On the evening of May 10, Changyuan Group Co., Ltd. announced that it received Zhuhai Gree Group Co., Ltd.'s "letter about initiating part of the offer to all the shareholders of the company" on the same day. Because it is optimistic about the company's future development prospects, Gree Group decided A partial offer was issued to all shareholders of the company to purchase part of the company’s shares by means of an offer. Changyuan Group announced that the Gree Group’s offer for purchase is not for the purpose of terminating the listed company’s listing status. Gree Group will deliver this in 5 working days. The performance bond of the tender offer was deposited into the account designated by Shanghai Branch of Zhongdeng Company, and a summary of the “Trust Collection Report of Changyuan Group Co., Ltd.” was submitted to the company. Gree Group stated that this acquisition requires the acquisition of the State-owned Assets Supervision and Administration Commission of Guangdong Province. Prior filing.
The director of the Changyuan Group Ni Zhaohua told reporters that Gree Group’s offer to acquire Changyuan Group is optimistic about the company’s three major business segments. Whether it will form a synergistic effect with Gree Group in the future depends on the follow-up development. “The tender offer has not yet started. I do not know whether or not to succeed. 'Whether it will be with the Gree Group in the automotive industry chain, Ni Zhaohua said still need to observe.
Gree Electric Co., Ltd. secret secretary Wang Jingdong told reporters that Gree Group’s offer to acquire Changyuan Group is a decision at the group level and has nothing to do with the listed company.
Gree Group Decision-making
A senior automotive researcher believes that Gree Group currently owns Gree Electric and Gree Real Estate. However, Gree Real Estate is relatively small and does not exclude the next step in the investment and layout of the automobile industry chain.
With the rapid development of the electric vehicle industry, Changyuan Group, as a manufacturer of heat-shrinkable materials for electric vehicles, has continuously highlighted its value.
In recent years, Changyuan Group has continuously increased the layout of new energy vehicles. According to the company, based on its long-term interest in the development of electric vehicles and the recognition of new materials technologies, the company is participating in the lithium stock high-end wet diaphragm company Hunan Lizhong. One year later, New Materials Co., Ltd. achieved its control through mergers and acquisitions. In August-December 2017, China Lixin New Material achieved an operating income of 222 million yuan.
According to the financial report, Changyuan Group’s subsidiary, Changyuan Electronics Group, saw significant growth in its overall operating performance in 2017. Its net profit exceeded RMB 100 million. It focused on and contributed to the automotive and communications markets, and passed the review and recognition of many automakers and other automotive manufacturers. Report; make full use of the new energy industry policy, enter the new energy vehicle market, pass the certification of new energy automobile manufacturers such as BYD, and consolidate and strengthen its status in the industry.
Another subsidiary, Changyuan Huasheng, led in the field of lithium battery electrolyte additives. Changyuan Group stated that the subsidiary actively expanded its production and strived to quickly achieve scale effect. The Taixing plant was put into operation smoothly and the production capacity of 5800 tons of electrolyte additives was realized. Sales revenue grew rapidly. In particular, overseas customers Mitsubishi Electric Power's electric vehicle market made the company's overseas sales increase substantially.
Changyuan Group has maintained a good momentum of growth recently. In the first quarter of this year, the company realized operating income of 1.577 billion yuan, an increase of 34.97% year-on-year; net profit of 807.3338 million yuan, an increase of 83.33% over the same period last year. The year 2017 revenue was 7.433 billion yuan. , The year-on-year increase of 27.08%, net profit of 1.136 billion yuan, an increase of 77.55%.
Changyuan Group Control Dispute
Gree Group resorted to the acquisition of tactics, or related to the management of Changyuan Group's previous equity stake in Wall's nuclear material.
In 2014, after the Li Ka Shing family-controlled Changhe Investment Co., Ltd. sold shares held by the Changyuan Group, Wall nuclear material and its concerted actors began to increase holdings of the Changyuan Group to seek real control rights. The management of the People's Bank of China and Changyuan Group revolved around the amendments to the Articles of Association, the appointment of directors, and the corporate governance structure around Changyuan Group, business development planning and major project investment.
After four years of struggle, the two parties shake hands with each other under a multi-party adjustment. Changyuan Group announced on the evening of January 9 this year that Wall’s nuclear material had agreed to reach a settlement regarding the company’s control dispute. According to the agreement, Changyuan Group will Seoul Nuclear Materials transferred 75% of its equity in Changyuan Electronics, and the transaction price was initially 1.19 billion yuan. Wohl Nuclear Materials agreed to transfer the 74 million shares of Changyuan Group's unlimited sales of circulating shares to a third party through a contractual transfer.
'There are rumors that the Gree Group and the Changyuan Group did not agree, so they entered strategically through the tender offer. 'People close to the Changyuan Group told the China Securities Journal that this acquisition may be the management of Changyuan Group and the Wall. In the game of nuclear materials, one of them brought Gree Group in. However, the situation is still uncertain.
Gree's Dream of Building a Car
In fact, neither Gree Electric Appliances, led by Dong Mingzhu, nor Gree Group, a major shareholder, have been far away from the dream of making cars. In cooperation with Zhuhai Yinlong, the acquisition of shares in Haili shares is related to new energy vehicles.
At the end of 2016, Gree Electric Co., Ltd. plans to acquire 100% equity of Zhuhai Yinlong for RMB 13.0 billion, and Dong Mingzhu personally increased the RMB 3 billion of Zhuhai Yinlong with five companies including Dalian Wanda Group Co., Ltd., and CIMC Group's subsidiaries. Zhuhai Yinlong obtained a 22.388% stake.
Zhuhai Yinlong currently has Gree executives stationed and has multi-party business cooperation with Gree Electric. Gree said that both parties and their sons and subsidiaries use their respective industrial advantages in smart equipment, molds, castings, automotive air conditioning, electrical motor control , new energy vehicles, energy storage and other fields to cooperate. Under the same conditions, priority to purchase each other's products, buy each other's services.
In September 2017, Gree Electric Appliances announced the acquisition of a 5% stake in Shanghai Haili. Haili shares is principally engaged in R&D, production and sales of refrigeration compressors such as air conditioners. For the reason for this increase, Gree Electric stated that: Hai Li shares the confidence of the future development and recognition of the company's value.
For this case of Gree Electric Appliances, the industry analysts said that it is not a pure financial investor, but rather a phased-in charge of Haili Electric air-conditioning compressors and new energy vehicle compressors.
Zhuhai Yinlong supplies lithium battery materials, research and development, production and sales of lithium batteries as its core business. The business extends to the research and development, production, and sales of electric vehicles and the new energy vehicle industry chain. Dong Mingzhu previously stated clearly: The acquisition of Zhuhai Yinlong is not only to make big revenues and cross-border entry into the automotive industry, but more importantly is Zhuhai Yinlong's lithium titanate technology.