Xiang Wenbo, President of Sany Heavy Industry: Recruiting people against the trend to expand R&D strength

On the afternoon of June 8, Xiang Wenbo, CEO of Sany Group, published a signed article on his personal blog titled "300 Million US Dollars, Can Sany Acquire XCMG?" In response to a media's rumors that Sany Heavy Industry was ready to use cooperation to drag down XCMG and let XCMG be restructured three years later, and said that Sany was willing to accept the Carlyle plan in its entirety and increase the price by 30% to acquire XCMG.

At present, Carlyle's plan to acquire the equity of XCMG Group is waiting for the approval of the Ministry of Commerce, Xiang Wenbo said in a telephone interview with reporters last night that although Sany and other domestic counterparts have been excluded from the ranks of XCMG acquirers by relevant parties, but Sany has never given up the original intention of acquiring XCMG and protecting the national construction machinery industry.

Sany has not given up on her dreams

Sany not only failed to make its dream come true, but instead fell on the black pot that forced XCMG overseas! This is a great injustice! He said this in an article published by Xiang Wenbo on Sina Blog at 17:28 on June 8.

The dream mentioned by Xiang Wenbo is the strategic concept of Sany Group to participate in the restructuring of XCMG, acquire the equity and assets of XCMG, and strengthen the national construction machinery industry.

Xiang Wenbo said that as early as the beginning of XCMG's intention to restructure, Sany clearly expressed a strong desire to participate in XCMG restructuring at the beginning, and Chairman Liang Wengen and he had made a special trip to Xuzhou to visit XCMG management and local government leaders, and passionately explained the benefits of Sany and XCMG cooperation to the country, industry, enterprises, employees and local governments.

But Sany failed to get its wish after the international private equity fund Carlyle laughed*.

Half a year later, Xiang Wenbo still can't hide his regret that domestic counterparts such as Sany were clearly excluded from cooperation.

On the afternoon of the 9th, Xiang Wenbo said in a telephone interview with reporters that this article was indeed sent by himself. Xiang Wenbo also said that Sany has given up the dream of acquiring XCMG, and is even willing to accept Carlyle's plan in its entirety and increase the price by 30% to acquire XCMG.

The XCMG dispute is a struggle for development dominance

Xiang Wenbo confirmed that the fuse for writing this article was to accidentally see some reports, so he had something to say about the article "Who Enjoys the Feast of National Retreat and Foreign Advancement" in a certain media, describing Sany's eager desire to participate in XCMG's restructuring as a conspiracy: Sany Heavy Industry is ready to drag down XCMG through cooperation, and its motive is to let XCMG reform three years late.

Xiang Wenbo told reporters that Sany has never given up the dream of acquiring XCMG, and is willing to pay a price 30% higher than Carlyle, which is not only for itself but also for the country. Because XCMG is a landmark enterprise in China's construction machinery industry, it is the achievements of the construction machinery industry of the Republic for decades! XCMG contains the hard work of several generations of Chinese construction machinery! XCMG's acquisition by foreign capital is not a simple property rights transaction, but a battle for the dominance of the development of the strategic industry of construction machinery! Because the manufacturing industry is the country's strategic development industry, and the leading power of the development of the strategic development industry is national sovereignty! As a member of the industry, we don't want national sovereignty to be harmed!

For XCMG, which has a strong brand advantage, a market share of 5656 leading products and an annual income of 17 billion yuan, it was sold for 2.03 billion yuan, and he expressed deep regret to Wenbo.

The acquisition plan has been temporarily blocked by the Ministry of Commerce

As for the fact that this acquisition has been hyped as a new benchmark for the transfer of property rights of state-owned enterprises, it is said that it was sold at a good price, and Xiang Wenbo is even more deplorable. The reason why Chinese companies such as Haier and PetroChina have been blocked in their cross-border acquisitions is that the United States is unwilling to give up the leading power in the development of certain industries, and some government departments and enterprises in our country have too poor security awareness and insufficient understanding of industrial security and economic security, which will endanger the leading power of the development of the national and national industries!

According to the announcement disclosed by XCMG, Carlyle's acquisition plan has been submitted to the Ministry of Commerce. On the afternoon of the 9th, the relevant person of XCMG Science and Technology Securities Department confirmed that there was no new progress in the approval of the matter for the time being. Analysts believe that at present, if Sany Heavy Industry wants to realize its dream of bidding for XCMG, it can only hope that the Carlyle acquisition plan will be blocked in the Ministry of Commerce.

Things also seem to be turning around. It was thought that Carlyle's acquisition of XCMG would be officially approved by the state in March this year, but the ironclad matter is now in some trouble, and the National Development and Reform Commission asked Carlyle to supplement the relevant information of the acquisition project, which is intended to prevent hostile takeovers and attach importance to economic security.

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★ XCMG

Founded in March 1989, it was approved by the State Council in 1997 as one of the 120 pilot enterprise groups in the country and one of the 520 key enterprises in the country. In 2005, it achieved an operating income of 17 billion yuan, and is a construction machinery development, manufacturing and export enterprise in China*5655.

★ The Carlyle Group, USA

Founded in 1987, it is one of the world's largest direct investment companies with a size* of 5655. It currently has $31 billion in capital under management and invests in more than 150 companies through its 32 funds. The Carlyle Group is known in the investment community as the President's Club, among which many American dignitaries are represented, and former US President George W. Bush served as Chairman of the Carlyle Asia Advisory Board.

★ Sany Group

Founded in 1989, the company is mainly engaged in construction machinery, the company achieved sales of 5.8 billion yuan in 2005, and the group's net assets were 3.3 billion yuan. The group has seven subsidiaries including Sany Heavy Industry Co., Ltd., and has overseas branches.

(Source: Xiaoxiang Morning News)