However, some domestic peers do not agree with this statement, they believe that SMA has multiple motives in the process of acquiring Chinese companies, "SMA makes full use of the lack of international M&A experience of Chinese enterprises, and through the preliminary negotiation and due diligence of mergers and acquisitions, it has fully grasped the technical information and trade secrets of several major companies in China's inverter industry, laying the foundation for its comprehensive control of the industry in the future." ”

According to industry insiders, from September to December 2012, SMA extensively contacted a number of domestic mainstream inverter companies such as Champion Asia Power and Grete New Energy, which did not know that SMA was "talking about marriage" with Mega Volt Essol, and they were all interested in negotiating cooperation with SMA. Because of their everything, domestic companies that lack experience in international mergers and acquisitions become undefended cities in front of international giants. ”

"Some prototypes are sent to SMA's German headquarters, because the prototypes integrate the company's patented technology, and even trade secrets, the study of prototypes can also dialyze a country's technical standards, so SMA knows the technological development of mainstream domestic companies well, plus the financial data disclosed, SMA's competition will be invincible." Industry insiders said.

What makes these companies even more angry is that "at the same time that SMA signed a joint venture intention with Zhaovol Aiso, SMA was also talking to us about further cooperation issues and discussing the timing of further detailed due diligence at the end of 2012 or early 2013, which is simply deceptive." The person in charge of an enterprise said.

The lawyer of one of the companies told reporters, "SMA announced the acquisition with Zhaovol Aesso on December 20, 2012, as a listed company in Frankfurt, Germany, SMA should take 3~6 months to operate such a cross-border merger and acquisition, rigorous Germans hired German CMS Dehexin Law Firm and Deloitte Touche Tohmae to do comprehensive due diligence, the buyer and seller conducted multiple rounds of negotiations, and SMA also needs to obtain the approval of the board of directors and the board of supervisors before signing the contract." In other words, SMA had a clear takeover intention with Mega Volt Esso at least in September 2012. ”

So, since it has a clear acquisition intention for Zhaovol Essol, why does SMA negotiate cooperation with several other companies next? Do you really want to buy a few more?

In the announcement, SMA's CEO, Mr. Pierre-Pascal Urbon, said: "China will become the world's largest photovoltaic market in the coming years. Due to the peculiarities of the Chinese market, we have not been able to fully enter this market. This acquisition is highly strategic in SMA's history. We are expected to successfully break into a fast-growing market and further strengthen our leading position in the global market. He further emphasized the positive impact of this acquisition, "SMA can expand its local procurement program more quickly and effectively control global procurement costs." ”

This means that through megavolt Aisom as a company, SMA can fully achieve its goal of fully entering this special market in China. Industry insiders also told reporters: "The most important purpose of SMA's acquisition of Chinese companies should be to clear the obstacles to entering the Chinese market, in this sense, it is enough to acquire one company, and the acquisition of one more company will face more antitrust risks." ”

Zhang Zheng, a lawyer at Beijing Bank of China Law Firm, who is engaged in cross-border mergers and acquisitions, told reporters: "In the practice of commercial mergers and acquisitions, there are indeed situations of multi-party investigation and comparison, because acquirers always have to seek the best cost-effective acquisition target. ”

However, the problem that angered the companies involved was that "SMA negotiated cooperation with us at a price 2~3 times higher than that of megavolt Aiso, which attracted our attention and relaxed its vigilance." ”

Immature Chinese enterprises

Economist Jin Siyu said: "In the face of international competition, Chinese companies are increasingly exposing their weaknesses, that is, they lack the ability to truly analyze feasibility and control risks. ”

It is worth noting that although many companies have become victims behind this merger and acquisition case, they do not dare to stand up openly to accuse their opponents, because they do not understand the rules, and when they accept cooperation negotiations, they have already signed confidentiality agreements with their competitors' lawyers.

"This means that no matter what happens, we cannot make the details of our previous cooperation public, otherwise we will be at risk of compensation." The person in charge of a company said, "This is an indescribable situation. ”

"In our opinion, what the other party is doing is a legal but unreasonable thing, they have a mature team of lawyers, they understand the rules of business operation better, and they have already excluded risks at the beginning of doing it, and these are exactly what Chinese companies lack. It is not difficult to imagine that after fully mastering the technical information and trade secrets of several major companies in China's inverter industry, SMA Holdings' Mega Volt Aesso is likely to rise rapidly, defeat its main competitors, and form a monopoly in China's inverter industry. ”

However, for Chinese companies, the lack of a longer-term strategic vision and the rush to withdraw from the market is precisely the weakness and fundamental crux of this problem.

In the November 6, 2012 report "China's Clean Energy: Solar Energy", Goldman Sachs Gaohua made an optimistic estimate of China's solar market prospects, but also pointed out that "we are still bearish on the short-term prospects of the solar industry due to trade frictions and overcapacity......"

In this case, SMA pays more attention to China's market prospects in the next few years, while Chinese companies eager to exit see more short-term market embarrassment, so they will unreservedly disclose their trade secrets, technical information and inventory in the face of opportunities to cooperate with world giants.

Economist Jin Siyu said: "In the face of international competition, Chinese companies are increasingly exposing their weaknesses, that is, they lack the ability to truly analyze feasibility and control risks. ”

Lawyer Zhang Zheng said: "Intelligence warfare in global competition is everywhere, and Chinese enterprises want to enter the world stage and master it