In the early morning of August 7, Haili Co., Ltd. announced that in 2015, Hangzhou Fusheng Holdings Co., Ltd. (hereinafter referred to as 'Fusheng Holdings') and other legal persons and two non-publicly issued shares subscribed by Geming, Tong Bosheng and other natural persons It will be listed and circulated on August 12, 2018.
The number of restricted shares released this time was approximately 122 million shares, accounting for 14.03% of the current total share capital of Highly.
Coincidentally, last week, Haili’s major shareholder, Shanghai Electric’s subscription plan, was rejected. This means that it was widely believed that Shanghai Electric’s move to strengthen its control over the third largest shareholder Gree’s placard failed.
If Gree Electric really wants to 'swallow' the Highly shares, the release of the restricted shares will provide a good time.
The long-running dispute over controlling rights
On August 6, 2017, Shanghai Electric intends to sell 20.22% of the shares held by Haili, and put forward 13 more stringent conditions for the proposed transferee.
When the outside world speculated on the transferee, Gree Electric 'quietly' contacted Shanghai Electric and expressed its intention to participate. In the next two days, Highly's shares continued to achieve daily limit.
Unexpectedly, on August 23, less than a month later, Highly shares announced the termination of the equity transfer, resulting in a share price of nearly 9% on the day of the resumption.
On June 27, 2018, the CSRC criticized the "short-lived" trading office.
In addition, in the punishment document of “Notifying Shanghai Electric for Discrimination”, Shanghai Electric disclosed that the real reason for the termination of the equity transfer was “the Shanghai Electric Group caused personnel changes due to the external challenge during the implementation of the equity transfer, and the timing of the transfer was not mature”. .
Within one month after the termination of the transfer, Gree Electric purchased 43.32 million shares of Highly's shares through a centralized bidding transaction, successfully entering the board and placarding to 5%.
Gree Electric said that if Shanghai Electric has a new equity transfer plan in the next year, Gree Electric is committed to participate in the new equity transfer plan. Gree's acquisition of 'ambition' has surfaced for the first time.
In the first half of 2018, we saw that Shanghai Electric had no new transfer news. Gree Electric frequently shot and increased its holdings of Haili shares through 30 times of concentrated bidding transactions.
On July 5, 2018, according to the “Simplified Equity Change Report” issued by Highly, Gree Electric held a second placard and held a 10% stake in Haili, which directly forced the second largest shareholder to hold 10.1%.
This may have caused Shanghai Electric to feel a crisis. Then on July 7, Highly shares announced a non-public offering plan to increase the company's largest shareholder Shanghai Electric by 1 billion yuan. If the increase is realized, Shanghai Electric will hold The shareholding of Highly shares does not exceed 33.5%, and it is the shareholder of Shanghai Electric Holdings.
However, at the temporary meeting held on August 2, the proportion of the negative vote reached 46.09%, which caused the fixed plan to be unsuccessful. In this regard, Haili shares Dong Mi Luo Min said that this fixed increase proposal was against the normal production and operation of the company. Without causing substantial impact, Shanghai Electric will adhere to the major shareholder of Highly Shares in the future.
It seems that this is the front of the Gree Electric appliance that has the intention to obtain a controlling stake.
Low-profile Haili shares into '香饽饽'
Haili was established in 1993. Its legal representative, Dong Jianhua, is also the founder of the company. He has served as the controlling shareholder of the listed company – the financial director and supervisor of Shanghai Electric Group with the background of Shanghai State-owned Assets Supervision and Administration Commission.
At the helm of Shanghai Electric, Highly has developed a diversified pattern of 'compressors, motors, drive control, cooling and heating, auto parts', and the main business air-conditioning compressors account for 1/7 of the global market share. .
Fusheng Holdings, the second largest shareholder of Highly, also maintains synergy with the company's compressor business.
On the other hand, in the past two years, the relationship between Gree Electric Appliances and Highly's shares has become increasingly close.
According to Gree Electric's annual report, in 2017 Gree Electric purchased 1.074 billion yuan of compressors from Highly, and another 1.328 billion yuan of sales revenue came from Highly.
Curiously, Highly shares did not disclose these matters in the related party transactions of its 2017 annual report.
It was not until April 13, 2018 that Highly issued an announcement to list Gree Electric as a related party. It is estimated that the related party transaction volume will reach 2.5 billion yuan in 2018. This figure was raised to 8 billion on June 5. Yuan. Among them, Haili shares to Gree Electric Appliances sales of air-conditioning compressors and other products is expected to reach 5 billion yuan, and the purchase of raw materials to Gree Electric Appliances 3 billion yuan.
The steep increase in the amount of connected transactions has greatly increased the dependence between Highly and Gree. It is known that the revenue of Highly's shares in 2017 is 10.447 billion yuan, which is expected to come from Gree's revenue of 5 billion yuan in 2018. In 2018, it is estimated that the purchase amount to Gree Electric Appliances will exceed the total purchase amount of the top five suppliers of Highly Shares in 2017.
Gree Electric has a round of brand-name Haili shares. It is fancy that after holding the Haili shares, it can 'grab the air conditioner manufacturer's supply chain upstream, and then stabilize the leader of the Gree electric appliance industry.
Haili shares favored by Dong Mingzhu in the rivals Meizhi, Lingda respectively rely on the United States, Gree has achieved rapid development in the background, maintaining the top three in the global industry for many years.
The core advantage also helped Haili shares achieve good results.
In 2017, the operating income of Highly's shares was 10.446 billion yuan, up 41.5% year-on-year; the non-net profit was 236 million yuan, up 149.4% year-on-year; the non-return on net assets was 5.78%, doubled from the previous year.
It is worth mentioning that the asset-liability ratio of Highly's stocks, which has experienced rapid growth, has been rising. From 55.54% at the end of 2015 to 63.30% at the end of March 2018, it is higher than the asset-liability ratio of 30.57% of listed companies in the same industry.
Highly shares said that one of the purposes of the launch of the fixed plan on July 7, 2018 is to repay bank loans and optimize the financial structure. In addition, since Highly is implementing a number of large-scale projects, 300 million yuan of funds raised will be used to supplement Liquidity to advance the project.
Today, the fixed-income program 'abortion', and the net cash outflow of Highly's shares in the first quarter of 2018 was 557 million yuan, and the balance of cash-grade cash equivalents at the end of the first quarter was 798 million yuan.
In the case of the company facing liquidity but foreseeable continuous increase in shareholder income, whether the second shareholder of Highly Shares, Fusheng Holdings, will transfer the held equity to Gree Electric, which is the same breath as the company, has become the hot-selling equity. The key to the battle.