The Worry Of Zhong Bai Group: Performance Pressure And Equity Variables

A few days ago, the China 100 group announced the three quarter report in 2014. In the 1-9 month of this year, the company's revenue reached 12 billion 927 million yuan, an increase of only 4.55% compared with the same period last year. Its net profit attributable to 97 million 700 thousand yuan, up 12.5% over the same period last year, but net profit after deducting non recurring gains and losses was -3641 million yuan.

"This is a historical low point in recent years."

A business analyst told reporters on the twenty-first Century economic report that the impact of the industry and the financial costs of the China group were dragging down the company's performance.

Another worry that the group is worried about is the change in the composition of its shareholders.

The three quarter report shows that shinguang Holdings has gradually withdrawn from the China 100 group and has reduced its holdings by 5.12% to 6.23%.

But Yonghui supermarket continues to increase its holdings. At present, the shareholding ratio of Zhong Bai group has reached 18.18%.

The fourth largest shareholder, accounting for 4%, is a company called Wuhan Forster property company. At present, it does not know its purpose and background.

Under such circumstances, what are the future trends of Yonghui supermarket and Zhong Bai group that have just signed the strategic cooperation agreement? What is the trend of the restructuring of the Wuhan commercial enterprises that have been shelved?

Increased performance pressure

Rising costs and the impact of the electricity supplier, the industry as a whole, the decline of the group of 100, the pressure is not small.

Information released by China National Business Information Center of Zhongbai group shows that in 1-9 months of this year, the retail sales of key large retail enterprises decreased by 0.8% compared to the same period last year, down 11% from the same period last year.

The company admits that at present, it is difficult to show the effect of upgrading performance by relying solely on the expansion of the scale. Therefore, the company has intensified the adjustment of its stores, closed down the long-term loss stores, and has made batches of pformation to the old stores according to their performance, and has strictly checked the new stores.

Under this strategic adjustment, the new stores of Zhong Bai group slowed down, but the speed of closing stores was accelerated.

Since the beginning of the year, the company has closed 13 stores, of which 4 have been closed in Wuhan, 3 in other cities in Hubei, and 6 in Chongqing.

The company also expects that storage companies will close several stores during the year, closing 25 convenience stores and closing 3 electric appliance stores.

As a result, the store's early cancelling compensation costs make the company's extra business expenditure reach 12 million 549 thousand and 900 yuan, an increase of 111.9% over the same period.

An industry analyst also admitted that from the report, in the first three quarters of this year, the cost of the three fee increased by 16.19%, and the cost rate increased by 1.63 percentage points to 21.90%.

Especially in the third quarter, the gross profit margin of the company was reduced by 0.16%, the sales management fee rate increased by 1.52%, and the financial cost increased by 4 million 870 thousand yuan. The total operating profit of the company increased by 36 million 410 thousand yuan, and the performance report was leveled off by pferring 136 million yuan of investment income. However, from the main business point of view, the operating pressure of China 100 group is not small at present.

However, the China 100 Group believes that the overall performance of China 100 group is better than that of the same industry.

Three in the information released in the Quarterly Bulletin, another industry concern is the latest of China 100 group.

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According to the report, at present, the controlling shareholder, Wu Shang Lian Group, has adopted the action of a consistent person, Wuhan Hua Han Cci Capital Ltd. The shareholding ratio of China 100 group is still 29.99%. However, the second largest shareholder Yonghui supermarket has continued to increase its shareholding ratio has increased from 15% to 18.18%. Although the new light control stock has been reduced, it is still the third largest shareholder, and the fourth largest shareholder, Wuhan Forster property company, holds 27 million 240 thousand shares, with a ratio of 4%.

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Forster's real background and shareholding purpose are not yet known.

The above analysts pointed out that, but its state-owned economic background and location in Wuhan, it is estimated that it is not a bad thing for the controlling shareholder, Wu Shang Lian Group.

China group is more worried about Yonghui supermarket's shareholding purpose.

In the first half of this year, in response to Yonghui supermarket's holdings, Wu Shang Lian also increased its holding ratio to 29.99%.

However, in August of this year, Yonghui supermarket increased 813 million shares of the Dairy Farm International Holdings Limited (the "milk international") of the Pan Asian retail business, raising 5 billion 692 million yuan, and the dairy company's shareholding ratio of Yonghui supermarket reached 19.99%.

For the reason of increasing milk international, Zhang Xuansong, chairman of Yonghui supermarket, has explained that it is not for money, but the real purpose is to improve the supply chain with the help of milk company.

However, the above analysts believe that milk international in Hongkong market confrontation with PARKnSHOP supermarket, in the Hongkong supermarket market share of up to about 40%, from the international development of milk, mergers and acquisitions is its good way of expansion.

Yonghui supermarket has always had the plan and possibility of merger and acquisition expansion. Previously, it also increased the share of Shenzhen retail companies Ren Ren le on the basis of financial investment, but the latter belonged to family owned enterprises. Its holding ratio of listed companies was as high as 70%. If it was taken as the target of mergers and acquisitions, it would be difficult and costly.

On the contrary, the shareholding of China 100 group is still relatively dispersed, and its share price is relatively low, which belongs to the target of high-quality merger and acquisition.

What is more noteworthy is that under the current market environment, there is still no timetable for the restructuring of Wuhan's commercial enterprises. However, the Wu Shang alliance has promised to solve it within 5 years. If we cooperate with the reform of the mixed ownership system that is being carried out across the country, we may give other capital opportunities.

That is to say, if Yonghui supermarket continues to increase its holdings, it can threaten the holding power of China hundred group, and if it does not ask for control right, it can also become a bargaining power with the local government.

"At present, Yonghui supermarket has signed strategic cooperation agreement with China 100 group."

A local businessman in Wuhan also analyzed that the time of signing the agreement was that after Yonghui continued to increase its holdings, it was not ruled out that it was a negotiation result between Yonghui supermarket and Wu Shang Lian in the new situation of both sides.