Recently, the United States Group and Little Swan a suspension of the same time triggered the market hot discussion.
Both sides have not disclosed details of the reorganization, which has attracted speculation. Subsequently, the United States re-issued the announcement that the reorganization of the project involved in more complex matters, the company planned to convene a board extension.
The company is expected to convene a board of directors to review and disclose plans for asset restructuring by September 28. According to the U.S. announcement, the company is planning to hold a subsidiary of the small Swan-related assets reorganization matters. The reorganization will be a consolidation of the brand and the washing machine business, according to people familiar with the situation. The United States and the small swan to maintain a long-years of mother-child relationship or will change.
The United States, the Secretary of the Dong Jiangpeng said that the company is at a critical stage of restructuring, it is inconvenient to speak to the outside. Although both the United States and the small Swan were silent on the reorganization, the reorganization plan has been issued multiple versions. Industry analysts said: ' The United States or intends to its washing machine related to the white electricity assets into the small swan listed companies, further enhance the small swan in the industry chain of discourse. However, there are also insiders believe that the United States this restructuring is likely to be privatized small swan, to promote the reform of the group integration.
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The difficulty of reorganization is great
The review of the two sides ' restructuring plans has been postponed, and the difficulty of restructuring is irrelevant. Industrial economy Observer Liang said: ' The United States has a lot of washing machine business, after the acquisition of Toshiba, but also absorbed the latter a large number of white power assets. The United States intends to borrow this reorganization, to clarify the relationship with the small swan trade. At the same time, the United States or interested in the washing machine related to the white electricity assets into the small swan listed companies to further enhance the small swan in the industry chain of discourse, both sides together to make cakes.
' However, he believes that both the United States and the small Swan merger, or to the small swan into other white power assets, the integration of the two sides will involve a number of companies and a number of relationship transactions, need to clear assets, to straighten out the existing related transactions. ' It takes a lot of time for the company, and the intangible increases the difficulty of restructuring.
' There are also insiders believe that the United States this restructuring is likely to be privatized small swan, to promote the reform of the group integration, while thoroughly solve the history of B-share problems. Because of the small swan for a+b structure, delisting approval process involves foreign exchange, than a pure a-share company time-consuming longer.
The US suspension is likely to last until 11, with the long suspension approaching the acquisition of the Kuka card in 2016.
The intentions of the Department of Beauty ' wholeheartedly little Swan ', used to be a household slogan.
Over the years, the small swan has maintained stable revenue and net profit, now ranked in the forefront of China's washing machine market. The United States is the small Swan's controlling shareholder, currently its direct and indirect holdings of the small Swan 53% stake.
The United States is also intended to make the small swan as its washing machine business core platform, but the United States and the small Swan's ' double brand ' strategy also left a hidden trouble. According to the industry, because of the implementation of the dual-brand strategy, the small swan inevitably with the parent company of the United States to generate a large number of related transactions. Little Swan in 2017 the total amount of related transactions is 7.746 billion yuan, accounting for the company's total revenue of about 36%, and mainly with the United States and its subsidiaries produced.
The reduction of affiliated transactions with subsidiaries is not ruled out as one of the reasons why the US reorganization was launched.
Now in the face of changes in the market environment, the United States also around the intelligent strategy in the various divisions and subsidiaries to start a round of adjustment. It is understood that for the implementation of the United States smart Home + Smart Manufacturing bi-wisdom strategy, from the beginning of last year, the United States to the various business departments to adjust, while the small Swan washing machine and the United States has been the washing machine has a competitive relationship, or will be a round of asset consolidation. Home Appliance industry analyst Ding General said: ' The United States since last year to several business departments have been adjusted to strengthen the line of business synergy. The United States to promote its asset restructuring with the small swan, can allow both sides of the resources to better docking, while achieving the optimization of the management of the business department, promote the washing machine business bigger and stronger. From a trend perspective, the probability of business integration will be greater.
' However, Hoang yen, an industry observer, said: ' The current value of the small swan has gone from the 2018 high of 48 billion yuan to withdraw nearly 40%. Considering the company carrying cash and deposits of more than 10 billion yuan, the actual PE is only about 11 times times, the time of privatization has arrived. If the little Swan retired, it would be the second time after the privatization of Wellington in 2017, the company nationalized its subsidiaries, and the United States would retain only one financing platform in the domestic capital market.