• <nav id="44k6a"><strong id="44k6a"></strong></nav>
  • 投稿 注冊
    熱門話題:

    深度

    您現在的位置:首頁>新聞>深度

    立邦、PPG、阿克蘇、艾仕得……并購基于怎樣的考慮?

    2018年12月21日 瀏覽量: 評論(0) 來源: 中國涂界網 作者: 李思豪
    摘要:涂料企業一直利用并購和兼并來達成增長、改變戰略方向,并鞏固他們的活躍領域。“今年以來,全球涂料市場形勢并不樂觀,企業必須加強其并購和整合能力,以確保它們在這種環境中仍能創造價值。”涂界觀察員李明月分析認為。

    年近尾聲,全球涂料出現了多次并購,立邦收購麥加涂料,阿克蘇諾貝爾收購其中國合資公司股權,三棵樹收購大禹防漏股權,PPG收購華福。不過從規模上來看,小型并購居多,而且并購對象多為細分領域的佼佼者。

    涂料企業一直利用并購和兼并來達成增長、改變戰略方向,并鞏固他們的活躍領域。“今年以來,全球涂料市場形勢并不樂觀,企業必須加強其并購和整合能力,以確保它們在這種環境中仍能創造價值。”涂界觀察員李明月分析認為。

    全球涂料掀起并購潮

    去年,全球涂料出現多次大型并購,PPG收購阿克蘇諾貝爾失敗,阿克蘇諾貝爾收購艾仕得,立邦并購艾仕得,其中只有宣偉完成了對威士伯收購。雖然大型并購失敗,但并沒有挫敗巨頭們的并購積極性,小型并購依然出現。

    12月14日,全球涂料巨頭PPG宣布已經與華福涂料公司(Whitford)達成了最終收購協議,該公司是一家專注于工業應用和消費品低摩擦和不粘涂料的全球制造商。

    12月13日,阿克蘇諾貝爾(AkzoNobel)宣布公司已簽署并完成收購太古實業有限公司在阿克蘇諾貝爾太古漆油合資公司的非控股股東權益。現已獲得合資公司(除廣州外)的全部所有權。

    11月29日,立邦投資有限公司與麥加涂料在上海舉行了合作簽約儀式。根據協議,立邦中國將收購上海麥加涂料有限公司及麥加涂料(南通)有限公司70%的股份。此外,立邦中國還收購在客車涂料細分領域的領先企業——鑫展旺,正式進入客車市場。

    10月1日,海虹老人(Hempel)宣布完成收購德國領先的裝飾漆制造商JWO,后者是一家銷售額約合人民幣17.72億元的裝飾漆生產商,此項收購也鞏固了海虹老人在歐洲裝飾漆市場地位。

    今年以來,全球涂料行業出現了多次并購,比如PPG收購荷蘭領先建筑涂料批發商ProCoatings,以及已完成收購SEM公司;阿克蘇諾貝爾收購Xylazel公司、Colourland涂料公司、裝飾品供應商Doves等;艾仕得完成收購了一個先進的制造和分銷設施CA公司,申得歐(STO)宣布收購了MPI國際有限公司旗下工業品牌KULBA,等等。

    并購鞏固市場競爭地位

    今年以來,全球涂料行業在大部分細分市場和大部分地區都經歷了有機銷售增長的放緩。因此,許多公司都在考慮并購,以確保更高的增長。不過從各并購理由來看,并購目的各不相同。

    并購是彌補短板的最直接方式,立邦并購麥加涂料即是如此。麥加涂料是集裝箱和風力基礎設施領域的領先供應商。立邦涂料表示,公司通過此次收購將全面進入集裝箱和風電基礎設施領域。這兩個領域在中國工業涂料市場均具有很強的增長潛力。

    此外,并購能夠迅速擴大銷售規模并增強市場競爭地位。“此次收購增加其在中國工業涂料市場的銷量與份額,并助力集團不斷提高可持續發展的企業價值。”對于并購麥加涂料,立邦涂料如是表示。

    并購是擴大產品線、獲取技術的最佳途徑。PPG首席執行官Michael McGarry表示:“收購華福將使PPG在不斷增長的工業涂料領域中擴大產品供應、研發能力和全球市場覆蓋范圍,從而進一步提升客戶和股東的價值。”

    阿克蘇諾貝爾首席執行官Thierry Vanlancker表示:“中國一直以來都是,并將持續成為阿克蘇諾貝爾戰略性成長市場。此次收購為我們提供了十分理想的契機,它將增強公司的市場領導地位,驅動我們為中國市場創造更大的價值。同時,此次收購將促使我們在2020年達成15%銷售回報率戰略目標的重要里程碑。”

    除技術外,市場規模增長和擴大區域經營范圍也是涂料企業收購時的主要考慮因素。據了解,目前立邦涂料正在對包括歐洲在內的地區進行大型收購,以擴大在日本以外地區的最大涂料制造商之間進行全球合并,旨在謀求成為全球涂料領導企業。而艾仕得收購CA公司,主要是用來支持在北美工業漆和修補漆業務增長。

    “雖然我們的擴張以中國和其他亞洲國家為中心,與我們的中期計劃相一致,但我們也希望通過在歐洲和美國的并購來擴張。”立邦涂料公司總裁Tetsushi Tadoh說,根據該公司發言人Yukiko Mochida說。

    李明月表示,全球涂料并購和整合是大勢所趨,特別是全球經濟面臨著困難以及歐美市場飽和給許多涂料企業帶來了并購機會。“目前,巨頭們的有機增長緩慢,通過并購就可以維持業績增長,從而鞏固自己的市場競爭地位。”(涂界)

    [責任編輯:Admin]
    中國涂界網版權及免責聲明:
    1、凡本網注明“來源:中國涂界網”的所有作品,版權均屬于中國涂界網,未經本網授權,任何單
      位及個人不得轉載、摘編或以其它方式使用上述作品。已經本網授權使用作品的,應在授權范圍
      內使用,并注明“來源:中國涂界網”。違反上述聲明者,本網將追究其相關法律責任。
    2、凡本網注明 “來源:XXX(非中國涂界網)”的作品,均轉載自其它媒體,轉載目的在于傳遞更
      多信息,并不代表本網贊同其觀點和對其真實性負責。
    3、如因作品內容、版權和其它問題需要同本網聯系的,請在30日內進行。

    ※ 網站總機:0757-66840566 有關作品版權事宜請聯系:0757-66840650 郵箱:tujiemedia@163.com

    觀點ViewPiont

    更多

    專題Topics

    • 想要贏得未來,涂料企業單純依靠制造打天下的局面必須終結,而涂料制造業服務化時代即將開啟。未來,涂料企業的奶酪,將從這開始搶食。[詳細]
    • 企業家們不要在私底下抱怨了,三十年積累了太多應該改變的問題、應該改革的體制。而每一次改變都能讓行業受惠良多,帶來前所未有的信心和變局。[詳細]

    深度Depth·Scan

    更多

    精選Quality Congest

    更多
    华彩彩票华彩彩票app www.99788q.com | www.178762.com | www.558363.com | www.kc53.com | www.66073.cc | www.cp718.vip | www.633547.com | www.550214.com | www.631027.com | www.66ffl.com | www.71233h.com | www.4988a.cc | www.020724.com | www.882186.com | www.hf5887.com | www.12455s.com | www.33598x.com | www.35918h.com | www.bet73t.com | www.55676b.com | www.qiji111.com | www.v09738.com | www.2934k.com | www.32123z.com | www.7793c.com | www.ya022.com | www.43818.cc | www.100v.cc | www.h081.com | www.768996.com | www.607217.com | www.610330.com | www.698771.com | www.827737.com | www.843879.com | www.515663.com | www.684077.com | www.9478y.com | www.50024t.com | www.06500w.com | www.99830.cc | www.6cpb.com | www.312876.com | www.350c6.com | www.84499b.com | www.86267b.com | www.11303.cc | www.006hy.cc | www.594277.com | www.480840.com | www.77114i.com | www.3775i.com | www.t09738.com | www.85267.com | www.2373u.com | www.6364o.com | www.022ln.cc | www.51515t.com | www.119705.com | www.pujing85.com | www.c5908.com | www.753956.com | www.196509.com | www.hg6014.com | www.21202z.com | www.978261.com | www.351781.com | www.198109.com | www.410067.com | www.33588m.com | www.2934e.com | www.606634.com | www.262918.com | www.81233m.com | www.lczg7.com | www.jcai3.com | www.744559.com | www.400322.com | www.339752.com | www.67258e.com | www.h63568.com | www.120782.com | www.904854.com | www.175901.com | www.97655b.com | www.9928n.com | www.351781.com | www.9989578.com | www.77210c.com | www.000128a.com | www.349377.com | www.89888.com | www.czg4.com | www.959595.org | www.77clf.com | www.606510.com | www.7886266.com | www.5854v.cc | www.77djcp.com | www.910057.com | www.3416h.com | www.152918.com | www.07163y.com | www.699494.com | www.6939s.com | www.949498.com | www.289971.com | www.1764k.com | www.662517.com | www.ytrich.com | www.999hy.cc | www.097710.com | www.80075.com | www.655013.com | www.37377m.com | www.1213688.com | www.514977.com | www.4923x.com | www.qucw.com | www.ya2019w.com | www.uucp300.com | www.375967.com | www.36788m.com | www.558429.com | www.8d828.com | www.358939.com | www.29277f.com | www.332037.com | www.50633.com | www.744646.com | www.62778833.com | www.88599.com | www.786682.com | www.h98478.com | www.cf9902.com | www.hg9388.com | www.igcp9.com | www.118109.com | www.9478l.com | www.444201.com | www.wd033.com | www.544141.com | www.66332l.com | www.955484.com | www.450955.com | www.938537.com | www.4331w.com | www.cb6588.com | www.389844.com | www.26001.com | www.166127.com | www.2373a.com | www.6939o.com | www.996732.com | www.yh66988.com | www.504533.com | www.96386n.com | www.095069.com | www.5666hc.com | www.302591.com | www.hx1163.com | www.379801.com | www.109882.com | www.57169.cc | www.c94600.com | www.1777ac.com | www.pj99e.com | www.638807.com | www.54968f.com | www.258029.com | www.hm7388.com | www.5856862.com | www.908673.com | www.77210j.com | www.327477.com | www.49956z.com | www.77210a.com | www.935506.com | www.78949z.com | www.210155.com | www.hqcp5.com | www.91233h.com | www.83033o.com | www.976561.com | www.709wb.com | www.671566.com | www.8839f.com | www.1434h.com | www.828165.com | www.093wy.com | www.5854s.cc | www.39500l.com | www.89777l.com | www.547077.com | www.50052s.com | www.hr1833.com | www.729019.com | www.900406.com | www.535666a.com | www.727563.com | www.du126.com | www.0343z.com | www.651012.com | www.ch1018.com | www.983jc.com | www.7793o.com | www.ribo80.cc | www.bj1111.com | www.081503.com | www.221075.com | www.619616.com | www.hy5508.com | www.50051b.com | www.50pay.cc | www.80075l.com | www.guocai667.com | www.320661.com | www.567630.com | www.645326.com | www.3552o.com | www.23636h.com | www.8d838.com | www.hd8679.com | www.330297.com | www.547477.com | www.609553.com | www.rcw8833.com | www.122by.com | www.55768.cc | www.91233b.com | www.2934r.com | www.slyl4.com | www.df39.com | www.97655v.com | www.78949v.com | www.310657.com | www.178271.com | www.96386a.com | www.022194.com | www.397836.com | www.401268.com | www.832793.com | www.35155b.com | www.80075s.com | www.d98478.com | www.7406.AG | www.80767k.com | www.xj112233.com | www.2394.com | www.602469.com | www.902261.com | www.855312.com | www.586775.com | www.567620.com | www.338017.com | www.371k.cc | www.888xm.cc | www.069961.com | www.55885i.com | www.91233i.com | www.55717p.com | www.734331.com | www.50052hh.com | www.ky1007.com | www.12455g.com | www.34788n.com | www.87480.com | www.339967.com | www.77114e.com | www.136305.com | www.55676c.com | www.dy310.com | www.lczg4.com | www.672766.com | www.534457.com | www.43818i.com | www.0066wd.com | www.9928b.com | www.770640.com | www.452804.com | www.381772.com | www.2418002.com | www.49956x.com | www.2tdc.com | www.hg194.com | www.2418u.com | www.2418z.com | www.886948.com | www.26299s.com | www.c760.net | www.7240o.com | www.68689l.com | www.6769a1.com | www.592909.com | www.80065o.com | www.js000a.com | www.5091x.com | www.937299.com | www.791571.com | www.271051.com | www.p98478.com | www.07949.com | www.81520n.com | www.960121.com | www.388510.com | www.0601d.com | www.ya018.com | www.yi695.com | www.725422.com | www.178795.com | www.15365a.com | www.hong663.com | www.505518.com | www.ejylc13.com | www.1368.cc | www.303476.com | www.0270i.com | www.371k.cc | www.60108a.com | www.78949t.com | www.tj52.com | www.906009.com | www.cf9905.com | www.985576.com | www.1764r.com | www.08588s.com | www.313703.com | www.37377a.com | www.60123m.com | www.907994.com | www.596709.com | www.79966.com | www.96386p.com | www.898463.com | www.37377z.com | www.csgc3.com | www.hd8673.com | www.7714k.com | www.452807.com | www.506116.com | www.c130.vip | www.61655l.com | www.djcp007.com | www.bet73k.com | www.876433.com | www.42456644.com | www.901307.com | www.La166518.com | www.286967.com | www.16055.com | www.314005.com | www.wd05.cc | www.587944.com | www.83033g.com | www.715033.com | www.004549.com | www.29277r.com | www.444059.com | www.26299d.com | www.622703.com | www.xb8899.com | www.335015.com | www.bd2019a.com | www.599091.com | www.55228k.com | www.501203.com | www.35918r.com | www.672766.com | www.83993m.com | www.602469.com | www.07813.com | www.yh920955.com | www.236380.com | www.16878m.com | www.68568i.com | www.0ttz.com | www.97655g.com | www.536411.com | www.81233c.com | www.698300.com | www.hg6664.com | www.254568.com | www.97775.cc | www.55717g.com | www.646277.com | www.25688o.com | www.599690.com | www.9818e.cc | www.ya2019m.com | www.573898.com | www.50064h.com | www.422727.com | www.111xm.cc | www.80065n.com | www.4809t.com | www.770935.com | www.27776.cc | www.4331g.com | www.548211.com | www.55clf.com | www.ejylc19.com | www.183699.com | www.722571.com | www.5854r.cc | www.9646z.com | www.799849.com | www.qucp8.com | www.5854t.cc | www.50054d.com | www.038079.com | www.2109h.com | www.tyc44222.com | www.h6650.com | www.363477.com | www.669by.com | www.36788k.com | www.2418y.com | www.376477.com | www.974306.com | www.8816u.com | www.50064x.com | www.688sb.21.sb | www.193722.com | www.djcp009.com | www.2350w.com | www.46689.com | www.108065.com | www.536350.com | www.820289.com | www.c5635.com | www.aobo194.com | www.3398766.com | www.51515a.com | www.229075.com | www.755096.com | www.016ac.com | www.4923f.com | www.26878u.com | www.567620.com | www.gocp1.com | www.26878f.com | www.yh76b.com | www.7239z.com | www.sa606.com | www.526053.com | www.715920.com | www.5091n.com | www.22211.am | www.21202hh.com | www.7886269.com | www.77114v.com | www.308069.com | www.627212.com | www.ct8877.com | www.hm3555.com | www.3552z.com | www.7239l.com | www.ykylc07.com | www.905647.com | www.h36555.com | www.0343d.com | www.345897.com | www.649770.com | www.444602.com | www.371x.cc | www.22010.cc | www.can87.com | www.66czj.com | www.1035v.com | www.5086d.com | www.8839b.com | www.50024s.com | www.48330t.com | www.390126.com | www.542770.com | www.685044.com | www.534211.com | www.841879.com | www.627069.com | www.608389.com | www.327536.com | www.068633.com | www.48330n.com | www.68993268.com | www.4833022.com | www.z77929.com | www.26163g.com | www.slyl5.com | www.cp994.com | www.817824.com | www.444071.com | www.165595.com | www.195237.com | www.001036.com | www.2418y.com | www.7714h.com | www.7406.Com | www.c705.cc | www.312012.com | www.43818u.com | www.0076788.com | www.32123r.com | www.07163v.com | www.962505.com | www.022x.cc | www.146656.com | www.312876.com | www.672866.com | www.335484.com | www.183676.com | www.vip5888.com | www.23579c.com | www.933345.com | www.501210.com | www.393968.com | www.41518l.com | www.cp718.vip | www.332907.com | www.13633.com | www.zfcp2.com | www.399130.com | www.483864.com | www.670369.com | www.9149f.com | www.772891.com | www.330865.com | www.862239.com | www.35155d.com | www.809296.com | www.?junzi8888.com | www.66clf.com | www.843881.com | www.50051r.com | www.630958.com | www.0014z.com | www.235035.com | www.910655.com | www.658960.com | www.175969.com | www.hg6767.com | www.554313.com | www.355183.com | www.5856871.com | www.35155i.com | www.77yfa.com | www.138136a.com | www.86267k.com | www.60108u.com | www.bet353653.com | www.7793q.com | www.fo64.com | www.5cpb.com | www.1434v.com | www.hc779.com | www.66376x.com | www.qiji111.com | www.60108m.com | www.70wb.top | www.630565.com | www.2418b.com | www.hx1115.com | www.60123e.com | www.61040.cc | www.269707.com | www.07163u.com | www.189999a.com | www.5958115.com | www.3479i.com | www.ct8877.com | www.h36588.com | www.89959.cc | www.x999789.com | www.976616.com | www.3691n.com | www.766927.com | www.16065d.com | www.789199a.com | www.55238b.com | www.916044.com | www.ax630.com | www.c5235.com | www.160951.com | www.9356o.com | www.308126.com | www.9478i.com | www.81608o.com | www.822138.com | www.bet5959.com | www.544096.com | www.35155q.com | www.ff4625.com | www.ck9393.com | www.959595.com | www.768996.com | www.57578b.com | www.65707o.com | www.33yfa.com | www.bet3651688.com | www.849642.com | www.36583333.com | www.371931.com | www.15199.cc | www.js7582.com | www.645977.com | www.703097.com | www.235925.com | www.gyfc4.com | www.37377g.com | www.613591.com | www.9818j.cc | www.hg082.com | www.544092.com | www.axc4.com | www.du126.com | www.868559.com | www.450568.com | www.44607.com | www.1239999.cc | www.191065.com | www.2875m.com | www.96386o.com | www.847568.com | www.38394.cc | www.0194007.com | www.175903.com | www.708382.com | www.08588z.com | www.81608z.com | www.393937.com | www.5958199.com | www.542511.com | www.826552.com | www.35918n.com | www.n63568.com | www.576411.com | www.h081.com | www.6539w.com | www.0270l.com | www.52303e.com | www.700626.com | www.ya909.com | www.07163l.com | www.vn888123.cc | www.235944.com | www.752918.com | www.qilc8.com | www.86889.com | www.8d818.com | www.4923a.com | www.rrqp000.com | www.533091.com | www.ac9911.com | www.90767.com | www.0194004.com | www.68689u.com | www.399160.com | www.c9221.com | www.43818g.com | www.1358003.com | www.36788i.com | www.77802a.com | www.206991.com | www.cb0999.com | www.9999y.cc | www.8667g.com | www.49956y.com | www.50080j.com | www.66376s.com | www.50080c.com | www.68682j.com | www.89894m.com | www.4323e.com | www.ejylc16.com | www.22274.vip | www.6889779.com | www.22211d.com | www.xinhuangguan.com | www.60108g.com | www.16878f.com | www.6832s.com | www.8499l.com | www.982jc.com | www.906511.com | www.739233.com | www.550247.com | www.369061.com | www.330271.com | www.135942.com | www.4809h.com | www.830363.com | www.004829.com | www.208339.com | www.39500p.com | www.3126h.com | www.hcjt0.com | www.535666a.com | www.828701.com | www.346177.com | www.040419.com | www.hr1555.com | www.aobo190.com | www.29400.com | www.663by.com | www.702572.com | www.490780.com | www.7240a.com | www.86450.com | www.0014m.com | www.cf9903.com | www.669773.com | www.202405.com | www.7388101.com | www.2934z.com | www.810517.com | www.330271.com | www.0601v.com | www.61655d.com | www.fcyl3.com | www.524677.com | www.585721.com | www.15355v.com | www.959zf.com | www.612212.com | www.9996yy.com | www.9478h.com | www.813230.com | www.111307.com | www.0601a.com | www.33997y.com | www.hm6622.com | www.466780.com | www.48330l.com | www.73736d.com | www.am7654.com | www.310477.com | www.13434g.com | www.3478w.cc | www.361979.com | www.ykylc04.com | www.1368d.cc | www.11599059.com | www.3991.cc | www.599831.com | www.35898d.com | www.2632z.com | www.186357.com | www.15355y.com | www.581860.com | www.yh8899.bet | www.lqc6.com | www.2418b.com | www.2875i.com | www.370619.com | www.75060.com | www.2632y.com | www.544089.com | www.0601y.com | www.988068.com | www.84499v.com | www.66652c.com | www.716866.com | www.8998933.com | www.3552p.com | www.452801.com | www.68568s.com | www.607263.com | www.36580000.com | www.504633.com | www.99383.com | www.925507.com | www.99094i.com | www.6364e.com | www.330197.com | www.31847.com | www.197093.com | www.3478c.cc | www.hbet97.com | www.544bb.cc | www.0343e.com | www.783802.com | www.0601v.com | www.946380.com | www.1035o.com | www.sygj5.com | www.657399.com | www.33588v.com | www.9478d.com | www.323518.com | www.5502.app | www.302210.com | www.6832w.com | www.54400i.com | www.919509.com | www.3978v.com | www.0586777.com | www.5522u.cc | www.aobo190.com | www.579020.com | www.33588h.com | www.055168.cc | www.hm2666.com | www.6939w.com | www.544095.com | www.90767.com | www.ra7909.com | www.848566.com | www.39500q.com | www.43131s.com | www.912063.com | www.7714f.com | www.131671.com | www.cp7768.com | www.61233f.com | www.68682e.com | www.864876.com | www.61233g.com | www.60007a.com | www.757309.com | www.84040.com | www.997287.com | www.444237.com | www.3479m.com | www.324677.com | www.6769a1.com | www.77803m.com | www.35155e.com | www.696776.com | www.7782x.com | www.81608s.com | www.511059.com | www.2408d.cc | www.83033h.com | www.bmw8066.com | www.330836.com | www.925771.com | www.49956s.com | www.8998885.com | www.257512.com | www.cp5658.cc | www.71233c.com | www.81608z.com | www.373553.com | www.987441.com | www.26163q.com | www.xb8822.com | www.111306.com | www.452812.com | www.910997.com | www.1035t.com | www.15.net | www.5856879.com | www.49956u.com | www.431506.com | www.802633.com | www.rrle1.com | www.94238.com | www.84499j.com | www.ejylc10.com | www.188727.com | www.681090.com | www.805462.com | www.987443.com | www.022q.cc | www.08588t.com | www.77803x.com | www.4331n.com | www.zzyl62.com | www.113669.com | www.370833.com | www.rcw8855.com | www.911209.com | www.976868.com | www.zcwf2.com | www.11clf.com | www.97655m.com | www.89888.com | www.7714j.com | www.16188a.com | www.hyi682.com | www.kj555888.com | www.36787j.com | www.57578h.com | www.77802p.com | www.26163u.com | www.3978k.com | www.550021n.com | www.b79839.com | www.ra8ra8.com | www.68993238.com | www.71399t.com | www.55558c.com | www.66653y.com | www.77803w.com | www.07813.com | www.33598l.com | www.21202k.com | www.8839f.com | www.csgc4.com | www.978951.com | www.927191.com | www.607356.com | www.394311.com | www.389344.com | www.113669.com | www.029783.com | www.50026e.com | www.816801.com | www.566048.com | www.dy910.com | www.61655h.com | www.9149k.com | www.050.la | www.912452.com | www.929709.com | www.602434.com | www.332069.com | www.43818o.com | www.172323.com | www.50052f.com | www.006hy.cc | www.691307.com | www.544086.com | www.196039.com | www.97828n.vip | www.2418x.com | www.50732j.com | www.3126l.com | www.hx1181.com | www.598411.com | www.187393.com | www.55717u.com | www.yun879.com | www.82676.com | www.ch8900.com | www.495770.com | www.99094y.com | www.81678j.com | www.30xw.com | www.178319.com | www.16065v.com | www.18593.com | www.c757.vip | www.365007.cc | www.50732p.com | www.443300a.com | www.0586777.com | www.37377f.com | www.43818p.com | www.slyl3.com | www.349277.com | www.772891.com | www.9928i.com | www.506971.com | www.237644.com | www.950058.com | www.5091w.com | www.550164.com | www.99997148.com | www.799413.com | www.51515u.com | www.78949n.com | www.983888.com | www.178362.com | www.998855aa.com | www.707602.com | www.4809t.com | www.6661e.cc | www.355205.com | www.498700.com | www.dzh0.com | www.52072x.com | www.52303c.com | www.717885.com | www.mgm777c.com | www.3126a.com | www.239828.com | www.4323v.com | www.909965.com | www.68993231.com | www.c130.vip | www.js36686.com | www.8816aa.com | www.196091.com | www.50788g.com | www.526820.com | www.7239k.com | www.812680.com | www.ihg5599.com | www.916570.com | www.8998786.com | www.c5884.com | www.68993268.com | www.987425.com | www.hg8.vip | www.66ffj.com | www.hg7225.com | www.588yc.com | www.178591.com | www.07163f.com | www.109031.com | www.5095k.com | www.36788o.com | www.1035c.com | www.3775r.com | www.33ttz.com | www.111128.com | www.914983.com | www.55768.cc | www.188975.com | www.37to.com | www.ya2019p.com | www.541619.com | www.33112h.com | www.175902.com | www.09gcw.com | www.725603.com | www.599487.com | www.77114t.com | www.232651.com | www.3126h.com | www.32123a.com | www.fyyy5.com | www.913393.com | www.682880.com | www.78949d.com | www.331215.com | www.zcwf4.com | www.709wb.com | www.505354.com | www.9818f.cc | www.527990.com | www.2934a.com | www.68993223.com | www.539126.com | www.5091j.com | www.80032266.com | www.444216.com | www.sxyl0.com | www.83033x.com | www.026350.com | www.890732.com | www.35918x.com | www.55676l.com | www.743966.com | www.9818p.cc | www.pjzxyl.com | www.188721.com | www.952583.com | www.33112d.com | www.hd8671.com | www.446769.com | www.c6167.com | www.80075n.com | www.3691w.com | www.530629.com | www.c5836.com | www.50054z.com | www.flb377.com | www.501433.com | www.c6378.com | www.07163q.com | www.019988.com | www.80767v.com | www.581905.com | www.943077.com | www.8667z.com | www.bet73g.com | www.23456789.pw | www.luck808.com | www.cp8002.cc | www.3933m.cc | www.56588.com | www.zmfqp.net | www.g98478.com | www.209983.com | www.567306.com | www.820737.com | www.yi660.com | www.33997c.com | www.0601d.com | www.11599059.com | www.84499u.com | www.377506.com | www.505504.com | www.729987.com | www.918361.com | www.hx6626.com | www.2408c.cc | www.2632r.com | www.50788l.com | www.120655.com | www.50052v.com | www.196067.com | www.375793.com | www.665992.com | www.925831.com | www.hjin9.com | www.656by.com | www.5854i.cc | www.005hy.cc | www.sygj9.com | www.361gc.com | www.zuan222.com | www.2109o.com | www.2373l.com | www.109ak.com | www.1248h.cc | www.c9661.com | www.c1359.com | www.csgc1.com | www.hx1115.com | www.c2808.com | www.c1825.com | www.846662.com | www.684050.com | www.557031.com | www.498166.com | www.391110.com | www.345576.com | www.234279.com | www.503501.com | www.317299.com | www.108382.com | www.99638o.com | www.flb677.com | www.x99789.com | www.75060.com | www.8582zz.com | www.21202hh.com | www.26163o.com | www.36788b.com | www.29277l.com | www.5484g.com | www.hx1177.com | www.938906.com | www.915044.com | www.869619.com | www.606643.com | www.548177.com | www.196081.com | www.99094q.com | www.wd044.com | www.78700.com | www.997345.com | www.682224.com | www.239544.com | www.55676v.com | www.6482x.com | www.53537.cc | www.781253.com | www.308126.com | www.win1231.com | www.91233g.com | www.3126w.com | www.890413.com | www.190881.com | www.4809b.com | www.3a331.com | www.66376g.com | www.igcp0.com | www.607599.com | www.035079.com | www.js7601.com | www.2350l.com | www.808732.com | www.288645.com | www.9989572.com | www.12455c.com | www.811030.com | www.053069.com | www.bet73.com | www.w796.com | www.025616.com | www.86267p.com | www.950596.com | www.225065.com | www.506116.com | www.zfcp3.com | www.398411.com | www.6939f.com | www.022a.cc | www.370619.com | www.rrqp222.com | www.55676o.com | www.51515s.com | www.030628.com | www.635850.com | www.187380.com | www.5337933.com | www.729987.com | www.hr1811.com | www.00840p.com | www.514977.com | www.4444bj.com | www.mcw6.com | www.178259.com | www.ihg5533.com | www.35czj.com | www.83993v.com | www.15355n.com | www.516113.com | www.1429.net | www.773925.com | www.1466u.com | www.11gpc.com | www.50052a.com | www.5095c.com | www.310787.com | www.60007s.com | www.560671.com | www.08588v.com | www.686244.com | www.4923f.com | www.928621.com | www.410067.com | www.c4534.com | www.6238.am | www.969751.com | www.55111133.com | www.708330.com | www.3zq02.com | www.775710.com | www.yh76b.com | www.602852.com | www.12455u.com | www.607599.com | www.77801l.com | www.504733.com | www.54400x.com | www.354918.com | www.8499m.com | www.068617.com | www.99jtb.com | www.918.com | www.843533.com | www.99638g.com | www.401278.com | www.9356v.com | www.1434j.com | www.777337a.com | www.460433.com | www.514077.com | www.9818r.cc | www.fg500.com | www.667537.com | www.60108q.com | www.062866.com | www.953500.com | www.96386h.com | www.653152.com | www.68568p.com | www.110832.com | www.970358.com | www.07163v.com | www.217302.com | www.sjgc3.com | www.772222.biz | www.135842.com | www.912451.com | www.71233f.com | www.32123i.com | www.802633.com | www.35918y.com | www.554690.com | www.638173.com | www.5086w.com | www.xy52.cc | www.178593.com | www.869576.com | www.9155c.cc | www.bet73e.com | www.80075e.com | www.621361.com | www.5658.cc | www.29496a.com | www.39500u.com | www.622709.com | www.022n.cc | www.83033r.com | www.hg735.com | www.356126.com | www.898364.com | www.3479v.com | www.1855ff.com | www.7758.com | www.71233u.com | www.578113.com | www.c1370.com | www.82575.com | www.15355a.com | www.1466i.com | www.183065.com | www.602582.com | www.445888a.com | www.5522l.cc | www.50052h.com | www.pjzxyl.cc | www.3775u.com | www.068617.com | www.502135.com | www.810609.com | www.hqcp7.com | www.7782d.com | www.50788n.com | www.292200.com | www.6678695.com | www.022174.com | www.339713.com | www.675630.com | www.904861.com | www.hf6880.com | www.2109t.com | www.9205f.com | www.50064l.com | www.83993j.com | www.115966.com | www.36586666.com | www.1007.cc | www.6939o.com | www.68993273.com | www.fg9906.com | www.68993279.com | www.4331h.com | www.9989575.com | www.h6610.com | www.340.com | www.9996yy.com | www.00797a.com | www.5856879.com | www.131095.com | www.qucp5.com | www.314377.com | www.297126.com | www.257188.com | www.186972.com | www.81678u.com | www.b94600.com | www.106195.com | www.77114a.com | www.u63568.com | www.165888.com | www.ampj3438.com | www.80065y.com | www.41518q.com | www.9818h.cc | www.lczg3.com | www.912594.com | www.707519.com | www.525988.com | www.231002.com | www.77802a.com | www.395768.com | www.290201.com | www.81678p.com | www.9818g.cc | www.hf5887.com | www.767198.com | www.luck808.com | www.055972.com | www.1466r.com | www.08088.com | www.75353.cc | www.982082.com | www.549377.com | www.81233u.com | www.ylylc03.com | www.50989k.com | www.22yfa.com | www.763227.com | www.313055.com | www.tai1177.com | www.90305d.com | www.3126x.com | www.889489.com | www.608850.com | www.540377.com | www.36788v.com | www.90920.com | www.3478e.cc | www.739366.com | www.205882.com | www.8998755.com | www.66376z.com | www.ascp6.com | www.399160.com | www.81608z.com | www.34788y.com | www.937016.com | www.206883.com | www.498700.com | www.2632d.com | www.596531.com | www.7249f.com | www.35918j.com | www.901372.com | www.116205.com | www.84499g.com | www.al5888.com | www.196079.com | www.7714k.com | www.yfa3.com | www.186783.com | www.86267x.com | www.933771.com | www.88266e.com | www.50024x.com | www.689613.com | www.81608l.com | www.8970.com | www.196705.com | www.77802f.com | www.cp7777b.com | www.916633.com | www.2934g.com | www.375939.com | www.790964.com | www.949405.com | www.55676g.com | www.7116c.com | www.355274.com | www.88266z.com | www.713799.com | www.4833058.com | www.c6712.com | www.flb903.com | www.0014f.com | www.177502.com | www.33358c.com | www.431128.com | www.77801g.com | www.589244.com | www.21202u.com | www.616330.com | www.bet73e.com | www.641477.com | www.bet73j.com | www.669308.com | www.7714a.com | www.619989.com | www.26163e.com | www.599416.com | www.86267t.com | www.493351.com | www.50026q.com | www.290252.com | www.9928f.com | www.144428.com | www.5027.com | www.4447758.com | www.952583.com | www.088014.com | www.602742.com | www.50732s.com | www.195237.com | www.022e.cc | www.68993228.com | www.674679.com | www.77802z.com | www.305922.com | www.371d.cc | www.993956.com | www.716866.com | www.61233x.com | www.161763.com | www.hczx6.com | www.xb8844.com | www.506932.com | www.3416b.com | www.030158.com | www.643552.com | www.12455z.com | www.7681005.com | www.731030.com | www.39500g.com | www.4809w.com | www.775979.com | www.33997d.com | www.cb900.cc | www.579199.com | www.2934h.com | www.8582.com | www.201882.com | www.985579.com | www.61233g.com | www.11599009.com | www.568565.com | www.686vv.com | www.ya2019d.com | www.177542.com | www.820158.com | www.9818z.cc | www.9646m.com | www.083016.com | www.715121.com | www.1368y.cc | www.84499p.com | www.zzyl62.com | www.449810.com | www.cp208.com | www.12455y.com | www.jzvip33.com | www.095335.com | www.607256.com | www.qbwc3.com | www.35918h.com | www.hg6645.com | www.99677a.com | www.548116.com | www.974674.com | www.5484e.com | www.87668q.com | www.68993228.com | www.80075u.com | www.11djcp.com | www.870933.com | www.66ffa.com | www.26299y.com | www.744678.com | www.8998885.com | www.83033o.com | www.420421.com | www.752918.com | www.c2953.com | www.2632q.com | www.41518k.com | www.00889.com | www.68993229.com | www.22468.com | www.206991.com | www.500103.com | www.677879.com | www.919226.com | www.fo54.com | www.022gz.cc | www.5095p.com | www.16878h.com | www.66653x.com | www.0270y.com | www.660689.com | www.5856887.com | www.87jsc.com | www.34788o.com | www.098303.com | www.196079.com | www.317097.com | www.373909.com | www.501866.com | www.558424.com | www.582909.com | www.594211.com | www.603224.com | www.607599.com | www.606865.com | www.609810.com | www.596960.com | www.588088.com | www.526197.com | www.494969.com | www.444037.com | www.370933.com | www.335214.com | www.258029.com | www.160326.com | www.89656a.com | www.3350.vip | www.9989578.com | www.16065i.com | www.208339.com | www.78949p.com | www.50051y.com | www.5091d.com | www.gei30.com | www.969317.com | www.755216.com | www.550431.com | www.268993.com | www.86267v.com | www.hg2357.com | www.pjzxyl.co | www.73166g.com | www.8667f.com | www.lczg2.com | www.799486.com | www.507633.com | www.138017.com | www.80030066.com | www.1855.cc | www.50233.cc | www.c2879.com | www.611949.com | www.197802.com | www.80030066.com | www.bet73t.com | www.99340.cc | www.cp8019.cc | www.548116.com | www.068673.com | www.28891d.com | www.57578d.com | www.fo54.com | www.599831.com | www.039079.com | www.yl13444.com | www.34788l.com | www.hczx4.com | www.550424.com | www.33598u.com | www.ky1001.com | www.3478w.cc | www.671206.com | www.110832.com | www.154405.com | www.5441i.com | www.763526.com | www.163770.com | www.yun990.com | www.4444y.cc | www.592909.com | www.hg274.com | www.60123c.com | www.ch8955.com | www.327836.com | www.89777a.com | www.6832z.com | www.681968.com | www.35918v.com | www.66376q.com | www.975559.com | www.168232.com | www.550021l.com | www.hczx4.com | www.330836.com | www.03035.com | www.qmkl9.com | www.249880.com | www.3978h.com | www.hcjt2.com | www.dcw345.com | www.81520d.com | www.903117.com | www.siji01.com | www.15355z.com | www.602430.com | www.6939o.com | www.2kc.com | www.177804.com | www.61655r.com | www.700231.com | www.68993256.com | www.01czj.com | www.183065.com | www.55885n.com | www.669202.com | www.89777u.com | www.csgc9.com | www.73166e.com | www.55587.com | www.426060.com | www.7957988.com | www.828521.com | www.68993233.com | www.hy9311.com | www.50074e.com | www.9356g.com | www.289971.com | www.35918z.com | www.399150.com | www.71233z.com | www.588980.com | www.96386p.com | www.624377.com | www.vip8313.com | www.703153.com | www.4923k.com | www.760250.com | www.sx139975.com | www.793500.com | www.9646k.com | www.677474.com | www.15365b.com | www.602450.com | www.81520w.com | www.529106.com | www.54400b.com | www.355246.com | www.66530.cc | www.003895.com | www.5xcr.com | www.68993232.com | www.815870.com | www.pj56.com | www.506739.com | www.32123j.com | www.108095.com | www.lu126.com | www.81608k.com | www.799486.com | www.29496a.com | www.378015.com | www.5522z.cc | www.333999qipai.com | www.992358.com | www.3301855.com | www.497918.com | www.8039o.com | www.99094g.com | www.855312.com | www.84499y.com | www.183572.com | www.igcp9.com | www.80wb.top | www.362477.com | www.371e.cc | www.89777x.com | www.544669.com | www.3933w.cc | www.9422c.com | www.510570.com | www.2934y.com | www.4988s.cc | www.375967.com | www.3tdc.com | www.3978p.com | www.195622.com | www.cp689.vip | www.77803f.com | www.60108a.com | www.810526.com | www.00840t.com | www.120638.com | www.523745.com | www.0qxc.com | www.84499z.com | www.39500o.com | www.674770.com | www.3126a.com | www.jzvip33.com | www.190994.com | www.895010.com | www.83560.com | www.55238h.com | www.187393.com | www.775730.com | www.3126p.com | www.981095.com | www.34788u.com | www.550435.com | www.hcjt8.com | www.44458c.com | www.ylylc06.com | www.156689.com | www.647577.com | www.fl98.com | www.50051b.com | www.261610.com | www.025728.com | www.566677.com | www.cp3.mobi | www.5086o.com | www.80767z.com | www.9989579.com | www.160951.com | www.592113.com | www.992599.com | www.3933p.cc | www.77802p.com | www.959595.com | www.41518c.com | www.346211.com | www.688824.com | www.c5617.com | www.2875j.com | www.50054d.com | www.800938.com | www.065925.com | www.005710.com | www.330716.com | www.603614.com | www.901173.com | www.okw0.com | www.2109v.com | www.16878r.com | www.77803f.com | www.606117.com | www.293.com | www.9971i.com | www.83993e.com | www.197560.com | www.377192.com | www.548116.com | www.635477.com | www.776511.com | www.914906.com | www.ch8911.com | www.tlcp4.com | www.528qx.com | www.3416a.com | www.6611f.cc | www.8816s.com | www.9928n.com | www.29277d.com | www.33112s.com | www.35918k.com | www.50051w.com | www.50732k.com | www.60108h.com | www.55885c.com | www.50074d.com | www.50051f.com | www.32123q.com | www.89969.cc | www.5095i.com | www.918ae.com | www.yi765.com | www.fh6116.com | www.987434.com | www.876747.com | www.915399.com | www.599846.com | www.456836.com | www.312299.com | www.136506.com | www.35155u.com | www.550022ee.com | www.vip4331.com | www.13633.com | www.77803x.com | www.36166p.com | www.5091b.com | www.w796.com | www.901187.com | www.622105.com | www.377591.com | www.095069.com | www.3a002.com | www.xj445566.com | www.75538c.com | www.7782n.com | www.csgc5.com | www.755903.com | www.374677.com | www.60123u.com | www.033654.com | www.83993n.com | www.8667r.com | www.hm7388.com | www.672866.com | www.263520.com | www.33987.com | www.bi16.com | www.89911.cc | www.am5432.com | www.560671.com | www.80075e.com | www.js18684.com | www.50051p.com | www.ycp0.com | www.596608.com | www.033708.com | www.4368.com | www.89929.cc | www.fcyl3.com | www.1368z.cc | www.781253.com | www.178982.com | www.ylylc01.com | www.35155z.com | www.ck9292.com | www.526093.com | www.776970.com | www.80065t.com | www.cly6.com | www.499393.com | www.48330x.com | www.52303b.com | www.ch8678.com | www.338785.com | www.37266.co | www.8499b.com | www.694010.com | www.26878u.com | www.77802s.com | www.ch8678.com | www.251750.com | www.831666.com | www.979zf.com | www.533082.com | www.68993261.com | www.11554.cc | www.610958.com | www.642683.com | www.07163w.com | www.699494.com | www.7240z.com | www.16588t.com | www.689632.com | www.n98478.com | www.9356z.com | www.602742.com | www.7886278.com | www.3552u.com | www.413552.com | www.624203.com | www.fcyl6.com | www.168212.com | www.68568t.com | www.785803.com | www.48330u.com | www.3479d.com | www.363991.com | www.4323e.com | www.904859.com | www.3775s.com | www.3005y.com | www.303472.com | www.81233m.com | www.763659.com | www.35898d.com | www.mcw6.com | www.39500u.com | www.5441x.com | www.278203.com | www.60108z.com | www.584911.com | www.21229.com | www.802865.com | www.28891e.com | www.987580.com | www.bmw8066.com | www.dao70.com | www.1764p.com | www.5109.cc | www.77801o.com | www.1368o.cc | www.86267u.com | www.2373p.com | www.022190.com | www.5086x.com | www.097918.com | www.2875h.com | www.81520a.com | www.055n.cc | www.1350.vip | www.zfcp3.com | www.4833046.com | www.c6092.com | www.ejylc19.com | www.876488.com | www.9646g.com | www.605670.com | www.78700b.com | www.375951.com | www.18005.com | www.99677u.com | www.k795.com | www.68993269.com | www.854242.com | www.7239y.com | www.466060.com | www.15899.cc | www.323195.com | www.996732.com | www.sx1899.com | www.531982.com | www.53539.cc | www.495414.com | www.938849.com | www.991qp.com | www.338218.com | www.1035o.com | www.410067.com | www.665879.com | www.36166w.com | www.66621i.com | www.939562.com | www.91233d.com | www.197092.com | www.flff3.com | www.3978a.com | www.306061.com | www.ac3177.com | www.33018.com | www.312876.com | www.qmfc7.com | www.349229.com | www.202370.com | www.810513.com | www.77801v.com | www.904861.com | www.66376y.com | www.29277i.com | www.799343.com | www.84040.com | www.456333.net | www.544097.com | www.05gcw.com | www.7239h.com | www.50024u.com | www.646277.com | www.103ak.com |