| The printer industry is a highly protected industry with huge technical patent barriers,and is dominated by a handful of giants in the world.Compared with foreign countries,the development of China's printer industry is relatively lagged,resulting in the enterprise market and government market of domestic printing equipment are mostly occupied by foreign brands.Due to the security of foreign brands' SOC chip and memory storage is not controllable,we are facing the risk of being hacked when we are using these foreign unit of printers.This kind of risk has became a big threat to our country's network information security.Our society increasingly call for domestic printing equipment.However,at present,the products of domestic printing equipment manufacturers are mainly distributed in the field of low-end market,and there is limited space for the substitution ability of foreign brands.How to operate the layout of printer industry chain in the shortest possible time and improve the relative competitiveness compare to international giants have became an urgent problem to be solved in the development of domestic printing enterprises.Capital operation is an imperative part of modern enterprise activities.Through long period of practices and case studies,we can find good capital operation can accelerate the growth of company.Not only to improve their management and core competitiveness but also can avoid possible risk.It may be the right way for printer producers in China to operate industrial chain extention by conducting excellent capital operation.As a pioneer to put this strategy into practice,the domestic printing manufacturer Seine Technology has successfully completed the layout of the key links of the printing industry chain through the excellent series capital operation.Its subsidiary corporation Ninestar Group(Also known as Apex)listed in 2014 by backdoor listing.In the year of 2105,Apexmic controlled its shareholder Seine technology's business of consumable items of printer and completed the acquisition of Static Control Components,Inc.(SCC).In 2016,Apex successfully operate the all-cash acquisition to printer producer Lexmark which is almost 10 times larger than Apex itself.The whole deal worthes $3.9 billion(about 26 billion yuan)..Through a series of large capital operation,the industrial chain layout of Apex has been gradually improved.This helps it to become a global printing consumable leading enterprise.So this article chose the Seine technology as an object of case study,and analyzed the process of capital operation of Seine technology and its subsidiary Apex.This article utilized the combination of literature research,case method,event study method and financial index analysis method to evaluate the compay's achievements of industrial layout,the design of the compay's capital operation,the performance of the compay's capital operation and the risk of the compay's capital operation.By doing this,the author hope to summarize the success of Seine technology,catch Seine technology's experience of risk prevention and provide reference for other companies.The first chapter of this paper refers to study background and purpose,defines the key concepts of the whole case,and summarizes related theories and references.In the second chapter,the Series capital operation's processes and the results of Apex's industrial chain layout are presented in detail.In the third chapter,the author makes an in-depth analysis of the compay's achievements of industrial layout,the design of the compay's capital operation,the performance of the compay's capital operation and the risk of the compay's capital operation.The fourth chapter summarizes and draws inspiration from the previous article. |
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