Now, in the absence of new takers, Xinfei has gone from a generation of giants to being auctioned. "Xinfei advertising is good, not as good as Xinfei refrigerator." Xinfei was once one of the oldest refrigerator brands in China, and it was the first refrigerator in many people's homes. However, this old company that experienced the turmoil of suspension of production has gone into liquidation and bankruptcy. Recently, the Alibaba auction platform showed that all the shares of Xinfei Electric Appliances/Home Appliances/Refrigeration Appliances will be held in Xinxiang City, Henan Province from 10:00 on June 28th to 10:00 on June 29th, 2018. The people's court conducts public auction activities on the Taobao judicial auction network platform, with a starting price of 450 million yuan. In addition, some of the land, real estate and buildings under the name of Xinfei Electric will also be auctioned on July 5, with a starting price of 115 million yuan. The assets corresponding to the auction are all low-value consumables (office supplies), houses, land, machinery and equipment, electronic equipment, and molds. The total assets are up to 565 million yuan. More than ten years ago, Xinfei Electric was one of the giants in the refrigerator industry. At its peak, it was called the "Four Golden Flowers" of refrigerator brands together with Haier, Rongsheng and Meiling. Xinfei's predecessor was a small local military industry enterprise established in 1958-Xinxiang Radio Equipment Factory. However, the single product and aging equipment caused the company to lose more than 700,000 yuan. Some old employees recalled that some offices were too poor to afford ballpoint pens, and the entire enterprise was on the verge of collapse. In 1983, Liu Bingyin, the director of this small factory, accidentally discovered that every household in the southern region began to buy refrigerators. In order to reverse the predicament, he chose white household appliances as his transformation choice. Liu Bingyin, who hadn't finished four years of primary school, started doing things and daring to think. His choice was very correct. Under his leadership, in 1984, the Xinfei refrigerator project was officially approved by the Ministry of Light Industry; in 1985, the company introduced a modern refrigerator production line from Philips in the Netherlands; in 1986, Xinfei refrigerator production line with an annual production capacity of 100,000 units was put into operation. "Xinxiang-Philips" brand refrigerators are officially on the market, which is also the source of the brand name of Xinfei. In 1990, Liu Bingyin studied Haier and smashed 400 substandard refrigerators in public. The "refrigerator smashing incident" strengthened customer confidence and improved the quality awareness of Xinfeiren. In less than two years, the high-quality Xinfei refrigerator in 1992 became a national gift and was taken abroad by national leaders and became an international business card for China's home appliance manufacturing industry. Immediately, Xinfei refrigerator ushered in rapid development. According to a previous report by China Business News, after the refrigerator was put into production, some users even blocked the factory door and asked to buy it. In the end, even Liu Bingyin gave the employees the refrigerator coupons for welfare. The treatment of employees is even more incomparable. In 1996, the average monthly salary of the people in Xinxiang City was only two to three hundred yuan, while the average salary of Xinfei Electric's employees exceeded 1,000 yuan. According to media reports, it was an honor to work at Xinfei at that time. Looking for a wife and blind date in Xinfei uniforms were better than suits and shoes. Since 1996, Xinfei has produced and sold more than one million refrigerators for eight consecutive years, and its major economic indicators are among the forefront of China's refrigerator industry. In 1997, Xinfei's brand value has reached 3.184 billion; in September 2002, Xinfei refrigerators and Xinfei freezers have been recognized as "China Famous Brand Products", becoming one of the few in the country and the only home appliance company in the Central Plains with two "China Famous Brand Products". In 2002, the total production and sales of Xinfei refrigerators ranked among the top two in China's refrigerator industry. After deducting export factors, the domestic market share alone was as high as 18.88%. It is worth mentioning that Haier Refrigerator ranked first in the world with a market share of 17.3% in 2017, which shows the glory of Xinfei that year. Some netizens said: "I don't know anything else, I only know that the Xinfei large refrigerator that my grandma's retired only a few years ago has been used for 20 years! I remember the eagle logo very clearly!" With the increasing number of players in the refrigerator industry and increasingly fierce competition, Xinfei is also thinking about expanding overseas markets. In 1994, China was beginning to attract investment. The Henan Provincial Party Committee and the Provincial Government have drawn on the experience of the coastal areas and formulated the strategy of “introducing foreign capital to graft and transform state-owned large and medium-sized enterprisesâ€, hoping to introduce foreign capital into Xinfei. Immediately, Xinfei Group, Hong Leong Group of Singapore, and Singapore Yuxin Electric Co., Ltd. jointly established Henan Xinfei Electric Co., Ltd., of which Xinfei Group accounted for 49%, and the latter two accounted for 45% and 6% respectively. Since Yuxin Electric is controlled by Hong Leong Electric, it is equivalent to that Hong Leong Electric has a 51% controlling stake in Xinfei Electric. Although Liu Bingyin holds the right to operate, the operating strategies of all parties have been greatly interfered by the board of directors. In 1993, Midea Electric and Qingdao Haier landed in the capital market one after another. After realizing the gap, Liu Bingyin also promoted Xinfei to diversify and enter the air-conditioning industry twice, but was vetoed by the board of directors on both occasions. Especially after Liu Bingyin died of stomach cancer on September 15, 2001, Xinfei lost its right to speak on the board of directors. 2005 was a turning point for Xinfei. This year, the Xinxiang City Government transferred 39% of the state-owned equity held by Xinfei Group in the joint venture Xinfei Electric to Hong Leong Singapore. Xinfei, which is 90% owned by Hong Leong, has also changed from a state-owned enterprise to a foreign-funded enterprise. In 2006, Li Gen, who succeeded Liu Bingyin, was replaced. The new Singaporean Zhang Donggui took over Xinfei Electrical Appliances. After that, more than 400 executives were parachuted in successively, and Xinfei's middle and senior management changed their blood. In 1996, the new employees who paid a monthly salary of 1,000 yuan did not increase their salary for more than a decade. In 2012, the wages of front-line workers were still around 1,000 yuan, and there was even a general strike. According to reports, in March 2003, a fire broke out in Xinfei's most advanced fluorine-free refrigerator production line. Employees rushed into the plant to put out the fire before the fire truck arrived. The plant was completely dark. Ten days later, the plant was completely new. However, in 2007, another fire broke out in the air-conditioning plant of Xinfei Electric. At that time, employees were standing on the side of the road, watching the fire and saying, burn it, burn it out. In just 4 years, employees' feelings towards the company have gone from love to hate. Xinfei has gradually lost its original position and advantages due to repeated mistakes in business mismanagement, loss of senior management, and employee strikes. According to the data research of Zhongyikang, in 2011, Xinfei's market share has dropped from the second place in the industry before, and fell out of the top five domestic brands. Ovid data shows that in 2012, the sales of Xinfei refrigerators fell 37% year-on-year, and the market share began to decline year after year, and fell out of the top ten in 2014. The data shows that from 2011 to 2016, Xinfei Electric’s losses were 51.66 million SGD, 117 million SGD, 37.63 million SGD, 60.64 million SGD, 110 million SGD. , 130 million SGD, a total loss of 507 million SGD in 6 years. In 2012, Xinfei ceased production for the first time. Under the mediation of the Xinxiang City Government, it ended with the proper cooperation of Hong Leong, Singapore. The employees of Xinfei obtained two salary increases in 2012 and 2013. In 2013, Hong Leong also re-appointed Li Gen to take the post of general manager. But various measures have been unable to prevent the decline of Xinfei. After just over half a year, the second production shutdown broke out. In May 2011, Xinfei Electric invested 200 million yuan to expand refrigerator production capacity. Based on market forecasts for the next five years, Xinfei will increase the total production capacity of refrigerators to more than 10 million units per year. On January 31, 2013, when the subsidy policy for home appliances to the countryside came to an end, a pot of cold water was poured on the face. At that time, some media reported that Xinfei ceased production on May 27, 2013. During the shutdown period, formal workers received training in the factory, and all temporary workers went home for vacation. On May 29, Xinfei Electric issued a response saying that the news of the production suspension was untrue, but acknowledged the fact that it will adjust its strategy and scientifically deploy its work in the face of changes in the home appliance subsidy policy. In October 2017, a joint statement of Henan Xinfei Appliances, Xinfei Appliances, and Xinfei Refrigeration was exposed on the Internet, saying that it has continued to lose money for several years and announced the suspension of production under heavy pressure. On November 1, the Xinfei Electrical Appliance Factory was empty, and the warehouse and workshop were sealed. After Xinfei resumed part of production on February 8 this year, because Hong Leong Asia failed to inject funds for the resumption of production as promised, Xinfei once again fell into a state of suspension. On April 13, Hong Leong Asia issued a statement proposing to withdraw its capital from Xinfei. The statement stated that Xinfei has continued to lose money since 2011. With the overall overcapacity in China and increased competition, Xinfei's performance in recent years has further deteriorated. As a result, Xinfei's financial situation was adversely affected. In the past two years, Xinfei posted a net loss of SGD 120.7 million and SGD 128.5 million in 2016 and 2017, respectively. Hong Leong Asia stated that due to the long-term losses of Xinfei, the withdrawal of capital from Xinfei is expected to have a positive impact on the financial performance of the Hong Leong Group. Now, in the absence of new takers, Xinfei has gone from a generation of giants to being auctioned. It is reported that Xinfei will retire all employees during its bankruptcy and reorganization, and it is estimated that the compensation will be about 158 ​​million. The total amount of credit claims calculated exceeds 2.5 billion, while the total book assets of Xinfei are estimated to be less than 1.1 billion. It is still unclear who Xinfei will fall into and what his future fate will be. People can't help feeling that there are no successful companies, only the companies of the times. When abandoned by the times, I wouldn't even say goodbye. Aluminum Frame LV 3PH Asynchronous Motor Aluminum Frame Lv 3Ph Asynchronous Motor,Three-Phase Asynchronous Motor,3 Phase Asynchronous Induction Motor,Aluminum Frame Three Induction Motor Yizheng Beide Material Co., Ltd. , https://www.beidevendor.com