How Big Is The Energy Of The Cuckoo? Can She Withstand Her Actual Power?

Only one day, the Gome battle reappeared.

First of all, the Wong Kwong Yu case was sentenced in the second instance of the Beijing high court, and Wong Kwong Yu's wife, cuckoo, was sentenced to probation. He was sentenced to three years' imprisonment for three years and released in court.

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"From the individual level, every national beauty is happy to see the cuckoo reunite with their children." Mr. Rhododendron and Mr. Huang are not the problem, but Mr. Huang's actions. We do not think it is in the best interests of Gome and shareholders.

Gome board spokesman Chen Tong said to the newspaper on the same day.

The release of the cuckoo has led the leaderless Wong Kwong Yu camp to return to its new leader, making it possible to shake the balance between Huang and Chen.

On the same day, another card thrown out by the Wong Kwong Yu family was disclosed, that is, if the 5 major shareholders' motions of the special shareholders' meeting in September 28th were not fully approved, the major shareholders would terminate some cooperation agreements between the listed group and the unlisted group.

Previously, the outside world generally believed that Wong Kwong Yu's Unlisted part of the card should be released after the special shareholders' meeting in September 28th.

"This is a precautionary measure taken by major shareholders."

The representative of the Wong Kwong Yu family explained to the newspaper 30 days ago that "the majority shareholder is convinced that if the motion is not passed, the unlisted part of the majority shareholder is likely to suffer unfair treatment and unnecessary losses."

Meanwhile, the board of directors of Gome also received another letter from Shinning Crown, a major shareholder representing the Wong Kwong Yu camp.

This letter requires that if the board of directors of Gome arranges additional issuance, Shinning Crown hopes to subscribe for 55-65%'s new shares, and its subscription price will be 5% premium.

Threatening to "tear the Gome" and demanding new subscription of new shares, Wong Kwong Yu's family rarely sends a number of cards in one day.

To what extent will the comparison of the strength of the contest between us and China change?

tearing

The major shareholder's proposed agreement to terminate is mainly related to a series of related agreements on management, procurement and supply signed by the listed companies and their Affiliated Companies since March 17, 2005 and non-listed company Beijing Gome.

According to Gome's 30 day announcement, the management fees and procurement costs of non-listed company in 2009 to the listed companies reached 95 million 210 thousand yuan and 138 million yuan respectively, while the prices of the goods sold by the listed companies and non-listed company in 2009 were 360 million yuan and 92 million 530 thousand yuan respectively.

In this way, if the agreement is terminated, it will cause certain loss of income and profits to the listed companies from November 2009, and this proportion will account for less than 0.5% of Gome's total revenue in 2009.

A Hongkong analyst who declined to be named said that according to its calculations, if Gome will be listed and non-listed company is fragmented, the net profit of listed companies will be reduced by about 10%.

Gome, a senior executive, told the newspaper 30 days ago that although the joint purchase of listed and unlisted parts can produce certain scale economic benefits, the size of the listed part is enough to get the supplier's discount, and the greater part of the purchase is purchased by the regional companies of the listed companies and non-listed company, so the purchase has little effect on the company.

Chen Tong told the newspaper on the afternoon of 30, that the above agreement terminated the long-term development of listed companies is "more advantages than disadvantages". The company lost only about 230 million yuan a year's hosting fees, but it can manage the team from the non listed part of the release, concentrating resources to achieve faster the existing store doubling plan.

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"These agreements are all in the 2004 after Gome listed, in order to make use of the resources of listed companies to support the development of the unlisted part which was not high quality."

A senior Gome executive said that if the agreement terminated, "it's like the fetus itself broke off the umbilical cord associated with the mother, causing greater harm to unlisted stores."

According to the executive, unlisted stores will no longer enjoy the benefits of scale purchase after being split up, and they need comprehensive reconstruction in credit, software and TMT. It can be said that unlisted stores will hardly survive alone after the agreement is concluded, unless someone wishes to take over.

For a listed company, however, the split is not the gospel.

"If Gome splits, it means that Suning has become the leader of the domestic appliance chain industry. Gome is facing unprecedented challenges in some major markets, whether it is unlisted or listed."

Luo Qing Qi, senior director of paler consulting, said.

For example, in Shanghai, after the merger of Gome and Yongle in 2006, the listed companies have incorporated Yongle stores into them, while non-listed company has GOME stores. The sum of stores on both sides is twice that of Suning, but Suning has already surpassed Gome in Shanghai, becoming the only electrical appliance chain after Yongle in 2007, and is catching up with Yongle. After sunk's internal turmoil, Suning is expected to become the largest electrical retailer in the Shanghai market.

A worse result of Gome's worry is that the Wong Kwong Yu family simply sold unlisted stores to Suning.

"It's impossible for the unlisted stores to run alone, and Huang can't sit by and watch them all shut down, so it's very likely to sell the stores to their competitors."

Gome executives told our reporter that if you take over the best buy, it will create a new strong opponent for Gome listed companies. If sold to Suning, then the size of Suning will exceed that of Gome listed companies.

"We are not optimistic about the Wong Kwong Yu family's practice."

The above Hongkong analysts said that this is a brand of Huang Jia's institutional investors, but if it damages the long-term development of listed companies, it will oppose the interests of institutional investors, especially small and medium-sized investors, and large shareholders.

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As for another card played by Huang family, the offer to subscribe for 55-65% new shares, Chen Tong responded that no decision was made on issuing new shares according to the existing issuing authority, and the board of directors usually did not consider any hypothetical proposals.

"At the same time, the Board considers that Shinning Crown is a related party of the company, and under the relevant listing regulations, the company is unable to meet the requirements of Huang's single shareholders."

"Even in the future, the largest increase will be in accordance with the shareholding ratio of the current shareholders, rather than the number of large shareholders to subscribe to the requirements."

A person from GOME said.

According to the subscription of 55-65% new shares, for the 20% Gome, it means that it subscribe for 17-20 billion shares of new shares. If we calculate the premium of Gome's current stock price by 5%, Huang will at least produce HK $4 billion.

"According to our survey, it is obviously not realistic for Huang to produce HK $4 billion at present."

A senior executive at Gome said.

Those close to the Wong Kwong Yu family have earlier confirmed that the largest shareholder has increased the 120 million shares of Gome in the two tier market, so that its shareholding ratio will reach 34.78%.

This means that the Wong Kwong Yu family has only 1.2% of the reasonable share holdings to operate.

The Wong Kwong Yu family has previously disclosed that if the timing is right, the total market will be completed in the two market share holdings of 2%.

For Huang's increasing holdings, industry analysts say, "the voice of the Wong Kwong Yu family's over subscription may not be true.

On the one hand, it is to prove to investors that Huang has strong capital strength. On the one hand, it threatens investors not to vote against its motion to reorganize the board of directors, otherwise the listed companies will be greatly affected.

Another source said, there are already a number of powerful third party consortia eager to participate in the increase.

The actual power of that woman

For the Wong Kwong Yu family, the biggest excitement in August 30th was the release of cuckoo.

"This is good news.

At present, we have not yet got in touch with Miss cuckoo. "

The representative of the Wong Kwong Yu family told the newspaper on the evening of 30, "we believe that Ms. cuckoo as an important shareholder of the company will care about and support the development of the company in the position of shareholders and, in the premise of the law, from the perspective of shareholders to the company, do something in their power."

Gome insiders said, "for Huang family, in the case of Wong Kwong Yu and Huang Junqin are in jail, the release of the cuckoo is obviously the most important weight for their competition for Gome, and Wong Kwong Yu's two sisters are hard to bear."

In addition to previously responsible for the communication resources accumulated by Gome, Peng run investment and investment institutions, the return of cuckoo to the Wong Kwong Yu family and Gome's internal support for the old part of the Wong Kwong Yu family has been reconvened, which may change the strength ratio between the two sides.

There is even news that the Rhododendron may attend the special shareholders meeting of Gome Electrical appliances in September 28th. In this case, Gome insiders said, "the cuckoo is still a probation. According to the relevant laws and the regulations of the listed company management, it can not be the legal representative of the directors and enterprises of the listed companies in the next few years."

Moreover, in August last year, the Hongkong Securities Regulatory Commission sued Mr. and Mrs. Wong Kwong Yu, and the summons issued by the Hongkong high court failed to reach two people. Now, with the release of cuckoo, the summons are coming, which means that the cuckoo will face a new lawsuit.

"Once she is in Hongkong, she will probably be arrested, so it is impossible for her to participate in shareholders' meetings in Hongkong or to communicate with investors overseas."

He also said, "the outside world may overestimate the ability of cuckoo, although Wong Kwong Yu's capital operation has been involved in the capital operation, but it is not a decisive figure, and at present, the influence of the Wong Kwong Yu family in the capital market is greatly reduced.

However, insiders speculate that the release of cuckoo may mean the lifting of its financial crisis for the Huang family, because the cuckoo is likely to repatriate some of the funds pferred to Hongkong or overseas to participate in the war between the United States and the United States.

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Some sources disagree.

"After the freezing of HK $1 billion 655 million assets by the high court of Hongkong, it is not difficult for Wong Kwong Yu to hide his assets overseas in order to return to Hongkong or to play a role in China."

The clarity of the outcome may drag on to the last moment.