Per reporter: Chen Li Per editor: Wei Wenyi
"02606.HK", this stock symbol was officially rolled off the Hong Kong Stock Exchange at 4:00 p.m. today (August 19).
HK$54.15 per share is the final price of Blu-ray Gerber Services staying on the Hong Kong Stock Exchange.
From the merger to the final delisting, the negotiation of Blu-ray Gerber service and Country Garden service was only 6 months. As the "first" Hong Kong-listed property company in Southwest China, from October 18, 2019 to August 19, 2021, Blu-ray Garbo Service, which has been listed for less than two years, has also become the first Hong Kong stock company to be delisted.
<h2>Less than two years of going public</h2>
On October 18, 2019, Yang Heng and Yao Min jointly sounded the gong of Blu-ray Gerber Services' listing on the Hong Kong Stock Exchange, completing the leap of Blu-ray Gerber Services to the capital market, becoming the first Hong Kong-listed property company in southwest China and the first listed property company in southwest China.
The day of ringing the bell is the most beautiful period for the property management industry in Hong Kong stocks. On the first day of listing, Blu-ray Gerber's stock price rose by about 15%.
With the landing of Blu-ray Garbo Newspaper on the Hong Kong Stock Exchange, Blu-ray Development has built an "A+H shares" dual capital platform. In the same year, Blu-ray Development achieved sales of 101.5 billion yuan and entered the "100 billion club" camp of housing enterprises.
Screenshot of the joint announcement of Country Garden Service and Blu-ray Gerber Service
In the less than two years of its subsequent public career, Blu-ray Gerber Services has made a large number of acquisitions and expanded its scale. In 2020 alone, it has spent 759 million yuan to win 17 mergers and acquisitions projects, and it is even more grand that 5 contracts have been signed in one day. The total contribution to the GFA under management for the whole year was 32.72 million square meters, becoming the well-deserved "king of mergers and acquisitions" in the property industry in 2020. As of December 31, 2020, Blu-ray Gerber service contracts managed an area of approximately 214 million square meters and a total GFA under management of 130 million square meters, a surge of approximately 81.2% and 82.8% respectively over the same period in 2019.
While the scale of management has increased significantly, the financial efficiency of enterprises has also improved significantly. In the first year of listing, Blu-ray Gerber Services achieved total revenue of about 2.1 billion yuan, an increase of 43.41% year-on-year; net profit of about 444 million yuan, an increase of about 49.59% year-on-year; and net profit attributable to the mother of about 429.5 million yuan, an increase of 48.44% year-on-year.
Despite this, the capital market's mergers and acquisitions of Blu-ray Gerber Services do not seem to be cold, reflected in the rise and fall of stock prices, which fell by 29.2% in 2020.
Until March this year, Country Garden Service's paper acquisition agreement proposed to acquire 71.17% of Blu-ray Gerber's shares for 5.432 billion yuan, which also became the first merger between listed property companies in the domestic property industry; since then, on June 9, Country Garden Service has increased its holdings of Blu-ray Gerber by 3.22 million shares, involving HK$164 million, and its shareholding has increased to 74.3%.
After the acquisition agreement, the share price of Blu-ray Gerber Service rose to HK$45 per share at its first opening price, compared with a closing price of only HK$38.95 per share on February 22. On August 9, Country Garden Service and Blu-ray Gerber Service jointly announced that the delisting resolution of Blu-ray Gerber Service has been reached, and the H-shares of Blu-ray Gerber Service will officially stop trading at 9:00 a.m. on 10 August 2021, and will voluntarily withdraw their listing status on the Stock Exchange at 4:00 p.m. on 19 August 2021.
The share price of Blu-ray Gerber Services was also finally fixed at HK$54.15 per share.
<h2>72-hour acquisition decision</h2>
Who would have thought that this merger and acquisition case of "big fish eating big fish" from spring to autumn, separated by half a year, was settled in only 72 hours.
In mid-July, Li Changjiang, president of Country Garden Services, revealed in an interview with the media, "The decision-making of this project is fast and efficient. From contact to announcement, about 72 hours, non-stop negotiations. ”
As for the reason for the sale, the buyer and seller have their own considerations.
"At this stage, the sale of Garbo is because garbo is now at a high point in valuation, and the realization of value after the sale can supplement the cash flow of the real estate sector." In April, Yang Wuzheng, then executive vice president and chief operating officer of Blu-ray Development, explained, "All the funds (for the sale of Blu-ray Gerber) are now in place, of which 2 billion are for the redemption of foreign dollar bonds due on April 25." ”
Li Changjiang also said before that from the perspective of internal business collaboration, the advantages of Blu-ray Gerber services in the southwest region will make up for the shortcomings of Country Garden's services, and it also has a large layout in East China, which can produce resource coordination and finally bring scale benefits.
"It is a listed company, and all aspects of operation are still relatively standardized, and the cost of standardization after the acquisition will be reduced." In addition, we are also familiar with the culture and team of Blu-ray Garbo, and there will be no major problems in the integration after successful cooperation. Li Changjiang also revealed that in the acquisition negotiations with Blu-ray Development, Country Garden's services are more considered to the issue of risk control.
According to Kerry data, after the acquisition of Blu-ray Gerber Services, the total area under management of Country Garden's services has reached 540 million square meters, which is close to the area under management of the "Property Management Brother" Wanwuyun (578 million square meters).
Today, Country Garden Service has fully taken over Blu-ray Gerber Services. The reshuffling of the company's executives after the acquisition is a routine operation of mergers and acquisitions, and Country Garden Service's Blu-ray Garbo service is no exception.
On July 30, six directors of Blu-ray Garbo Services, 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. Among them, Li Changjiang is currently the executive director and president of Country Garden Services, and Chen Fenghua is the vice president of Huawei, and also serves as a director of several subsidiaries of Country Garden Holdings.
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.
After a round of "purging", only Yao Min still hangs the title of chairman of Blu-ray Garbo Service. Previously, he had withdrawn from Jiayu Enterprise, the shareholding company of Blu-ray Garbo Services, and transferred all 34.8975% of the equity of Jiayu Enterprise to Ren Ming, a natural person.
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