Shortly after the war with Wall’s long-standing equity stake ended, Changyuan Group ushered in a strong capital tender offer. Yesterday, Changyuan Group announced that Gree Group has decided to offer an offer to acquire a portion of the company’s shares. It is worth noting that Gree Group stated that the tender offer for the acquisition of the Changyuan Group is mainly optimistic about future company development, while the Changyuan Group currently has three business strengths in electric vehicles, smart factory equipment and smart grid equipment. Therefore, there are analysis that this All three businesses are in line with Gree’s tastes. In addition, with the Gree Group’s tender offer, the equity disputes of the Changyuan Group will start again.
Guangzhou Daily Media Reporter Zhang Zhongan
Changyuan Group stated yesterday that on May 10, 2018, the company received the “About Letter to sponsor all shareholders of the company” from Zhuhai Gree Group. Due to optimistic about the future development prospects of the company, Gree Group decided to send all shareholders of the company to the shareholders. Initiate part of the offer to acquire part of the company’s shares by way of offer. This tender offer is not intended to terminate the listing status of the listed company. Gree Group will deposit the performance bond of this tender offer into Zhongdeng Company in Shanghai within five working days. The branch company appointed the account and provided the “Summary of the acquisition report of the Changyuan Group Co., Ltd.” to the company. However, since this acquisition requires the prior filing of the Guangdong Provincial State-owned Assets Supervision and Administration Commission, Gree Group will make an announcement in the company’s announcement. After the report is abstracted, it shall be submitted to the state-owned assets supervision and administration authority at the higher level for approval.
Acquisitions and listed companies
Gree has no direct relationship
According to the announcement, Gree Group will make an offer to acquire part of the equity of the A-share listed company Changyuan Group. However, the proportion and price of the specific acquisition have not been disclosed for the time being. It is expected to announce the details of the acquisition next week. However, this acquisition has no direct relationship with the listed company Gree Electric Appliances. relationship.
Established in 1986, Changyuan Group specializes in polymer heat shrinkable materials, functional materials, radiation processing, mechanical and electrical products, and communication cable accessories. It used to be the Li Ka-Shing concept stock. The Chang-ha Investment Group of the Li Ka-Shing family used to be the major shareholder of the Changyuan Group. According to the announcement, from 2002 to 2003, the actual controller of the Changyuan Group was Hong Kong Changhe Holdings, and the actual controllers disclosed in the eight annual reports from 2004 to 2011 were Hong Kong Li Ka-shing family. Among them, the 2010 annual report was the largest shareholder. The investment held 35.41% of the shares, and the actual controller was the Li Ka-shing family. Since 2013, Li Ka-shing has begun to reduce the holdings of the Changyuan Group. Currently, there is no Li Ka-shing figure on the list of the top ten shareholders of Changyuan Group. As of the end of the first quarter of Changyuan Group in 2018 , The largest shareholder of the gold nickname, holding 10387.18 million shares.
Changyuan Group's current shareholding ratio of the shareholders is not high, the first major shareholder holds 7.84% and the second largest shareholder is 7.79%. The top ten shareholders hold 39.10% of the total shares. Therefore, after Li Ka-shing withdrew, the Changyuan Group once fell into Fierce equity competition. And the sudden tender offer of Gree Group will set off a new round of equity competition.
However, in the face of a long-term equity listed company, does Gree Group look at the business of Zhongyuanchang Group? Some analysts believe that from the perspective of the main business of Changyuan Group, both the new energy vehicles and smart manufacturing are in line with Gree Group. The taste.
Changyuan Group is very popular with Gree Group
According to the reporter’s understanding, the main business of the Changyuan Group currently consists of electric vehicle-related materials, smart factory equipment and smart grid equipment, and the development is relatively balanced. In 2017, the electric vehicle-related materials segment achieved an operating income of 2.038 billion yuan, accounting for The main business income was 27.41%, and the gross margin was 39.50%. The smart factory equipment sales revenue was 2.431 billion yuan, accounting for 32.71% of the main business revenue. The smart grid equipment business achieved a relatively high operating income of 2.894 billion yuan in 2017. The main business income ratio is 38.94%.
Among them, EV-related materials mainly include Zhongli Lixin Materials, Changyuan Electronics, Changyuan Weian, and Changyuan Huasheng four subsidiaries. Lizhong Lixin is mainly responsible for the production and sales of lithium ion battery separators and membranes. Changyuan Electronics is mainly engaged in the design, development, production and sales of heat-shrinkable materials such as heat-shrinkable materials; Changyuan Weian is responsible for providing electronic circuit protection products and solutions; Changyuan Huasheng is mainly engaged in lithium-ion battery electrolyte additives and special silanes. And the manufacture and sale of derivatives, with an annual output of 5,800 tons, is the global leading supplier of lithium battery electrolyte additives.
The smart factory equipment field is under the charge of Yuntaili, Changyuan and Yingying. The main products are smart products and testing systems, automatic cutting machines, smart hanging and intelligent storage systems, etc. They are mostly used in the textile and apparel industry. And Changyuan Shenrui, Chang Park Power and Changyuan Gongchuang undertook the Changyuan Group's smart grid equipment segment, which involved high-voltage relay protection, electronic transformers, electric vehicle charging piles, energy storage systems, etc.
From the layout of Gree Electric Appliances in the past few years and the future development plan, whether it is new energy vehicles or smart manufacturing, it is in line with the Gree Group's taste. Up to now, including Gree Electric Appliances, Gree Group also owns industrial, real estate, etc. Large plate, holding 18.22% shares of Gree Electric.