Chongqing Department Store Staged A New Century Of "Snake Swallow Elephant"

Department store

Put on "snakes"

In Shanghai

Over the years, the restructuring of assets of Chongqing commercial group's Chongqing department store and new century department store has taken a key step.

In August 23rd, the application for the purchase of assets and related pactions of Chongqing department store issue shares was approved by the CSRC and approved conditionally.

Prior to that, Chongqing department store announced that Chongqing department store will issue 169 million shares through the non-public offering to the controlling shareholder Chongqing business group and New Horizon Lake View Investment Limited. After buying, they will hold 61% and 39% of the new century department stores respectively.

As one of the state-owned group supported by Chongqing SASAC, the Chongqing department store of Chongqing business group is

Long integrated road

The integration of Chongqing department store and new century department store can be traced back to 2005.

In those days, the major shareholder of Chongqing department store, Huamao State-owned Assets Management Co., Ltd. and the two shareholder, Chongqing business group, were reorganized and merged under the leadership of Chongqing municipal government.

In December 21, 2005, the 18.96% stake in Chongqing department store held by Huamao state-owned assets management company was pferred to the business group. The shareholding of Chongqing department store held by the business group increased to 35.96% and became its largest shareholder.

At this time, the competition between the new century department store and the Chongqing department store which belonged to the wholly-owned subsidiary of Chongqing business group became the focus of the industry.

People in the industry describe this way: "the coincidence ratio of the two enterprises is as high as 90%, and many times the stores of the two enterprises are" door to door open ".

As a "parent", the Chongqing commercial company once promised to solve the problem of competition in the same industry within two years after the completion of equity pfer, through the replacement of assets and business or pfer of assets with Chongqing department stores, or by merger and absorption.

However, what disappointed investors was that in December 21, 2007, two years later, the industry was regarded as the deadline for Chongqing business group to solve the competition.

But the restructuring plan of Chongqing department store and new century department store did not come as scheduled.

In April 28, 2008, Chongqing commercial agency sold 25% of its new century department store.

It is understood that the pfer of new century department store equity, the assignee put forward a number of harsh requirements, such as the one-time payment of the pfer of shares of the total price, and promised to provide about 300 million yuan of additional funds to increase investment and expansion of the target enterprises; the pferee and its main shareholders should not operate the same business as the target enterprise, and must be a financial investor who optimizes and enhances the brand and value experience of the commercial circulation enterprise; the pferee or its major shareholders should have the seven requirements of the listed company's operation ability and its listed companies.

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Finally, an investment company called new Tianyu lakeside bought a 25% stake in the new century at 352 million yuan, and then increased its capital by 323 million yuan, and finally got a 39% stake.

For the introduction of such an investment institution, Cai Zhenliang, general manager of Shanghai Sheng CE capital, told reporters that this could play an important role in optimizing the ownership structure.