In the evening of September 9, the United States and the small Swan A (000418) both announced the suspension, the United States group said that it is planning to be related to the small Swan asset restructuring matters, on September 11 to convene a board of directors to review matters related to asset restructuring. The announcement did not reveal more details about the reorganization.
Up to now, the United States Group has directly and indirectly held small swan A and small swan B total 52.67% of the shares, is its controlling shareholder, while the United States Chairman of the Group, legal representative Fanghongbo is also the chairman of the small Swan and the legal representative. Over the years, the United States and the small Swan has maintained a parent-subsidiary company Control model, the business between each other still have a certain independence.
This reorganization will bring more imagination to the capital market, and the two do not rule out a complete reorganization of the business and assets.
Long Bull White Horse Little Swan Founded in 1958, The Little Swan was first a state-owned enterprise. In 1978, China's first fully automatic washing machine was born here.
In 1993, the company was approved by Jiangsu Province restructuring to establish a targeted recruitment company Limited, and in 1996, the 1997 issue of B-Shares and a shares, successfully listed on the Shenzhen Stock Exchange.
In 2008, the Little Swan experienced a major change in history, the United States of electrical appliances to 1.68 billion yuan acquisition of the company's 24.01% stake, become a controlling shareholder, the small Swan also from a state-owned enterprises into private enterprises.
Since then in 2010, the small Swan to 8.63 yuan/share to the United States, 84.832 million shares of a shares, a total of about 732 million yuan, used to buy the U.S. electrical holdings of Rongshida 94.145 million U.S. Dollar Stakes, that is, Rongshida laundry equipment 69.47% of the equity. Since then, in 2013, the United States Group to absorb the merger of the United States by absorbing electrical appliances to achieve the overall listing, and the small swan controlling shareholder has since changed to the United States group.
In 2014, in order to further enhance the business synergy between the United States and the small Swan, the United States Group of companies through the foreign subsidiary Titoni Small Swan A, B share shares to implement partial offer, the shareholding ratio rose to 52.67%. The solid foundation of the old state-owned enterprises, combined with the United States after the optimization, so that the small swan in performance or capital market performance has become a long bull white horse. In 2017, the small Swan achieved a net profit of 1.506 billion yuan, compared with the 2008 United States group holding 40.04 million yuan growth of 36 times times, the same period, the share price also rose nearly 20 times times.
As from the end of 2005, Little Swan A has risen more than 30 times times.
Business integration deserves attention From a business point of view, the small swan and the parent company Beauty Group Diversification strategy, its more than 90% of revenue from the washing machine category.
According to Oviyun data statistics, Little swan in China's washing machine market share in the second only to Haier. The focus and accumulation in the washing machine market is also a big reason for the small swan being a group in the United States.
In 2010, the United States to integrate its rongshida and small swan, but also to make the small swan as the United States of the group's washing machine business core platform. After the completion of the integration, the United States of the group's washing machine manufacturing business is concentrated in the small swan, but in the brand still retains the beauty of the small Swan's "dual-brand" strategy.
The recent small swan in the acceptance of investor research revealed that at present in the product structure, the small Swan brand accounted for about 2/3, the United States accounted for about 1/3. To this end, the small swan will inevitably be with the parent company beauty of the group generated a large number of related transactions.
The announcement shows that the total amount of related transactions that the small swan actually took place in 2017 was 7.746 billion yuan, accounting for about 36% of the company's total revenue, and was mainly produced by the group with the United States and its subordinate subsidiaries. Little Swan at the same time, it is expected that the total amount of daily related transactions such as purchasing raw materials and products, selling washing machine products and accessories, receiving logistics and other services will not exceed 10.95 billion yuan in 2018.
For the United States, the reduction of affiliated transactions with subsidiaries is not ruled out as one of the reasons for the reorganization.
On the other hand, the small swan good cash reserves and cash flow, also does not exclude is the United States group to promote the reorganization of one of the reasons. The 2018.5 Annual report shows that the small swan carrying money money is 1.704 billion yuan. But Zhousiu, the company's chief secretary, recently said in an investor survey: ' 17个亿只 is a very small part of our money, and the money we have now in hand is actually 130多个亿. Part of it will be invested in structured deposits, partly for the purchase of short-term banking products, although the company will do some expansion every year, but the amount of money used is not large.
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In order to further understand the background of the reorganization of the two sides, securities times • E Company reporters to call the United States and the small Swan, the United States of the group said all to the announcement information, the little Swan is not connected. ' The Department of Beauty ' | Big Integration | The beauty of the Little Swan both suspended