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Huabao shares deducted dividends? The real controller is called the Hong Kong stock "sucking queen"
Daily Economic News
Huabao Shares (300741)
Huabao(300741, SZ) "10 yuan 40 yuan" sent a total of more than 2.4 billion yuan program shocked the market. Despite the daily limit of stock opening on March 13, there are many controversies behind it. The dividend yield is close to 10%, but nearly 2 billion yuan has fallen into the controlling shareholder Huaying International Investment Holdings (China) Co., Ltd. (hereinafter referred to as Chinachem China). It is necessary to know that Huabao’s 2018 net profit is only 1 billion yuan. .
From the perspective of the plan, Huabao's dividends depend on undistributed profits, which is the accumulation of surplus in the past. In the view of market participants, excessive allocation may result in a lack of working capital for enterprises, which requires borrowing and increased financial expenses. From the perspective of the distribution results, because Huaying China has a relatively concentrated shareholding ratio, it is the best way to “cash out” through dividends.
Zhu Linyao, the real controller of Huabao, also attracted a wave of eyeballs, which is considered to be a master of capital operation. In 2006, Huabao International, controlled by Zhu Linyao, bought a shell in Hong Kong stocks. According to incomplete statistics, in just a few years, she reduced the company's shares through high positions, and the total amount of cash is nearly 10 billion Hong Kong dollars.
Into the "cash out" path?
As of March 13, Huabao’s dividend yield was only 9.6%, which was less thanFangda Special Steel10% andLanzhou MinbaiOver 20%. However, Huabao's market attention is far more than the first two companies, because Huabao's dividend plan is almost to eat "old".
Huabao's net profit in 2018 was 1.176 billion yuan, and the annual dividend distribution was 2.464 billion yuan, more than double the net profit. What does Huabao share to pay dividends? The answer is undistributed profits. As of the end of 2018, the accumulated undistributed profit of Huabao was 3.43 billion yuan, and the accumulated profit of the parent company for shareholders was 2.52 billion yuan.
In the view of Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, Huabao’s dividend-paying measures are arguable. "The dividends of listed companies should be regular and investors can expect them. They should not be separated at one time." It told reporters of "Daily Economic News" that after the distribution of large dividends, the company's corresponding net assets will fall, assets The stock will be reduced, which will cause unfair treatment for new and old investors.
In the "divorce feast" of Huabao, the beneficiary is undoubtedly its controlling shareholder Huaying China. Huasheng China holds 49.95 million shares of Huabao, with a shareholding ratio of 81.10%. With this dividend, Chinachem China will receive more than 1.9 billion yuan (not considering taxes and fees).
All along, the A-share market has a variety of ways to give back to shareholders, one is the conversion of capital reserve into shares or bonus shares, and the other is cash dividends. From the outside world, for Chinachem China, cash dividends are undoubtedly the most favorable.
“If it is to transfer shares or send shares, Huaying China’s shareholding ratio remains unchanged, still exceeding 81%.” Wang Lin, investment director of Tibet Linyi Investment Management Co., Ltd., said that the controlling shareholder’s shareholding ratio is high, very It is difficult to directly reduce the holdings in the secondary market through centralized bidding or bulk trading. On the one hand, it must abide by strict information disclosure requirements, on the other hand, the time period of cashing will be lengthened. As a result, the incremental value brought by the transfer of shares is more reflected in the book. In addition, stock price fluctuations in the secondary market will also affect the book value after the transfer of shares.
In the current shareholding structure of Huabao, Huaying China can achieve the true “Pareto optimality” in cash dividends. "Generally, the proportion of controlling shareholders is relatively high, so they are willing to pay dividends. Now they also encourage dividends. Of course, they can get more points if they have sufficient funds." A listed company’s secretary-general told the Daily Economic News reporter.
Huabao Co., Ltd. was listed on March 1, 2018. Except for IPO funds raised, there is currently no refinancing capital operation. From the outside world's point of view, since there is no refinancing and additional share capital, then there is no “worry” in China Huaying China, and cash dividends can naturally be more.
Huabao has a high cash dividend distribution history. In 2016, Huabao shares a cash dividend of 3.4 billion yuan. This has also been noticed by the regulators. The sponsors were required to explain the compliance of the issuer's dividend distribution policy and the sustainability of the future cash dividend policy. “IPO asks about dividends is also normal, mainly considering the interests of listed companies in the interests of shareholders.”Western SecuritiesWang Keyu, managing director of investment banking headquarters, said.
The master of capital operation
The reporter noted that the capital behind China Huaying China is quite complicated. According to the prospectus, the shareholder of Huaying China's shareholding penetration is a wholly-owned subsidiary of Warburg International (00336, HK). Zhu Linyao holds a total of 73.60% of Huabao International's shares through six companies including its wholly-owned enterprise Resourceful Link.
Zhu Linyao, who is also a person? According to "2019 Hurun Global Self-made Women's Rich List", Zhu Linyao is worth about 20.5 billion yuan, ranking 18th in the world.
In addition, Zhu Linyao is also considered to be the capital veteran of the "high throw and low suck". The "New Beijing News" reported on March 13 that Zhu Linyao is known as the "Queen of Pumping Water."
According to a number of self-media information, in 2006, Huabao International, controlled by Zhu Linyao, bought a shell in Hong Kong stocks. According to incomplete statistics, in a few short years, she reduced her shareholding in the company through a high position, totaling nearly 10 billion Hong Kong dollars, and once reduced the holding of Huabao International shares to less than 38%. On January 28, 2011 alone, she reduced her share of the company by 200 million shares and cashed in at HK$2.2 billion.
Editor in charge: Fu Jianqing RF13564
- Huabao's revenue for four consecutive years of decline, the first year of listing, dividends of 2.46 billion
- Huabao's net profit last year was 1.176 billion, up 2% year-on-year. Chairman Xiali Group did not receive remuneration from the company.
- Huabao shares plans to send 40 yuan for 10 companies.
- Huabao shares deducted dividends? The real controller is called the Hong Kong stock "sucking queen"
- Huabao's revenue is four consecutive months. The binding of tobacco giants has a higher net profit margin than that of Maotai.
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