However, some domestic counterparts do not agree with this view, they think that SMA exists in the acquisition of Chinese enterprises in the course of multiple motivation, make full use of the characteristics of "SMA China enterprises lack of international experience in mergers and acquisitions, mergers and acquisitions through early negotiations and due diligence, a comprehensive grasp of the technical information and business secrets several large companies in China inverter industry the basis for the play, the overall control of the industry the day after."

According to industry sources, during the period from September 2012 to December, SMA has extensive contacts with the power supply, TopAsia growatt new energy and many other domestic mainstream inverter company, these companies do not know what SMA is and ZOF Aisuo "marry", they are interested in cooperation talks with SMA, the person in charge of the power of the crown Asia even told reporters: "we provide a variety of power prototype, technical data, commercial contracts, financial data etc. according to the requirements of the SMA and SMA also sent a large number of people to do on-site investigation. Because of you, you know, the lack of international experience in mergers and acquisitions of domestic companies to become open city in front of the international giants."

"Some prototype was sent to SMA's headquarters in Germany, because the prototype integrates the company's patented technology, even commercial secrets, research on the prototype can also be technical standards, in which dialysis, well aware of the development of SMA technology is the mainstream of domestic companies, financial data and disclosure, SMA competition will be invincible." Insiders say.

Let these enterprises be indignant, "when SMA signed a joint venture with ZOF Aisuo intention to talk about cooperation with us, SMA still further, and to discuss the early 2012 at the end of the year or 2013 year further detailed due diligence of the time, it is to deceive." A person in charge of the enterprise said.

One of the company's lawyer told reporters, "SMA announced the acquisition of Aisuo and MV in December 20, 2012, as a Frankfurt listed company in Germany, SMA operating such a transnational merger should be 3~6 months time, rigorous German hired German and German CMS law firm and DDT Tohmatsu CPA do comprehensive due diligence, both parties conducted several rounds of negotiations before signing, SMA also need to obtain the approval of the board of directors and supervisors. In other words, SMA in 2012 September and has at least Aisuo MV with a clear intention to acquire."

Then, since the ZOF had clear intention to acquire Aisuo SMA, then why with several other companies to discuss cooperation? Is it really like to acquire several?

In mergers and acquisitions announcement, SMA CEO Pierre-Pascal Urbon said: "in the next few years, China will become the world's largest photovoltaic market.". Due to the particularity of the Chinese market, we have not fully entered the market. The acquisition has a high strategic significance in the history of SMA development. We are expected to successfully penetrate into a rapidly growing market and further strengthen our leading position in the global market." He further stressed the positive impact of the acquisition, "SMA can more quickly expand the local procurement plan, effective control of global procurement costs."."

This means that the Aisuo megavolt enterprise, SMA can achieve its full access to Chinese this special market target. Insiders also told reporters: "the acquisition of SMA Chinese enterprises the most important objective should be clear to China market barriers, in this sense, the acquisition of a business is enough, and the acquisition of a business, will face more risk of anti monopoly."

Bank of Beijing law firm Zhang Zheng lawyers engaged in cross-border mergers and acquisitions told reporters: "in the practice of business acquisitions, there is a lot of investigation and comparison, because buyers always want to find the best price target."

However, when the business make angry problem lies, "SMA higher than 2~3 times the price of MV Aisuo with us to discuss cooperation, to attract our attention, and relax vigilance."

Immature Chinese Enterprises

Economist Jin Siyu said: "in the face of international competition, Chinese enterprises are increasingly exposing their weaknesses, that is, the lack of real feasibility analysis ability and risk control ability."."

It is worth noting that, although many enterprises have become the victims behind this merger, but they did not dare to stand up to denounce work in just ways opponent, because do not understand the rules they, in accepting the cooperation, and has experienced competition lawyers signed a confidentiality agreement.

"This means that no matter what happens, we can't disclose the details of the previous cooperation, otherwise we will be faced with the risk of compensation." A person in charge of the enterprise said, "this is a bitter can not tell the situation."."

"In our view, the other doing is legal but unreasonable things, they have a mature team of lawyers, to better understand the business rules, in the beginning had the risk of exclusion, which is precisely the lack of China enterprises. It is not difficult to imagine, in a comprehensive grasp of the technical information and business secrets several large companies Chinese inverter industry, SMA Holdings Aisuo MV will likely rise rapidly, defeating the main competitors, the formation of monopoly in Chinese inverter industry."

However, complaining, complaining and worrying about it, for Chinese enterprises, the lack of a more long-term strategic vision, eager to withdraw from the market is precisely the soft underbelly of this problem encountered and the fundamental crux.

November 2012 6