Just as "The Voice of the Heavenly Empire" was constantly swiping the screen, Jiang Hui and his entourage quietly came to the island country.

Speaking of which, whether it is in his previous life or in this life, Jiang Hui came to the island country for the first time.

"Mr. Jiang, this time the Goldman Sachs people took the initiative to ask us if we were interested in Sanyo, and it seems that they plan to continue to promote the listing of other companies in the group," Tang said on the way from Narita Airport to the hotel.

This time, Jiang Hui brought Tang Wenwen, Guan Weidong, Zeng Qingying, Xiang Weiwei and others to the island country because Goldman Sachs took the initiative to contact the Korn Wow Group and asked if it was interested in taking over the shares of Sanyo in Goldman Sachs.

As the leader of Wall Street, Goldman Sachs has also been greatly affected by the subprime mortgage crisis.

On March 11, 2008, the Federal Reserve once again announced with the other four major central banks that it would continue to inject liquidity into the market and ease the pressure on the global money market.

On March 13, 2008, U.S. Treasury Secretary Paulson and Federal Reserve Chairman Ben Bernanke and other regulatory officials will propose stricter regulation of bank capital, and the U.S. official recession is predicted for the first time.

On March 14, 2008, Bear Stearns, a U.S. investment bank, sought emergency financing from **** and the New York Fed, and the market deepened concerns about the health of the U.S. banking sector.

On March 17, 2008, the Federal Reserve unexpectedly announced that it would cut the window discount rate by 25 basis points to 3.25%, agreeing to buy Bear Stearns for about $240 million.

On March 19, 2008, the Fed announced a 75 basis point rate cut and signaled that it would continue to cut rates.

On March 20, 2008, the Bank of England met with senior executives of the five major investment banks and stated for the first time that it would provide more financial assistance to domestic banks.

24 March 2008

The U.S. Federal Housing Finance Commission (FFC) allowed the U.S. Federal Home Loan Banking System to increase its holdings of more than $100 billion in MBS issued by Freddie Mac and Fannie Mae.

On March 27, 2008, liquidity in the European money market was once again surgent, and the Bank of England and the Swiss National Bank jointly injected capital. The Federal Reserve provided $75 billion in government debt to primary dealers through a term securities lending facility, and British Prime Minister Gordon Brown and French President Nicolas Sarkozy met to discuss ways to improve financial market transparency and urge reform of major international financial institutions.

It can be said that the whole month of March has been in turmoil in the international financial markets.

In order to have more funds to survive this crisis, and to have more funds to make some profits in this crisis, Goldman Sachs has been constantly redeploying assets around the world.

The sale of Sanyo's stake took place against this background.

"Old Tang, do you think Goldman Sachs' sincerity in selling Sanyo this time is not enough?", Jiang Hui asked Tang while looking at the information on Sanyo at hand.

Tang Wenwen also mixed up on Wall Street in the early days, and Goldman Sachs was the contractor of the intra-campus online listing, so Tang Wenwen has always had a very close relationship with some people at Goldman Sachs.

This time, the other party also found Tang Article first, and asked Jiang Hui if he was interested in acquiring Sanyo through Tang Article.

Sanyo Electric Co., Ltd. was founded in 1947 by Toyoo Ue, and in 1950 was founded by Konosuke Matsushita's brother-in-law and a former employee of Matsushita Electric.

The company's name, which means "three seas" in Japanese, refers to the ambition of the company's founders to sell their products around the world, across the Atlantic, Pacific and Indian oceans.

If Jiang Hui is not available, at the end of this year, Panasonic will reach an agreement on the acquisition of Sanyo Electric and three financial companies, including Sanyo Electric's major shareholder, the American financial giant Goldman Sachs, to publicly buy Sanyo shares at a price of 131 yen (about 10.27 yuan) per share. The overall acquisition amount is expected to exceed 560 billion yen (about 43.68 billion yuan, 6.4 billion US dollars).

So as to bring this company with a very deep relationship with itself into its own.

At the age of 14, the founder of Sanyo, Isuke Isuke, accompanied his brother-in-law, Konosuke Matsushita, to witness the establishment and development of Matsushita Electric, and at the age of 43, Iue resigned from Panasonic to start a business, and Sanyo Electric was officially established in Osaka.

Starting with bicycle lighting, Sanyo has successively entered the fields of radio, washing machine, and television, and its original jet washing machine has made Sanyo a well-known star company.

By the 1960s, Sanyo had established itself as a home appliance giant. At its peak, Sanyo's annual sales exceeded 2 trillion yen (about 103.8 billion yuan), its stock price far exceeded that of its competitors such as Panasonic and Toshiba, and the number of employees once exceeded 100,000.

The Iue family's firm grip on the company's control of the business has imbued Sanyo with the air and shortcomings of old-fashioned Japanese companies: inefficiency and inefficiency. Families and management are often at odds, even to the point of ignoring the interests of the company. Sanyo, which has stiff and aging internal management, is also aware of changes in the outside world, and Iuetoshi, who was the president of Sanyo Electric Co., Ltd., once said, "We neglected to understand our opponents. ”

Iuetoshi also tried to fight back, but Sanyo's road to reconstruction was repeatedly frustrated.

At the public level, Sanyo has "broken" some half-century-old family management mechanisms. When Tomoyo Nonaka, a journalist, succeeded Iuetoshi in April 2005 as chairman and CEO of Sanyo Electric, he attracted a lot of attention from the outside world. However, after taking office, Sanyo's management became more and more chaotic, and she was overwhelmed by long-term antagonism with investors, and in March 2007, Tomoyo Nonaka left Sanyo.

The restructuring of Sanyo's business is also a cause for concern. The OEM once brought huge profits to Sanyo, and it also caused Sanyo to eventually disappear.

"Mr. Jiang, I think Goldman Sachs is serious, and now Sanyo has fallen into a trough of development. Since the 1990s, due to the obvious advantages of the island's electrical appliance enterprises - fine production quality control, complete spare parts supply, etc., Sanyo began to OEM production for other enterprises, which created huge profits for Sanyo in a short period of time, which is particularly eye-catching compared with the struggles of other Japanese home appliance companies in the same period. The fact that it can make a profit from OEM has left Sanyo with no incentive to innovate and a slow business transformation to implement.

In the color TV business, Sanyo focuses on the production of color motor cores, which is different from Sony, Samsung, Panasonic and other Japanese and Korean enterprises to the whole machine production model, in the end, Sanyo's customers have become Sanyo's most important competitors. A high-level executive within Samsung once pointed out sharply that in the past, Samsung was the OEM for Sanyo's TV manufacturing, but now Sanyo is not even qualified to OEM for Samsung's LCD TVs."

"The same is true for other businesses. In 2002, Sanyo was also the world's largest digital camera OEM, accounting for up to 30% of the world's output, and is also one of the world's largest battery OEMs, Sanyo OEM products also include chargers, CPU fans, flash memory, analog semiconductor chips, etc. Sanyo insisted on OEM manufacturing as its core business until 2005. However, when the market situation changes, OEM capacity often bears the brunt of the surplus, which is Sanyo's biggest hidden danger. ”

Tang began to analyze the situation of Sanyo for Jiang Hui.

(End of chapter)