A share this years heaviest change will end! Gree and Hillhouse are going to sign up

category:Finance
 A share this years heaviest change will end! Gree and Hillhouse are going to sign up


In the morning of December 2, Gree Electric was suspended temporarily due to significant progress in the change of control right, which attracted widespread attention from the outside world.

At the time when it was rumored that there was a significant change rather than a significant progress in the equity transfer, Gree Electric announced in the afternoon that it planned to sign a share transfer agreement between Gree Group and Zhuhai Mingjun, the ultimate transferee, and the suspension time is not expected to exceed one trading day.

Late signing

Its a late signing.

According to the announcement of Gree Electric on October 28, Zhuhai Mingjun will eventually become the transferee of 15% equity of Gree Electric, and will become the largest shareholder of Gree Electric, and the high-level capital behind it will become the strategic investor of Gree Electric.

If everything is normal, according to the follow-up arrangement of public solicitation, Zhuhai Mingjun shall sign the share transfer agreement with Gree Group within 10 working days from the date of announcement, and the signed share transfer agreement shall not take effect until it is approved by the state-owned assets supervision and administration agency and other relevant government departments.

However, on November 11, Gree Electric announced that Zhuhai Mingjun and Gree Group, the controlling shareholder, intend to postpone signing the share transfer agreement.

So far, neither Gree Group, nor Hillhouse capital, nor Gree Electric, etc., have disclosed the specific reasons for the delay.

On this rather sensitive node, in the morning of the 2nd, Gree Electric suspended trading temporarily, and the outside world once thought that the equity transfer had twists and turns.

If it is a normal contract signing and transfer, it should be a natural result, not a significant progress , because it has been determined that the high-level capital is the ultimate transferee. A local Zhuhai source told the Shanghai Stock Exchange newspaper that the so-called significant progress may mean that some details have been finalized and implemented between the high-level side and Grees management.

Hillhouse and the cutting of beauty

When participating in the equity transfer of Gree Electric, the relationship between Hillhouse capital and Midea has attracted great attention from the outside world.

In order to achieve greater success in the equity transfer of Gree Electric, Hillhouse capital began to cut the connection between it and Midea.

Previously, when Gree Group publicly solicited the plan of intended transferee of Gree Electrics equity, it had made clear requirements for the intended transferee, that is, to promise to avoid competition with Gree Electric in the same industry, and to promise that there should be no investment behavior with competitive relationship with Gree Electric.

According to the data, he Hanjian, founder of Midea Group, holds 99.67% of Ningbo Meiyu equity investment partnership among the equity institutions of Zhuhai Mingjun, and owns part of the equity in Zhuhai Mingjun through layer by layer investment.

In terms of the specific path, he Hengjian and Ningbo profei Investment Management Co., Ltd. - > Ningbo Meiyu equity investment partnership (limited partnership) - > Zhuhai Gaoling Zeyuan Asset Management Center (limited partnership) - > Zhuhai Gaoling Tiancheng phase II equity investment fund (limited partnership) - > Shenzhen Gaoling Hanying Investment Consulting Center (Limited partnership) - > Zhuhai Mingjun.

Subsequently, Hillhouse capital clarified that there are dozens of investors in Zhuhai Mingjun fund, and he henjians Ningbo Meiyu is just one of them. He has invested in the fund since 2017, and the amount of investment is very small, which has nothing to do with the mixed reform of Gree.

Or in order to further cut with the US, in the third quarter of this year, Hillhouse capital also withdrew from the list of shareholders of the US group.

Midea Group semi annual report shows that Hillhouse capital HCM China fund holds 0.89% of the companys shares, ranking the eighth largest shareholder of the company. However, in the third quarter report, the top ten shareholders of Midea Group have no high-level capital.

Data shows that as early as the first quarter of 2016, Hillhouse capital spent nearly 800 million yuan to buy 45.36 million shares of Midea Group, which has been held for a long time until the third quarter of this year.

Hillhouse has gained 31%

Since the disclosure of remarriage in April this year, the equity transfer of Gree Electric has attracted the attention of all parties in the market.

With more than a month ago Hillhouse capital stood out in the one out of two plan, it is only a matter of time before Hillhouse took over Gree Electric appliances.

According to the plan previously disclosed by Gree Electric, Gree Group will transfer 900 million shares of Gree Electric, accounting for 15% of the total share capital of the company, with the share transfer price not less than 44.17 yuan / share, i.e. the total transfer amount is not less than 39.8 billion yuan.

According to the current market value of Gree Electric appliances, the closing price of Gree Electric appliances before the suspension was 57.71 yuan, and 15% of the equity value was about 52.1 billion yuan, 31% higher than the plan in this case. Once Hillhouse capital is officially owned, the book floating profit has reached as high as 30%, which has reaped a lot of income. It is worth mentioning that ten days ago, on the afternoon of November 22, Guo Yonghang, Secretary of the CPC Zhuhai Municipal Committee and director of the Standing Committee of the Municipal Peoples Congress, and Yao Yisheng, deputy secretary of the CPC Zhuhai Municipal Committee and mayor, visited Gree Electric appliances for investigation. Guo Yonghang said that the citys efforts should be taken to support Gree Electric to become stronger, better and bigger, and to promote Gree Electric to become a world-class advanced manufacturing industry and a modern diversified development benchmark enterprise. In the key stage of equity transfer of Gree Electric, the senior party and government officials of Zhuhai appear in Gree Electric, and it is also meaningful to boost Gree Electric. Source: editor in charge of Shanghai Securities News: Yang bin_nf4368

According to the current market value of Gree Electric appliances, the closing price of Gree Electric appliances before the suspension was 57.71 yuan, and 15% of the equity value was about 52.1 billion yuan, 31% higher than the plan in this case.

Once Hillhouse capital is officially owned, the book floating profit has reached as high as 30%, which has reaped a lot of income.

It is worth mentioning that ten days ago, on the afternoon of November 22, Guo Yonghang, Secretary of the CPC Zhuhai Municipal Committee and director of the Standing Committee of the Municipal Peoples Congress, and Yao Yisheng, deputy secretary of the CPC Zhuhai Municipal Committee and mayor, visited Gree Electric appliances for investigation.

Guo Yonghang said that the citys efforts should be taken to support Gree Electric to become stronger, better and bigger, and to promote Gree Electric to become a world-class advanced manufacturing industry and a modern diversified development benchmark enterprise.

In the key stage of equity transfer of Gree Electric, the senior party and government officials of Zhuhai appear in Gree Electric, and it is also meaningful to boost Gree Electric.