He Xiangjian Business Analysis
In this chapter, the Chinese leading appliance maker- He Xiangjian is chosen to be discussed, emphasizing on his entrepreneurial traits. He Xiangjian is the Founder of GD Midea Holding Co., Ltd. and served as its Chairman since May 2007 (Bloomberg Business, 2015). According to Forbes, he has an estimated net worth of $8.9 billion as of September 2015. In the China Richest List, he is ranked 18th and the 437th in the list of World Billionaires.
He Xiangjian born on January 1, 1942, in Shun De, Guangzhou, China. When he was in the age of 26, he funded RMB5000 yuan together with 23 residents of Shun De. He founded the 'Beijie Plastics Production Team' or also known as the North District Office Plastic Production Group (北街办塑料生产组), as the fundamental
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He was more ambitious than merely producing the normal bottle lids. The team’s next move was to manufacture electric fans. In 1973, the workshop began to produce medical used glass tubes, mainly sold in neighboring areas. On May 4, 1976, it changed the name to 'Shunde Beijiao Commune Automobile Component Plant' (Midea, n.d.). From this split of plants, He Xiangjian gradually expand his business in the production sector.
In 1981, the main base of Midea was established, covering an area of 20,000m2 in Shun De. In 1984, this plant started to produce plastic vane fans. On June 1, 1984, Midea set up 'Shunde Midea Electric Fan Plant', the main production line in electric fan (Midea, n.d.). This further expand Midea and diverse the production of the group, setting up a ground for Midea as the main electrical appliance supplier. During this time of exploring market, He Xiangjian has developed an excellent sense on market, which contributed on his observant personality in pursuing his business as an
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He Xiangjian, with his open risk taker entrepreneurial traits did not only successfully sustained the growth of Midea but he was also taking risk to expand it, by listing Midea in the stock market to attract more capital. On November 12, 1993, Midea listed on Shenzhen Stock Exchanges, becoming the first listed township enterprise approved by China Securities Regulatory Commission. Income of major business of Midea group was increasing from RMB487 million in 1992 to RMB2.5 billion in 1996. Midea became one of the biggest home appliance production bases in China. In 1998, Midea purchased 40% share of Toshiba-Wanjiale Refrigeration Equipment Co. Ltd. and Toshiba-Wanjiale Electrical Machinery Co. Ltd., which both company were facing operation difficulties. During the restructure of Midea group, the two company made profit in the same year. Later, Midea purchased 20% more of share owned by Japan Toshiba of the above two enterprises. Midea use them as the base of supply chain of air conditioner industry, expanding the business into air conditioner compressor sector (Midea,
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