May Li Dongsheng Integrate White Power Business

On the evening of May 10, Omar electric announced that the controlling shareholder of the company was changed to TCL appliance group, TCL industry held 100% equity of TCL appliance group, and the actual controller of the company was changed to Li Dongsheng.

Affected by this, Omar electric open on the word limit. The day's closing price was firmly sealed in the 5.84 yuan limit board.

After four months of seesaw war, TCL household appliances finally entered Omar electric appliances and obtained a controlling stake. As of the announcement date, TCL appliance group and its acting party zhongxinrongze held 262205713 shares, accounting for 24.19% of the total share capital of the company; Mr. Zhao Guodong, the second largest shareholder, and Tibet RONGTONG, the person acting in concert, hold 119571925 shares in total, accounting for 11.03% of the total share capital of the company. At present, all of these shares have been frozen by the judiciary and waiting to be frozen.

At the same time, Omar also said that the company will focus on the development of refrigerator main business in the future, and complete the divestiture of relevant asset business in financial technology business plate as soon as possible. On May 11, Omar electric company limited its stock price to 5.84 yuan.

Liu buchen, a senior household appliance expert, said that TCL appliance group won a big victory this time. It is expected that Omar's management will remain unchanged in the short term in the next 2-3 years, but it will be greatly adjusted after that. "Omar refrigerator is still uncertain whether it will list Omar electric appliances, but it is more likely to stay in Omar than before. It is expected that Omar will remain in Omar in the next three years, Omar will be renamed TCL appliances, in other words, TCL appliances will be backdoor listed in the next three years. "

Dispute over control

In the battle for control of TCL appliances and Omar electric appliances, TCL appliances made rapid moves. Although it was repeatedly "defended" by Omar electric appliances, it was determined that it would win, and continued to increase its holdings.

The first critical turning point was on March 23 this year. After receiving the fourth letter from TCL appliances holding the extraordinary general meeting of shareholders, Omar finally announced on March 23 that an interim general meeting of shareholders would be held on April 9 to consider the addition of Xu Jianpeng (assistant president of TCL technology group and director of Strategic Investment Department) and Hu Dianqian (TCL industry and technology group, director of strategic investment department) TCL electronic CFO) as a non independent director of the Fourth Board of directors of the company.

On April 9, two candidates nominated by TCL appliance group were elected as non independent directors of Omar electric appliances at the temporary general meeting of Omar electric appliances, and formally entered the board of directors of Omar. At that time, however, Zhao Guodong was still the chairman of Omar.

Prior to this, Omar's directors had rejected TCL appliance's proposal to hold a shareholders' meeting and add independent directors for three times in a row. Omar rejected the requirements of TCL appliances on the grounds of non-compliance with relevant procedures, and even aroused the attention of capital market supervision.

At the same time, Omar electric also hinted that according to the relevant articles of association of the company, if the actual control right of the company changes, the new controller may not be able to obtain the core subsidiary Guangdong Omar refrigerator.

The turnaround appeared in the company's announcement on April 19. On that day, the company announced that "TCL appliance group and its persons acting in concert, zhongxinrongze and Mr. Zhao Guodong communicated through friendly negotiation", and TCL appliance group and its acting in concert zhongxinrongze and Zhao Guodong sent a letter to Omar on the interim proposal of the third extraordinary general meeting of shareholders in 2021, In order to further optimize and improve the corporate governance structure, ensure the smooth transition of the company's board of directors, and lay the foundation for the orderly development of the follow-up company focusing on the development strategy of refrigerator main business, it is proposed that the board of directors be changed to 9 members.

Finally, on April 30, the first meeting of the Fifth Board of directors of Omar Electric Co., Ltd. was held. Hu Dianqian was elected as the chairman of the board of directors, members of the special committees of the Fifth Board of directors, and Wang Hao was appointed as the general manager of the company and concurrently the financial director. After passing the antitrust review, TCL electric appliances officially took the helm of Omar electric appliances, and the equity dispute came to an end.

At present, Omar's performance is not optimistic. According to the financial report, the company's revenue in 2020 is 8345133600 yuan, an increase of 12.89% over the same period of last year; The net profit attributable to shareholders of the listed company was -539.7372 million yuan, down 1112.86% over the same period of last year; After deducting non net profit - 510100600 yuan, it decreased by 3037.03% compared with the same period of last year.

Omar's core high-quality asset is Omar refrigerator. Facing the future, Omar said that it would focus on the refrigerator business, and the system of funds, credit, customers and suppliers related to the refrigerator business was complete and independent, and would not be affected by the financial technology business sector. TCL appliance group said that in the future, TCL appliance group would provide enabling support according to the company's business development strategy, Ensure that the company's core business continues to develop healthily and independently.

TCL strengthens white power business

In the industry's view, TCL appliance group's move is to strengthen its own white power business.

On the one hand, in the years of development, TCL white power is a short board of its business. According to the data of prospective industry research institute, in 2020, TCL accounted for 3.34% of the domestic sales of refrigerator brands, ranking the fifth. By contrast, black TV has a lot of advantages: TCL TV sales have entered the top three in the world, and the gap is obvious.

The refrigerator business of Omar is relatively low in the domestic market, but it performs well in the export market, known as the "refrigerator export champion". According to the statistics of China Customs and industry online data, from 2003 to 2020, Omar refrigerator has sold more than 85 million sets worldwide. It is understood that Omar refrigerator will exceed 10 million sets of annual sales in 2020, It is the fifth largest refrigerator manufacturer in the world, so it can also open the refrigerator overseas market for TCL.

On the other hand, in recent years, under the "competition" with mobile phones and computers, black power has been squeezed, and its profit has become thinner and thinner. However, the white power is different from the black power in that its functional attributes are stronger, its demand is more vigorous, and its profits can also be increased.

In the previous major restructuring of TCL, TCL appliance group and mobile phone related businesses were stripped out of TCL technology, a listed company. Subsequently, mobile phones were incorporated into TCL Electronics (a Hong Kong listed company), which mainly deals in television. Now, with TCL appliance group winning the controlling right of Omar electric appliances, it is possible for TCL's white TV business to be integrated and restructured in the future.

Therefore, it is easy to understand that if TCL wants to continue to strengthen the white power business, it has already planned to expand and strengthen the white power business. And this is also the time to "copy the bottom". For Omar, a rescuer is urgently needed to help the company get rid of the debt crisis.

As early as 2002, Cai Shier founded Omar electric appliances, and landed in the capital market in 2012. In the early stage, the main business of the company was refrigerator, mainly engaged in domestic OBM independent brand, domestic ODM and overseas ODM business. At present, household appliances are still mainly refrigerators and wine cabinets, accounting for 99.45% of revenue.

The change of Omar occurred in 2015. The controlling shareholder of Omar changed. Zhao Guodong, a senior financial industry person, joined as the actual controller. The company also began to transform to finance, forming two business sectors of financial technology and home appliances. However, the transformation did not succeed. In 2018, P2P exploded, and Omar's Internet financial business also encountered risks, resulting in large losses. Therefore, Omar began to sell assets and equity from 2019.

Now Omar is speeding up the de financialization and strengthening the refrigerator business. Omar announced on April 29 that Omar refrigerator plans to use its own funds of 1.04 billion yuan to invest in two projects with an annual output of 2.8 million high-end air-cooled refrigerators and the expansion of its fifth branch.

Next, how TCL appliances can support Omar refrigerator business and carry out re integration will become the focus of attention.

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