Before The Restructuring, 6 Billion State-Owned Assets Split &Nbsp; Shanghai Jahwa Arrow Three Carving.

In the forthcoming

On the evening of March 28th, Shanghai's 600315.SH announced that the Jahwa group had pferred 41 million 457 thousand and 142 shares of Shanghai Jahwa (9.8%) to Shanghai's 20 million 728 thousand and 571 shares (4.9%) and Shanghai's 20 million 728 thousand and 571 shares (4.9%).

"The purpose of doing so is mainly to avoid tender offer."

A person close to Shanghai's SASAC told reporters.

Previously, Jia Hua Group owns 38.95% of Shanghai Jahwa, and after its pfer, its shareholding ratio has dropped to below 30%.

"There is no legal obstacle to the Jahwa restructuring, and the next process (listing) is our demand."

The above said.

Our reporter also learned from informed sources that Procter & Gamble, Unilever and other foreign counterparts will be difficult to become the "future providers" of Jahwa, and Jahwa will make relevant restrictions in listing information.

Statistics show that before that, Jahwa group directly owns 38.18% of Shanghai Jahwa, a total of 161 million 517 thousand and 300 shares.

At the same time, Jia Hua group also indirectly held 0.85% stake in Shanghai Jiahua by holding 90% of Shanghai Hui Sheng industries.

In this way, the Jahwa group owns 38.95% of the listed company.

According to the provisions of the securities law, the acquisition and trading of stock exchanges will enable the acquirers to hold Target Corp shares to 30%. If the company continues to increase its share holdings, it must issue a comprehensive offer to all shareholders of the Target Corp according to law.

After 41 million 457 thousand and 142 shares were pferred (9.8%), the direct and indirect shareholding of Jahwa group had dropped to 29.15%.

"If you don't cut it off, once the JAC group is listed, it will trigger the offer, and the formalities will become more troublesome."

The former said, "next, (assessment results) should come out at the end of April, and then the potential strategic investors will do due diligence. Then the Jahwa group will be listed and all state assets will be withdrawn.

These procedures will be quick. "

According to the foregoing persons, the pfer of shares is free of charge.

"In fact, it is also hoped that Shanghai will be able to get more money for public facilities."

What he calls "public facilities construction" mainly refers to the subway.

The Shanghai jetsu and Shanghai Jiu Shi, which are the pferable JV shares, are wholly state-owned companies in Shanghai. They are also the main investment and construction providers of Shanghai Metro.

After acquiring part of the stake in Shanghai Jahwa, the two enterprises will be able to cash in through the two level market reduction and invest in the subway construction in the future.

A Jahwa insider said that these 41 million 457 thousand and 142 shares should be worth more than 1 billion 600 million yuan.

In the eyes of the foregoing, if Shanghai Jahwa restructuring is successful, it will not only become an example of the ongoing reform of state owned assets in Shanghai, but also a cost-effective business.

According to its introduction, according to the provisions of 10% of the profits paid by state-owned enterprises, in 2010, the dividends paid by Jahwa group were 14 million 900 thousand yuan, while at the same time, the tax paid by the entire group and subordinate two enterprises last year was nearly 500 million.

Previously, authorities have told reporters that the Shanghai municipal government's request is that the whole pfer of Jahwa group should be ten percent off on the basis of the existing market value.

In terms of current market capitalization, the valuation of 38.95% household ownership will be between 60 and 7 billion yuan.

"The selling price of the 6 billion yuan is equivalent to the profit paid by the family for 400 years.

More importantly, the tax revenue of the Jahwa group will remain unchanged. "

Reporters learned from people familiar with the matter that apart from avoiding takeover, there is a more realistic consideration for asset segmentation, which is to cater for the bid of the receiving party.

Earlier, Ge Wenyao, chairman of Shanghai Jahwa, once said that Jahwa "never sold to foreign investors". Therefore, most of the investors came to finance investors.

Financial investors at that time offered a price of around 4 billion.

"The price of Jahwa has gone up a lot, even if it hits ten percent off, it will be about 6000000000.

And those who can afford this price can only be enterprises such as P & G and Unilever.

After the pfer of some shares, the shareholding ratio of Jahwa holding a listed company changed to 29.15%, and the share value of the listed company owned by Jahwa group was 4 billion yuan after ten percent off of the current share price.

Combined with other assets within the group (such as hotels, etc.) and liabilities, the valuation of Jahwa group will not exceed 5 billion yuan.

This is not much different from previous investors' quotations.

But another question is, how can we prevent Procter and gamble from bidding when the listing price is high?

According to the person familiar with the matter, at present, Jahwa has set up a development target in the restructuring plan submitted to the government, that is, it is positioned as a comprehensive fashion industry group, not only for cosmetics and cosmetics related industries, but also for watches, jewelry, fashion and The Inn Boutique.

"For P & G, this kind of foreign investment giants, generally only want to buy one or two brands of domestic enterprises, and comprehensive enterprises, they are not interested."

Therefore, this will become a "firewall" to reject Procter and gamble.

Reporters learned that, before the suspension, the Shanghai municipal government and the Jahwa group have been in close contact with a group of potential suppliers, including CITIC, CDH, Sequoia, Lenovo Hirotake, Ping An and so on.

"At present, there are about 4-5 potential strategic investors, namely, financial groups, funds and financial investors."

The person familiar with the matter said.