321 Companies Change Control Right Big Data Of A Share "Change Of Ownership" In 2020

Since 2018, the A-share listed companies "Yi main trend" have appeared again.

According to the statistics of the 21st Century Capital Research Institute, in 2020, 321 listed companies in the A-share market have completed the change of control rights, which is basically the same as that in 2019. Nearly 15% of the purchasers of the change of ownership cases are state-owned assets background.

In the early years, under the influence of macroeconomic and regulatory policies, many private enterprises were in short supply of capital chain, and the transfer of control rights by actual controllers was common. State owned enterprises with significant capital advantages, especially local state-owned assets, became the main force for the relief of listed companies and an important force for reorganizing the platform resources of listed companies.

From the data, although 2020 is still a big year for state-owned assets, especially for local state-owned assets, unlike the change of control rights under the risk of equity pledge earlier, the risk of equity pledge in 2020 will be significantly eased, and listed companies are more likely to seek more industries or capital resources. In addition, from 2017 to 2019, some investments did not meet the expectations, and the state-owned assets to invest in listed companies tended to be cautious And the signal of industrial integration is more accurate.

Another data shows that in 2020, there will be a number of cases in which state-owned assets give up control of private enterprises.

During the same period, colleges and universities accelerated the divestiture of "school enterprise assets", and four A-share companies with school enterprise background, including Fudan Fuhua and Da'an gene, completed the change of ownership.

321 listed companies change ownership big data

In the past year, 321 real controller changes occurred in the A-share market, which was basically the same as the peak in 2019.

On the whole, in addition to the former real controller's rapid cash out, there are also many passive "changes of ownership" due to industry integration, and the introduction of strategic investors in industry or enterprise reform.

"In recent years, the real controllers of listed companies have much higher acceptance of" shell selling "than before. It is really difficult for a generation of entrepreneurs to accept selling the company because the company is like their own children. Who can bear to sell their children? But now many of the first generation of entrepreneurs are also facing retirement, and the second generation who takes over is more receptive to shell selling. In addition, there are many cases in the market where companies develop better after changing ownership. The real controllers are willing to introduce more powerful shareholders to the company for the sake of better development of the company, and then take the money to start a second venture. " Recently, a partner in a private placement agency in South China pointed out to reporters.

On the whole, the market value of the listed companies that have changed owners is generally small, and the stock price performance in the past is poor.

In this context, a listed company in East China was transferred to a county-level state-owned assets platform in South China.

The company's executives told the 21st century economic reporter that after the entry of state-owned assets, the company actively entered the local government's large health and smart city and other related projects, and combined with its own business advantages and local resource advantages, it has brought an important growth point for the performance increment of listed companies.

According to the statistics of 21st century economic report, among the 321 listed companies that changed owners in 2020, 300 enterprises had a total market value of no more than 30 billion yuan by the end of January 28, and even 250 enterprises had a total market value of less than 10 billion yuan.

In the view of industry insiders, small and medium-sized low-priced stocks in the A-share market tend to have lower shell buying costs and are the most favored objects of many shell buyers.

Through the introduction of strategic investors with industry or capital "endorsement" or resources, the listed companies can get rid of the mire with more vitality, and at the same time, it is easy to stimulate investors to buy in a large scale driven by the stock information.

The reporter of 21st century economic report has noticed that after announcing strategic investors with strong strength or industrial resources, most of the listed companies have gained a sharp rise in their stock prices in the short term. However, in the medium and long term, the stock prices of listed companies are related to their own qualifications.

In addition, due to the influence of registration system and other factors, the A-share market has been seriously differentiated, and some small and medium-sized market value stocks have been "abandoned" by the market. Of the 321 enterprises that have changed ownership, only 142 enterprises have achieved positive growth in the year 2020, and 95 listed companies have dropped by more than 20%.

A typical example is Zhenhai shares. In February 2020, Zhenhai shares announced that the shareholders signed the share transfer agreement. 97 natural persons including Chairman Zhao Liwei, general manager fan Qihai, director Fan Xiaomei, deputy general manager Weng Wei and other 97 natural persons transferred their 1999.32 million shares of the company (accounting for 11.48% of the company's share capital) to Shuntong group.

Through this operation, the actual controller of Zhenhai shares will be changed to Yuyao state-owned assets management office.

After the announcement, the company's share price rose briefly, rising more than 4% on February 11, but then fell back rapidly. In 2020, the stock price of Zhenhai stock fell by 26.51%.

In terms of industry distribution, the listed companies that changed owners mainly came from the heavy asset manufacturing industry, including 46 mechanical equipment enterprises, followed by biological medicine companies, 32 listed companies, and 29, 27 and 24 chemical, electrical equipment and computer enterprises respectively.

According to the 21st century economic reporter's understanding, many of them are still related to the shortage of capital and financial resources of actual controllers.

According to a source, a licensed institution in Beijing recently introduced war capital because of the tight capital chain of the original controlling shareholder. After the entry of state-owned capital war investment, the institution quickly consolidated the relevant business and entered the IPO process.

"Main force" of school enterprise reform

After studying the characteristics of all kinds of listed companies, the 21st century economic reporter found that the school enterprise reform trend set off in 2019 has become a bright member of the "owner changing" army in 2020.

According to the statistics of the 21st century economic report, in 2020, six enterprises, namely Daan gene, chenan technology, Fudan Fuhua, Zhejiang Wangxin, Shanda Huate and Shida Shenghua, will change their owners.

In general, state owned assets are the main force of school enterprise ownership change. Among the six school enterprises that have completed the change of actual controller in 2020, except for Shi Da Shenghua, the remaining five are all state-owned enterprises.

Specifically, on December 22, 2020, Sun Yat sen University issued an announcement that Sun Yat sen University transferred 100% of its equity of Guangzhou Zhongda Holding Co., Ltd. to Guangzhou Financial Holding Group Co., Ltd., including 16.63% equity of Sun Yat sen University Daan gene. The Guangzhou Municipal People's government directly holds 100% of the equity of Guangzhou financial holding group, and the actual controller of Daan gene is changed from Zhongshan University to Guangzhou Municipal People's government.

This is not an example. Fudan Fuhua and Shanda Huate have realized the change of the company's actual controller into state-owned assets by means of free equity transfer.

Fudan University, the former actual controller of Fudan Fuhua, transferred 18.74% of its equity to Fengtou group without compensation, and the company's actual controller was changed to Shanghai Fengxian District State owned assets supervision and Administration Commission; Shandong University, the former actual controller of Shanda Huate, transferred 100% of the equity of Shandong Shanda Industrial Group Co., Ltd. to Shandong State owned Assets Investment Holding Co., Ltd., and successfully "transferred" the company International control.

Qingkong venture capital, the controlling shareholder of chenan technology, negotiated to transfer 18.68% of its equity to China Telecom Group Investment Co., Ltd. through the way of public solicitation of transferees, and the actual controller was changed to the state owned assets supervision and Administration Commission of the State Council.

On the other side of the state-owned assets acquisition, the shareholders of some colleges and universities listed companies are indirectly separated from colleges and universities by changing to the status of no real controller. Zhejiang University Wangxin, affiliated to Zhejiang University and Shi Da Shenghua, affiliated to China University of Petroleum (East China), are typical cases.

On May 15, 2020, Zhejiang university.com.cn announced that its controlling shareholder, Wangxin group, and WanLiYang completed the transfer registration procedures for 15.26% of the underlying shares. Since May 13, the company has no controlling shareholder.

Looking at Shida Shenghua, the reduction of shares held by its controlling shareholder, Shida holdings, resulted in a low and close shareholding ratio of the company's major shareholders. Therefore, the actual controller of the company was changed from China University of Petroleum (East China) to no actual controller.

According to feedback from people close to Shenghua, the operation is related to policy arrangement.

This is the latest situation of school enterprise ownership change in 2020. In fact, in the past two years, school enterprise owners change events are frequently staged.

According to the 21st century economic report, in 2019, many university listed companies planned to change their ownership and reduce their shareholding ratio through the secondary market, including Tsinghua University, Huazhong University of science and technology and other colleges and universities to accelerate the school enterprise separation.

In addition, there are three enterprises to complete the change of actual controller in 2019, namely Zhonghe technology, Boyun new material, Huazhong CNC and Zhejiang University Wangxin. Among them, the actual controller of Boyun new materials is changed to local state-owned assets, the actual controller of central China CNC is an individual, and Zhonghe technology has no real controller.

Zhuhai's state-owned assets are the most active

From the background of the offeror, it is still a trend that the state-owned assets have been taking over and integrating the listed companies since 2018.

According to incomplete statistics by reporters, among 321 cases, 48 enterprises were owned by state-owned enterprises, accounting for 15%.

Earlier, along with the financial deleveraging and macroeconomic downturn, many listed companies and their shareholders fell into the capital chain crisis, and the state-owned capital institutions with abundant funds and resources have become the most willing investment of listed companies.

However, in recent years, with the relief of the capital pressure of private enterprises, the enthusiasm of private enterprises to "sell their shells" has declined. The departure of the original controller is often accompanied by the idea of bringing industry or capital resources to the company.

State owned enterprises have gradually become an important means to protect state-owned assets, attract investment for local investment, and find high-quality capital operation platform.

Specifically, among the 48 cases, 40 are private enterprises, public enterprises and other enterprises, and 8 private enterprises, local state-owned enterprises and public enterprises are turning to central state-owned assets holding.

From the perspective of industry distribution, it mainly covers important industries and key fields such as electrical equipment, mechanical equipment, medicine and biology, and the distribution of state-owned capital is further optimized. For example, China Resources Group acquired Dirui medical, extended the group's medical industry chain layout; Qingdao state-owned assets acquired Wanma shares, and expanded cable and charging pile related emerging industrial clusters.

The 21st century economic reporter noted that among all the state-owned assets, Zhuhai state-owned assets were the most active in 2020. During the year, Zhuhai state-owned assets took control of five listed companies, including Baoying, Weiye, Tongyu heavy industry, worldbank and Tianneng heavy industry. On the whole, the acquisition behavior follows the characteristics of the upstream and downstream of the same industry or vertical merger and acquisition, and most of the acquired parties are real industries with leading position.

According to the public information, Baoying company is mainly engaged in architectural decoration engineering design, construction comprehensive solutions and construction management, including the whole process of integrated services. On January 14, 2020, aviation city group, a subsidiary of the state owned assets supervision and Administration Commission of Zhuhai, won the control right of Baoying shares through agreement transfer and unconditional and irreversible entrustment of voting rights. Subsequently, on July 6, Hangcheng group also participated in the fixed increase financing of Baoying shares of RMB 709 million, all of which were used to supplement working capital.

BAOYING's relevant person in charge once said that the increase of state-owned capital is conducive to enhancing the company's scale strength and brand influence in related industries, helping the company to integrate various resources in the upstream and downstream of its industrial chain, and play a good role in industrial synergy.

In June of that year, Zhuhai port group won the control right of Tongyu heavy industry by participating in the fixed increase fund raising and agreement transfer of Tongyu heavy industry, the leading wind power spindle company. Zhuhai port group said that through the acquisition of Tongyu heavy industry, we can get through the upstream wind power development company to the downstream wind power equipment manufacturing, which is conducive to reducing costs and enhancing core competitiveness. The total cost is about 1.3 billion yuan.

In August of that year, Zhuhai state-owned assets incorporated another building decoration company Weiye shares under its command.

In the same month, Zhuhai HUAFA Real Estate Investment Holding Co., Ltd. agreed to transfer 29.99% of the shares held by Zhang Hanqing, the former actual controller of Weiye shares, and Weiye Holding Co., Ltd. successfully entered the main listed company with a total transaction price of RMB 700 million.

In December 2020, Zhuhai Port Group launched another move to take Tianneng heavy industry, the leader of wind turbine tower, in a similar way. Specifically, the direct transfer of 18.37% of the equity cost 1.68 billion yuan, and will continue to subscribe for the non-public offering shares of Tianneng heavy industry with 1 billion yuan.

In addition, in August of that year, Zhuhai dahengqin Group Co., Ltd., a subsidiary of the state owned assets supervision and Administration Commission of Hengqin new area, Zhuhai City, also won the control of World Bank of China (WBC), a comprehensive real estate service provider. In July before that, Zhuhai dahongqin increased its shareholding of worldbank twice to 15.9% with 944 million yuan in cash, becoming the second largest shareholder.

In fact, this is only a small part of Zhuhai's state-owned assets (SASAC) sweeps a shares. In recent years, Zhuhai's state-owned assets have been attracting listed companies. As early as 2019, Zhuhai's state-owned assets have taken over obit.

At that time, Li Congshan, director of the state owned assets supervision and Administration Commission of Zhuhai City, once said that in the reform of state-owned enterprises, Zhuhai should further increase the power of authorization and decentralization, but should ensure that the power can be put down, received and managed well; clarify the historical mission and political responsibility of state-owned capital in promoting and leading local economic and social development, and increase the investment of state-owned capital in industrial entities.

The signal behind the new trend of "state to people"

With the opening of the mixed reform of state-owned enterprises, and the state-owned enterprises are becoming more cautious, some new phenomena appear in the capital market in 2020.

According to the statistics of 21st century economic report, there were three state-owned holding enterprises changed into private enterprises.

Among them, the most concerned property change of Gree Electric Appliance Company is related to the mixed reform of state-owned enterprises. At the beginning of 2020, the mixed reform of Gree Electric Appliance was officially implemented. On the evening of February 4, Gree Electric announced that Gree Group had completed the equity transfer, and Zhuhai Mingjun, the investor of Hillhead capital, held 15% of the shares of the listed company, becoming the single largest shareholder.

At present, Gree is in the state of no actual controller.

However, the other two enterprises with state-owned assets transferred to private enterprises are due to the revocation of voting power entrustment which is controversial and unstable, and the state-owned assets give up the entrustment right of listed companies.

In July 2019, Rendong holdings suddenly announced that Huo Dong, the actual controller, entrusted the voting rights of 21.27% shares of Rendong holdings to Beijing Haidian Science and Technology Financial Capital Holding Group Co., Ltd. (hereinafter referred to as "haikejin"), a subsidiary of Haidian SASAC, and the actual controller of Rendong holdings was changed to Haidian SASAC for one year.

Since then, Rendong Holdings has opened a long bull market for more than a year, and the stock price has continued to rise without obvious advantages.

However, one year later, in November 2020, haikejin will not renew the equity custody agreement after the expiration of the equity custody agreement, and the actual controller of Rendong holdings will return to Huodong. Subsequently, Rendong holdings limited volume at the end of the day, and since then has been a row of 14 word down limits.

The same routine has been played out in the change of control right of tengbang international.

On the evening of August 26, 2019, tengbang International announced that tengbang group, the major shareholder of the company, and Zhong Baisheng, the former actual controller of the company, entrusted the voting rights to China Science and technology construction industry High Tech Co., Ltd. (hereinafter referred to as "China Science and technology construction industry"), the latter being the administrative bureau of the Chinese Academy of Sciences, a state-owned institution. News out, tengbang international stock prices for three consecutive trading days.

However, on May 13 of the following year, tengbang international issued another announcement. Tengbang group and Zhong Baisheng signed the agreement on the dissolution of voting power entrustment with China Science and technology construction industry. After the delegation of voting power was removed, the actual controller of tengbang international was changed back to Zhong Baisheng.

"The banker just borrowed an opportunity from the intervention of state-owned assets as an excuse for speculation." Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, said bluntly that in his view, investors should not ignore the fundamentals of listed companies because of the gimmick of state-owned assets.

"Investors should understand that an enterprise does not necessarily become bigger and stronger and completely transformed because of the intervention of state-owned assets. Investors should rationally treat the intervention of state-owned assets and the replacement of controllers, and have a sense of risk. " Mr Tung said.