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Evergrande and Shenzhen Real Estate Terminate Reorganization and Resume Operations on Day OneDeep room AShares and B shares starred in “two skies of ice and fire”
Source: The Voice of Securities Daily
Daily Values
Evergrande’s long series of restructurings finally came to an end. On the night of November 8, SZF (000029.SZ, 200029.SZ) and China Evergrande (3333.HK) respectively announced the completion of their restructuring affairs. Shenshenfang said in response that, based on the current market environment and other reasons, the conditions to continue moving forward in the reorganization of major assets are not yet ripe at this stage, and the company has decided to terminate the transaction.
This means that after the suspension of trading for more than four years, the restructuring of Shenzhen-Shenzhen Real Estate and Evergrande Real Estate finally came to an end. November 9, Shenshen Room A,Deep room BOperations resumed and the “two days of ice and fire” were staged. Shenzhen Real Estate A’s daily limit rose and closed at RMB 11.89 per share, Shenzhen Shenzhen Real Estate B opened the lower limit and closed at HK $ 4.78 per share.
Over 90% of Evergrande Real Estate’s strategic investors choose to convert shares
The major asset restructuring of Shenshen Real Estate and Evergrande Real Estate dates back to the suspension of trading of Shenshen Real Estate on September 14, 2016. Since then, the two parties have launched a restructuring plan. According to the plan, Shenzhen and Shenzhen Real Estate will purchase 100% of Evergrande Real Estate’s shares at the ordinary share price in RMB or in cash. After the reorganization is completed, Evergrande Real Estate shareholder Kailong Real Estate will become the parent company of Shenzhen and Shenzhen Real Estate. Shareholders, Evergrande Real Estate can complete the A-share listing restructuring.
To advance the restructuring, Evergrande Real Estate introduced three strategic investors including CITIC Juheng, Grandland Investment, Shenye Group, and Suning Appliance at the end of 2016, June 2017 and November 2017, respectively, and they raised RMB 30 billion. (Subsequently increased to 30.5 billion yuan), 39.5 billion yuan, 60 billion yuan, for a total of 130 billion yuan. In reaching an agreement with strategic investors, China Evergrande also promised that if the reorganization and listing cannot be completed within the specified time, the relevant investors have the right to apply to Kailong Real Estate to repurchase shares or obtain shares of Evergrande Real. Stay for free according to a certain percentage. makeup.
On the evening of November 8, regarding the completion of the reorganization of Shenzhen and Shenzhen Real Estate, China Evergrande announced that among the 130 billion RMB strategic investors, 86.3 billion RMB strategic investors had previously signed a supplemental agreement. , agreeing not to demand the buyback and to continue to hold Evergrande’s Real Estate Capital; RMB 3 billion strategic investors have been traded and a supplementary agreement is about to be signed, RMB 5 billion strategic investors are trading due to asset restructuring involving its own major shareholders, and the remaining RMB 3 billion capital of Strategic Investors China Evergrande has paid and will buy back soon. China Evergrande also said that details of the deal and the buyback will be announced in the near future.
This also means that among Evergrande Real Estate’s 130 billion RMB strategic investors, more than 90% of strategic investors have decided to waive the repurchase right and continue to hold the capital of Evergrande Real Estate, and up to RMB 8 billion strategic investors need Evergrande’s Repurchase.
The market already had certain expectations regarding the completion of Evergrande Real Estate and the reorganization of Shenshen Real Estate. Prior to this, at the end of September, a report titled “Report on Support Requests for Major Asset Restructuring Projects” circulated in the industry, saying that China Evergrande was under pressure to buy back. Shortly after this, China Evergrande rejected the rumors and announced on the night of September 29 that it had signed a supplemental agreement with strategic investors totaling RMB 86.3 billion, clarifying that the strategic investors had agreed not to require buybacks and to continue. holding shares in Evergrande Real Estate. .
On November 9, Hong Kong, China Evergrande shares were up 1.21%. At the close, China Evergrande closed at HK $ 16.84 per share, an increase of 2.18% that day.
Bo Wenxi, vice president of China Enterprise Capital Alliance and chief economist at IPG China, said in an interview with a Securities Daily reporter: “Due to financial pressure, Evergrande used the Shenzhen Housing reorganization to return to A shares to improve its presence in the Hong Kong stock market. The long-term underestimated market value is used to improve the financial capabilities of the company and optimize the fundamentals of the company. Most of the recent investment of 130 billion in the strategy has been decided to switch to long-term stocks without redemption, in addition to the smooth issuance of two corporate bonds and Evergrande. The property’s listing plan was approved, the company’s recent capital chain crisis was lifted, and fundamentals improved considerably. Long-term clogged deep and deep home restructuring plan is no longer necessary. Therefore, it is reasonable for Evergrande to abandon deep and deep home restructuring at this time. In.”
Shenzhen Housing A and Shenshen Housing B stock prices represented “Two Heavens”
If for China Evergrande, the completion of the reorganization is a relief, then for Shenshenfang, the resumption of trade is more like “the ugly wife will inevitably see the in-laws.”
According to Wind data, from September 14, 2016 to November 8, 2020, Shenzhen Real Estate has been suspended for more than 1,500 days, which is equivalent to 4 years or 50 months, and the suspension trading days have exceeded the 1,000 days. , Became the listed company with the longest A-share suspension.
Due to the suspension for too long, Zhang Yue (a pseudonym), an investor who has repeatedly traded and traded in SZF shares and still has SZF A, even told a Securities Daily reporter: “(After the resumption of SZF stock trading) I even forgot my password because it took too long. Fortunately, I’m not ready to sell it right now. “
However, more investors choose to vote with their feet and go for the best. On the first trading day after the resumption of operations, Shenzhen Real Estate A’s transaction volume was 974,800 lots, the turnover was 1,094 million yuan, and the turnover rate reached 10.93%. This transaction volume and transaction value exceeded the total transaction volume and transaction value of the 8 business days (2016.09.02-2016.09.13) prior to the suspension of Shenzhen Housing A.
In terms of share prices, Shenzhen A and B shares and Shenzhen Real Estate have taken completely different trends. As for B shares, Shenzhen-Shenzhen Real Estate B opened a lower limit. At the close of November 9, the share price fell to HK $ 4.78 per share and the seller sealed 17,311 lots. As for A shares, Shenzhen and Shenzhen Real Estate opened low and rose, falling 4.26% at the open. After that, it hit the daily limit and then fell back. It was up 5% during the lunch break and successfully sealed the daily limit for the afternoon. At closing, the share price was RMB 11.89 per share. , The buyer covers 12,383 lots.
Ding Meng, an economist at the Bank of China Financial Research Institute in Hong Kong, told a Securities Daily reporter: “Failures in restructuring generally have a negative impact on the price of the underlying shares, but the factors that offset the rise and fall during trading suspension should be taken into account. “
Senior real estate economist Zhou Zhengguo said in an interview with reporters: “Shenzhen Real Estate B fell while Shenshen Real Estate A rose, indicating that domestic and foreign investors have different judgments about the resumption of Shenzhen Real transactions. Estate. International investors believe that the failure of mergers and acquisitions is a disadvantage. ” Domestic investors are optimistic that Shenzhen and Shenzhen Real Estate can offset the increase. “
During the suspension period from 2016 to 2019, the operating income of Shenzhen and Shenzhen Real Estate increased from 2.352 million yuan to 2.549 million yuan, an increase of 8.38% in three years; net profit attributable to the parent increased from 312 million yuan to 552 million yuan, an increase in three years. It is 76.92%. However, compared to Evergrande, Shenshenfang’s volume and growth rate pale in comparison. The data shows that China Evergrande’s operating income increased from 212.763 million yuan in 2016 to 478.959 million yuan in 2019, an increase of 1.25 times; The net profit attributable to the parent increased from 5.091 million yuan in 2016 to 17.28 billion yuan in 2019., The growth rate is 2.39 times.
Miao Meng, deputy general manager of the Eju Kerui department, said in an interview with a Securities Daily reporter: “Hengda’s comprehensive capabilities, such as expansion capabilities, marketing capabilities and profitability, put it far ahead of the curve. industry in terms of various data. Your recognition is also expected. In comparison, Shenshenfang has no obvious advantages. “
Bai Wenxi said: “Hengda is relatively calm and stress-free from the completion of the restructuring, but it may not be a good thing for investors in Shenzhen Real Estate A.”
Wind data shows that as of September 30, 2020, the number of shareholder households of Shenzhen and Shenzhen Real Estate A was 76,400, and the average number of shares of each household was 13,200 shares.
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