In Hongli Avenue (center), Xinxiang City, Henan Province, a facade named “New Flying Recruitment Office†has been locked by a bright red lock. The opposite of the recruitment office is Henan Xinfei Electric Co., Ltd. (below The location of the office is called "Xinfei Electric". A white marble statue went straight to the front door, and an old two-door refrigerator wore a large ball, just above the stainless steel eagle.
Xinfei company main entrance "new flying refrigerator" sculpture
As the company continued to lose more than 507 million Singapore Dollars (about 2.483 billion U.S. dollars) for more than six consecutive years, and the total liabilities exceeded RMB 2.2 billion, the once-renowned refrigerator giant Xinfei Electric eventually made a stoppage in production on November 1, 2017. The whole decision.
As for the decline of Xinfei, some people pointed to the foreign shareholder, the Singapore Hong Leong Group, which was introduced 23 years ago, referring to its poor management after taking control of the operation. Some analysts also believe that the local government's management of Xinfei brand has affected Xinfei brand's reputation. However, behind the simple emotions of Xinfei's employees, Liu Bingyin, the new flying “who is the familyâ€, has missed the “listing†and “diversity†opportunities and has had an impact on the fate of the new flight.
After a few visits, the Xinhua News reporter also contacted several middle and high-level people who had served in Xinfei. They tried to restore this once brilliant refrigerator company. How to become a leader in the domestic refrigerator industry from a small local military enterprise that relies on loans to pay salaries. Sheep; After the introduction of foreign shareholders at the peak, why did they miss out on opportunities for development and gradually decline?
The golden age of "Liu Bingyin": once ranked among the top ten most valuable brands in China
“The total loss of the whole plant has reached more than 700,000 yuan, and the company has been remunerating on loans for employees for three consecutive months.†This is the situation of Xinxiang Radio Equipment Factory in 1981. At that time, the company was under the jurisdiction of the original national four-machine department. Small local military enterprises. Xinxiang Radio Equipment Factory was the earliest predecessor of Xinfei. In that year, Liu Bingyin was the last deputy director of radio equipment factory in Xinxiang City.
Li Youyin and Liu Bingyin (right), former ministers of the working party of Xinfei Party Committee, exchanged views. Picture from "Advertisement to the End"
After other leaders fled the "hurt" household, Liu Bingyin provoked the responsibility of the factory manager. In order to make the company turn around, Liu Bingyin launched a "short-quick" project for workers and earned 1.8 million yuan by assembling "black-and-white TV sets" and "included dual-use machines." In 1983, Xinxiang City radio factory not only paid off all the arrears, but also removed the loss of the hat.
After seeing the hot sales of refrigerators, Liu Bingyin decided to switch to refrigerators and to introduce equipment and technology from Italy's Philips IRE. On December 8, 1984, the first phase of the Xinxiang Refrigerator Factory broke ground, and the new flight was officially born. In the first phase, it invested more than 18 million yuan, 6 import production lines, 9 domestic production lines, and 100,000 refrigerator production lines were officially put into operation on November 10, 1986.
After investing in the market, the “Xinxiang-Snowflake†brand refrigerator won many awards from the country, including the “Golden Rabbit Special Award†for the first Shanghai Outstanding Product Fair, for the new flying win.
"It was later called Xinxiang - Philip, but it had a legal dispute, so it was later changed to 'new flying'. The word flying is actually taken from 'Philip''s Philippine word homonym." Once in a new fly assisted Liu Bingyin "Veteran" told the news reporter.
In 1988, Xinxiang Refrigerator Factory completed the full-year production plan three months ahead of schedule. Sales revenue, profits and taxation, and profit-making tax per capita all ranked first in Xinxiang City. Xinfei became a star enterprise in Xinxiang City. In 1989, Xinfei Refrigerator Factory realized sales revenue of RMB 214 million and profit of RMB 28.79 million.
"Although he did not finish the fourth grade of primary school, he dared to think and dare to do it. He had an idea, and his management was very strict." The informed source told Xinhua News that Liu Bingyin had strict requirements on product quality. He had publicly stated that "Who is new to flying?" Brand, who knocked off the rice bowl."
On May 20, 1990, Liu Bingyin stood in the face of hundreds of new-flying refrigerator dealers, news media, and Xinfei employees. He picked up a sledgehammer and scrambled to more than 400 unqualified refrigerators. In September of the same year, Liu Bingyin again focused on destroying more than 1,000 unqualified refrigerators. “We removed the deputy director in charge of quality. The whole plant was suspended for one month, the wages of the entire plant management staff were reduced by 30%, and the quality of all staff was rectified. â€
In addition to strictly managing the quality of products, Liu Bingyin, who did not follow the conventional wisdom, boldly broke the rigid thinking of many employees in state-owned enterprises.
At that time, some people always thought, "When you enter the New Flying Gate, you are a state-owned enterprise; no matter how you do it, you have three meals."
"The words "we don't work hard today, we try hard to find a job tomorrow" were brushed on the wall at the time, and Liu Bingyin is a true person." The above-mentioned sources told the Xinhua News Agency reporter that Liu Bingyin took the lead in breaking the "iron wages" under the planned economic system. The rigid system of iron chairs and iron rice bowls has been put on the competition, and cadres are able to work. “A deputy factory director is not allowed to go directly to the plant area because he has not done well.
On December 18th, 1991, with the approval of the Henan Provincial People's Government, Xinxiang Electric Refrigerator Factory was established, and Henan Xinfei Electric Appliance Group was formed and established in conjunction with dozens of household appliances refrigerator accessory manufacturers, universities and research institutes inside and outside the province.
On January 18, 1994, Henan Xinfei Electrical Appliances Group was restructured into Henan Xinfei Electric (Group) Co., Ltd., with 17.04% of employees' internal ownership and 82.96% of state-owned assets.
"From 1991 to 1994, Xinfei increased at an average rate of 40% per year." The informed source told Xinhua News that under the leadership of Liu Bingyin, Xinfei once entered the top ten most valuable brands in China.
On May 20, 1990, Xinfei Company destroyed 400 unqualified refrigerators. Picture from "Advertisement to the End"
Singapore's Hong Leong Group enters the market: Xinfei refrigerator sales exceeded 1.2 million units and total profit exceeded 300 million units
At the time of the new flying scene, the glorious spring breeze, the Hong Leong Group from Singapore emerged.
On August 2, 1994, Henan Xinfei Electric (Group) Co., Ltd. established a joint venture with Singapore's Hong Leong Electric Co., Ltd. and Singapore Yuxin Electric Co., Ltd. to establish Henan Xinfei Electric Co., Ltd. 45% and 6%. On October 13, the same year, Henan Xinfei Electric Co., Ltd. was formally established.
The registered capital of Xinfei Electric was 66,683,770 yuan, of which, Xinfei Group invested 32,7632.4 thousand yuan and Singapore invested 341,005,300 yuan.
In the early spring of 1994, in order to effectively promote and implement the reform and opening up strategy formulated by Henan Province, the main leader of Henan Province led a delegation to visit Singapore, one of the four little dragons in Asia. In the meeting with Singapore’s former capital Li Guangyao, Henan Province mainly The leader earnestly hopes that insights from the industrial and commercial business community in Singapore will be invested and developed in Henan. Li Liangyin, a former Minister of the Work Committee of Xinfei Party Committee, wrote about why he chose to let the Hong Leong Group participate in shares at the time. He wrote in the book “Advertising to the Endâ€. Mr. Guo Fangfeng, chairman of Hong Leong Group’s Board of Directors, was encouraged by the meeting and dispatched immediately. He went to Henan to investigate and eventually chose Xinfei Electric as a partner.
"When the joint venture was established in 1994, the sales of Xinfei could not reach Shanghai, but it was more profitable than Haier. Before the joint venture, Haier did not exceed Xinfei in net profit." The person familiar with the situation told Xinhua News that the new flight is in full swing. At the moment, Liu Bingyin did not want a joint venture with foreign investors.
On June 8, 1994, the feasibility study report of the new Feifenglong joint venture was held in Zhengzhou, Henan Province. The meeting unanimously held that the joint venture can use the capital, technology and management advantages of the joint venture to enhance the competitiveness of the international market. . “Liu Bingyin is very strong. He does not agree, so he has formed such a shareholding structure.†He said that Singaporean parties also tried to hold shares at the time, but Liu Bingyin did not agree and it passed the Henan provincial government representative in Singapore under a dilemma. In Singapore, Yuxin Electric was established. "This way, Yuxin Electric's share of Xinfei Group is 55%, which persuades Liu Bingyin to agree."
In fact, the shareholding ratio of Yuxin Electric and Fenglong Electric is 51%, which can also achieve the controlling position of Xinfei Electric.
Differing from the biased views of the outside world, the joint venture with Hong Leong Group at that time contributed to the leap forward development of Xinfei. "After the joint venture, it invested 420 million yuan to build the largest fluorine-free refrigerator plant in China with an annual production capacity of 600,000 units and an internal plant called No. 39. It was completed and put into production on January 5, 1996." A senior person told Xinhua News that no The introduction of the fluorine refrigerator is in line with the international and domestic trend of calling for the protection of the ozone layer. After the launch of the product, it has been widely recognized by the market.
In 1996, the sales of Xinfei refrigerators exceeded 1.2 million units, and the total profit exceeded the 300 million yuan mark for the first time.
“The new flight was at a time when it was at a high altitude.†The above-mentioned middle- and senior-level officials told Xinhua News that due to the inability to move from “product management†to “brand management†in a timely manner, the new flight that has not been able to “diversify†has been buried since its peak. Under the hidden dangers.
Li Lianyin spoke with Gao Xinlin (right), former chairman of Xinfei. Picture from "Advertisement to the End"
"Diversity" missed: refused to go public and twice tried to enter the air-conditioning industry
"The sales volume of New Flying Refrigerators has increased from 1.2 million units in 1996 to 1.6 million units in 2000, but sales have been stagnant. The profit rate has gradually dropped from 16% in 1996 to less than 6% in 2000. "The data disclosed by Li Lianyin in the book shows the continuously declining risks of Xinfei Electric.
“Compared to taking a variety of beauty, the value of the brand in the United States in 1997 was 2.9 billion yuan, and the brand value of Xinfei was as high as 3.2 billion yuan. In 2001, the sales of the American series products were almost close to 15 billion yuan, while the new The sales of Feifei are between RMB 2.5 billion and RMB 3 billion.†Compared with Kelon, Rongsheng and Qingdao Haier, members of the “Four Family†of the refrigerator industry, the gap is even greater.
"Isn't there a lot of new stuff? Hasn't Haier done a lot of new stuff? Practice has proven that there is nothing worthwhile, and it's not yet more than a third of my profits." The book disclosed Liu Bingyin’s views on “diversityâ€. For the company's listing, Liu Binyin also disapproved of it. “Listing, listing! Beijing, Shanghai, Shenzhen... The mediation is over and there is 'drummy' new listing. Don’t get a penny, White helps, I didn't bother. I told them that listing is not about money. My money has no place to spend, and the bank still loans to me,†wrote the book “In the Endâ€.
In 1993, Midea Electric Appliances and Qingdao Haier entered the capital market one after another, using the convenient financing conditions of the capital market, the two companies went further and further along the road of diversification, and left the new flight far behind.
After realizing the disparity, Liu Bingyin also twice promoted Xinfei to diversify into the air-conditioning industry. However, both failed to do so.
The first time was in the second half of 1997. At that time, Whirlpool invested in Shenzhen Blue Wave air-conditioning for three consecutive years and Whirlpool decided to "liquidate" Blue Wave air-conditioning at a price of 200 million yuan.
However, the idea of ​​trying to take over and realize the "diversification" of the new flight was opposed by the Singaporean side of the board of directors. “It is contrary to the expectations of Xinfei’s Chinese executives.†Li Lianyin said in the book that Xu Xiaodong, a representative of Yuxin Electric, believes that blind intervention in the air-conditioning industry is too risky, and Gao Jialin, a director of Hong Leong Group, agrees. The purchase decision was eventually rejected by the board of directors.
Xinfei Electric tried to enter the air-conditioning industry for the second time in early 2000. At that time, Xinfei Electric tried to acquire Zhongshan Sanrong Air Conditioning Electric Appliance Co., Ltd. in Guangdong. "Even even the transfer time is basically talked about with the San Rong company." The above informed sources told Xin news reporter, this acquisition was again rejected by Hong Leong Electric and Yuxin Electric, the same reason is not to hope Xinfei Electric blindly expand and Engage in a "consumptive war."
"Especially in the late years of Comrade Liu Bingyin's, the middle flight and even the top management of Xinfei Motor Co., Ltd. all lacked decision-making autonomy and could not adapt to the rapid changes in the market. This made Xinfei's market reaction very slow, coupled with lagging marketing and marketing platforms. The overall performance of Xinfei Electrical Appliances began to decline, and it responded to market changes to a passive situation." "Advertising to the end" wrote in the book, looking at the rapid decline in sales, which makes Liu Bingyin very annoyed and tempered The bigger, he even kept changing the vice president of sales and regional managers, and he hoped to appoint this “lever†to personnel to stimulate subordinates' potential and stimulate the revival of sales performance.
Unfortunately, on September 15, 2001, Liu Bingyin died of stomach cancer at Guangzhou Nanfang Hospital and he was 61 years old. At this point, the era of Liu Bingyin's new flight completely ended. Until the end of his life, Liu Bingyin also failed to lead Xinfei toward "diversification."
Discontinued new fly
The Cultural Conflict in the Hong Leong Times: Employees Take the Initiative to Save Fire to "Let It Burn"
In fact, before Liu Bingyin passed away, the ownership structure of Xinfei Electric was changed. In February 2001, Hong Leong acquired the 6% equity of Yuxin Electric. As a result, the shareholding of Hong Leong Electric increased to 51%, and the Singaporean party obtained a controlling stake.
Although the controlling share rights have changed, according to the joint venture regulations, China still has the right to operate and manage the joint venture.
After Liu Bingyin passed away, Li Gen took over the baton and served as chairman and party secretary of Xinfei Group and Xinfei Electric. After taking over, Li Gen immediately compressed the management department and changed the original vertical management model to a flattened management model. From the previous “monopoly of power†to decentralization to the team, an incentive mechanism was implemented.
“In 2002, New Flying broke the pattern that the industry ranking was unchanged for six consecutive years. It was the third time that the industry ranked third in the industry. In 2003/2004, Xinfei continued to rank second in the industry.†Li Lianyin wrote in the book. In 2004, the new flight once again achieved historical breakthroughs. Refrigerator sales exceeded 200 million units and reached 2.1 million units, a year-on-year increase of 21%, setting a record high.
Li Gen's era did not last long. In September 2005, the Xinxiang local government sold 39% of the shares to Fenglong at a price of 510 million yuan, and Fenglong Electric's shareholding in Xinfei Electric has jumped to 90%. At this point, Hong Leong finally obtained the right to operate and manage Xinfei Electric.
In November 2006, Malaysian Zhang Donggui replaced Li Gen in charge of Xinfei Electrical Appliances, and he made drastic changes to Xinfei Electric. The conflict between Chinese and foreign management methods and corporate culture also began.
“A large number of management personnel from Singapore landed to Xinfei.†A senior person from the former Xinfei Electrical Appliance Co., Ltd told the Xinhua News Agency that at the time of equity transfer in 2005, Xinfei Electric had no more than 100 mid-level management personnel, but it was 2010. In years, this figure has soared to 400 people.
The rapid expansion of management personnel has also made the decision-making process more cumbersome and the efficiency has become low. Li Gendai’s “President (or General Manager)-Vice President (or Deputy General Manager)-Management Department†implemented the “Decision-making Process†and eventually became “President-COO-Senior Vice President-Vice President-Administration at all levels "Only one business trip was reimbursed for a business trip, and no one could sign it for three or five days."
"Because the company is not mine, I was hired to come in to manage the company." Zhang Donggui once said bluntly.
“Formal workers and migrant workers are the new owners of the flight.†This is a very popular slogan among Xinfei employees. However, Zhang Donggui is quite disgusted with this. In his view, the company is the boss, the boss is Owners, employees are only employees.
"Every year on the first day of the eighth and eighth day of the company's work, Liu Bingyin must bring middle-level and high-level cadres to welcome employees to work in the doorway." The above-mentioned middle and high-level sources said, "After the Singapore management came in, these were gradually canceled. They may be I think you are employees. You should come to work. I also welcome you to do it?"
“After the Chinese New Year, the company insisted on sending rice oil to these festivals.†He told Xinhua News that some employees had suggested sending money directly, but Liu Bingyin refused. “Other units will see the new fly will feel good and bring back. Family members are happy. Xinfei employees also have a sense of pride."
As long as he is not on a business trip, Liu Bingyin wears “new flying blue†tooling to appear on the company’s open space at 8 o'clock every day. He will work together with the company’s employees to perform radio gymnastics. “Every month, the company will give employees collective birthdays, and the company’s canteen will improve. The next meal, everyone is happy.â€
Under Zhang Donggui’s cultural reconstruction, the culture left by Liu Bingyin’s era was gradually abandoned.
“It is a pity that we still use foreign management methods and don’t know how to change.†One person close to Hong Leong’s senior management expressed that the Hong Leong team failed to continue the original corporate culture.
"On March 15, 2003, a fire broke out on the most advanced fluorine-free refrigerator production line. Workers rushed into the factory without waiting for fire engines. The factory was darkened. After ten days, the factory was completely renovated. All employees cleaned up. For the change in the feelings of Xinfei employees for Xinfei, the above-mentioned insiders gave two vivid examples. He said that in 2007, a new fire broke out in the air-conditioning plant of Xinfei Electric. "At that time, employees stood on the road." I watched the fire and said, "Fuck it, burn it, and burn it out. I'm all on the scene. Just four years from love to hate, can this company be insecure?"
Xinfei Office District
Huge losses awaiting freshmen: The government hopes to revive Xinfei brand
“Before 2010, it should be no loss.†The above-mentioned sources told Xinhua News that in December 2007, Henan became the pilot province of the national financial subsidies for home appliances to the countryside. Benefiting from this policy, Xinfei’s performance has not yet suffered a loss. “ There are also companies out of 5 billion to buy a new fly, but Zhang Donggui did not sell, he thinks that the new fly can be further developed and can sell a better price."
Thanks to the blessing of subsidies for home appliances to the countryside, the entire refrigerator industry showed a trend of rapid growth, while the growth rate of Xinfei refrigerators was only a single digit. Since Zhang Feigui failed to lead Xinfei Electric to complete the “board requirementsâ€, Zhang Donggui was in 2010. November came out of the game.
Data shows that the loss of Xinfei Electric also started from 2011. From 2011 to 2016, the losses of Xinfei Electric were 51.66 million Singapore dollars, 117 million Singapore dollars, 37.63 million Singapore dollars, 60.64 million Singapore dollars, 110 million Singapore dollars, and 130 million Singapore dollars. The total loss for six years was SGD 507 million, which was converted to a current exchange rate of approximately RMB 2.483 billion.
“After Zhang Donggui, Hong Leong began to change coaches frequently. The strategy adopted by each individual is not the same.†The above-mentioned person close to Hong Leong’s high-ranking officials told the Xinhua News Agency reporter: “Some have cut off advertisements, and some have cut prices on products. Some cut off the outlets to make the report look good in a short period of time."
According to public information, in November 2010, after Zhang Donggui left, in December, former vice chairman Gao Jialin of Xinfei Electrical Appliances was re-launched as chairman of Xinfei after two years of retirement. In August 2011, the chairman of the board of directors was replaced by Yan Jianping and the president was changed to Wu Juncai. In the same year, Yang Jian, general manager of the original sales appointed by Hong Leong, Liang Shangyong, former general manager of technology, and Yin Haoen, chief financial officer, left Xinfei.
“Before, Xinfei had 18,000 sales outlets in the country, but it later cut 10,000 outlets, which is the easiest way to reduce costs. Although the loss was reduced, there was no channel sales for new products, and sales fell sharply later. He told Xinhua News that the decision-making level in Hong Leong was also opposed to e-commerce, and it was not until 2013 that the e-commerce division was finally launched.
Frequent personnel changes and non-stop replacement strategies have not only failed to help Xinfei to turn losses, but have further hurt Xinfei Electric. Sustained huge losses have ultimately made it impossible for Hong Leong to continue to support them.
“Hong Leong increased capital by 400 million yuan after employees stopped work. Later, they invested 750 million yuan in succession, totaling 1.15 billion yuan.†The above informed sources told Xinhua News that at present, the fixed assets of Xinfei Electric are 600 million yuan. The assets are 900 million yuan, while the debts of the larger banks have arrears of 400 million yuan, the suppliers arrears 700 million yuan, and the shareholder loans are 1.15 billion yuan, totaling about 2.25 billion yuan.
According to reporters' information, the Xinxiang City government has sent a multi-pronged convoy to contact with domestic large-scale home appliance companies. In addition, some companies have taken the initiative to contact Xinfei. “All parties are in full swing looking for investors if they can find a suitable investment. People, if the funds come in quickly, the brand value of Xinfei can be saved. If it is dragged on for too long, it will hurt the new flight.†The person familiar with the situation said, “The government also hopes to revitalize the Xinfei brand and it is also very confidence."
The Xin news reporter also learned exclusively that the first creditor’s meeting of Xinfei Electric will also be held on January 19.
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