State Owned Enterprises To Buy Samples Of Private Capital Companies To Observe "Loss Samples" Reveal The Problem Of Integration Of Institutions, "Short Board" Is The Right Time.

What will be the story of "A sweep" after the state-owned assets sweep?

According to the twenty-first Century economic report reporter statistics, in 2018 -2019, 67 listed companies, private, public or foreign-funded enterprises were changed into state-owned enterprises, including the transfer of shares, the transfer of voting rights and the transfer of state-owned shares. These enterprises are in 21 industries, such as electronics, machinery and equipment, commodity trade and media.

The objectives are different, including relief, industrial layout, investment promotion, business synergy, optimization of financial data and other aspects. Among them, "acquisition" is more than 6, and most of the acquirers are local gold control platforms or city investment enterprises.

However, with the dust settled in the transfer of controlling rights, subsequent integration has become the focus of attention of all parties in the market.

Reporters tracking and understanding, there are risk events after the listing of listed companies, large capital injection business after no improvement, there is no completion of the acquisition of further integration action......

In part of the A share market, the state-owned assets agencies that are "sweeping" goods are worried about the risk of "indigestion".

"In particular, some listed companies are very heavy and difficult to digest, and some state assets are full bond acquisitions." A general manager of a well-known brokerage company in China has pointed out that

Integration on the road

The completion of the acquisition is only the first step in the listing of state assets into the listed companies. What is most concerned about the market is the subsequent integration process.

In twenty-first Century, the economic news reporter noted that many state-owned shareholders have started the procedures of "Directors' presence", "management team replacement", "financing guarantee", "docking resources" and so on.

After entering the Jinyi culture in 2018, Beijing Haidian science and technology financial capital holding group Limited by Share Ltd (hereinafter referred to as "Haidian science and technology") adjusted the corporate structure of Jinyi culture, and Haidian technology also fulfilled its promise to provide liquidity support to listed companies.

In the year when the controlling shareholder was transferred, Haidian science and technology and its subsidiaries provided loans to the Jinyi culture with a loan interest rate of not more than 4 billion RMB yuan and an annual interest rate of not more than 7.16%.

No more than 1 billion of the refinancing scheme disclosed by Jinyi culture in 2019 was also fully subscribed by Haidian science and technology subsidiary Beijing Haixin Asset Management Co., Ltd.

"In 2018, after the entry of state assets in Haidian, the entire management team and organizational structure of the company have changed. Now we turn from private enterprises into state-owned enterprises, and the approval process is in accordance with the operation process of state-owned enterprises. A fixed increase has been issued before, and is also subscribed by a subsidiary of Haidian District state capital." Jinyi culture and securities department people interviewed pointed out.

In addition, another Haidian listed company, Ren Dong holdings, which was acquired by technology in July 2019, has also obtained loans of Haidian technology not exceeding RMB 1 billion yuan, and the annual interest rate of borrowing is not more than 7.5%.

In addition to financing for blood transfusion, there are state-owned assets to choose the business integration.

In October 2019, the Zhengzhou airport economic integrated experimentation area management committee gained the right of controlling shares. When the listed companies announced that the transaction would be completed, the company would build on the basis of high precision product terminals, intelligent handheld devices and vehicle terminals, as well as the ad hoc network industry, relying on the capital advantage of shareholders to form an intelligent terminal manufacturing industry with a certain scale of industry. It will promote the hatching and development of the upstream and downstream industries and lay the foundation for the development of Henan Beidou industry.

Four months later, in February 24, 2020, the United States announced its announcement. The company's controlling subsidiary, Zhengzhou airport intelligent Interconnect Technology Co., Ltd. signed the project framework agreement with Zhengzhou port Xinggang Intelligent City limited, and launched business cooperation on the new smart city project in the Zhengzhou comprehensive aviation experimentation area. The price of the provisional tax agreement is 1 billion yuan.

The GQY video of Kaifeng controlled acquisition has entered the stage of asset injection.

In July 2019, Kaifeng Jinqian officially entered GQY video. After four months, GQY video signed a letter of intent to transfer shares with Yulong hang Co., Ltd., Jinhui Hongkong Group Co., Ltd. and Henan Jinhui Energy Technology Development Co., Ltd., the company intends to acquire Kaifeng Jinsheng thermal limited company (referred to as "Kaifeng Jinsheng") more than 50% stake.

It is understood that Kaifeng Jinsheng was founded in 2004, is a heating and heating facilities, such as the main business of high-tech enterprises. In April 11, 2011, Jinsheng thermal power signed the "franchise agreement" with Kaifeng City Authority and obtained 30 years concession of central heating in Kaifeng City (including New District).

In 2018 and 2019 1-11, the operating income of Kaifeng Jinsheng was 636 million yuan and 721 million yuan respectively, with net profit of 35 million 101 thousand and 500 yuan and 94 million 351 thousand and 900 yuan respectively.

"At the end of last year, the company issued a notice of major asset reorganization, which is a major move made by the real controller after the change." (because the company's performance is not good), the chosen target is also a relatively profitable company, improving the company's current profitability is relatively weak. GQY video securities department pointed out.

Trend of state assets

The acquisition of state-owned assets has become a hot spot in the transfer of control rights of listed companies, especially in 2019, which is the peak period for state owned assets to complete the acquisition of A share holding rights.

In twenty-first Century, the exclusive economic news reporter received the latest report on the impact of the new regulations on mergers and acquisitions by the Federal Securities Acquisition and Acquisition Department (hereinafter referred to as the "new regulatory impact report"), pointing out that in the 56 cases of transfer of control rights that had been transferred in 2019, there were as many as 34 buyers in the background of state-owned assets, accounting for more than 60%, and the acquisition and listing of state-owned assets reached the peak of history.

Among them, 25 belong to the acquisition of state-owned assets in different places, accounting for 73.53% of the proportion of state assets acquisition, but also the situation of state-owned assets around the acquisition of a number of listed companies.

In twenty-first Century, the economic report reporters found that in the case of acquisition of state-owned assets in 2019, the most frequent action was the state-owned assets in Guangdong province. The total number of acquisitions was 6, including 2 state-owned assets in Guangzhou, 1 state-owned assets in Shenzhen, 1 state assets in Zhuhai and 2 state-owned assets in Foshan.

In 2018, during the sharp fluctuations of the stock market, Shenzhen, Zhuhai and Foshan were also the first places to release the bailout plan.

However, some of the state-owned assets took into account different assets, such as Guangzhou Wanli investment, which took Hunan's mountain and river intelligence; Foshan Nanhai gold voted won the Jiangsu silver Changshu electric machinery; Guangzhou new fund won Shanxi border crossing.

On the basis of the acquisition, the South China investment company and the emerging fund did not make detailed disclosure. Wanli investment mainly emphasized the acquisition of Industrial Synergy and regional development.

Following Guangdong province is Sichuan province. In 2019, the state owned assets of Sichuan province took over 5 listed companies' controlling rights, including three provincial-level state assets and two municipal state assets, and 5 listed companies were off-site enterprises.

Including the Sichuan Province Tourism Investment Group's Sini media, Chengdu Xingcheng group went to Beijing to win the Sinochem rock and soil control stake, Sichuan's national environment to take the lead in the fresh environment, Sichuan Sichuan Chuan Xin produced the Dongfang net power holding power, Rhine sports control shareholder changed into Chengdu body investment group.

Overall, most of the listed companies acquired by state-owned assets in Sichuan province have some synergy. Enterprises in different industries are invested by different industrial platforms. For example, the sinotechnical soil has provided technical support for the Xingcheng group in the construction of Chengdu metro line and the airport construction plan of Sichuan province.

Individual acquisition risk exposure

It is worth mentioning that, although most of the state-owned assets are in the market after the move, but not every enterprise's integration can be fulfilled.

Twenty-first Century economic news reporter noted that with the acquisition of state-owned assets concentrated landing, the risk of integration gradually lurking, such as some listed companies after the completion of the acquisition of state-owned assets suddenly occurred risk events.

As mentioned above, the "cross border links" bought by the emerging fund caught a "huge loss" in the year of completion of the acquisition.

Subsequently, the cross border pass released the 2019 earnings forecast. The net profit attributable to shareholders of listed companies is estimated to be between 1 billion 430 million yuan and 1 billion 130 million yuan. The loss of performance forecast is mainly affected by the factors such as clearing unsalable inventory, provision for inventory depreciation and other factors, and the total impact of the two factors is about 2 billion 50 million.

In 2018, 980 million yuan, a premium of 16.16%, and the acquisition of Guangzhou's national capital Kate technology also had a "stuffy deficit". The situation of increasing profits after the market not only did not improve, but the performance was worse year by year. In the year of completion of the acquisition (2018), Lidman's performance was nearly cut, and net profit fell to 44% yuan to 40 million 471 thousand and 700 yuan.

In 2019, it continued to deteriorate. The 2019 earnings Bulletin released by Lee man showed that the net profit attributable to shareholders of listed companies was 5 million 802 thousand and 300 yuan, down 85.66% from the same period last year.

In 2019, Henan's state-owned assets were very interesting. It has completed the acquisition of four listed companies, including three listed companies all "huge losses", another GQY video performance declined by 30%, but state owned enterprises have begun to implement profit improvement plan.

Specifically, the United States thought that the loss in 2019 was 946 million yuan. The gold shares purchased by Luoyang Ancient Capital Management Co., Ltd. lost 1 billion 189 million yuan in 2019, and the palm shares purchased by Henan Henan endowment insurance management and Operation Co., Ltd. were expected to lose 660 million yuan to 985 million yuan in 2019.

Palm stock securities department people interviewed pointed out: "the capital became the real controller in the first half of 2019. We are also in the stage of integration. At present, the chairman of Henan capital holdings has been our chairman and will have further cooperation with the Hong Kong Finance Association. In the early days, our medium-term bill financing and accounts receivable transfer were guarantees guaranteed by Yu. The losses in 2019 were caused by many factors. After the new board took office, they wanted to do well in their performance.

However, in the industry view, in addition to some of the existence of a huge loss behavior, "financial bathing", some enterprises do exist some risks.

"Some state-owned assets do not have a capital operation team themselves, but if the government is considering the macro considerations, if there is no preparation, some risk actions may lead to losses. Whether the acquisition of bad listed companies is the bottom line or the hot potato" (if not), if there is a large area of losses and investment losses, the latter government may have tightened up. On March 6th, Peng Qinwen, chairman of the new finance committee, pointed out.

In addition, after completing the entry, some state-owned assets platforms also appeared to be unable to participate in the governance of listed companies effectively, or there was no "short board" for subsequent benign capital operation.

According to the general manager of the former investment banking department, a state-owned asset organization that bought control of Listed Companies in 2019 has had a crisis of capital chain. It even provided convenience for listed companies to stimulate stock prices by means of "leasing license" and voting rights.

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