When capital has become a very attractive vocabulary in the home industry, the news of corporate and capital dances continues to emerge: After four years of planning, Red Star Macalline acquired JSWB; after eight years of fighting, East Yiri Sheng finally listed. In 2014, it started in the financing and financing. Recently, these two major events in the home industry have triggered deep thinking about capital in the industry. Red Star Macalline acquires JSWB On February 11, Red Star Macalline announced that it would acquire the third-ranked JSWB in the industry. The two parties have signed a framework agreement and will complete all acquisitions in the near future. The acquisition will further strengthen Red Star Macalline's position as a leading brand in the home circulation industry. Jiuzheng Building Materials Network learned that after the completion of the acquisition, Red Star Macalline will continue to retain the “Jishuang Weibang†brand, and effectively use its accumulated brand influence and market reputation to promote the “double brand†strategy and further expand market share. . In the "Furniture Village" model of JSWB, the building materials category was added to become the world's home factory direct sales center. The company's product line will also be further enriched and expanded. The three-dimensional brand system will help Red Star Macalline achieve more accurate market positioning and more comprehensive consumer coverage. At the same time, the management of JSWB will be localized, and the original team and talents will remain integrated. Xiao Bian is reported that the "two strong marriages" between Red Star Macalline and JSWB are not short-lived. The contact between the two parties can be traced back to the end of 2009, and there is news in the industry that the two leading companies in the home industry are seeking "deep cooperation." Since then, the news about the integration of Red Star Macalline and JSWB will continue to spread. After four years, after a long period of strategic planning, the two companies' domestic “first M&A case†finally succeeded, and the industry integration in China's home circulation field is about to take a new step. Review First of all, look at the largest M&A in the home furnishing industry. Red Star Macalline, the number one in the home furnishing industry, and Jisheng Weibang, the third-ranked company, lasted for four years, and the “M&A†project finally landed. In the next few months, China's home furnishing industry will usher in the largest integration in history. As the protagonist of this acquisition, Red Star Macalline can not only enhance the ability of the home brand to attract investment [introduction], strengthen channel control capabilities, but also increase market share and bargaining power for consumers and suppliers. Dong Yi Ri Sheng decorated the listing of the Shenzhen Stock Exchange On February 19th, Dongyi Risheng and other three new shares were officially listed on the Shenzhen Stock Exchange. This means that the first stock of the Chinese national equipment industry will officially land in the A-share market. According to Jiuzheng Building Materials Network, Dongyi Risheng has a total of 31.21 million shares, including 24.12 million new shares and 7.09 million shares. The issue price is 21 yuan/share, which corresponds to a pre-release price-to-earnings ratio of 30.92 times. Dengyun shares issued a total of 23 million shares, all of which are new shares. The issue price is 10.16 yuan/share, which corresponds to a pre-release price-to-earnings ratio of 19.89 times. Dong Yi Risheng promised that the company will repurchase the company's shares with 20 million yuan of its own shares when the stock price is lower than the net assets per share within three years after the listing; the company's controlling shareholder and actual controller Chen Hui and Yang Jin will be 2000. Ten thousand yuan will increase the company's stock and extend the lock-up period of the company for half a year; in addition, the company's directors and senior management will increase the company's stock by 20% of the annual salary of the previous year. Xiao Bian understands that at present, Dongyi Risheng B2C includes three major businesses, namely “East Yisheng A6â€, which is a large apartment and small villa, and “Love House and Houseâ€, which sells seller products to end customers. More than 600 square meters of "high-end villas". After the listing, the three business segments will develop independently and will expand rapidly across the country. In addition, Dongyi Risheng does not rule out the investment in hardcover business and soft-packing business. Morning News reporter Huang Lan Review Looking at the listing of the first stock in the domestic home decoration industry, after the Chinese New Year holiday, Dong Yi Risheng made its initial public offering of shares as the Chinese stock market opened. Under the aura of China's first home improvement company landing in the capital market, it was the hardships of Dong Yi Risheng fighting for eight years in the capital market. During the period, he experienced private placement, restructuring, reduction of storefronts and two IPO lockouts. Today, the birth of the "first home improvement" also provides a model sample for the entire industry, shortening the process of latecomers on the capital road. â– Industry perspective After the Spring Festival of the Year of the Horse, the news that Red Star Macalline acquired JSWB is undoubtedly the most important news in the year. It is reported that the two parties have signed a framework agreement and will complete all acquisitions in the near future. This event is also considered to be the largest industry consolidation in the history of China's home furnishing industry. What are your views on this home industry? â—Over-industry provides conditions for integration "On the one hand, the home industry as a whole is in a surplus stage, and the industry needs to integrate between enterprises; on the other hand, the home industry is in a surplus stage and provides conditions for integration, because some brands are not well managed under the fierce competition, and the possibility of exiting the market There is an increase in sex, and some influential brands need mergers and acquisitions to cope with the growing strength of leading companies." ——Du Yanhong, researcher in the retail industry of China Investment Consulting â— Red Star’s move is a double-edged sword “The big expansion of Red Star Macalline will increase the concentration of the industry and push the industry into a mature stage. This move is to make the 'double-edged sword', on the one hand, the acquisition can further consolidate the leading position in the industry and increase the IPO chip. Moreover, the market after the acquisition Effectively increasing the rate will increase consumer expectations of the company's earnings. On the other hand, the company's use of cash to buy or make the capital chain tight, affecting IPO approval." ——Liu Jianxiu, Senior Consultant of China Investment Consulting â— Red Star's acquisition of Jisheng will greatly increase profits “Red Star acquires Jisheng, on the one hand, it is necessary to improve the layout of the company and expand its market share; on the other hand, the “Furniture Village†model of Jisheng will also greatly increase the profit rate of Red Star. In terms of consumer goods in China, the cost of logistics is affecting consumer goods. The main factor of price, the Jisheng model will greatly reduce the distance between the factory and the sales, which can greatly reduce the logistics cost.†——Lei Yongjun, general manager of Putianshengdao Company â— Although the acquisition by Red Star is entangled, but also pleased "Although there are a lot of entanglements and attachments, but finally 'cultivation, let go', this may be the product of the market economy, perhaps the transformation of personal values, and I am very pleased!" ——Zou Wenlong, Chairman of Jisheng Weibang Co., Ltd. â— Mutual cooperation, dual brand operation “The two brands of Red Star Macalline and JSWB will continue to operate in the future. Red Star Macalline has opened in more than 90 cities across the country, and more than 20 cities are under construction, forming a network advantage; on the other hand, the home village is better. Business model, with the advantage of Red Star Macalline's existing outlets, we must vigorously develop the home village model and copy it to the whole country. Red Star Macalline can also implant the building materials brand resources into the home village, combined with the existing positioning of the home village , become the world's home factory direct sales center in the true sense." ——Hong Xing Mei Kailong Chairman Che Jianxin â— Prioritize acquisition of peers after listing Regarding the company's future capital operation, in the case of mature conditions, it will consider the acquisition of B2B tooling enterprises. The purpose of the acquisition is to focus on the fine decoration field. Of course, this is not the company's first choice. The company's first choice is to prioritize the acquisition of peers, especially some small and medium-sized enterprises that buy soft clothes, focusing on the core business advantages of Dongyi Risheng. ——Chen Hui, Chairman of Dongyi Risheng Group â—Easy Yisheng is extremely easy to transfer costs The so-called "organic overall home improvement model" popular understanding is to integrate the entire industry chain to serve the needs of personalized customization, Dong Yi Risheng provides from home decoration design, construction, auxiliary materials purchase, main material purchase, product support, engineering inspection received The whole process of after-sales service requires interspersed operations and interlocking between various service links. Each link generally has independent accounting and quotation. Therefore, the company has many profit points and long value chain, which makes it easy to transfer costs. . 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