People are not as good as days, slamming 47% in 6 days, Shanghai Lai Shi capital chain is in a hurry

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People are not as good as days, slamming 47% in 6 days, Shanghai Lai Shi capital chain is in a hurry

2018-12-16 20:25:20 232 ℃
Fukai Abstract: At the same time that the stock market lost 1.3 billion yuan, the company’s stock price appeared “avalanche”, and the actual controller’s high pledge was closed. In the case of performance losses and tight funds, the company’s ongoing 39.1 billion How will overseas mergers and acquisitions end?

Author|Wu En, WeChat public number: Fukai Finance (ID: fukaicaijing)

As the leader of China's blood products, Shanghai Lai Shi turned in the third quarter for the unprofitable stocks. The high "tuition fee" of 1.3 billion yuan. At the same time, the performance of Shanghai Lai Shi was also dragged into a loss.

Although Shanghai Lai Shi has been reorganized on the grounds of reorganization, but on November 6, the CSRC issued the "Guiding Opinions on Improving the Stock Trading System of Listed Companies" (known as "the most in history" Strictly stop the new rules for resumption of trading", saying that effective measures will be taken to prevent the occurrence of long-term suspension. A large number of listed companies that have suspended their holdings have to resume trading. Among them, Shanghai Lai Shi, who has suspended trading for nearly 10 months, has to be forced to resume trading.

After the resumption of trading on December 7, Shanghai Lai Shi’s share price continued to fall in a row. As of December 14, the company’s share price fell to 10.38 yuan per share. Compared with the closing price of the company's 19.34 yuan/share on February 22, 2018, it fell nearly half.

The current market value of 100 billion market capitalization has shrunk by half, and only over 50 billion yuan. At the same time, according to the data of the three quarterly reports, the company still has 27,547 investors accompanying the “car”.

The stock price "avalanche" brings the risk of a high pledge of the controlling shareholder.

According to the evening announcement on December 12, Lace China pledged 11 million shares of Xiangcai Securities and 15 million shares pledged to Wuhu Gefei, totaling 26 million shares (accounting for 0.52 of the company's total share capital). %) due to overdue constitutes a breach of contract. In addition, Kerui Tiancheng pledges 19.13 million shares of Guotai Junan and 66.62 million shares of Guotai Junan, which is a total of 85.75 million shares (accounting for 1.72% of the company's total share capital). This means that the above pledged shares may be reduced accordingly within 15 trading days from the date of announcement or within 6 months after 3 trading days.

The data shows that the founder Huang Kai and the capital magnate Zheng Yuewen held a 38.69% stake in Shanghai Lai Shi through the holding of Lai Shi China and Kerui Tiancheng respectively. The two held a total of 74.97%. As of the third quarter of 2018, Corey Tiancheng and Lai Shi China held a total of 3.105 billion shares of Shanghai Lai. Among them, Corey Tiancheng pledged 1.511 billion shares, and Lai Shi China pledged 1.461 billion shares, totaling 2.971 billion shares, accounting for 95.68% of its total shares.

At present, Shanghai Lai Shi's two controlling shareholders and their concerted actions involve pledge defaults of 351 million shares (accounting for 7.06% of the company's total share capital), of which Lai Shi China involves 146 million shares (accounting for 146 million shares). 2.94% of the company's total share capital), Corey Tiancheng and its concerted action person Kerui Jinding involved nearly 205 million shares (accounting for 4.12% of the company's total share capital). These shares are likely to be flattened in the future. . In addition, the three asset management plans of the company's controlling shareholder to participate in the scale of 3.3 billion yuan have also touched the liquidation line, facing the fate of being cleared.

A market analyst analyzed the two controlling shareholders of Shanghai Lai Shi and their concerted actions High pledge funds may be used for mergers and acquisitions.

According to the latest announcement, Shanghai Lai Shi intends to issue shares to purchase all or part of the equity of GDS held by Gilifu and 100% of Tiancheng Germany held by Tiancheng German shareholders.

According to the preliminary negotiation between the listed company and the counterparty, the GDS shareholding is planned to be worth about US$5 billion (a contract of 34.396 billion yuan), and this time the acquisition of all or part of the equity of GDS; Tiancheng Germany 100% equity The price is about 589 million euros (a contract of 4.718 billion yuan). At the same time, the total amount of funds raised will not exceed 3 billion yuan. The above acquisition funds totaled approximately RMB 39.1 billion.

From the company's announcement content, Shanghai Lai Shi intends to raise 3 billion yuan of matching funds to non-public issuance of shares of no more than 10 investors.

According to the third quarterly report of 2018, Shanghai Lai's total book assets were 11.5 billion yuan, of which 5.705 billion yuan was goodwill and the money was only 870 million yuan. It can be said that in terms of the company's funds, it is absolutely impossible to buy assets of up to 39.1 billion yuan. And when the company only raised 3 billion yuan of matching funds, where did the remaining 30 billion yuan of funds come from?

One side is the acquisition of 39.1 billion yuan. On the other hand, the stock is facing a strong level. I don’t know how the two real controllers of Shanghai Lai will overcome the difficulties.

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