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Gree Electric's shareholding transfer is behind multiple consortiums, and Hopu said that he is still collecting intentions.
Securities dailyJia Li
Gree Electric (000651)
A stone company that has stirred up thousands of waves and has a market value of 100 billion yuan.Gree ElectricThe transfer of equity has triggered an infinite imagination.
Recently, the company announced that the major shareholder Gree Group intends to transfer 15% of the shares of Gree Electric's total share capital held by the publicly collected transferee, which may involve changes in the company's controlling share.
In this regard, Zhuhai SASAC internal sources said that the details and progress of the "transfer of Gree Electric Appliances" matters, subject to the information published by the company. Regarding the situation of the "Olive Branch" mentioned by the Yoko Investment mentioned by the "Securities Daily" reporter, it is not certain and has not been denied. Gree Group also said that it is "not clear."
However, in the interview, the relevant person in charge of Houpu Investment clearly expressed interest in Gree's equity to the "Securities Daily" reporter. He said: "We think Gree Electric is a very good company." He bluntly, Magnolia will Pay close attention to Gree.
It is reported that, in fact, not only is Houpu Investment, but many consortia have shown interest in Gree Electric's equity.
A person familiar with the matter said: "For the receivers, although there are many versions circulating outside, the Gree Group's equity transfer involves state-owned assets, which is not simple. There are multiple processes such as approval, bidding or agreement transfer. At present, Zhuhai's state-owned assets only express the intention of the transfer, and there are preliminary intentions, but there are still many uncertainties in the transfer, and all parties will be cautious."
In response to a number of intents from outside, Gree Electric’s director, Jingdong, said: “At present, there is no specific negotiation of a certain family. Now (transfer matters) is in the stage of public collection, please pay attention to the follow-up announcement.”
Hopu Investment: Will pay close attention to Gree
Gree Group, the major shareholder of Gree Electric Appliances, is preparing to sell 15.22% of the shares of Gree Electric Appliances. According to the price of the announcement, the transfer price of this part of the shares is 41.1 billion yuan.
The sudden transfer of this equity, although not yet conclusive, has made the all-time low-key Omori investment exposed to the spotlight, and its reputation has become loud. There are multiple sources of information, such as Yupu or the receiver.
Recently, the relevant person in charge of Houpu Investment accepted an interview with the "Securities Daily" reporter: "We believe that Gree is a very good company. Magnolia is a professional equity investment institution. For any good company with investment value. Closely."
Do you have the strength of the "People" in the investment of Magnolia?
Hopu Investment is regarded as a partnership equity fund built to international standards. The Hopu Fund is a private equity firm founded by Fang Fenglei, a Chinese partner of Goldman Sachs Group. The investors have backgrounds, including Goldman Sachs and Singapore Temasek. In the more than ten years since its establishment, Houpu has made great efforts. He has invested in Mengniu for 1.83 billion Hong Kong dollars, invested in iron ore in Mongolia, and joined Yurunxi in Yurun Food, and invested in 22 companies including Xiaomi and Weilai Automobile. Chinese startup company.
However, 41.1 billion yuan is not a small number. It is also very important to decide who the final taker is, and whether the price of the transaction and whether it can really match the direction and demand for the change.
Although the willingness of Houpu Investment to participate in the transfer of Gree Electric's equity is relatively strong, Gree's performance is relatively cold.
Extending the "Olive Branch"And why is Houpu investment?
The "Securities Daily" reporter learned that in fact, many consortia and institutions have expressed interest in the equity of Gree Electric Appliances, but in the end, it has not yet been determined.
Gree Group said that at present, Gree Group is still in the stage of further research and development for the specific plan for the public collection and transfer.
Since its establishment in 1991, Gree Electric Appliances has been a Gree Group under the Zhuhai SASAC. If the equity transfer is successful, Gree will only hold 3.22% of the total share capital and have voting rights, while the new shareholder will hold 15% and will become the largest shareholder.
However, due to the extreme caution of the parties in the equity transfer, the transferee of the equity transfer is quite mysterious, causing many speculations. The senior management and dealer system headed by Dong Mingzhu is regarded as the taker. "First place."
According to the third quarterly report of Gree Electric last year, as of September 30, 2018, Gree Group holds 18.22% of the shares of Gree Electric Appliances, and the second largest shareholding of Tokyo Sea guarantees 8.91% of the shares of Gree Electric Appliances.
Among the top ten shareholders of Gree Electric Appliances, although Dong Mingzhu ranks the last one, the second-ranked “Jinghai Guarantee” is behind the dealers. It is considered by the outside world to be acting in concert with Dong Mingzhu. Dong Mingzhu and his current The proportion of people who act in concert is about 10%.
If Jinghai guarantees the successful acquisition of a 15% stake in Gree, then the actual control of Gree and the dispute between father and son will be resolved.
However, some insiders believe that it is difficult for dealers to take 15% of the shares. It is possible for Dong Mingzhu to join hands with management and dealers to win shares within 10%, but it is very likely to promote external capital. Take a 15% stake in Gree Electric.
In addition to controlling Gree Electric through equity, the competition for the “discourse power” of the board of directors will be fierce. "The market-oriented enterprises will not be shocked by the market-oriented people, but if external forces come in, the major shareholders have the right to reorganize the board of directors, which will bring Gree an 'earthquake', and if it is with the existing management Achieving bundling can maintain the stability of the company to a certain extent, but it will also bury the hidden danger of 'one word.' However, Gree's equity is more dispersed, and the position of major shareholders will be very subtle," said the industry source.
In addition to the Dong Mingzhu team, the rest of the capitalists are also "truthful" on Gree's equity, such as the Hopu investment that "jumped out" recently. It is reported that Houpu Investment intends to join a Macau financial investment company to participate in the transfer of the state-owned shares of Gree Electric Appliances, and Hopu Investment has already reached a preliminary intention with Zhuhai SASAC.
In an interview with the "Securities Daily" reporter, Houpu's investment has not concealed the interest in Gree Electric's equity. However, in this regard, the Zhuhai State-owned Assets Supervision and Administration Commission also said: "(New investors) is not clear."
Foxconn, also a manufacturing giant, and even Internet companies such as Ali and JD.com are also being sent out to Gree Electric. Although these companies are unclear about their external attitudes, they are also regarded as potential intentions by the outside world.
"In addition to the Hopu investment, there have been many consortia showing interest in Gree Electric's equity. Previously, Gaochun Capital also held the Gree in the secondary market. Gree Electric is a quality asset, this is a piece of fat Meat's, many 'people' want to win, but may not be able to get it. What is certain is that Zhuhai SASAC has an intentional side, but it is also waiting for more choices." An institutional source said .
Mixed "test field"
If the transfer plan is approved, the introduction of social capital is a high probability event.
A person from the Zhuhai State-owned Assets Supervision and Administration Commission said: "Gree is the "test field" of Zhuhai's state-owned enterprises."
According to some insiders, in fact, the Zhuhai State-owned Assets Supervision and Administration Commission has long established the idea of advancing the reform of Gree Electric's mixed ownership system. The introduction of external capital is also one of the steps, but whether it can be done in the end depends on whether the process is going smoothly.
According to analysts of Guosheng Securities, “Geli mixed reform is a major step in the reform of state-owned enterprises. State-owned assets are expected to enter a new stage of market-oriented pricing. This round of state-owned enterprise reform has opened a new curtain. If progress goes smoothly, this round of state-owned enterprise reform It is expected that the share-trading reform will be more likely to trigger a new round of institutional dividends."
Although the transferee and specific plan for the transfer of Gree's equity is still in the cloud, the secondary market has already exploded. After the announcement of the suspension of Gree Electric Appliances, it ushered in a two-day daily limit. On April 10, Gree Electric Co., Ltd. sold 18.2 billion yuan, and Gree Electric bought 1.4 billion yuan from foreign capital, of which only Shenzhen Stock Exchange bought 1.09 billion yuan.
Institutional sources believe that if the Gree equity transfer has not been fixed, the secondary market will continue.
Editor in charge: Fu Jianqing RF13564
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