Last night, get away from the Kunlun Mountains on home already 13:30. I worked up before going to sleep the last thing the United States under a single point of buying the shares of two listed companies.
In the global financial turmoil, the U.S. stock market is already one to chicken feathers, the market value of many big U.S. companies on Wall Street's flurry of serious fall beyond recognition. For example, take today's market value cf the highest point over the past five years -
Boeing: from 76 billion U.S. dollars fell to 29 billion U.S. dollars
General Motors: from 34 billion U.S. dollars fell to 1.9 billion
Ford car: from 39.5 billion U.S. dollars fell to 4 billion U.S. dollars
Dow Chemical: from 52.1 billion U.S. dollars fell to 19.3 billion U.S. dollars
Citibank: from 164 billion U.S. dollars fell to 45.6 billion U.S. dollars
Goldman Sachs: from 82.5 billion U.S. dollars fell to 24.5 billion U.S. dollars
American Express: from 75.6 billion U.S. dollars fell to 22.5 billion U.S. dollars
Time Warner: from 81.4 billion U.S. dollars fell to 30.1 billion U.S. dollars
Disney: from 65.6 billion U.S. dollars fell to 37.7 billion U.S. dollars
Starbucks: from 29.4 billion U.S. dollars fell to 6.2 billion
Merck: from 129 billion U.S. dollars fell to 55.2 billion U.S. dollars
Federal Express: from 38 billion U.S. dollars fell to 20.1 billion U.S. dollars
Nike: from 33.5 billion U.S. dollars fell to 22.6 billion U.S. dollars
Ebay: from 73.7 billion U.S. dollars fell to 15.7 billion U.S. dollars
Yahoo: from 58.8 billion U.S. dollars fell to 16 billion U.S. dollars
Amazon: from 40.8 billion U.S. dollars fell to 16.5 billion U.S. dollars
Unfortunately, today we are taking this golden opportunity the way the value of investment opportunities may be limited to sporadic number of people buying the stock. Although not rule out the possibility of Chinese enterprises will use this opportunity to boldly go abroad for mergers and acquisitions and strategic investments, but as a whole, Chinese enterprises have not planting season for such a well enough prepared.
If the current global financial crisis came three decades later, China will become its greatest beneficiaries.
Some people may say, above the market value of these enterprises has dropped in such a way, with 2 trillion in foreign reserves China has the strength of some former admirers have not already our multinational giants into their own arms. Even a few years ago, once a famous business school professor called on China to help Chinese enterprises to buy Wal-Mart shot.
This is a far-fetched idea but also very dangerous. We must distinguish between national power and business strength of the difference must not always fantastic shot by the state to help Chinese enterprises in the international arena, how to, not substitute for state enterprises was supposed to stand by the business interests of shareholders, especially minority shareholders the perspective of the interests of the board through the normal system of investment and acquisition decisions to complete.
Today, there have been some high-value businesses, such as CNOOC (247 billion U.S. dollars), China Mobile (1.36 trillion Hong Kong dollars), China Life Insurance (575 billion Hong Kong dollars), Industrial and Commercial Bank of China (293 billion Hong Kong dollars), Bank of China (1160 100 million Hong Kong dollars). But the high market value of individual enterprises does not mean that they have built up large-scale participation in the global M & A conditions.
Chinese enterprises as a whole wants a more aggressive posture in the global M & A arena, there are several important obstacles to be resolved gradually overcome. Some of these problems is the enterprises themselves, some are beyond the enterprise. One of the most important issues include:
1. Foreign exchange system
2. State-owned enterprises and foreign investment restrictions in the approval process related to
3. A-share market and international market Docking
4. China's corporate governance and management
5. The image of Chinese enterprises abroad
6. Chinese enterprises in international marketing experience
7. Chinese enterprises in the accumulation and precipitation of international talent
8. Overseas public relations and investor relations capabilities
The face of global M & A opportunities, only if the Chinese enterprises in cooperation with the environment, when ready, China was ready. This logic is very important, is meaningless reverse.
We missed this wave of opportunity is certainly a pity, but this approach does not matter. The development of enterprises needs time, accumulation, and some processes can not cross. Fortunately, an opportunity like meteor showers, across the'll be back. Hope next time it appears in front of us when we will no longer be spectators.
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