How many stars does Beijing Tanglaya Show Hotel have?

In 2007, Jia Hongxiang, a sailor for 40 years, ushered in the highlight of his life and became the chairman of Daxinhua Logistics.

Daxinhua Logistics Group is a powerful subsidiary of HNA Group. During his four years in office, Jia Hongxiang took the advantage of "buying while buying" of his old club to the extreme, and successively acquired Tianjin Shipping, Yantai Shipping and Shandong Haifeng, and had a great time.

Jia Hongxiang is good at acquisition, but how to manage these companies after acquisition is a thorny issue. Until 20 1 1, it took Jia Hongxiang four years to figure it out, which eventually led to the green performance report of Daxinhua Logistics, problems in the capital chain and a lot of legal lawsuits.

Therefore, Jia Hongxiang lost, but left a latent crisis for HNA Group.

In 2008, Daxinhua Logistics Group rented the great ship "The Cape of Good Hope" from Shagang Shipping, and HNA Group was the guarantor. Two years later, Daxinhua received the ship, but Shagang Shipping did not receive the rent.

Shagang shipping can't receive money. What can we do? We should go through legal procedures.

The lawsuit was fought for more than a year, and finally Daxinhua definitely lost. As a guarantor, HNA Group also has the responsibility to sit together.

At this time, HNA Tourism introduced the luxury cruise ship "Henna" from the United States, which is the first luxury cruise ship in the Mainland, adding another red flower to HNA Group's career line.

Affected by the lawsuit, HNA Group never compensated Shagang for the shipping guarantee liability fee of 2.75 million US dollars. In the case of "global debt collection" by Grand Xinhua Group, Henna began to contribute to HNA Group: the first voyage to Vietnam on 20 13 was successful, and the second voyage to South Korea was successful.

It was in Korea that something happened.

Because Shagang Shipping has never understood that HNA Group is a company with 300 billion assets, why not lose money?

Rich people owe money and don't pay it back. That's ridiculous! !

So I took the lawsuit to Korea. In other words, Shagang Shipping presented the evidence and guarantee to the Korean court. After the South Korean court confirmed that it was correct, it detained the Henna, which had just swam to Jeju Port in South Korea.

At that time, there were almost more than 2,300 crew members and tourists on board.

After receiving the news, HNA Group immediately set up a special public relations team to appease the tourists' emotions, then sent five planes to South Korea to pick up the tourists, and then tried every means to get high-level people to put pressure on the Korean courts and manipulate public opinion to make people think: South Korea, this is wrong.

Judging from the public relations means of HNA Group, it is a beautiful public relations war case to press hard step by step and interlock with each other to minimize the losses and successfully let the Henna go home.

However, judging from this incident, those investors have seen the crisis prevention of HNA Group and will be more cautious in investing in HNA Group in the future.

On the other hand, Daxinhua Group announced bankruptcy and reorganization in this year.

Something happened to Daxinhua Group, and HNA Group is in charge.

However, HNA Group did not learn from the crisis of Daxinhua Group. Seven years later, it also embarked on the same fate as Daxinhua Group.

two

The predecessor of HNA Group is Hainan Airlines. 1993, Hainan Airlines was established, and the company only has10 million, which is not enough to buy aircraft wings.

However, this year, the east wind of the shareholding system reform blew, and HNA got the good news and earned 254.438 billion yuan, but still could not afford to buy a plane.

It doesn't matter. HNA Group has super financing means and got two Boeing 737-300 s from Hainan Bank of Communications without any mortgage.

On May 2nd, 1993, HNA made its first flight from Haikou, Hainan to Beijing, which indicated its first victory.

Next, HNA's first task is to find more planes, develop more routes and make some people willing to take their planes.

However, where can I get money? By earning plane tickets, it is estimated that it will take several years to return to the book. Obviously, HNA will not choose a slow and steady way, but chose his old job: financing.

1995, HNA received $25 million in financing; Two years later, HNA was listed on the B-share market, raising 277 million yuan; In two years, the value of HNA will rise, and the listing of A shares will reach 943 million.

Rich, bold and broad. HNA pays attention to financing and development, and in just a few years, it has become an important local aviation in China.

In 2000, HNA ushered in his first blow, and his sense of inferiority also came from this.

200165438+February 1 1, China joined the WTO, which indicates that China will join the process of globalization, but also brings a sense of crisis to domestic enterprises: foreign enterprises have come to China to grab business.

Moreover, in terms of strength, all civil aviation aircraft in China are not as good as an international aviation group.

Before China formally joined the WTO, the General Administration of Civil Aviation began to lay out and announced the reorganization of domestic civil aviation enterprises, with Air China, China Eastern Airlines and China Southern Airlines as the leading companies. In other words, HNA will be acquired by one of the leading companies.

However, as a civil aviation that has developed for seven years, it is very difficult to get some achievements, and it will not be handed over to others in vain.

Li Weijian, then CEO of HNA Group, said: A table with four legs is better than a table with three legs.

The fourth stop is HNA Group.

At this time, the problems faced by HNA Group are: few routes and small scale; The geographical distribution and policy support are beautiful.

In order to solve the dilemma and become the fourth leg smoothly, HNA Group once again used its old craft: mergers and acquisitions.

Before the merger, HNA made a clever move: occupying the airport. HNA Group, holding Haikou meilan airport, became the first civil aviation enterprise in China to hold the airport.

With the airport, HNA Group can fly whoever it wants, and it doesn't matter when King Lao Zi comes.

Then, HNA acquired several private enterprises, including Changan Airlines, Xinhua Airlines and Shaanxi Airlines. Among them, Changan Airlines provides Beijing-originated golden routes 10, and Shanxi Airlines provides more than 40 feeder routes.

In this way, HNA has a route, its scale has also become larger, its geographical distribution has blossomed more, and it has the strength of the fourth leg.

In 2002, CAAC admitted to using Hu code in a unified way with HNA Group.

This turnaround of HNA Group was very beautiful, and he showed great vitality.

On the one hand, the times pushed him forward, on the other hand, he didn't want to fall into the end of being merged. Therefore, HNA Group did the opposite and merged with others without wanting to be merged.

Although the Civil Aviation Administration of China has recognized HNA, HNA Group is not in the official plan, which means that HNA is a stepmother, grandma doesn't love her, and the ceiling of the development space has been built for HNA.

Therefore, HNA seems a little inferior at this time.

HNA refused to accept its fate, and killed three bloody roads in succession: business aviation, general aviation and overseas aviation.

At the end of 2002, HNA was given a chance to develop.

At that time, when SARS struck, civil aviation enterprises were strongly impacted, and HNA was no exception. Just like the situation in 2020, everyone stays at home. Who can't fly out of the door?

In order to avoid risks, HNA divergent thinking, found a "aviation+"road.

Based on aviation, it develops aviation-related business. Therefore, HNA has developed "aviation+hotels", "aviation+tourism" and "aviation+commerce".

I have to say that this practice is worthy of recognition. However, HNA Group has a big front and many business thieves.

HNA Group's development in China is still honest and steady, and it has gained some fame. Take "airline+hotel" for example. HNA Hotels Group owns two five-star hotels, Tanglaya Show Hotel and Jinma Hotel.

In 2008, the financial crisis broke out in Europe and America, and HNA Group thought it had a chance to become a world-class excellent enterprise.

Third,

In 2007, the subprime mortgage crisis broke out in the United States, which later developed into a financial crisis sweeping Europe and America.

During this period, US stock prices fell, and the Dow Jones index fell by 45%, from 14279 to around 7800.

Affected by the financial crisis, the assets of many enterprises in Europe and America have shrunk and their values have been frustrated.

Many domestic enterprises see that these enterprises are cheap and just have spare money in their pockets, so they start to acquire European and American enterprises on a large scale, laying the foundation for the internationalization of their corporate brands.

At such an important moment, HNA Group has evolved the skills of established artists: from M&A to acquisition.

Chen Feng, then chairman of HNA Group, said: Internationalization is the only way for HNA Group to become a world-class excellence, and M&A will remain an important model for future development.

Boy, M&A is a development model of HNA Group.

Starting from 20 10, HNA Group acquired the aircraft maintenance company in Turkey and tasted the sweetness, so it became out of control and gradually became fascinated.

HNA's acquisition history reached its peak from 2065,438+05 to 2065,438+06, and 35 acquisitions of $27 billion were completed.

On 20 16, HNA group squeezed into the world's top 500, which was awesome.

Awesome is awesome, but where does the money from HNA's acquisition come from?

One is borrowing, and the other is lending.

Hainan Airlines has developed from aviation to a big group. Can there be 27 billion dollars by those plane tickets? number

Therefore, in order to complete the acquisition plan, HNA borrowed money at home and borrowed money overseas.

While enjoying the applause of the world's top 500 enterprises, HNA Group is thinking about how to repay the debt of 468 billion yuan.

Honor is temporary, and debt repayment is lifelong.

HNA pays back the money by stealing chickens. The method we learned here is: equity financing.

During the rising period of 20 15 bull market, the share price premium is high, and private placement can raise more money.

There are seven or eight listed companies under HNA, which issue additional shares. Leek bought them and HNA got the money. HNA uses this money, part of which is used to pay off debts, part of which is used to supplement working capital, and part of which is used to invest in quality projects.

Investment projects are also very chicken thieves, to buy those original shares, and so on, the original shares have turned over ten times or dozens of times.

Generally speaking, according to this operation, HNA may repay its foreign debt.

This is just a possibility.

In the acquisition wave of 20 16, the transaction price of overseas mergers and acquisitions is about 9.22 times of net assets, which means that they paid 9 times more money.

Wang Jianlin of Wanda also inevitably bought the three major entertainment industries in the world, and finally had to sell 70 billion domestic assets to pay off debts.

Therefore, no matter how HNA operates, the situation of insolvency becomes more and more serious. In the 27 years of development, HNA has not formed its own solid moat, and investors will keep their eyes open when investing.

By 2020, the impact of the epidemic will be difficult for enterprises all over the world, the capital chain will be cut off and cash flow will become more and more important.

This is even worse for the heavily indebted HNA. Had to declare bankruptcy and reorganization on 202 1.

four

In the 1980s, after the Plaza Accord, the yen appreciated, and Japanese enterprises became bigger and more arrogant, threatening to buy half of the United States and embarked on the road of overseas acquisition.

But not long after, the yen depreciated, the Japanese share price was frustrated, the expansion of Japanese enterprises in Zhang Zhilu ended, and M&A's hand to the world retreated to China.

Mergers and acquisitions, acquisitions, and most importantly, money.

Don't have much money, want to eat into a big fat man is wishful thinking.

HNA Group's overseas expansion failed and declared bankruptcy, which originated from his beginning.

HNA started with10 million yuan and rented the first plane by financing. In the year of civil aviation merger and acquisition, it occupied a place in the domestic market by means of merger and acquisition; Then use mergers and acquisitions to expand their business and lengthen the front.

M&A is only a means, not the only mode.

I wonder if anyone will shout out that sentence now: financing is for mergers and acquisitions, and mergers and acquisitions are for financing.

Dancing with the shackles of capital will be countered by capital sooner or later. Serves you right.