In the past 2019, Yao Zhenhua and his Baoneng group have tried to tear off the label of barbarian in the capital market by getting rid of emptiness and pragmatism.
From Vankes profits, the company reduced its shares to less than 5%. The real estate sector continued to move assets. At the end of the year, it continued to invest heavily in the automobile industry. It seems that Baoneng has a firm determination to become an industry.
However, Baoneng is not doing well in these spending industrial areas, and there is still no possibility of success in the short term. Therefore, the fight for the equity of Nanning Department store makes the outside world see that Yao Zhenhua, once the capital tycoon, is back again.
Betting car making
On the last day of 2019, Baoneng spent 1.63 billion yuan to buy itself a new year gift - 50% equity of Changan Peugeot Citroen Automobile Co., Ltd. (hereinafter referred to as Changan PSA). The original holder of the 50% equity is Changan Automobile, which is now held by Qianhai Ruizhi, a wholly-owned subsidiary of Baoneng automobile.
Tianyancha information shows that Changan PSA was established in November 2011 with a registered capital of 7.6 billion yuan and is located in Longhua District, Shenzhen. Changan Automobile and Peugeot Citroen Group (hereinafter referred to as PSA group) each account for 50% of the share capital.
As early as the end of November last year, PSA group announced to sell 0% of Changan psa5. At that time, it was Baoneng who was the offer receiver.
The brand and asset that Baoneng took over this time, similar to the original concept, is not a best-selling model, and also faces severe losses.
Changan PSA mainly produces DS model, and the earliest expectation is to achieve the target sales volume of 100000 vehicles in the Chinese market in 2014. However, the DS series models have not performed well since mass production.
From 2014 to 2018, the sales volume of DS series models in China was 23000, 24600, 16100, 6100 and 3900 respectively, with a significant downward trend. In the first 10 months of 2019, the domestic sales volume was only 1163 units, down 95.7% year on year.
It is reported that since January 2019, DS products have been substantially discontinued. According to the announcement of Changan Automobile, the net loss of Changan PSA in 2018 is 874 million yuan, and the net loss from January to September 2019 is 2.232 billion yuan.
As of September 30, 2019, the net asset of Changan PSA is -519 million yuan, which is already insolvent and unable to repay the due debts.
Why Yao Zhenhua should take over this hot potato has attracted much attention. The head of Baoneng automobile said that this is the full market-oriented behavior of Baoneng automobile, Changan Automobile and PSA group. Baoneng automobile will cooperate with Changan Automobile and PSA group for a long time. Subsequently, Baoneng automobile will increase its investment in R & D, technology, capital, talents and resources of Shenzhen manufacturing R & D base.
Yao Zhenhua has a big car dream in recent years. He proposed to build Baoneng automobile into an automobile group with strong competitiveness and international influence in 10-15 years.
In 2017, Baoneng Group officially started cross-border car building and established Baoneng Automobile Co., Ltd. with a registered capital of 1 billion yuan. At the end of the same year, Baoneng Group invested 6.5 billion yuan to acquire 51% shares of Guanzhi automobile and obtain automobile production qualification. At the beginning of 2019, the proportion of shares held by Baoneng group in Guanzhi automobile rose to 63%.
However, the gradual increase of the equity ratio of Baoneng group has not brought substantial benefits to Guanzhi automobile.
In addition to the new car R & D stranded, Guanzhi car sales are not optimistic.
In 2018, Guanzhi auto achieved 62000 sales in the whole year, a year-on-year increase of 300%, but most of the sales were sold to Baonengs linked cloud car rental at a low price, which led some Guanzhi dealers to jointly send a letter to the manufacturer, directly pointing to the manufacturers low-cost direct sales seriously disrupted the market price, and put forward the refund compensation requirement.
In the first 11 months of 2019, Guanzhis retail sales were only 36000 vehicles, down 40% year on year. Baoneng groups bottoming out action seems to be unsustainable.
Property back garden
In less than two months since its share-holding, Baoneng group has set up car manufacturing bases in Guangzhou, Hangzhou and Kunming, covering an area of 423 mu, 3000 mu and 6300 Mu respectively. In early 2018, a new energy vehicle production base was also established in Xian.
Among them, the built-up area of the whole vehicle land is 558100 square meters, and the remaining floor area is 736800 square meters; the built-up area of the R & D Center land is 47000 square meters, and the remaining floor area is 208000 square meters; the logistics land area is 700000 square meters, which has not been constructed.
According to Guiyang public resources trading center, on October 25, 2019, Guizhou Baoneng Automobile Co., Ltd., a wholly-owned subsidiary of Baoneng automobile, spent 932 million yuan to acquire 81500 square meters of residential land for Shuanglong.
As a matter of fact, Yao Zhenhua has always been obsessed with the real estate business. Baoneng group mainly has two real estate platforms, one is Baoneng real estate controlled by Yao Jianhui, younger brother of Yao Zhenhua, and the other is Baoneng Chengfa, which focuses on industrial real estate.
Baoneng real estate was established in July 2002, and its development has not been ideal for many years. According to public data, up to 2016, the sales of Baoneng real estate was only 13.9 billion yuan. It is reported that many projects of Baoneng real estate have been involved in shutdown, uncompleted and land retreat because of frequent problems in management, project development rhythm, etc.
In November 2017, Yu Ying, the former deputy general manager of poly, joined Baoneng and was entrusted with an important role as senior vice president of Baoneng group, President of Baoneng real estate and President of Baoneng Chengfa group. Baoneng Chengfa was established at the end of 2016, which is considered by the industry to be a new start of Baonengs real estate business.
In order to expand the real estate sector, since 2017, Yao Zhenhua has visited various cities across the country and signed a series of industrial real estate investment plans, including the ecological knowledge city in Yulin, Guangxi, the science and Technology Incubation Park in Wuhan, the tourist resort town in Kunming, and the comprehensive industrial new town in Guizhou.
However, in less than a year, Yu Ying left Baoneng. This is expected in the eyes of an industry insider. He pointed out that Baoneng, as a private enterprise, is basically speaking, and it is not easy for a truly promising professional manager to live in.
I know a financial executive of baonengchengfa who left within one month after joining baonengchengfa. It is said that baonengchengfa has proposed to reach the goal of 100 billion yuan in 2018, and the actual performance is very bleak. Many people feel that the development of the company is relatively difficult. Said a Shenzhen headhunter.
Yao Zhenhua later decided to merge Baoneng real estate and Baoneng Chengfa. Tianyan inspection information shows that on November 2, 2018, the shareholders of Baoneng Chengfa changed from 99% held by Shenzhen Baoneng Investment Group Co., Ltd. and 1% held by Shenzhen Baoyuan Logistics Co., Ltd. to 100% held by Baoneng real estate.
According to the interface news, after Yu Ying left, Baoneng Chengfa has been in the charge of Cheng Xibao, vice president of Baoneng group. He is a young vice president in charge of finance. He is trusted by Yao Zhenhua in terms of management.
At present, the integration of Baoneng real estate and Baoneng Chengfa seems to remain at the level of equity, and the outside world can not see more business changes.
According to Kerui data, in 2018, Baoneng groups sales amount was only 6.66 billion yuan, ranking 179th among the national real estate enterprises, slightly rising to 8.48 billion yuan in 2019, ranking 167th.
In January 2019, Baoxin finance became the controlling shareholder of Baoxin land through tender offer. Baoxin finance has taken property investment as an important direction of business development.
Baoxin land, originally focusing on sports culture and property development investment, put forward in the mid-term performance report in 2019 that after business adjustment in 2017 and 2018, the company has become a real estate company focusing on comprehensive property development and service. As of June 30, 2019, it has nine real estate development projects with a total construction area of 2.93 million square meters and a total investment of about 25 billion yuan.
According to incomplete statistics of interface news, Baoneng has injected more than 4 billion yuan of assets into the two Hong Kong listed platforms.
Behind the frequent capital move or the listing plan of Baoneng real estate business. According to Caijing, Baoneng real estate launched its listing plan as early as 2017, which does not exclude the option of listing in Hong Kong.
Return to the capital battlefield
There are only two businesses in Baoneng groups official website, one is Guanzhi automobile, the other is Baoneng Chengfa, which to some extent highlights Yao Zhenhuas ambition for automobile and real estate business.
However, whether it is a car dream or a real estate dream, it needs enough patience and a lot of capital investment.
Gradually cash out Vankes equity, or become one of the channels for blood transfusion of Yao Zhenhuas industrial territory. Since the end of the Baowan dispute, Baoneng has started to reduce its 25.4% stake in Vanke. After nearly 20 months of continuous reduction, the total shares of jushenghua and Qianhai life insurance under Baoneng have dropped to 565 million shares on December 19, 2019, accounting for 4.999998% of the total equity of Vanke.
According to the relevant rules, after the shareholding ratio is less than 5%, subsequent reduction actions of Baoneng system will not need to be disclosed.
At present, Baonengs shares that have not been reduced are calculated at the closing price of 32.05 yuan / share of Vanke A on January 3, 2020, and the corresponding market value is about 18.108 billion yuan. Excluding dividends and capital costs, Baonengs profit has exceeded 30 billion yuan.
With the Baowan battle entering history, Yao Zhenhua aimed at new prey.
On December 4 last year, Nanning Department Store announced that Nanning Futian (Baoneng group holding company), the second largest shareholder of the company, had increased its shareholding, with an actual shareholding of 18.85%, which was more than 18.26% held by Nanning Peining, the former largest shareholder.
Baoneng Department entered Nanning Department Store in 2015. In that year, Nanning Department Stores share price began to decline after reaching the peak of 18.95 yuan / share since its listing in June, and fell to the bottom at the end of September, with the lowest price of 5.24 yuan / share. Qianhai life insurance, a subsidiary of Baoneng group, started to raise its brand continuously, with a shareholding of 14.65%, ranking the second largest shareholder in that year.
The stock price of Nanning Department store has risen rapidly due to the dispute of stock rights. From December 4, 2019 to December 18, 2019, Nanning Department store stock has 10 trading limits. The stock price has risen from the closing price of 4.41 yuan / share on December 4 to 10.53 yuan / share on December 18, up 138.7%.
Nanning Department store has made negative non net profit for 4 consecutive years, and the average annual loss in 2015-2016 and 2018 is more than 30 million yuan. The average performance of Nanning Department Store is not a high-quality financial investment target. It is speculated that Yao Zhenhua is interested in the land and real estate resources of Nanning Department store.
It is reported that Nanning Department store has more than 100000 square meters of commercial property and nearly 10000 square meters of its own warehouse.
Baoneng has accumulated in the capital market in the past and has become the top ten shareholders of hundreds of A-share listed companies.
In addition to Nanning Department store, Baoneng is still holding more than 5% equity in seven listed companies, including overseas Chinese town, Zhongju hi tech, Shaoneng shares, star power, Baoxin Finance (formerly China Jinyang), CSG A and Hefei Department store, and has also obtained the control rights of CSG a, Zhongju hi tech and Shaoneng shares.
Influenced by events such as Baowan dispute, Yao Zhenhua was punished by the CIRC in 2017. Qianhai lifes universal insurance business was shut down, and he was banned from entering the insurance industry for 10 years.