In the A-share market, I saw the sale of non-profitable businesses in order to turn losses into profits, but it is rare to sell the money-making business. It is necessary to know that only the profitable business can continuously create value for shareholders. Therefore, Guangdong Oma Electric recently The company limited by shares (hereinafter referred to as 'Oma Electric', 002668.SZ) has a market interest in the agreement to sell assets.
Previously, Oma Electric and Wang Jiyun and other five natural persons signed the “Equity Transfer Agreement on Guangdong Omar Refrigerator Co., Ltd.”, and then signed a related supplementary agreement. Omar Electric plans to transfer 40% of Omar Refrigerator at a price of 1 billion yuan.
You should know that Omar's main business, the refrigerator business, contributes more than 90% to the company's performance. Under normal circumstances, this should be the company's project, and Omar Electric decided to sell its 40% stake. Why is the business that makes money so unseen in Oma?
The operation itself is confusing. What is even more striking is that the bill was opposed by the majority of shareholders.
Now, the proposal to sell the equity of the refrigerator business has been rejected, what impact will this have on Omar Electric? Why is the company so anxious to sell the profitable business? Is it ready to abandon the refrigerator business and transform into a financial technology company? In response to the above questions, the "Investor News" reporter interviewed Omar Electric, but as of the issue, the other party still did not give any reply.
Want to sell part of the 'Cash Tree'
On the evening of June 29, Omar Electric announced that the company intends to make a price of 973 million yuan to transfer 40% of the shares of Omar Refrigerator to Wang Jiyun, Yao Youjun, Liu Zhancheng, Yu Weibao and Wu Shiqing.
The above-mentioned counterparties are Wang Jiyun, Wu Shiqing, Yao Youjun, Liu Zhancheng, Yu Weibao's partnership: Hexin Investment, Hezhi Investment, Heli Investment, Hequn Investment, Wang Jiyun is the director of Omar Refrigerator, and the general manager, Wu Shiqing is the director of Omar Refrigerator. Deputy General Manager, Yao Youjun served as Director of Omar Refrigerator, Deputy General Manager, Liu Zhancheng served as Deputy General Manager of Omar Refrigerator, and Yu Weibao served as Deputy General Manager of Omar Refrigerator. Omar said that the refrigerator industry is a fully competitive industry, in recent years, the industry Affected by factors such as rising raw material prices and changes in the international trade environment, industry competition has become increasingly fierce, and new requirements have been placed on the brand, R&D, manufacturing, marketing, and management capabilities of refrigerator companies.
After the completion of the transaction, the company still holds a 60% stake in Omar Refrigerator. Through this equity transfer, it is beneficial to optimize the shareholding structure of Omar Refrigerator, and it is also conducive to adapting to the needs of the company's strategic development in the future, and increasing the prospects for resource investment. Broad financial technology related business, improve the company's asset profitability.
However, it is worth noting that, in terms of 2017 annual report data, Omar refrigerator's operating income was 6.241 billion yuan, accounting for 89.62% of OMA's total operating income; net profit was 321 million yuan, accounting for 84.25%. It is said that it is the 'cash tree' of Oma Electric. In terms of financial technology business, in 2017, the company's information and technology services realized operating income of 549 million yuan, which is far from the income of the refrigerator business.
Therefore, the company intends to sell part of the equity of Omar Refrigerator to develop its financial technology business, which inevitably makes investors worry about losing more.
Or have interest transmission suspects?
Recently, Omar Electric held the third extraordinary shareholders meeting in 2018 to discuss the proposal to sell 40% equity of Omar refrigerator. From the announcement of the resolutions of the shareholders' meeting disclosed by the company, three proposals were rejected on the same day, respectively, regarding the sale of Omar refrigerators. Proposal on 40% Equity, “Proposal on Signing of Omar Electric and Wang Jiyun and Others”, Proposal on Signing the Conditions for Entry into Force.
Judging from the general voting situation of small and medium shareholders, the number of shares agreed to accounted for 99.99% of the shares held by the minority shareholders at the meeting. Then, this shows that the majority of the votes are against the majority shareholder.
It is worth noting that among the counterparties who intend to sell part of the shares of Omar Refrigerator, Wang Jiyun is the general manager of Omar Refrigerator, Wu Shiqing, Yao Youjun, Liu Zhancheng, and Yu Weibao as the deputy general manager of Omar Refrigerator. As a result, the transaction Equivalent to the sale of part of the Omar refrigerator to the 'own person'.
In this regard, some researchers pointed out that from the evaluation and evaluation of the Omar refrigerator by the evaluation agency, the 100% equity valuation of Omar Refrigerator is 2.503 billion yuan, considering the net profit of Omar refrigerator in 2017 is 193 million yuan, and the valuation is 12.9 times PE. The dynamic valuation of the listed company Oma Electric is 30.4 times PE. Obviously, the price is not fair and there is suspicion of interest transmission. This may be one of the important reasons for the motion being rejected.
Mutual gold business is stuck in the 'running storm'
It is understood that Omar Electric began to lay out its financial technology business in 2015, and proposed to build a 'fridge + financial technology' dual main business, investing heavily in financial technology to cultivate. But from the perspective of results, until now the financial technology business to the company The contribution of the revenue is not large.
In the 2017 annual report, Omar Electric also stated in the strategic development plan for the refrigerator industry that it should 'optimize the product structure and strive to increase the market share of high-end products'. Why did it suddenly propose to sell the refrigerator equity in June?
At present, the proposal to sell 40% of Omar refrigerator has been rejected. Will the company continue to sell the equity of the refrigerator business in the future? Where is the refrigerator business? The reporter interviewed Omar Electric on the issues concerned by the above investors, but the company did not make Any response.
However, from the performance in recent years, it can be seen that Oma Electric's prospect of paralleling the dual industry of 'Internet finance + home appliance manufacturing' three years ago is not so optimistic.
Since the beginning of this year, a large number of Internet financial platforms 'Bursting Lei', as the representative of Internet finance, have not been 'survived'. The P2P platform 'wallet finance' under the wholly-owned Sun Company's wallet network Jin (Pingtan) Technology Co., Ltd. also encountered 'Squeeze tide', there is a situation in which some online lending projects on the platform have not been redeemed.
On the evening of August 15, Oma Electric announced the latest response plan. The company's actual controller, Zhao Guodong, intends to invest in it by himself or through his concerted actions, Xiong Rongtong Zhongjin Investment Co., Ltd. or other interested parties (collectively referred to as the transferor). Or a designated third party or a combination of the two (collectively referred to as the acquirer) to transfer more than 5% of the shares or corresponding rights of Omar Electric to solve the problem of redemption of 'wallet finance' and other debts of Zhao Guodong.
At present, the two parties have reached a preliminary intention. The specific content is subject to a formal agreement signed by the relevant parties. The equity transfer may result in a change of the controlling interest of the listed company. Now Zhao Guodong directly holds 16.79% of the shares of Aoma Electric, Zhao Guodong and his The actor holds a total of 29.24% of the shares.
At present, the proposal to sell part of the equity of Omar Refrigerator has been rejected. The Internet finance business has also suffered from the external squeeze of the external economic environment and policy control. Next, where should Omar Electric go?