Leju Finance Deng Xinni was sent from Chengdu
Blu-ray Garbo is really going to go back.
From spring to autumn, half a year apart, spanning a season, this "big fish eat big fish" merger and acquisition case has completely landed.
In the past nearly 6 months, the resulting Blu-ray Garbo (02606. HK) personnel changes, equity delivery and other news appear from time to time.
"19 years of going around, people coming and going, to this day, can't say goodbye!" Only thanksgiving and blessings! Liu Xia's testimonials in the circle of friends when he left Blu-ray Jiabao expressed the reluctance and attachment of the old minister.
This is conceivable inevitability. In fact, not only Liu Xia, but also six directors, including him, have now come to an end. In its place were six executives from Country Garden Services (06098.HK).
The world of competition between property and enterprise is cruel. Although Yao Min still holds the chairmanship of Blu-ray Gerber, he was absent at the semi-annual meeting on August 2. More than a month ago, it quietly emptied the equity of Blu-ray Gerber.
In August, it was the month in which various property companies disclosed their semi-annual reports, and Blu-ray Gerber's stock trading was terminated, and finally stopped at 9:00 a.m. on August 10, 54.15 Hong Kong dollars per share, with a total market value of about 9.644 billion Hong Kong dollars.
Such stock prices still rank second today, and the total market value ranks 16th among the 54 Hong Kong stock companies. "It's a pity" was released by the news of mergers and acquisitions, and many people in the industry issued such feelings.
"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 this year, Blu-ray Development (600466. SH) executive vice president and chief operating officer Yang Wuzheng explained.
There is a feeling of "father debt repayment", Blu-ray development to accelerate the realization, resell Blu-ray Garbo to return cash. From the merger to the final delisting, the negotiation between Blu-ray Gerber and Country Garden service was only 6 months. From October 18, 2019 to August 19, 2021, Blu-ray Gerber, which has been listed for more than two years, will soon become the first Hong Kong stock company to be delisted.
Blu-ray Garbo's two-year ups and downs listing journey just confirms the sentence "into the blu-ray development, retreat also blu-ray development", relying on the resources of affiliated companies to list Blu-ray Garbo was once questioned by the outside world, 17 mergers and acquisitions in 2020 will reduce the proportion of related parties a lot. There is a slight improvement, but it is facing the dilemma of being sold.
Executive "change of guard"
The city gate caught fire, affecting the pond fish. Blu-ray Garbo delisted into the countdown, and some senior management were also "changed" in the process of changing the actual controller.
On the evening of August 9, Blu-ray Gerber and Country Garden Service Card released the "Letter to Blu-ray Independent Shareholders" at the same time, announcing that they would stop trading Blu-ray Gerber shares from 9:00 a.m. the next day to prepare for the final delisting.
Shuffling the executives of the acquired company is a routine operation of mergers and acquisitions, and Country Garden Service is naturally no exception. The previous acquisitions of Manguo Kangjie, Wenjin International, City Zongheng, etc., only 1-2 of the original executives left.
11 days ago, Country Garden Service made a major adjustment to 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.
After a round of "purges", only Yao Min still hangs the title of chairman. When Blu-ray Garbo rang the bell, he once stood next to Yang Hao. At the semi-annual meeting on August 2, he was no longer seen.
Previously, he had withdrawn from Jiayu Enterprise, the shareholding company of Blu-ray Jiabao, and transferred all 34.8975% of the equity of Jiayu Enterprise to Ren Ming, a natural person.
If you want to trace it back to an earlier executive move, or the resignation of Co-President, CFO and Co-Company Secretary Zou Hao, the departure announcement is two minutes after the 2020 financial report.
Blu-ray Gerber, which was scheduled to release its annual report on March 15, moved the release time forward to March 10 before Zou Hao's resignation. At that time, the news of Blu-ray Garbo's "selling itself" had been implemented, before there was an equity "earthquake", and then there was a chief financial officer resigning, which may also be one of the reasons for rushing to issue the annual report.
Entering and leaving the market
On the background of the huge electronic screen, the time has come to 9:30. Yang Hao and Yao Min raised their copper hammers high, and in the last second, they struck hard, cheering, and the voices congratulating the listing came and went.
On October 18, 2019, Yang Heng and a group of leaders went to Hong Kong to ring the gong of Blu-ray Garbo's listing. This is the inflection point of Blu-ray Garbo, completing the leap to the capital market.
Fight the Hong Kong Stock Exchange and let the southwest-based property company come to the fore. In the more than two years of its IPO career, Blu-ray Garbo tried to control its own destiny. Out of the Shu land power continues to expand eastward, 17 acquisitions a year make it the "merger and acquisition champion" in 2020.
The upward trend was interrupted by a merger and acquisition. Country Garden Service bought 64.62% of Blu-ray Gerber for 4.846 billion yuan, a move that also bought out Blu-ray Gerber's listing journey.
In the first year of listing, Blu-ray Gerber achieved a total revenue of about 2.1 billion yuan, an increase of 43.41% year-on-year; a net profit of about 444 million yuan, an increase of about 49.59% year-on-year; and a net profit attributable to the mother of about 429.5 million yuan, an increase of 48.44% year-on-year.
The following year, it added a handful of wood under the background of the original steady growth. In 2020, a total of 17 companies were signed to acquire, and there was a grand situation of signing 5 contracts in one day. In the second answer sheet after the listing, Blu-ray Gerber's revenue in 2020 was about 2.734 billion yuan, an increase of 30.2% over the same period last year; gross profit was about 976 million yuan, an increase of 28.3% year-on-year.
More eye-catching results also belong to the scale of management. As of December 31, 2020, Blu-ray Gerber contracted to manage approximately 214 million square meters and 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.
At the end of the year, Blu-ray Gerber and Country Garden services tied for the first place, the difference is that Blu-ray Gerber has the largest number, while Country Garden services are far ahead in terms of mergers and acquisitions.
On the morning of February 23, Country Garden Service and Blu-ray Gerber Service successively issued short suspension announcements. Two days later, Blu-ray Development took the lead in announcing the details of Country Garden's acquisition of Blu-ray Gerber.
64.62% shares, 4.846 billion yuan, 17 times the merger and acquisition of PE. On June 9, Country Garden Services increased its holdings of Blu-ray Gerber by 3.22 million shares, involving HK$164 million, increasing its shareholding to 74.3%.
After the acquisition agreement, Blu-ray Gerber's share price 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. Subsequently, the share price stabilized and is now fixed at HK$54.15.
The debt of the father is repaid by the son
"Now all the funds (the sale of Blu-ray Gerber) are in place, of which 2 billion are for the redemption of foreign dollar bonds due on April 25." With the approaching debt, Yang Wuzheng could only spend on the urgent matters.
Property companies are "fighting daddy", and some housing companies are not using property companies as "cash machines". The difference is that some housing companies have changed their money, some housing enterprises have changed shares, and some housing enterprises have changed their performance. Apparently, Blu-ray Development chose the first one.
On August 10, the Third Intermediate People's Court of Beijing Municipality said that it would auction the shares of Blu-ray Development on the online platform from 10:00 on September 9 to 10:00 on September 10. This is the first auction, according to 2.41 yuan per share, the display starting price is 74701435.8 yuan, the deposit is 3.75 million yuan, and the increase in price is 370,000 yuan.
Blu-ray development funds continue to tighten, and fundraising has become a daily routine. On August 2, blu-ray development's accumulated debt principal and interest amount that could not be repaid when due totaled 15.997 billion yuan. In the same period, the principal and interest of the new debts that could not be repaid by its subsidiaries in recent days was 5.413 billion yuan.
Unlike Blu-ray Development, which directly "sells for money", Sunshine City sold 100% of the equity of Sunshine Zhibo to All Things Cloud without taking a penny, but gained 4.8% of the shares of All Things Cloud. Sunshine City's "exchange of shares for shares" has opened up a new way of playing the merger and acquisition of property enterprises.
However, behind the constantly breaking the imagination of mergers and acquisitions, it also shows the helplessness of the property enterprises, and the dilemma of the housing enterprises affects the survival of the property enterprises and gradually becomes the norm.
It is not uncommon to exchange property for money and performance. For example, Bourne Property and Galaxy Property, where the equity was pledged, Yunnan City Investment Property, where the funds were frozen, Caixin Smart Life Service, which were once again loaded into the real estate, and Fangyuan Modern Life...