Leju Finance Xu Jiumian Deng Xinni sent from Chengdu
A "strange" equity freeze occurred at the end of the story of Country Garden's service acquisition of Blu-ray Gerber, and the "annual drama" that was supposed to end suddenly became a bit unpredictable.
On August 11, Blu-ray Gerber added an equity freeze dynamic in the delisting of Jingwai, and the executor was Sichuan Blu-ray and Jun Industrial Co., Ltd. (hereinafter referred to as "Blu-ray and Jun"), the "former owner".
From the national enterprise credit information publicity system, Leju Finance learned that the Intermediate People's Court of Changzhou City, Jiangsu Province, executed and frozen the amount of 115.8402 million yuan of rights and interests held by Blu-ray and Jun in Blu-ray Jiabao, and the freezing period was from August 10, 2021 to August 9, 2024.
In order to repay the debt of the "father", Blu-ray Garbo has "sold" Country Garden services, but now it is frozen as the assets of Blu-ray and Jun, which is really puzzling.
"All the stake has been transferred to our name, so there's no doubt the court got it wrong." Li Changjiang, president of Country Garden Services, replied to Leju Finance in this way.
Li Changjiang's answer was finalized, and from his words, it seems that the direction of the matter is not as stated in this paper "enforcement ruling number", what is the truth of the "frozen" oolong of Blu-ray Jiabao this time?
"Freeze" oolong
Country Garden Service has already obtained the equity of Blu-ray Gerber, and there is no equity in the frozen list of "former owners".
And why is there such a contradiction in court enforcement? Cheng Jiming, founder of Ming Said Capital, analyzed: "Whether the implementation of the equity freeze is established or not, it depends on who is in front of the time of selling services to Country Garden and freezing. If the sale is in front, this execution cannot be established, because Blu-ray Gerber is no longer an asset of Blu-ray and Jun. ”
Regarding the ruling document on the implementation of the equity freeze, Leju Finance did not inquire more specific content. Judging from the frozen time of the announcement, the transaction of Country Garden Service's acquisition of Blu-ray Gerber is obviously in front.
And as early as April this year, Blu-ray Development (600466. SH) executive vice president and chief operating officer Yang Wuzheng also said, "Now all the funds (the sale of Blu-ray Gerber) have been in place. ”
This is undoubtedly a frozen "oolong", equity and funds have been successfully exchanged, while Blu-ray Garbo is still frozen in the former owner's asset package.
Cheng Jiming explained, "There may be a reason for this situation, perhaps when the court sorts out the assets, Jiabao is still hejun's assets; and later sold to Country Garden services, but mergers and acquisitions, equity delivery takes time, there is a time difference between the two, there will be such a situation." ”
How to solve this "frozen" oolong now? The simplest and most direct way is to let the equity of Blu-ray Garbo unfreeze first. When the frozen assets that were placed under the umbrella of Blu-ray and Jun will be unfrozen is unknown.
The court that enforced the freezing of Blu-ray Garbo's equity also froze Suzhou Blu-ray Investment Co., Ltd., a subsidiary of Blu-ray and Jun, on the 3rd and 4th of this month, with a frozen equity amount of 100 million yuan, and Xuzhou Blu-ray Real Estate Co., Ltd., with a frozen equity amount of 98.039 million yuan. Since August, Blu-ray and Junjun have frozen 21 new shares.
And this is just the tip of the iceberg of Blu-ray and Jun's frozen assets. Enterprise investigation shows that blu-ray and Jun's equity freezing records have 63, as of press time, Blu-ray and Jun have added 1 new equity freeze, the freezing target is Hefei Jiaojiu Commercial and Trade Co., Ltd., the amount of frozen rights and interests is 10 million yuan.
"It may not be thawed in a short period of time." The execution freeze of Blu-ray and Jun stems from the consequent crisis of Blu-ray's development debt.
The latest disclosure is that on August 2, blu-ray development's accumulated debt principal and interest amount due to maturity and unpaid totaled 15.997 billion yuan; in the same period, its subsidiaries recently added 5.413 billion yuan of debt that could not be repaid due.
Take over Garbo
There is no doubt that the story direction of Blu-ray Garbo has already begun a new beginning.
On August 2, the semi-annual meeting with the theme of "Blue Sea Journey to Create Great Achievements" allowed Blu-ray Garbo to return to the public's vision with a new identity.
At the meeting, President Chen Fenghua made a sixteen-character keynote speech on "opening up the territory and expanding the territory, worshiping the general and sealing the marquis, attacking and defending each other, and coexisting and prospering".
This is Chen Fenghua's first public appearance after being transferred to Blu-ray Garbo, and the speech that is full of breath and intestines depicts the blueprint of Garbo. Subsequently, Li Changjiang also sent a message through the Network.
However, an interesting phenomenon is that Yao Min, as the only former Blu-ray Gerber employee who remained, was absent from this important "oath meeting".
Behind his absence is blu-ray Gerber shares, which were emptied more than a month ago.
According to Leju Finance, Chengdu Jiayu Enterprise Management Center (Limited Partnership) (hereinafter referred to as "Jiayu Enterprise") holds 6.13% of the shares of Blu-ray Jiabao. On June 30, Yao Min transferred all 34.8975% of the equity of Jiayu Enterprise to Ren Ming, a natural person.
On February 25 this year, Blu-ray Development announced that it intends to transfer its 64.62% stake in Blu-ray Gerber Services to Country Garden Hong Kong, a wholly-owned subsidiary of Country Garden Services, for RMB4.846 billion. On June 9, Country Garden Services also increased its holdings of Blu-ray Gerber by 3.22 million shares, involving HK$164 million, further increasing its shareholding to 74.3%. Country Garden Service is already the absolute largest shareholder of Blu-ray Gerber.
In the past six months, the two sides of "Lanbi" have also been promoting the progress of this merger and acquisition. According to the incomplete statistics of Leju Finance, since March 1, Blu-ray Gerber Service has only announced 103 merger code transaction disclosures.
Executive reshuffles are already underway after the merger. At the end of last month, a number of senior executives of Country Garden Services have also been stationed on the board of directors and senior management of Blu-ray Gerber.
On July 30, six directors of Blu-ray Gerber, Yang Wuzheng, Liu Xia, Chi Feng, Sun Zhefeng, Chen Chengyi and Chang Heng, successively withdrew, and Chen Fenghua, Li Changjiang, Dai Tao, Guo Zhanjun, Liu Zhenwen, Rui Meng and others took over the board of directors, and the main members after the change were mostly country garden service executives.
In addition to the board of directors, Wang Lu and Zhang Zhang withdrew from their posts as supervisors, and Zhao Liyan and Huang Dan took over the positions.
Country Garden's services complement the southwest
"In the future, Blu-ray Gerber services will complement country garden services." In the second half of the message, Li Changjiang's foothold returned to the mutual assistance and development of the two companies.
So, what did Country Garden service look at at Blu-ray Gerber?
Maybe it's the market, the scale, and the value-added services. Prior to the transaction, on February 18, Blu-ray Gerber Services announced that as of December 31, 2020, its total unaudited revenue increased by 30% year-on-year compared with 2019, and the increase was mainly due to the increase in the floor area under management and the substantial increase in community value-added service revenue.
Country Garden Services, which originated in Foshan, Guangdong Province, has now sat firmly in the head camp. According to Leju Finance, before "placing an order" for Blu-ray Garbo, Country Garden Service had 2,405 property projects in 350 cities across the country, with a management area of 319 million square meters, and about 3% of the scale layout was in the southwest.
Relying on the development of Blu-ray, the former parent company Blu-ray, Blu-ray Gerber has been deeply cultivating the southwest region for many years and seizing most of the southwest market. In 2020, Blu-ray Gerber won the "laurel" in the number of mergers and acquisitions, and with the blessing of 17 mergers and acquisitions, Blu-ray Gerber's area under management reached 130 million square meters, of which about 60% of the scale was in the southwest region.
The acquisition of Blu-ray Garbo will not only open up the southwest market for Country Garden's services, but also bring about a scale increase of over 100 million. As of December 31, 2020, Blu-ray Gerber contract management area of approximately 214 million square meters, a surge of approximately 81.2% over the same period in 2019.
At the same time, 75% of the scale of Blu-ray Gerber services is provided by third parties, while most of the area of Country Garden services comes from affiliated companies, and the area contribution rate of third parties is less than 30%. Winning Blu-ray Garbo can also further enhance the independence of Country Garden's services themselves.
In addition, the performance of the value-added services of Blu-ray Gerber services is also considerable.
There are two main value-added services of Blu-ray Gerber services, namely consulting services and community value-added services (merchandise sales and others). The 2020 annual report disclosed that during the period, community value-added services achieved revenue of 624 million yuan, ranking 8th in the list of value-added services for Hong Kong-listed property companies, with a revenue increase of 39%.
As a leading property company, Country Garden Service's own value-added services are also very strong, but who will refuse to earn a little more, not to mention that the gross profit margin of community value-added services served by Blu-ray Gerber is at a high level of 40%.
"If property management services are a trillion-level blue ocean, then value-added services are a 10 trillion-level blue ocean." At the performance meeting at the beginning of the year, Li Changjiang expressed his optimism about value-added services. Country Garden Services' revenue in this business segment was only 1.7 billion yuan last year, and at the end of last year, Li Changjiang set a target of 30 billion yuan in community value-added service revenue in five years.