day, we took a day to analyze, pull out the cost by item by item, and suddenly found "that problem in that place if it can be solved" and "that if it can be solved"...

More than ten points have been put forward.

Such as logistics, exchange rate differences.

These points, we are excited about the supply chain point.

Another exciting point is that the development of terminals should be done without subtraction.

At the beginning, all of his plans were to cut costs and reduce 100 people's labor costs, including the sale of cars.

I said that we should add a new way to increase sales and develop new markets, and some of them will work in China.

He felt good after listening.

In fact, he used to have such an idea, but he did not find a way.

In the end, both sides were very excited and found a lot of glittering combination points.

So we have announced: 1 years to lose the deficit, which is very terrible in Japan. It has been losing 10 years.

I said, why do I have to catch this and talk again and again? I say this is the excitement of rebuilding the image, giving investors and investors more excitement. The loss of ten years has made thousands of Japanese workers and more than 600 designers of this department tired. For ten years, is there any lack of human spirit? No, at least.

So I said, turn around, and then we feel that such a difficult thing can still be done.

After all the energy comes, Reina has such a good foundation to rejuvenate.

"Before we sat thinking, we had to run and think.

Chinese people are too imaginative. They are too fast. We don't know whether we can keep up with them.

In fact, Reina used to think about it while running. This time with Ruyi, Ryan wants to go back to the way he ran.

A Japanese executive at Rena said.

Upgrading: learning Japan's "soft"

It is only a short-term goal, and is more in line with the demands of the acquirers.

To achieve "pformation and upgrading" through overseas mergers and acquisitions is in line with the basic interests of Chinese enterprises.

"One of the strengths of Japan's competitiveness is in small and medium-sized enterprises, and many enterprises have very subtle technologies.

Some small and medium-sized enterprises have only couple or three or four people, but the world may only have their factories with this technology.

For example, Boeing aircraft has many small parts, only Japanese small factories can produce, other countries can not produce.

Matsuoka Haruhiko, head of the remote tourism office project in Karuizawa, Japan, said, "but this strength may not last long, because many Chinese people will learn to imitate. For example, if these factories do not have successors, they will have to pfer these technologies."

"There are four main factors for Chinese enterprises to acquire Japanese companies or engage in deep cooperation with them: acquire their R & D capabilities, brand influence, and sales channels, and enter the market they are in."

Li Guanghai, vice president of Greater China in MLT group, analyzed "Chinese entrepreneurs". "Generally speaking, Chinese enterprises will not buy a single target but will also focus on 1-2 main factors. For example, Alibaba hopes to win the Japanese market through cooperation with YAHOO, and also hopes that the Japanese market will accept Chinese SMEs. For example, the trend of China, the Phenix company that it acquired mainly produces ski suits, which is very small in China, and is also a very fragmented industry in Japan. Sales volume is not high, and what is more important is the acquisition of R & D technology."

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China has made no effort to develop Japan as a teacher. What is the two time that Japanese business is worth acquiring? It can be summed up in one word: soft.

Acquiring high-end brands and reshaping value chains

Brand is natural.

"Do you know the the Great Wall show in 2000? It's very influential," Qiu Yafu asked. "That's our pformation attempt."

Ruyi, which ranks thirteenth in China's top 500 textile and apparel industries, has already exported textile products with annual sales of more than ten billion yuan, but as raw material suppliers, more profits have been acquired by downstream clothing brand enterprises.

This "Ruyi 2000 the Great Wall show" is Qiu Yafu's initial effort to set foot in the clothing brand.

At that time, Chen Juanhong and other famous models came to the scene. Thousands of people performed at Ju Yong Guan.

But in the fashion show, the women's clothing brand "Louise man" pushed by Ruyi group disappeared early today.

"We failed because of the lack of core resources and expertise."

Qiu said.

"At that time, I only thought of myself, but I didn't expect to go abroad.

So this time we put forward the pformation, only by integrating resources, can we achieve without core expertise.

Qiu Yafu believes that in terms of fashion, the two leading centers in the world are Italy and Japan.

In 2009, Ruyi reorganized two decades of garment enterprises in Italy and Germany, and took the first step in integrating overseas resources and reconstructing the value chain.

Then, Japan was sent to Japan.

"There are many high-end brands under Rena, such as DURBAN, which are sold side by side with LV."

Qiu Yafu said.

Fine process

"If Phenix was just a concept for me when deciding to buy, I was very excited when I really saw the Japanese model, and I found I was doing it right."

In June 2008, when Chen Yihong stood in the office building of Phenix in Tokyo, Japan, his heart was filled with emotion.

Unlike China, the trend of China is originally a clothing enterprise. What Chen Yihong sees is not only the value of the Phenix brand. After inspecting the Phenix production link in detail, the management of China's trend has "opened the horizon". "A ski suit can be split into more than 1000 pieces, then combined, and there is a sequence."

China's trend CEO Qin Dazhong said.

The technology of Japanese clothing production is a very perfect standardization process. Chen Yihong thinks this is exactly the value of "soft business" he dreamed of.

When ORIX wants to sell Phenix, it has proposed two acquisition schemes for Chen Yihong. The first plan is that the company declares bankruptcy, the acquirer pays millions of dollars, and gets the brand clean; the second is zero cost acquisition, but to ensure that the company will resume normal operation in the future.

Chen did not hesitate to choose a more risky company plan.

He knows that only by retaining the company can he maintain the soft power of the 58 year old Japanese enterprise.

They are in the production process, in the designer's mind.

High technology + humanization

"Do you know why the packaging of this box of peppermint is rounded?" Sun Jiong, vice president of Alibaba and COO of Japan station, picked up the Japanese cigarettes, and asked them about it.

"Put it in your pocket and take it easy and feel good. What's more, just the rounded corners can save him a lot of paper every year, do you know?" Sun Jiong said. "China also makes Mint cigarettes, but Japanese companies have developed to a level that we can hardly catch up with. In fact, you need to know the Japanese.

There is absolutely no reason for him to do everything. "

Sun Jiong holds the cigarette in his hand. "The green silk in this Mint is forced into tobacco with a high-tech technology. The tar content is 1 milligrams, and the average cigarette is 1 mg. You can't breathe at all. Do you think it burns fast?

So he did a lot of things with many of his research components in it, with high technical content in it.

"These meticulous things are what Chinese enterprises need to learn."

Sun Jiong did not talk about the success of Taobao's development in Japan. Instead, he expressed his affection for the humanization of science and technology in Japan just holding the smoke in his hand.

Buyer oriented sales mode

After Suning acquired Laox, the Japanese find it very strange that this is going to be bankrupt soon. Why are there any Chinese enterprises to buy them in the unmanned enterprises in Japan? Besides, the competition of electrical appliances sales in Japan is already fierce.

But we have a reason to buy it. "

Sun Tao, who has worked for a long time in the Japanese investment bank and now is the president of Chinalyst, a consultancy, said, "Japan is also upgrading its industries. Some of them are out of demand."

Sun Tao thinks, now Chinese household electrical appliances.

"To get rid of the present stage of China's household electrical appliance retailing industry, the simplest thing is to learn from Japan."

Sun Tao asserted.

As a result, although Suning has already formulated the strategy of taking Hongkong as the first stop in internationalization, it has fired the first shot in Japan. It seems inevitable that it is inevitable.

The same is true for online sales.

"Alibaba was originally built in China as an international website, standing in China's position, according to the situation of China's exports, using our products to imagine buyers.

So to a large extent, we build a seller's platform instead of building a buyer's platform.

But what is more important to a mature commercial society? It is a buyer.

So in Japan, we spent two years in the early stage, and always emphasized the improvement of buyers' satisfaction.

All projects are promoted around the satisfaction of buyers, which is a big change. "

Sun Jiong, Ali's Japan, said.

Finally, let's take a look at Shibuya, Tokyo, the holy land of Asian fashion culture.

The real value of Shibuya is its unique fashion.

You can find some places here, which are very strong and expressive. They may surprise you and make you totally surprised.

It is the vitality of Japanese local fashion culture and local innovation.

Chen Yihong sighed.

Chen found that his former Adidas design director has a special skill - the German can find various distinctive clothing stores located in Shibuya, "he even knows Shibuya more than his colleagues in Japan, often carrying our Japanese colleagues suddenly into a small lane to find a lot of shops that they do not know at all.

He said.

Qiu Yafu's vision is not limited to the Japanese high-end brands. He also values Tokyo's combination as an oriental fashion center and China as a global manufacturing power.

He particularly endorsed the prophecy of the Muji designer, the Oriental Fashion Center, which is gradually taking the place of the West.

The significance of Japan in internationalization of Chinese Enterprises

"Japan is the most recent development stage for us, or the next stage of China's economic development is the stage after the 70 and 80s of last century. From this point of view, the acquisition of Chinese enterprises to Japan is more suitable."

Sun Tao, President of Chinalyst, concluded that "the European and American market has been over competitive, and there are only a few large enterprises left. For example, if you buy the best buy, you can't buy it. Just like you buy WAL-MART, you can't get it."

"

More than 30 years ago, Japanese manufacturing also faced the impact and pressure of the appreciation of the yen and the rise of energy prices, which were similar to the pressures China made at present, or even far more serious than China today.

However, it is in the crisis that Japan's automobile and electromechanical processing industries stand out.

The well-known Japanese style management was gradually explored by the Japanese manufacturing industry during the post-war period of rapid growth.

Japanese enterprises can pform the two crises into industrial upgrading power, which should be used for reference to Chinese enterprises. "

Japanese economic researcher Da Moomin said.

In addition to the close development stage, cultural psychological similarity is also an important beneficial factor for the integration of Chinese and Japanese enterprises. Cultural integration is often regarded as the last touchstone for the success of cross-border mergers and acquisitions.

Before the Meiji Restoration, Japan taught China's Confucian culture. However, under the rise and impact of western capitalism, it was found that Confucianism's "heavy righteousness and light profit" thought was contradictory with its longing for modern civilization.

Therefore, Shibuzawa Eichi put forward the guiding ideology of "unity of righteousness and benefit" and "soul and business talent" at that time. It unified the two cultures and became the solid ideological foundation for the rise of modern capitalism in Japan.

We can still see the shadow of Confucian culture from the thought of "respecting heaven and loving others", which is praised by Inamori Kazuo, a contemporary Japanese "business saint".

In the 80s of last century, the door of China's reform and opening up was just opened. It was the Japanese made in the world, the Japanese spirit and the Japanese spirit once became the target of China's law.

Since 90s, the Japanese economy has been in a prolonged recession because of the sharp appreciation of the yen. European and American enterprises are taking the opportunity to rise and become the new idols of Chinese enterprises. The value of Japanese enterprises has been seriously ignored.

When it comes to Japan, it is often covered by "lost ten years".

"Twenty or thirty years ago, Japan's soft power was collectivism, relying on the strength of the group.

But ten years ago it changed. The company recruited many foreign talents to jointly develop technology and become more internationalized. At the same time, it emphasized personal capability.

Karuizawa Songgang remote tourism office project leader, Wenyan, said.

In the "lost ten years", Japan actually did not stop, but the potential energy of continuous accumulation of change.

The capital and passion of Chinese enterprises provide opportunities for such change.

"Chinese enterprises and Japanese enterprises are more complementary. We have a strong complementary relationship with the lean management of the Chinese people.

In other places, China and Japan also have many complementarities. "

Li Guanghai thinks.

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It seems that the best answer to China's pformation and upgrading seems to be in Japan.

However, SONY's former CEO Dei Nobuyuki did not think so. He thought China's culture is closer to that of Europe and America. "Chinese enterprises need to learn more about the internationalization of Europe and America."

(see P64) in fact, Chinese enterprises who entered the Japanese market through mergers and acquisitions in the early years, such as the trend of China, have encountered special problems in the cultural system and organizational system. The most typical resistance comes from the Japanese comprehensive business community. It penetrates into all sectors of manufacturing industry, and it is almost impossible for you to reduce costs through procurement pfer, production pfer and logistics outsourcing.

From this point of view, it is also the choice of Japanese enterprises that is chosen by the famous Brand Company of China's clothing industry.

Its strategic alliance is precisely Japan's famous comprehensive business community, Itochu, with the help of the Internet resources which are all over the world, the brand upgrade of Shanshan will be more smooth.

No matter whether Mr. Dei's proposal is worth absorbing or whether it is a path to take or take advantage of "Japanese teachers", and whether relatively radical M & A and relatively moderate cooperation, merger and acquisition will not be a smooth road.

This wave of Chinese enterprises entering Japan must prove their ideas in a correct way.

Otherwise, Japan's public opinion about China's reality of "buying Japan" may turn into a trend of resistance in the future.