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Former Xiong’an concept leader Jinghan shares 1.16 billion “marry” China Aoyuan


2020-04-09 17:03:45Beijing News Reporter: Zhang Zeyan Editor: Chen Li
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Former Xiong’an concept leader Jinghan shares 1.16 billion “marry” China Aoyuan

2020-04-09 17:03:45Beijing News Reporter: Zhang Zeyan

As a leading stock in the concept of Xiong’an, Jinghan shares have been erratic in their main businesses in recent years, making it difficult to transform.

The real estate industry has added another “marriage”, the former Xiong’an concept leader Jinghan (000615) is about to “marry” China Aoyuan (03883).

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On the evening of April 7, China Aoyuan announced that its subsidiary, Guangdong Aoyuan, planned to acquire 29.99% of Jinghan shares at a price of 1.16 billion yuan. If the transfer is successfully implemented, the controlling shareholder of Jinghan will be changed to Guangdong Aoyuan, and the actual controller of the company will be changed from Tian Han to Guo Ziwen. At present, the market value of Jinghan shares is about 3.466 billion yuan.

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China Aoyuan was established in Guangzhou. In recent years, it has expanded from a regional housing company to the whole country. Its business scope covers South China, East China, and Bohai Rim. The acquisition of shares in Jinghan this time means that China Aoyuan is about to take charge of an A-share listed company, but China Aoyuan denies the “plan to return to A”.

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It is worth noting that as a leading stock of the Xiong’an concept, Jinghan shares have been erratic in its main business in recent years, and its transformation is not easy. At one time, it tried to enter the health and pension field. In 2018, it began to deploy green fiber business, but it failed to put into production.

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1.16 billion yuan “marry” China Olympic Garden Jinghan shares actual controller will change

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On the afternoon of April 7, Jinghan Co., Ltd. issued a major issue suspension announcement. In the announcement, Jinghan Co., Ltd. stated that the listed company ’s controlling shareholding, Tokyo Han Holdings Group Co., Ltd., is planning the transfer of equity and intends to transfer its holdings to strategic investors. Of shares in the company ’s total share capital range from 25% to 30% (excluding), the matter may involve changes in the company ’s control.

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The mysterious strategic investor unveiled that night-namely, China Olympic Park, a Hong Kong-listed company that has been gaining momentum in recent years and said in the 2019 performance conference that it will choose high-quality projects for mergers and acquisitions from 2020 to 2021.

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Founded in 1996, China Aoyuan was listed on the Hong Kong Stock Exchange in 2007. Its business involves real estate, commercial real estate, cultural tourism, healthy living and other sectors. It has been deployed in 80 cities, and its business scope covers the core of South China, East China, and Midwest Area and the Bohai Rim area.

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In recent years, the development of China Olympic Garden has been vigorous. Starting from the Guangdong-Hong Kong-Macao Greater Bay Area, China Aoyuan is gradually realizing the full coverage of the first-tier cities in the north, north, Guangdong, and Shenzhen. Among them, mergers and acquisitions have been the company’s main way to increase land reserves. In 2019 alone, China Olympic Garden added a total of 87 new projects, with a new development area of ​​approximately 16.09 million square meters, of which 79% were M & A projects. With the acquisition proceeds, China Aoyuan achieved rapid growth, and the amount of property contract sales increased from 25.602 billion yuan in 2016 to 118.06 billion yuan in 2019, ranking among the top 30 national sales.

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It is worth noting that in the 2019 financial report, China Aoyuan said that its layout in southern China, the central and western core regions, eastern China, the Bohai Rim region and overseas regions accounted for 42%, 27%, 17%, 10%, 4%. It can be seen from the data that China Aoyuan accounts for a relatively small amount in North China. For China Aoyuan who wants to grow into a national-scale housing company, it needs to increase the land reserves in North China, and Jinghan shares hold a total of 18 The project is mainly located in Beijing, Tianjin, Chongqing, Chengdu, Nanjing, Taiyuan, Guangdong Province, Hebei Province and other places. The total saleable construction area with existing rights is about 1.237 million square meters.

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In the face of many speculations in the market, China Aoyuan denied the “back to A” plan. China Aoyuan said that after the completion of this acquisition, Jinghan will become a subsidiary of China Aoyuan, thereby further enriching the company’s land reserves and increasing the proportion of first- and second-tier cities, which will help deepen the region where it is located, increase market share and impact force.

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Industry insiders said that as a multi-billion-level multinational enterprise group, China Aoyuan has a strong core competitive advantage in the real estate business; Jinghan shares have high-quality land storage resources. In recent years, it has been dominated by the health industry to accelerate strategic transformation .

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It is worth noting that Jinghan shares were previously controlled by Xiong’an Fushang Tianhan. After the transaction, Guo Ziwen will replace Tian Han as the actual controller of Jinghan shares. According to the announcement from China Aoyuan, prior to the acquisition, Jinghan Holdings and Jianshui Tairong owned approximately 37.04% and 3.88% of Jinghan shares, respectively. Natural person Tian Han controlled approximately 40.92% of Jinghan shares. After the completion of the acquisition, China Aoyuan will indirectly hold 29.99% equity of Jinghan through Guangdong Aoyuan. Based on this calculation, the proportion of Jinghan shares held by Tian Han and its concerted parties will be reduced from about 40.92% to 10.93% through this transaction, and the control of Jinghan shares will change.

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Tian Han became famous as the “richest man in Xiong’an” three years ago with the Xiong’an New District. According to data from Dongfang Fortune.com, the market value of Jinghan is 10.8 billion yuan. In 2016, it achieved an operating income of 4.24 billion yuan and a net profit of 109 million yuan. The 2016 annual report showed that Tian Han and his wife held 51.77% of Jinghan shares, with a market value of approximately 5.6 billion yuan.

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In 2016, Jinghan shares landed on A shares through backdooring. But for Jinghan shares, Tian Han may have retreated as early as last year. The data shows that from November 2019 to March this year, he has reduced the total share of Jinghan shares by 4.98% through Jianshui Tairong.

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Jinghan’s shareholding transformation is “unfavorable for years”, and China’s Aoyuan will lose 500 million blood

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Jinghan shares, once regarded as the leading stock of the Xiong’an concept, have been “unfavorable for years” in recent years. Jinghan shares disclosed that after the completion of this transaction, China Aoyuan will inject liquidity support of not less than RMB 500 million in monetary funds into Jinghan shares through loans or assisted financing. To repay the target company ’s due financial institution borrowings and pay the dues for the normal operation of the guarantee project.

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Choice data shows that as of the end of the third quarter of 2019, Jinghan’s asset-liability ratio is 78.38%, current asset ratio is 88.01%, current ratio is only 1.24, quick ratio is only 0.34. Among the total liabilities of 10.474 billion yuan, current liabilities are 9.218 billion yuan. In addition, as of now, the company’s previous holding stock, Tokyo Han Holdings Group Co., Ltd. has pledged 290 million shares, accounting for 37.04% of the company’s total shares, accounting for 100% of its shareholding.

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Jinghan’s 2019 performance forecast shows that the company’s estimated profit last year was 10 million yuan to 20 million yuan, a year-on-year decrease of 87.29% to 93.64%. Prior to this, Jinghan’s performance has experienced a “cliff-style” decline. The data shows that from 2016 to 2018, Jinghan’s attributable net profit was 109 million yuan, 309 million yuan and 157 million yuan. As of the third quarter of 2019, the company’s attributable net profit recorded a loss of 0.43 billion yuan.

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As the leading stock of the Xiong’an concept in the past, Jinghan shares have attracted the attention of the capital market because of this label. In 2017, Jinghan shares rose all the way to 26.85 yuan / share. However, as of April 9, the reporter’s press release, Jinghan shares have already It fell to 4.31 yuan / share.

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Jinghan’s official website shows that the company was founded in 1996 and is headquartered in Beijing. It is an A-share listed company with a national layout and diversified development in the fields of health care, green fiber, theme towns, healthy housing, and construction engineering. .

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In recent years, Jinghan shares are accelerating strategic transformation and divestiture of real estate, but real estate is still an important source of revenue for Jinghan shares. The data shows that in 2017, 2018 and the first half of 2019, Jinghan’s real estate business revenue accounted for 74.93%, 73.26% and 72.77%, respectively.

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Under the slogan of divestiture of real estate, Jinghan shares seek transformation, and publicly stated that it will gradually withdraw from the traditional real estate business thereafter, focusing on the research and development and manufacturing of new materials and green fiber related industries. However, the 2019 performance forecast shows that the company has not increased revenue from the real estate business due to strategic transformation, while the transitional green fiber project is still under construction and has not yet generated revenue.

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Beijing News reporter Zhang Zeyan editor Chen Li proofreading Li Xiangling

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