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在宣布并购海外企业的狂喜逐渐褪去的时候,风险和危机最容易在短时间内显现出来。从2004年初到今天,TCL集团总裁李东生承诺的“合资公司将在18 个月扭亏”的时间已经过去了大半。4 月末,TCL集团(000100)发布一季度报告承认亏损3.27亿元人民币。此前,在港上市的TCL多媒体(1070HK)与TCL通讯(2618HK) 也公告巨亏信息。自营运以来,TCL集团与国际彩电巨头汤姆逊合资的TCL-汤姆逊公司(TTE)和与手机巨头阿尔卡特合资的TCL-阿尔卡特(TA)公司财务状况看起来均如同“脱缰野马”般失控——TA公司去年9月开始运作,至年底仅4个月即告亏2.58亿港元; TTE公司在北美市场与欧洲市场的持续巨亏,则直接导致TCL多媒体转盈为亏。除了难看的财务数据之外,“汤姆逊在液晶技术研发上的判断失误”, “RCA品牌在北美贬值”,“与阿尔卡特手机合资谈判中冒进”等一系列影响更深远的问题也在整合开始后逐渐浮现出来。放眼望去,似乎TCL的海外并购已经是凶多吉少。但是在TCL历史上,李东生已经经历了太多的生死一线间的时刻。TCL发展到今天,很大程度在于李东生总能用自己的能力和意志挺过危机,并且最终把小概率的机会变成了100%的成功。海外并购给了他足够的挑战,同时也给了他足够的腾挪空间。中国企业进行的海外并购,原本就是在“垃圾中
Risks and crises are most likely to emerge in a short period of time when the ecstasy of acquiring overseas businesses is gradually fading. From the beginning of 2004 to today, TCL Group President Li Dongsheng promised that “the joint venture will make a turnaround in 18 months.” The time has passed by more than half. At the end of April, TCL Group (000100) released a quarterly report acknowledging a loss of 327 million yuan. Prior to this, TCL Multimedia (1070HK) and TCL Communications (2618HK) listed in Hong Kong also announced the huge loss information. Since its inception, TCL-Thomson (TTE), a joint venture between TCL Group and international color TV giant Thomson, and the financial position of TCL-Alcatel (TA), a joint venture with mobile phone giant Alcatel, all appear to be “run wild” Out of control - TA started operating in September last year, losing HK $ 258 million by the end of the year. TTE’s continued huge loss in North American and European markets directly led to the loss of TCL Multimedia. In addition to ugly financial data, a series of far-reaching issues such as “Thomson misjudged R & D in LCD technology,” “RCA brand devaluation in North America,” and “aggressive negotiations with Alcatel’s handset joint venture,” are also being consolidated Gradually began to emerge. Looking ahead, it seems TCL’s overseas mergers and acquisitions have been more aggressive. But in the history of TCL, Li Dongsheng has experienced too many moments of life and death. TCL to today, to a large extent, is that Li Dongsheng always with their own ability and will survive the crisis, and eventually the chance of a small probability into a 100% success. Overseas mergers and acquisitions gave him enough challenges, but also gave him enough room for maneuver. Chinese enterprises overseas mergers and acquisitions, was originally in the "garbage