The nearly seven-Year-old Liu is still vigorous

Lenovo has gone 29 years since its inception in 1984. As the founder and chairman of Lenovo, Mr Liu always stands up at a crucial juncture in the company's fortunes.

37-degree High-temperature, 8-class sandstorm Tuyere, in the Gobi Desert in Gansu, nearly seven years of Liu still vigorous.

Lenovo has gone 29 years since its inception in 1984. As Lenovo's founder and chairman, Mr Liu has always stood up to the team at a critical juncture in the company's fortunes. As he said in the Gobi, there is no number of difficulties, never wavered.

2012, Lenovo held its annual revenue of 226.6 billion yuan, an increase of 20%, attributable to the parent company's shareholders net profit of 1.73 billion yuan, an increase of 30%.

Today, Liu still insists on exercising for two hours a day, and Lenovo holding the 29-year-old, the volume is gradually huge "child", may also be officially listed in the year after.

Building the Department of "Big Association"

From 1984 11 people in the Chinese Academy of Sciences 200,000 Yuan investment venture, to 2001 Lenovo Group A demolition of two; From 2001, 2003, June Lian Capital and Hong Yi Investment has been set up, Lenovo into the field of venture capital; to the development of the medium-term strategy of 2010, Lenovo has gone through three stages in nearly 29 years.

In fact, around 2000, Lenovo Group is still in a big growth stage, Liu has seen consumption will be in the next few decades to stimulate the Chinese economic transformation of the main driving force, in addition to IT industry, basic necessities will also become a consumption-driven growth direction.

From this thinking, Shenzhou digital stripping can be seen from it manufacturing to IT services differentiation, while the Hongyi capital investment in the establishment, is Lenovo hope from the investment point of view to cut into the other areas of the consumer.

In 2005, Lenovo's formal acquisition of IBM's PC business, the "big Lenovo" of the future construction has brought a brand booster. With the promotion of brand effect, Lenovo's investment in other consumer areas can also produce low-cost linkage.

Finally, in 2010, Lenovo Group began to develop a medium-term development strategy after 5 years of optimized integration of IBM's PC business: by acquiring and building the core assets, the layout was completed.

June 2012, Lenovo Holdings, the original executive vice president, June Lian Capital founding partner Zhu Linan as Lenovo Holdings president. Zhu Linan has a portfolio of three units, which invests in core asset operations, asset management and the Lenovo star incubator. These three units, on the common platform of Lenovo Holdings, also supply and rely on each other, forming an ecological closed loop of internal resources and needs.

For example, for large capital demand business, June Lian Capital, Hong Yi Investment and by Lenovo holding direct participation in Suzhou Trust, Hankou Bank, etc., can provide corresponding financial support. And for the June Lian Capital, Hong Yi Investment in some enterprises, but also by Lenovo holdings of the core asset companies through mergers and acquisitions to help them to obtain VC exit benefits.

A Feng Lian wine industry executive told the first financial daily that if June Lian, Hong Yi's financial investment in the industry and the company's investment in the production of contradictions, then the future does not rule out the merger through mergers and acquisitions, to help June Lian, Hong Yi Fund exit to achieve Lenovo holding platform of internal integration, Lenovo holding the benefit of maximizing.

In addition, the three business units can also form a ladder-type performance pull. Through the high profit margin industry investment, to pull Lenovo Group, such as low profit margins, and then through the low profit margins of the industry to expand capacity. In the industry with long investment return cycle, such as Lenovo Group and other low profit margin but the scale effect of enterprises can provide support for the overall business.

Earnings showed that 2012 year, Lenovo Holdings revenue of 226.6 billion yuan, an increase of 20%, net profit of 1.73 billion yuan, an increase of 30%. In 2008-2012, Lenovo held net profit of 480 million, 1.21 billion, 3.59 billion, 1.33 billion and 1.73 billion yuan respectively.

Or encounter the China resources type problem

Similar to China Resources, Lenovo Holdings is also building a leading position in the business sector through continuous capital mergers and acquisitions.

The difference is that the investment and merger of China Resources system tend to be in the direction of resource control and consumption terminal two industries. From the reorganization of China Resources Medicine, China Resources department is better at crisis-type mergers and acquisitions, so as to obtain better prices.

and Lenovo Holdings in the focus on consumption, while more value on local, regional brands of mergers and acquisitions, especially with the wine industry strategy. Jia Wo Group Choose from the fruit industry into agriculture, also can see Lenovo holding a strong single point of breakthrough ability.

However, continuous mergers and acquisitions, can be bigger, but not necessarily strong. Earnings showed that Hong Yi 0 0 Equity Investment Center (Lenovo Holdings of Hong-Yi investment in the second Renminbi fund, the fund size of 10 billion yuan) in 2012, the annual loss of 570 million yuan.

In addition, China's 41%-owned Shenzhou car rental, with Lenovo holding 56% of Lakara in 2012, respectively, loss of 134 million yuan and 286 million yuan. The losses also led to a 8.8% per cent decline in Lenovo's operating profit for 2012 years.

In less than a year, the wine industry has spent 2 billion yuan on the Hunan Wuling wine industry, Hebei Plate City wine industry, Shandong Confucian wine industry three companies to acquire, but also make it in the acquisition chain has been stretched in the case of failure to do the internal integration. In August this year, as the president of the Fung-Lian liquor company 2 years of Road pass, his duties by Lenovo Holdings senior vice president, Chen Group president of the successor.

A person in the industry said that Lenovo holdings in large mergers and acquisitions, large integration, or encounter with China Resources department before the risk.

2002, the China Resources department from Vanke to buy million good supermarkets, hoping to enter the retail business. But the culture of Huarun is different from the other. As an entrepreneurial enterprise, the founder of million-good personality, and China resources system against individual heroism. Because of the cultural differences between the two companies, the company quickly formed a faction culture. Subsequently, the China Resources department had to make internal optimization by firing the best founders and adjusting the team.

These people said that, unlike IT industry, the liquor industry is more traditional national industry, has its own unique operating rules and internal culture, so Lenovo has accumulated over the years experience is not necessarily suitable for mergers and acquisitions. And from the current policy environment and the future consumption habits of young people, liquor is not a good long-term investment projects.

A former investor in contact with Lenovo, told reporters that Lenovo, although it has been declared to be listed in 2014 ~2016 year, but its biggest problem now is that there is no business. According to him, Lenovo's most important asset is Lenovo Group, in addition, Lenovo Holdings is in fact no business, now in order to go on the market to continue to spend money to buy business, and from its existing business performance is not ideal. He told reporters: "The agricultural sector Lenovo has not done before, and did not do much good." Wine industry that buy is to go down the brand, the first two years of liquor industry is really fire, but by policy impact, I guess it is very difficult to do now. ”

Moreover, in his view, for the Hongyi capital investment, it is not the ideal package listing business. "June Lian Capital Hongyi Investment are GP and LP partnership, Lenovo Holdings can only be bundled into the fund management company, but this profit contribution is only 2% management fee per year and the project carry (dividends), equity investment fund after all is not a continuous business." ”