"Goods are sold by fate", especially in the capital market, trading opportunities are fleeting, and fate must be seized in time, otherwise there will be no store in this village.
Recently, Tibet Dejin, the controlling shareholder of Huitong Energy, a listed company, sold about 25.28% of its shares in one go and cashed out 1.3 billion at one time.
If only from the price point of view, the transaction unit price is 9% lower than the stock price in the secondary market on the date of signing the agreement, which is basically in line with the practice of equity transfer, and neither party takes advantage of anyone.
However, the essence of Huitong Energy is just a "shell", at most it is clean and pure, the current market value has been 6.1 billion, the price-earnings ratio is 135 times, and the "destined people" who have been transferred equity are so confident in the future stock price?
In the eyes of Gray Pigeon, Tibet Dejin, who sells shares anyway, has little confidence, otherwise it would not have given out so much at one time, and as early as 2022, he has tried to get rid of it all once, but it was not successful.
Behind Tibet Dejin is Tang Yuxiang, the head of the "Yutong Department", that is, the actual controller of the listed company Yutong Bus and Yutong Heavy Industry.
Tang Yuxiang took over Huitong Energy from the previous actual controller in 2019, and the purpose of the takeover at that time was very pure, not really to engage in energy, but to let the green capital real estate in his hands be listed on the backdoor.
After taking over that year, Tang Yuxiang quickly stripped off the original assets, leaving only some businesses that have a certain relationship with real estate, and then a clean "shell" was made, waiting for new assets to be injected.
However, the plan could not catch up with the changes, and the A-share policy on the listing of real estate companies was changing rapidly, and Tang Yuxiang's backdoor plan was completely defeated.
Real estate can't be borrowed, and there are no suitable other assets worth injecting, or Tang Yuxiang still has a glimmer of hope, hoping that one day the policy can be changed back.
As a result, Huitong Energy is living freely in the form of a "shell".
The name is Huitong Energy, but there is no energy for a long time, and the main business is three: real estate leasing, property services, and decoration, with an annual revenue of only more than 100 million points, which is quite Buddhist.
But the profit is considerable, taking 2023 as an example, the net profit is 56 million, and the financial report shows that Huitong Energy has only 146 employees in total, of course, living a very happy life.
However, this is not what Tang Yuxiang wants, making money is too slow.
Since 2019, Huitong Energy has paid a total of 190 million dividends, with an average of less than 40 million per year, Tang Yuxiang and his partners can get 20 million, only 200 million in 10 years, and it will take 65 years to cash out 1.3 billion like this time.
Therefore, it has become the best choice to settle in the bag first.
Of course, although Tang Yuxiang did not have enough confidence, he still left a glimmer of hope, and even if he transferred so much equity, he still retained his position as the actual controller.
It is worth noting that the cash amount of 1.3 billion is not accidental.
In January 2019, Tang Yuxiang transferred 30% of the equity of the former actual controller at a high premium, costing a total of 900 million yuan, and became the new actual controller of Huitong Energy.
became the actual controller, Tang Yuxiang also felt that his controlling position was not stable enough, so he launched a tender offer, acquiring 15% of the equity at a premium of 15% compared with the secondary market at that time, costing about 387 million.
After the tender offer, Tang Yuxiang increased his stake in the secondary market, spending about 54 million.
If you add up these numbers, you will find that it is exactly about 1.3 billion, which means that Tang Yuxiang's cash-out is to get back the previous capital first, and then you can wait for the tide to ebb and flow.
This is the same as after ordinary shareholders return to their capital, the rest is earned, and the rise and fall is a matter of earning more and earning less, and the mentality is completely different.
Of course, there is also a possible harbinger of asset restructuring, the transfer of equity is 4 investment companies, investment institutions push, is Huitong Energy to inject new business?
As an ordinary shareholder, it is impossible to know what will happen in the future, but the restructuring of Huitong Energy has been speculated several times, and the gray pigeon thinks that such a high stock price is mainly speculated.
The most important thing is that if there is really an injection expectation, it is absolutely positive, and the "Yutong Department", as the actual controller, is too unreasonable to reduce its position.
However, no matter what the future holds, at least Tang Yuxiang can sit back and relax.