China's paper industry entered the stage of industrial concentration

Date:2017-05-18 13:50

In the China commercial territory, any one industry is the central enterprises stationed, will not be regarded simply as a "spoiler". Because the central enterprises naturally enjoy the advantages of policies and resources, it should or must be the leader of the industry as a whole.
Chinese Industry Investment Corporation (hereinafter referred to as "Chinese paper") has faced such a situation, in 2005 it entered the completely new papermaking industry, enterprise or the name of "Material Development Investment Corporation (hereinafter referred to as" the China ")". And from scratch, from small to big, it only took five years, at first glance, this is a central enterprises monopoly industry prototype.
Indeed, China's paper industry has entered a phase of industrial concentration. From the more than 10000 paper-making enterprises in the last century, by 2007, it had become more than 3000, and at the end of 2011, a large part would be lost in 90s. Mergers and acquisitions among enterprises are more and more frequent, but among them, the most eye-catching is the central enterprises background of China's paper industry and China metallurgical. They are better than the industry leader Nine Dragons 10 years later, and now a receipt from the south north, one from North South received, overbearing momentum let the whole industry fear.
Rear overtaking
2005 is a node, the parent company of China Paper Group is formally appointed by the state owned assets supervision and Administration Commission of SASAC as the pilot unit of state-owned assets management company, and the main responsibility is to promote the reform and reorganization of the central enterprises. The 1988 establishment of the nature is one of the main force, then the main business is short of materials development investment fund, to provide funds for technological transformation for some large and medium-sized state-owned enterprises, for the production of import substitution products, then in ten industries over a hundred enterprises have invested.
After 2000, the model encountered a bottleneck. Prior to the business is a debt investment, interest or product compensation, but the rapid economic development of investment methods have become more and more long-term. The definition of the deviation, a long-term occupation of resources, poor liquidity, on the other hand, because the investment is too wide, in the enterprise in a small voice. Seeing some of their investment in state-owned enterprises insolvent, the model has been go down. The 2002 began brewing transformation.
In the reorganization of central enterprises when the curtain went up, the paper selected as the starting point is not surprising. As of 1989, the investment of Foshan Huaxin Packaging, although equity was exceptionally low, only 6%, but many of them like Tetra Pak (beverage packaging supplier) this will become an important business of high quality resources. Was the largest shareholder of Huaxin Packaging of the Foshan municipal government to raise funds to exit, find the. For more than ten years of cooperation, the return has been good, the overall acquisition decision. In 2005, the two sides signed the equity transfer agreement, the company has the first holding listed paper companies.
But the asset value of Huaxin Packaging is only about 2000000000 yuan, nine of Chengdu is paper assets, and the efficiency is not good. 150 thousand tons of scale in the industry ranked 50, outside the lack of competitiveness. This makes the very confused, this can become a transition point of attachment? On the one hand, from investment to industry, personnel and management of large span, on the other hand, Huaxin Packaging will not be large enough to carry all the resources.
This confusion lasted two years, until 2007, Chengtong Group began combing the group strategy, only a preliminary positioning. "We have investigated many projects, Tetra Pak is a good profit project, we try to do so the paper supplier Tetra Pak, the target for high value-added liquid packaging and food packaging board." At that stage, a child is the focus of the work for the various regions of the liquid bag paper production line, "at first even visited the Yantai a stop for many years of the production line, including a paper mill in Henan, and finally found a strange combination of circumstances Hongta yanlord." But the negotiation process is very complex, the mode of management of the child is not recognized, until a find of the shareholders, the two sides have a preliminary intention, "they are doing tobacco enterprise itself, want to give up this piece of paper, and we need to. In addition, they are also the background of state-owned enterprises, the reorganization of the two sides is still very smooth."
This is 2009, the paper has assets has reached 6 billion yuan, it has even formed a simple industrial chain. But new problems again, Huaxin Packaging stock "Yuehua package B" is a B, years of investment experience make children aware of a vote to the industry bigger and stronger, we must get through the capital market. So, he began to try to buy A shares of listed companies (600433, Guanhao high-tech shares). In the acquisition of Hongta Yanlord soon, the acquisition of Zhanjiang has entered the field of specialty paper Guanlong paper. Then, by the end of 2009 to complete the Guanhao high holdings.
At this time the vote has completed the transformation of the basic industry, through a series of "eat" type of mergers and acquisitions, it has jumped to the top ten industries. In 2010, officially changed its name to the Chinese paper, and the main business for the industry has also been approved by the SASAC.
Without any children falling a menace from the rear, moves faster and faster. Yueyang paper (600963) was his first "snack big" goal, when the Chinese paper assets of 10 billion yuan, only half of Yueyang paper. "They have low margins, but they have good resources

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