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Original title: Evergrande ends its return from backdoor deep house to A, how to solve 130 billion war investment?
On November 9, after opening low in the morning, the share price of Shenzhen and Shenzhen Real Estate quickly turned red, and opened at a fast daily limit in the afternoon, finally closing at 11.89 yuan. Like Shenzhen and Shenzhen Housing, Evergrande’s share price also rose in the afternoon, closing at 16.8 Hong Kong dollars, an increase of 2.06%.
Suspension4 years later, Shenshenfang opened with a daily limitResume tradingAfter debut.
There is some discrepancy between this share price behavior and the market prediction.
Shen Meng, CEO of Chanson Capital, believes Evergrande wantsReorganizationIn the current macroeconomic environment, SDB’s asset injection securitization prospects are extremely slim and the delay so far is also detrimental to SDB. It is a relief for both parties to meet and disperse. In Shen Meng’s view, the daily limit is due to the long-term suspension of the planned reorganization, and the share price can no longer reflect the current situation. Therefore, a recovery adjustment is made. At the same time, after ending the entanglement with Evergrande, Shenshenfang has launched more reorganizations in the future. Opportunities, the market has reinforced its expectations.
estateAnalystYan Yuejin believes that the stock price trend of Shenzhen and Shenzhen Real Estate shows that outsiders have a different understanding of their investment. He noted that the failure of the restructuring is not too good for Shenzhen Real Estate, and the rally in the share price indicates that there is money to speculate. For monitoring, especially when Shenshen Real Estate’s main business performance is average, the share price is also prone to falling, so investors need to pay attention.
Yan Yuejin said that the increase in Evergrande’s share price shows that after the failure of such a reorganization, it actually means an improvement in Evergrande’s financial situation, so investors would think that this is a positive sign. Furthermore, the US elections are basically a foregone conclusion, and reducing uncertainties in the Chinese stock market will objectively drive the market rise.
Four years without success
On the night of November 8, deep room andChina EvergrandeSimultaneous launchadSaid,China EvergrandeResolved to terminate the restructuring plan with Shenshen Real Estate.
Regarding the reasons for termination, the explanation given by Shenshenfang is: based on the current market environment and other reasons, the conditions to continue the major asset reorganization at this stage are not yet ripe, so the parties the transaction decided to terminate the transaction.
This road of reorganization, which lasted over 4 years, has officially ended, and Evergrande’s long road back to A also marked the beginning of its final chapter.
The beginning of the history of Evergrande and Shenshenfang dates back to the “Wanbao Controversy” that occurred in 2016.
In July 2016, a series of events including the exposure of high-cost Baoneng funds and the Vanke management faced a removal crisis caused Vanke’s share price to plummet. In the following month, Vanke’s stock price fell below 17 yuan.crucial momentEvergrande shot, successively increased his Vanke holdings, and quickly became his third majorshareholder, The situation has improved. Unlike the barbaric role of “Baoneng,” Evergrande has revealed no intention of fighting for Vanke’s controlling stake from start to finish.
Like Baoneng, the Shenzhen State-owned Asset Supervision and Administration Commission has also long favored Vanke.Undergroundthe companyNoteInvest inThe method of production became Vanke’s largest shareholder, but Baoneng and China Resources objected. In this trend that concerns Vanke’s fate, Evergrande, which owns more than 10% of its shares, has become a key player. In the end, Evergrande did not hesitate to lose 7.07 billion yuan and transferred all its 1.553 million shares of Vanke to the Shenzhen subway for 29.2 billion yuan.
As a result, Vanke shares of Shenzhen Metro reached 29.38%, surpassing 25.4% of Baoneng shares and became Vanke’s largest shareholder.
At this point, the “Majesty’s Controversy” finally came to an end.
Vanke’s independent director, Huasheng, revealed the true intention of Evergrande’s “fair act”: the transfer of Vanke shares in exchange for the Shenzhen Municipal Government supporting the restructuring of its assets.
At the time, it was Evergrande’s seventh year of listing. Like many Chinese real estate companies, it still couldn’t avoid the underrated market value dilemma. Evergrande PlanborrowShell back to A, Shenzhen Asset Supervision and Management Commission, Shenzhen is a good choice.
More than 90% of the battle investment remains
In October 2016, Evergrande announced the reorganization of Shenzhen and Shenzhen Real Estate. According to the draft released at the time, Shenzhen and Shenzhen Real Estate will buy 100% of the capital of Evergrande Real Estate Group held by Guangzhou Kailong Real Estate Co., Ltd. by issuing A shares or cash. Make Kailong Real Estate the majority shareholder of Shenzhen and Shenzhen Real Estate Land under the Evergrande GroupindustryThe business will be injected into Shenzhen Real Estate to complete the establishment of the A-share listing platform.
In order to promote asset restructuring, Evergrande launched three rounds of war initiation from late 2016 to November 2017, absorbing a total of 130 billion yuan in strategic investments. Investors include Suning, Zhengwei International,Shandong HighwayWaiting 27.
However, due to policy changes, A sharesreal estatecompanyYour attitude has changed Core economic work since December 2016meetingSince it clearly pointed out that it is necessary to adhere to the positioning of “the house is for living, not for speculation”,real estateThere is no successful precedent for companies to go public in A shares.R & F PropertiesWandadealEtc. have been kept out of the door for many years.
Today this industry-wide journey back to A has officially come to an end. So after the reorganization is over, how to solve the 130 billion war investment problem?
In the three previous capital increase agreements, Evergrande Real Estate and its majority shareholder (Guangzhou Kailong Real Estate Co., Ltd.)PerformanceBet againstRepurchaseCompensation Commitment. The content shows that if Evergrande Real Estate does not complete the reorganization by January 31, 2021, investors can submit the original price within two months prior to the expiration of the corresponding term.RepurchaseRequest or byChina EvergrandeKailong Real Estate, the Group’s main shareholder, will give strategic investors 50% equity compensation.
This also means that once the restructuring fails, the previous share capital will become liabilities and Evergrande’s debt repayment situation may be under even more pressure.
This time, Evergrande also explained the war reversal situation in the ad. He said that the current 130 billion yuan of war investment, 86.3 billion of war investment have signed a supplementary agreement, agreed not to require repurchase and continue to own Evergrande land.propertyBenefits: The war investment of 35.7 billion has been negotiated and a complementary agreement is about to be signed; the $ 5 billion war investment is under negotiation due to asset restructuring involving its own major shareholders; Evergrande Group’s remaining 3 billion war investment capital has been paid off and will be repurchased. This also means thatShandong HighwayThe attitudes of Suning Appliance’s two main investors are now clear.
Completion of the reorganization does not mean that the path from Evergrande to A is completely cut off. In the eyes of many market participants, by contrast, Evergrande gave up the return of A in exchange for the smooth listing of other diversified businesses.
On September 29, Evergrande Property filed a prospectus on the Hong Kong Stock Exchange. Earlier news said that after the introduction of the war investment, Evergrande’s real estate valuation reached 11 billion US dollars. In addition to the real estate sector,Evergrande MotorAlso looking forScience and Technology Innovation BoardGoing public, the first phase of the guide for your science and technology innovation board list was completed from September 22 to October 13.
(Article source:international financesNewspaper)
(Responsible editor: DF522)
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