案例成果

Shanghai Toex Trading Co., Ltd. (TOEX) was a Chinese pet grooming equipment maker. In 2014, after years of operating internationally solely through third-party distribution channels, TOEX opened a new sales and logistics centre in Dallas, Texas to boost TOEX's business in the United States. The new centre was also meant to be a model for future expansions to other countries. With more than a decade of industry experience, TOEX's founder believed that succeeding in the United States was critically important for the company's future. However, he was not sure how to execute a successful international growth strategy and how to best leverage the new U.S. logistics centre.

In June 2014, the co-founder and chief executive officer of the fast-growing, Shanghai-based online food ordering and delivery service ele.me, was wrestling with multiple growth-related questions. He had lofty ambitions for his venture but was facing the first major competitive threat in the form of a diversifying entrant. In the face of this threat, and with his inexperience as a business manager, he was unsure about how quickly to try to scale up the business, and how exactly he should implement his growth plan for ele.me. The company's success had attracted considerable venture capital financing. Should the company seek growth by sending head office managers to new regional offices, by hiring local regional managers and staff, or by franchising the brand in target cities?

In April 2011, a university professor of accounting and finance was examining the financial statements of Pangang Group Steel Vanadium & Titanium Company (Pangang), a leading Chinese steel manufacturer listed on the Shenzhen Stock Exchange. Pangang had a dramatic turnaround in its reported net income in 2010 with its share price rising over 60 per cent in a six-month period. The professor suspected that the controlling shareholder of Pangang — Anshan Iron and Steel Group Corporation (Ansteel) — had been manipulating Pangang's earnings to artificially inflate the stock price. The timing coincided with the expiry of put options awarded by Ansteel to minority shareholders as part of a restructuring. Was Pangang manipulating its earnings to influence stock prices? Was there sufficient evidence to expose the fraudulent scheme to the public or report the case to the Chinese securities regulators?

In March 2015, Huayi Brothers Media Corporation is China's most influential entertainment company, accounting for one-fifth of the country's total yearly box office revenues. In recent years, in an effort to leverage its movie content and copyrights, the company has expanded into developing and distributing games on the Internet as well as building entertainment theme parks in Asia. Now, the chairman and co-founder is considering a partnership with Hollywood's STX Entertainment to jointly invest in and co-produce 18 films and distribute them worldwide within two years. Should the company enter into this partnership or not? What is the best strategy to move forward and grow internationally outside of China? Or should the company concentrate on bettering its competition by concentrating on its core business portfolio in visual (both movies and television), live (musical performances and theme parks) and Internet gaming in China and Asia?

In March 2015, the managing director of VariCut Electronics Component Company in Shanghai, China, was contemplating whether the company should shift its business focus from label printing to label printers. Because of fierce competition and a slowdown in the company's 12-year-old label manufacturing business, the company was finding its competitive advantage hard to sustain. In contrast, the company's emerging business of producing label printers had been doing well, with 30 per cent annual growth. Although the label manufacturing business had begun to struggle, it was still the main source of company revenue (80 per cent). It was uncertain whether the company's survival and growth could be sustained if it decided to give up the label manufacturing business in order to focus on label printers. Should the company give up the label manufacturing business to make way for the label printer business? Or should it consolidate the two businesses and transition to the label printer business gradually?

在A股市场，水泥行业被认为是与房地产行业相关度较高的强周期行业，因此海螺水泥的估值水平一直较低。可是在H股中，它的估值水平却较高，甚至成为A+H上市公司中A股折价最高的公司。2014年4月1日，海螺水泥的H股较其A股溢价率达到了64%，大幅高于港股中的对标公司。为何海螺水泥的A股与H股会有如此大的价格折扣？面对这一情形，下一步的股票配置又该如何进行？

In 2012, Pactera, a China-headquartered IT service firm, went public on the NASDAQ. In 2014, it was taken private by a consortium led by the U.S.-based global investment and advisory firm Blackstone. This accelerated the firm’s expansion in the U.S. market and its plans to move up the value chain. Pactera’s executive vice-president must formulate and implement the right strategy in order to continue its success in the U.S. market, gain access to cutting-edge technology and talent, and better compete against sophisticated American and Indian rivals. Failure to apply the correct strategy to its operations in the U.S. market could restrict its growth and negatively impact its performance in the global market.

在2013年3月1日披露的广州药业2012年年报中，红罐王老吉出人意料地盈利了。但广州药业隐藏了红罐王老吉的营业收入与费用，使投资者难以对王老吉的真实盈利能力进行判断。3月7日，广州药业与白云山两家上市公司公告即将完成吸收并购重组，基金经理面临对其持有广州药业股票的后续投资决策。

本案例回顾了TCL集团国际化战略的发展历程，以此为当前面临深度国际化挑战的中国企业提供一些借鉴和启示。首先，案例对TCL国际化战略实施之前在国内市场上的快速发展进行了描述，并从系统思维的角度上展示出这个时期的发展与接下来国际化战略选择间的内在联系；其次，案例对2004-2006年期间TCL国际化战略的酝酿、实施以及陷入困境的过程进行了描述，展示出国际化问题从“完美计划”到“几乎完全失控”的发展过程；最后，案例描述了2006年6月开始的TCL组织重生计划，包括文化变革、结构调整、战略转型等方面，进而对TCL国际化问题的深度影响及其变革思路进行了阐述。此外，案例还呈现了中国家电企业的竞争环境与彩电产业的转型升级等信息，以使读者藉此思考和分析，理解TCL国际化问题的复杂性背景。本案例值得讨论的关键问题是：除了文化冲突或收购时机等问题外，TCL国际化遭遇失败的实质性原因主要是什么？如何评价TCL的国际化战略？

Over the past decade, Semiconductor Manufacturing International Corporation (SMIC) had developed a unique set of benefits and cultural amenities for its employees, including a beautiful residential campus, known as the Living Quarters (LQ), and an award winning international school from pre-kindergarten through twelfth grade that by 2012 enrolled over 2,000 students. These amenities allowed the company to attract and retain high-quality employees at modest pay; however, the company had recently experienced some financial difficulties, a shrinking number of new available living spaces, and questions about how relevant it was for a semiconductor firm to be operating a school. Thus, these benefits now presented significant dilemmas for the SMIC management team, including how the company can justify the costs of these benefits to investors in the face of the company's other financial challenges.