On the evening of January 9, 2019, Wuhan Zhongshang (000785, SZ)announcementIt is said that the company is planning to purchase Beijing Juran Home Furnishings New Retail Chain Group Co., Ltd. (hereinafter referred to as the Real Home) by way of issuing shares.shareholderA total of 100% of the shares held by the family. It is expected that the amount involved in this transaction will reach major assets.Reorganizationstandard.
The shareholder of Wuhan Zhongshang Holdings is the background of Wuhan State-owned Assets. Why did the actual home choose Wuhan Zhongshang, and how will this major asset restructuring work?
The target valuation has exceeded 36 billion yuan last year.
Wuhan Zhongshang announced that on January 9, 2019, the company received the controlling shareholder Wuhan Shanglian (Group) Co., Ltd. (hereinafter referred to as Wushanglian) and Beijing Juran Home Investment Holding Group Co., Ltd. (hereinafter referred to as actually holding) Signed the Restructuring Framework Agreement.
According to the agreement, Wuhan Zhongshang issued shares to all shareholders of the Real Estate to purchase 100% of its shares. After the completion of the transaction, the company became a shareholder of the company and the company held 100% of the equity of the home. The price of shares is determined in accordance with laws and regulations, market practices and negotiation between the parties to the transaction.
According to the announcement of Wuhan Zhongshang, the matter is still in the negotiation stage and the two sides are actively negotiating and communicating. Therefore, the specific plan for this acquisition has not been announced. However, the reporter of "Daily Economic News" noticed that both the actual holding and the actual home are very good.
Actually, the official website of the company shows that the company involves four major sectors: home, big consumption, gold service and development. Among them, the home sector is the main business. Beijing Real Home Home Group Co., Ltd. is the main body of its home sector. After the reporter learned from the Chinese businessmen in Wuhan, Beijing Real Home Furnishing Chain Group Co., Ltd. has become the current home after the name change.
In fact, the capital operation of the home of the family has already started as early as last year. In February 2018, the actual family released 36% of the shares, and the introduction of strategic investment funds exceeded 13 billion yuan. The investment institutions involved in this investment include: Alibaba, Taikang Group, Yunfengfund, Jiahua Weiye Capital, Hualian Changshanxing, Sequoia Capital, Xinzhongli and so on.
Based on this calculation, the corresponding valuation of the actual home has exceeded 36 billion yuan. The National Enterprise Credit Information Publicity System data also shows that the actual family shareholders include Real Holdings, Alibaba and so on. This means that if the restructuring is successfully completed, then the holdings, Alibaba and so on will become the shareholders of Wuhan Zhongshang.
Actually, there was an IPO plan before.
According to public information, Wuhan Zhongshang is engaged in retail business and is involved in commercial property development and e-commerce services. Why does the actual family choose to reorganize with Wuhan Zhongshang? The announcement of Wuhan Zhongshang on January 9, 2019 is not mentioned.
The "Daily Economic News" reporter noted that the two companies have a geographical cooperation opportunity. "Hubei Daily" reported in September 2018 that Wang Linpeng, the chairman of the actual family, was born in Luotian, Hubei. He also said that "it is considering moving the headquarters of the home from Beijing back to Wuhan."
Not only that, but the home has a listing plan and has set up relevant terms with the investment institution.
As early as February 2018, Gujia Home (603816, SH) issued an announcement on foreign investment. The company intends to subscribe for its own capital of 198 million yuan to become a partnership of Huanggang Joseph Guangsheng Chenghao No. Equity Investment Fund (limited partnership). The limited partner thus participates in the investment in the actual home. For the purpose of the partnership, Gujiajiao said at the time that through investment partnerships, it intends to participate in the investment home, and maintain its strategic business cooperation with the actual home while obtaining the IPR listed capital appreciation income. At the time, Gujiajiao said that the home was set for this investment.RepoTerms (If the IPO is not achieved as planned, the investor has the right to ask the controlling shareholder of the actual home to actually buy back the shares held by him).
Why did the previous IPO plan change to a major asset restructuring now? As the core sector of the actual holding, and the valuation has exceeded 36 billion yuan last year, how can Wuhan Chinese businessmen swallow the actual home? Not only that, will the Wuhan China Merchants acquisition touch the terms of the backdoor, and what is the attitude of the Wuhan State-owned Assets Department?
The reporter noted that in August 2018, the official website of Wuhan State-owned Assets Management Co., Ltd. disclosed a notice on the inspection and rectification of the party committee of the Wushanglian Group. One of them mentioned that “the commercial sector has over-investment, and the three listed companies of the ownership belong to the geographical overlap. The competition in the industry is fierce, and the rectification of the market is changing, the e-commerce competition is insufficient, and the profitability is declining. And fromPerformanceFrom the above, the realization of Wuhan Zhongshang in the first three quarters of 2018Operating income2.949 billion yuan, attributable to shareholders of listed companiesNet profitIt is 94.47 million yuan. Among the three listed companies of Wuhan Zhongshang, Ewushang A and Zhongbai Group controlled by Wushanglian, Wuhan Zhongshang has the smallest volume.
On related issues, on January 10, the reporter called Wuhan Zhongshang, the staff said that the relevant acquisition will require the state-owned department to approve. As for the specific information of the acquisition, the relevant plans will be announced soon.
(Article source: Daily Economic News)