A year and a half ago, Bao Neng came to knock on the door of Gree Electric Appliances and was strongly resisted by Dong Mingzhu. However, today, Gree Electric has two shares of Haili, which is only one step away from the position of the two shareholders of Highly. .
However, in the short term, Gree does not seem to have the idea of taking the entire equity of Highly. As early as the first time to advertise Haili, Gree has expressed its attitude: There is no plan to obtain a controlling stake. Holding, but Gree Electric is also not willing to relax the control of Highly shares. Soon, it launched a second round of placards.
Regarding the intention of Gree Electric, the outside world has different opinions. Some insiders said: 'Gree Electric had contacted Shanghai Electric, a major shareholder of Highly Shares, a year ago, and wanted to take over its shares, but finally failed to talk. Gree Electric has a strong interest in the controlling stake in Highly, which is more likely to buy equity from major shareholders than as a ' barbarian'.
At present, for the successive placards of Gree Electric, Shanghai Electric has begun to attack.
Early intention to control helpless 'no talk'
Related transactions increased by 220% this year
In fact, Gree Electric has long expressed its willingness to 'take over' to the major shareholders of Highly.
On August 4, 2017, Highly shares received a notice from Shanghai Electric, the major shareholder. Shanghai Electric intends to transfer all the shares of the company it holds by way of public collection of the transferee, totaling approximately 175 million shares, accounting for the company's total share capital. 20.22%.
Subsequently, due to the fact that the conditions for the transfer of shares by way of public collection of the transferee were not mature, Shanghai Electric decided to terminate the transfer. This also caused the fluctuation of the equity of Highly shares at that time, which caused many investors to be dissatisfied.
However, according to the announcement, Gree Electric has contacted Shanghai Electric and expressed its intention to participate in the announcement of the transfer of the shares of Shanghai Electric Co., Ltd., and it was reported that the two parties did not talk.
Soon, in the month, Gree Electric began to buy shares in Highly shares, and bought 5% of the shares of Highly in less than a month, becoming its third largest shareholder. Today, Gree Electric again Haili shares held a placard. In less than one year, Gree Electric continued to increase its holdings, and its shareholding in Highly shares reached 10%, which directly led to Hangzhou Fusheng, the second largest shareholder of Highly.
For the goal of Gree Electric's placard, some people in the industry believe that: 'Gree Electric sees the advantages of Haili Co., Ltd. in air-conditioning compressors, and intends to strengthen its binding. At the same time, Highly shares has been on the new energy vehicle compressor for many years, Gree Electric After introducing it, it may help Dong Mingzhu's 'making a car dream'.
In fact, Gree Electric has a long-standing relationship with Highly, and Gree Electric has been able to say that it is 'knowing the bottom'. Haili has long been a supplier of Gree electric compressors, and the transactions between the two are frequent. Data show that In 2017, Gree Electric had 1.074 billion compressor purchases from Highly, and 1.338 billion yuan in sales revenue from Highly.
However, the industry believes that: 'The related transactions between Gree Electric and Highly are accelerating. Gree Electric is a shareholder of Highly. It is necessary to be cautious in its shareholding. At the same time, although the company is in the field of air-conditioning compressors. Has a strong advantage, but it also has shortcomings, Gree Electric need to pay attention to risk. At present, the main income of Highly shares is mostly from the air-conditioning compressor business, while the refrigeration compressor industry gross margin is at a low level in the industry chain, the company's gross profit margin At the same time, the competitiveness of Highly's inverter compressors is weak in China, and the right of downstream air conditioner manufacturers is also improving.
It is worth noting that in June this year, Gree Electric Appliances will adjust the amount of daily related transactions in 2018 with Highly's shares, and increase the previously expected raw material purchase quota from 1.5 billion yuan to 5 billion yuan, and the sales quota will be 1 billion. The yuan was raised to 3 billion yuan, and the total transaction amount was raised from 2.5 billion yuan to 8 billion yuan, an increase of 220%.
Shanghai Electric 1 billion sniper
The two sides started the game
However, after Gree Electric's second placard, it can be seen from the action of Shanghai Electric that the major shareholder of Highly shares is more cautious about the approach of Gree Electric.
After Gree Electric's second placard, Highly issued a 2018 non-public offering plan, revealing Shanghai Electric's 'Barbaric Plan'.
The non-public issuance plan of Highly shares said that in order to repay bank loans and replenish working capital, the company plans to issue no more than 173 million shares in a non-public offering, raising no more than 1 billion yuan, and the target is to be the major shareholder of Shanghai Electric. After the completion of the increase, Shanghai Electric's shareholding ratio will rise from the current 20.22% to no more than 33.51%. The industry believes that this increases the difficulty for Dong Mingzhu to become a 'barbarian'.
Shen Meng, executive director of Shannon Capital, said: 'Gree Electric's placard Haili shares intends to use a new capital platform to 'incite' new industries. In fact, it does not want to take the controlling stake in Highly Holdings through placards. Gree Electric With Haili shares investing 1 billion yuan each to increase the right to speak, the current Gree Electric and Haili shares major shareholder has started a round of game for equity competition.
Liu Buchen, an observer in the home appliance industry, said: 'At present, Highly has already seen the intention of Gree Electric and launched a sniper, but it seems difficult to prevent Gree from achieving control. After all, Gree's funds are still relatively abundant. Whether it is Gree Electric or Shanghai Electric It will not be easy to compromise. From the perspective of the actions of all parties, this round of games has just begun.