Whether the Gree Group's termination of the tender offer was leaked ahead of schedule, the listed company is not clear enough and it cannot be confirmed. We received the document after the close of the 12th. 'The relevant person from the Changyuan Group June 13th. Tell the 21st Century Business Herald reporter.
Gree Group purchased more than RMB 5.2 billion in tender offer to buy 20% of Changyuan Group (600525.SH). However, the mystery of Changyuan Group’s stock price change in advance is still unanswered.
According to the June 13 announcement, Changyuan Group received the letter from Gree Group on the termination of the tender offer for the acquisition of shares in Changyuan Group Co., Ltd. on June 12 due to the disagreement of the SASAC of Zhuhai Municipal Government with the acquisition plan submitted by Gree Group. , Decided to terminate this offer to acquire Changyuan Group shares.
However, what was embarrassing was that the Changyuan Group, which had a slight increase in the closing price on the morning of June 12th, suddenly experienced a waterfall-like crash on the afternoon of that day. It eventually closed at a low limit, and the daily volume ratio rose to 10.75 times, after a sharp decrease on the 13th. , It closed at RMB 13.99/share, a decrease of 2.98%.
Whether the Gree Group's termination of this tender offer was leaked ahead of schedule, the listed company is not clear enough and could not be confirmed. We received the document after the close of yesterday's (12th) afternoon. 'The relevant members of the Changyuan Group 6 On the 13th of the month, he told the 21st Century Business Herald reporter, 'We also received the document before we knew that Gree Group had terminated the acquisition, and we announced it in full.'
More than 2% of shares need to be sold
According to the announcement of Changyuan Group on June 13, Gree Group also received a reply from the SASAC of Zhuhai Municipal Government disagreeing with the acquisition plan submitted by Gree Group on June 12.
The Changyuan Group's stock price was lower and lower on June 12th. The largest selling amount was Guotai Junan Securities’ Guangzhou Renmin Middle Road Sales Department, which was as high as 21708.73 million yuan, followed by Yintai Securities' Shanghai Jiashan Road Sales Department. Securities Shanghai Dongfang Road Business Department, China Merchants Securities Shenzhen Fuhua Third Road Sales Department and agency-specific seats, sold a total of 31,136,600 yuan, 31,104,800 yuan, 21,856,600 yuan and 17,072,800 yuan.
The 21st Century Business Herald reporter noted that on May 10th this year, Changyuan Group received a letter from Gree Group to launch some of its offers. The stock price did not change on the day, and the closing price rose to zero, and the suspension was suspended from May 11th. , Until May 19th, the summary of the tender offer report (revised draft) was disclosed and resumed on May 21. The stock price on the day of resumption rose 3.8%.
According to the announcement at that time, Gree Group planned to purchase 265 million shares that accounted for 20% of the total share capital of Changyuan Group. After the tender offer was successfully implemented, Gree Group and its concerted parties would hold a 22.05% stake in Changyuan Group. Gree Group also Said that it does not rule out the continued increase in holdings of shares in Changyuan Group by participating in targeted issuances, rights allotments, convertible bonds, etc.
The price of Gree Group’s proposed bid is 19.8 yuan/share, the premium of the stock before the suspension of Changyuan Group is 14.06%, and the total capital required for the acquisition is 5.246 billion yuan. On May 11th, 1.05 billion yuan was deposited into the Shanghai Branch of the registered clearing company. Company designated account as performance guarantee for this tender offer.
But this transaction, which was evaluated as a win-win and seemingly deadlock, blew in less than a month.
'(The termination of the acquisition) is the decision of the SASAC of Zhuhai City. The reason is not clear to us. ' The aforementioned person from the Changyuan Group stated to the 21st Century Business Herald reporter.
The stock price of the Changyuan Group did not 'discuss' after it disclosed the Gree Group’s proposed tender offer. From June 21 onwards to the day before the stoppage, the price drop was 7.72%, and the stock price before the suspension was 1.34 yuan/share. .
However, this time the tender offer took advantage of Hing to come back, and the injured Changyuan Group's share price will also face pressure on the parties concerned to reduce their holdings.
According to the announcement, if the tender offer fails to meet the conditions of entry into force, Gree Group and its parties acting in concert will reduce the total holdings of all shares of Changyuan Group within 6 months from the expiry of the offer period. Currently, Gree Group Consistency Action Persons Zhuhai Free Trade Zone Jinnuoxin Trading Co., Ltd., Zhuhai Gree Financial Investment Management Co., Ltd., holds a total of 27,197,400 shares of Changyuan Group, accounting for 2.05%.
The above shares of Changyuan Group held by the above-mentioned Gree Group Concerted Persons were purchased through the secondary market from March 14 to April 12 this year, and the holding price was between 16.2 yuan/share and 17 yuan/share, even if the minimum Compared with the closing price on June 13th, the buying price also has to float a loss of 13.64%.
Li Ka-shing clearance 'Sequel'
In addition to the Gree Group concerted action, the first major shareholder of Shenzhen Changyuan Group, the investment partnership company (the limited partnership, hereinafter referred to as the “Tiger”), and its concerted actor, plan to reduce their shareholding through centralized bidding. 1% of the company's total share capital, from June 14 to September 14 this year.
It is worth noting that the above reduction plan was released on May 24 after the Changyuan Group disclosed the Gree Group’s proposed tender offer, which was interpreted by the market as giving way to Gree Group. However, Gree Group had previously responded to the inquiry letter of the Shanghai Stock Exchange and stated that The purpose of this tender offer is not to seek control of the Changyuan Group.
According to the Tibetan Gold Auspices and its concerted parties agreement, the entity that became the party acting in concert was 29 shareholders, holding a total of 24.3% of the equity in Changyuan Group, of which the largest shareholding was 7.84% of the Tibetan Gold Axis.
"At present, the company still has no controlling shareholders, no actual controllers, and the situation of relatively dispersed ownership has been going on for quite some years. ' The aforementioned person from the Changyuan Group told the 21st Century Business Herald reporter, 'This is actually a common situation in foreign countries. With the development of the company, the equity is continuously diluted, and the entrant also has an exit, but it does not affect normal operations.
In fact, Changyuan Group, which was listed in December 2002, has long been a 'superman' and a long-term investment company controlled by the Li Ka-shing family. Until the end of 2012, its shareholding ratio was 35.76%. This is also the Li Ka-shing family. The only A listed company platform.
However, since January 2013, Changhe Investment has continued to reduce its holdings in the Changyuan Group. By January 2014, Changyuan Group has declared to be a listed company with no controlling shareholder and actual controller, and Changhe Investment has also realized Clearance.
Since then, the management team of the Changyuan Group has sought to obtain control through the curve MBO, but after the arrest of the yellow plague, in May 2014, Wall (002130.SZ) and its real controller, Chairman Zhou Heping announced Signed the Changyuan Group and quickly became the largest shareholder thereafter.
As a result, the two sides launched long-term battles and disputes over the control of the Changyuan Group until the beginning of 2018, under the intervention of the Shenzhen Securities Regulatory Bureau and the Shenzhen Securities and Futures Industry Dispute Resolution Center, both parties on January 9 and 18 respectively. Japan signed a settlement agreement and a supplementary agreement.
According to the announcement, Wall Nuclear Material and its concerted action personnel promised to no longer increase holdings until the current holding of the shares of Changyuan Group was completed, and Changyuan Group agreed to transfer Changyuan Electronics to Wal-Nuclear Materials at a price-earnings ratio of 15.9 times. (Group) Co., Ltd. 75% equity.
21st Century Business Herald reporter found that before holding a total of 24.07% of the Waltron nuclear material and concerted action of the Changyuan Group, through the reduction and transfer, the current shareholding has dropped to 10.47%.
'The company's main management team is still the same people, no change, but the management team holding very few shares, can not play a controlling role, the company hopes that shareholders can support the company's development. 'The above-mentioned Changyuan Group sources said.