Leju Finance Lin Zhenxing was sent from Shenzhen
"Facing the future, what do you need to do today?"
More than a month ago, at the scene of the "Talk to the Future" speech of the Midtown Alliance, Chen Jinsong asked a shocking question.
For the real estate industry in the "changing situation", Chen Jinsong did not give an answer. But for his 002285.sz, he is responding with practical actions.
On the evening of July 28, the World Union Bank (002285.sz) issued a suspension announcement on the planning of a change of control of the company, and its controlling shareholder, World Union Real Estate Consulting (China) Co., Ltd. (hereinafter referred to as "World Union China"), is planning to entrust Zhuhai Dahengqin to exercise the voting rights corresponding to some of the shares of the World Union Bank held by it.
The announcement said that the matter may involve the transfer of control of the company and the change of the actual controller.
This means that Zhuhai Dahengqin will have control of the World Union Bank, although Chen Jinsong is still the largest shareholder.
In the field of real estate services, the two bosses are experiencing different life situations. Zuo Hui took the shell to find a house to impact the US stock market, but Chen Jinsong was suffering from "cutting meat" and even voluntarily gave up control of the World Union Bank.
In order to avoid abnormal stock price fluctuations, the World Union Bank suspended trading from the opening of the market on July 29, and the trading suspension is expected to last no more than 5 trading days, with a total market value of 8.212 billion yuan before the suspension.
Dahengqin will have real control
Previously, on July 1, World Union China transferred 201 million shares of world union bank shares to Dahengqin for the first time, accounting for 9.90% of the total number of shares in the company, at a transfer price of 2.80 yuan per share. The share transfer price is 565 million yuan, all paid in cash.
After this share transfer, the proportion of shares held by World Union China in the World Union Bank will drop from 39.51% to about 29.61%, still the largest shareholder, but lower than the safety line of 30% of the A-share capital market.
After Chen Jinsong cashed out 565 million yuan of "life-saving money", on July 19, Beijing Huaju Tianxia Network Technology Co., Ltd. (hereinafter referred to as "Huaju Tianxia"), the former second shareholder of the World Union Bank, transferred a 6% stake in Dahengqin for about 379 million yuan in cash, transferring a total of 122 million shares of the World Union Bank at a transfer price of 3.10 yuan per share.
It is understood that Huaju Tianxia is 100% wholly owned by Fangtianxia Mo Tianquan, which is not the first time it has reduced its holdings. As early as October 2019, Huaju Tianxia planned to reduce the number of shares in the World Union Bank to no more than 123 million shares, accounting for 6% of the company's total share capital.
After the completion of the share transfer, the proportion of Fangtianxia Mo Tianquan holding the World Union Bank dropped from 8.99% to 2.99%, and the World Union Bank no longer held more than 5% of the shareholders.
According to the introduction of the "gold lord" Dahengqin by the World Union Bank less than a month ago, Dahengqin has held a total of 15.9% of the equity of the World Union Bank, while Chen Jinsong still holds about 29.71% of the equity of the World Union Bank. The market expects that Zhuhai Dahengqin is not a "quiet" financial investor, and it is not ruled out that it will have further actions.
This time, the World Union Bank entrusted part of the "voting rights" to Zhuhai Dahengqin, which also directly confirmed the industry's conjecture that Chen Jinsong would not only use this in exchange for cash to solve the company's liquidity pressure, but also give up control, resulting in a change in the actual controller of the company, the control of which continued to weaken, and the follow-up Dahengqin would fully control the World Union Bank.
If it were not for the last resort, the actual controller Chen Jinsong would not have retreated into the background, and all indications also show that the World Union Bank is facing considerable financial pressure.
Since 2018, the Bank's performance has been in a state of decline. In 2018 and 2019, the Bank's operating income was 7.534 billion yuan and 6.65 billion yuan, down 8.26% and 11.73% year-on-year, respectively, and net profit was 416 million yuan and 81.9423 million yuan, down 58.59% and 80.29% year-on-year, respectively.
The epidemic in the first quarter of this year has severely damaged the business of the World Union Bank, and its operating income was 1.061 billion yuan, a year-on-year decrease of 19.09%; the net loss attributable to shareholders of listed companies was 163 million yuan, down 562% year-on-year. In the same period, operating cash flow was -267 million yuan, a sharp decline of 309.50%.
At the same time, as of the end of the first quarter of 2020, the Bank's current liabilities were 5.839 billion yuan, of which short-term borrowings were 1.819 billion yuan, while the monetary funds on the account in the same period were only 2.366 billion yuan. In addition, the World Union Bank recently announced the termination of a 1.73 billion yuan convertible bond.
The World Union Bank also recently disclosed the semi-annual performance forecast, which is expected to lose 65 million yuan to 84 million yuan in the first half of 2020, compared with a profit of 62.7221 million yuan in the same period last year, from profit to loss. Among them, the transaction service business tended to the same period last year, but the revenue of the financial services business declined.
Why is the big hengqin
Why did Zhuhai Dahengqin, which has a state-owned background, take over the "stall" of the World Union Bank?
According to the data, Zhuhai Dahengqin was established in 2009 and is 100% owned by the State-owned Assets Supervision and Administration Commission of Hengqin New District, Zhuhai City, Guangdong Province, and its business scope involves project investment and investment management, infrastructure project investment and construction, and real estate development (operating with qualification certificates).
Up to now, Zhuhai Dahengqin has undertaken a total of 383 construction projects in Hengqin New Area, with a total investment of more than 270 billion yuan, and its layout business covers infrastructure construction and land first-class development, commercial real estate and industrial real estate, port development, smart city, public resources, cultural tourism exhibitions, etc., with a long industrial chain.
The Group has total assets of RMB81.128 billion and net assets of RMB39.758 billion, and has 12 wholly-owned subsidiaries, 3 holding companies, 6 shareholding companies and 25 Tier 3 and Tier 4 member enterprises.
Among them, in terms of real estate, Zhuhai Dahengqin owns four subsidiaries, including Zhuhai Dahengqin Real Estate Co., Ltd., Zhuhai Dahengqin City Garden Development Co., Ltd., Zhuhai Dahengqin City Square Development Co., Ltd. and Yangjiang Hailing Island Qinhai Investment and Development Co., Ltd.
Industry insiders said, "Zhuhai Dahengqin's stake in the World Union Bank will help promote the synergistic value of its own industrial chain. ”