Lei Jianping reported on May 11
Shell (NYSE: BEKE, ticker symbol "2423") today launched its Class A common stock on the Main Board of the Hong Kong Stock Exchange in the form of an introductory dual major listing, while continuing to maintain its primary listing status and trading on the New York Stock Exchange.
Shell's issue price in Hong Kong is HK$30, and the market value of Shell is more than HK$110 billion based on the issue price. Shell's share price continued to rise after the opening of the market, and as of now, the company's market value has exceeded HK$120 billion.
The shell returned to the main board of Hong Kong for listing, and did not issue new shares and raise funds. With this listing, Shell has become the first "residential industry digital service platform" target in the Hong Kong stock market.
Peng Yongdong, co-founder, chairman and CEO of Shell, said: "From the chain home to the shell, we have witnessed and participated in the changes that have taken place in the living field for decades – technology reshapes the living experience, and the value of service providers rises. With the continuous improvement of Chinese families' expectations for a better life, starting from the mission of 'dignified service providers, better living', Shell can make Chinese families live better! ”
The quest for a dual major listing was included in the agenda of a number of Chinese-listed companies
Shell's "dual major listing + introductory listing" method adopted by Shell this time does not involve IPO financing and has no offering link, which is suitable for enterprises with abundant cash flow and no urgent financing needs;
Dual primary listing refers to the fact that a company is listed on another stock exchange in accordance with local market rules in accordance with local market rules, and both capital markets are the main listing places, even if delisted on one exchange, it will not affect the listing status of the enterprise on the other exchange.
On April 21, local time, the U.S. Securities and Exchange Commission (SEC) added companies such as Zhihu, Ideal Automobile, Best Group and Shell to the "pre-delisting" list.
This is the fifth batch of Chinese-listed companies to be included in the list since March, before Baidu, iQiyi, Sohu, BeiGene and other companies have also been included in the "pre-delisting" list.
Shell subsequently responded that the company said it had been actively seeking possible solutions to maximize the protection of shareholders' interests. The Company will continue to ensure compliance with relevant U.S. and Chinese laws and regulations and, where possible, maintain the Company's status as a public company on the New York Stock Exchange.
After the SEC identified a number of Chinese companies as "relevant issuers" at risk of delisting, the pursuit of dual major listings was included in the agenda of a number of Chinese-listed companies. Prior to this, Zhihu had completed a dual major listing in Hong Kong.
Annual revenue of $80.8 billion Adjusted net profit was $2,294 million
At present, Shell operates an online and offline integrated real estate transaction and service platform.
In 2021, Shell's annual turnover (GTV) was 3.85 trillion yuan, an increase of 10.1% year-on-year; operating income was 80.8 billion yuan, an increase of 14.6% year-on-year; and adjusted net profit was 2.294 billion yuan.
In 2021, Shell recorded revenue of 46.5 billion yuan for new houses and 51.7 billion yuan in receivables for new houses, further helping developers increase liquidity.
In 2021, under the guidance of stable land prices, stable house prices, stable expectations, and the policy of "no speculation in housing" and "living in a house", Shell announced the strategic upgrade of "one body and two wings", "one" that is, the real estate brokerage business group, and the "two wings" are the whole decoration of the large home business group and the huiju business group.
In mid-to-late April 2021, Shell announced that it had completed the acquisition of home improvement brand Shengdu. Shell owns 100% of the shares of Shengdu, and Shengdu becomes a subsidiary of Shell. So far, Shell has made key progress in the strategic puzzle of home improvement business.
In 2021, the relevant departments put forward the strategic policy of "renting and purchasing at the same time" and issued documents to regulate the housing rental market. Since then, Shell has actively responded to national policies and announced that it will increase the layout of housing rentals. In November 2021, Shell established the Huiju Business Group and launched the quality rental service platform "Shell Rental".
This year, Shell will provide 100,000 listings, including decentralized housing and centralized apartments, in a diversified way to solve the housing problems of new citizens and young people. Shell Rental will take the lead in the layout of seven major cities with strong rental demand such as Beijing, Shanghai, Shenzhen, Tianjin, Chengdu, Hangzhou and Suzhou.
As of December 31, 2021, Shell held $56.1 billion in cash, cash equivalents, restricted cash, and short-term investments.
Tencent is an important shareholder
In July 2021, Shell announced that Propertyious, a substantial shareholder of the Company, had signed and delivered an irrevocable power of attorney and letter of commitment (the "Power of Attorney"). Propitious is ultimately controlled by Z&Z Trust, whose beneficiaries are a direct family member of Shell founder and forever honorary chairman Zuo Hui.
Under the Power of Attorney, Propitious irrevocably authorizes Baihui Partners L.P. ("Baihui Partnership"), an exempted limited partnership incorporated in the Cayman Islands, to exercise the voting rights represented by 885,301,280 Ordinary Shares of the Company held by Propitious (the "Proxy Voting Rights").
Baihui Partnership consists of 2 partners, Namely Peng Yongdong and Shan Yigang. The two have worked with Zuo Hui for a long time.
At present, Tencent holds 10.8% of the shares, Peng Yongdong holds 22.5% of the voting rights of the shell, and the single just holds 10.2% of the voting rights of the shell, and the two hold a total of 32.7% of the voting rights of the shell.
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