High house price drags down IPO project Huatu Shanding wants to engage in cross-border education?

category:Finance
 High house price drags down IPO project Huatu Shanding wants to engage in cross-border education?


The investment progress is only 33%

Huatu Shanding, formerly known as Shanding design, is based in Chengdu and officially landed on the gem on December 23, 2015. Shanding design is mainly engaged in providing architectural engineering design and related consulting services to customers, including pre project consultation, conceptual design, scheme design, preliminary design, construction drawing design and construction cooperation.

At that time, Shanding design IPO issued 20.8 million shares of shares, and the final net amount of raised funds was 107 million yuan. It planned to invest in the construction of regional business development center and headquarters construction, with the investment amount of 78.2923 million yuan and 90.6 million yuan respectively.

It should be pointed out that the project terminated by Huatu Shanding is one of the IPO projects in that year, that is, the construction of regional business development center to purchase office space in the core areas of Chengdu, Xian, Beijing, Shanghai and Shenzhen.

In the prospectus, the listed company mentioned that the above-mentioned projects radiate southwest, northwest, North China, East China and South China respectively, aiming to expand business and realize the needs of national strategic layout; at the same time, to adapt to regional business characteristics and improve customer service ability.

According to the prospectus, the above-mentioned project was originally planned to be built for three years, with a total of 22 high-end design talents, a design team of 113 and supporting 10 management personnel, so as to enhance the overall strength of architectural design. The fund raised by the project includes house purchase fee, decoration fee and headhunting fee for designers.

Taking Southwest China as an example, Shanding designs prospectus points out that in terms of Chengdu, where the company is located, the newly issued master plan of Tianfu New Area in Chengdu, Sichuan Province (2010-2030) will focus on the core goal of rebuilding an industrial Chengdu, vigorously develop strategic emerging industries, modern manufacturing, high-end service industries and modern urban agriculture, and build Tianfu new area into a modern manufacturing industry It is an international modern new urban area suitable for business, business and living, and a demonstration area for the coordinated development of modern industry, modern life and modern city. The planned area of Tianfu new area is 1578 square kilometers. It is estimated that the urban population of the new area will reach 5.8-6.3 million by 2030.

In this context, Shanding design believes that the planning prospects of Tianfu new area, Chengdu Chongqing Economic Zone and Liangjiang New Area provide policy guarantee for the sustainable development of Southwest China, and the acceleration of economic development and urbanization process will also drive the development of fixed asset investment, construction industry and real estate industry in the region, and provide a broader market space for the architectural design industry.

Based on this logic, Shanding design regional business development center construction project was originally planned to purchase office space in the core areas of Chengdu, Xian, Beijing, Shanghai and Shenzhen, with a planned investment of 37.5795 million yuan.

According to the latest announcement on July 23, real estate prices in Chengdu, Xian, Beijing, Shanghai, Shenzhen and other regions have increased more, and the company has not found suitable office space within the expected construction period. Therefore, in order to further improve the utilization efficiency of the raised funds, the listed company intends to terminate the continuous investment in the construction of regional business development center project, and permanently replenish the working capital with the surplus raised funds of the above projects.

The reporter of securities times u00b7 e company noted that by the end of June 2020, the total investment in the above-mentioned projects had reached 12.3311 million yuan, and the investment progress was only 32.81%; with the interest income of 1.4259 million yuan, the balance of the project raised funds was 26.6743 million yuan.

Diwang in Chengdu

In 2020, the enthusiasm of real estate enterprises for Chengdus local auction market will not be reduced, hitting the ceiling price for many times. On March 19 this year, a 63.57 mu land was listed for auction in Sanhe street, Xindu District, Chengdu. The land use type was pure residence, with the starting price of 5250 yuan per square meter. It is reported that 16 real estate enterprises including Longhu, poly and Xuhui signed up to participate in the auction. Finally, Shanghai Dafa Real Estate Group Co., Ltd. won the land at a floor price of 11800 yuan per square meter, with a premium of 124.76%.

On April 2, Chengdu also sold two residential land auctions, totaling about 150 mu. Among them, another plot located in Jinjiang District of Chengdu has a net land area of about 131 mu, with a floor price of 15600 yuan per square meter. It is reported that China Construction and development real estate won the plot with a floor price of 19800 yuan per square meter, a premium rate of 26.92%, and a free transfer ratio of 7%. Considering the proportion of free transfer, at that time, the floor price of Jianfa real estate may be higher than that of HUAFA group in 2019.

Among the two land auctions, the most important and most eye-catching is parcel No. 2, which is located in group 7 of Huilong community (the former Huilong village group 12) and the group 10 of Jinsong community (the former group 12, 13 and 14 of Jinsong Village) in Zhonghe street, high tech Zone. The land area is about 41.88 mu, which is a pure residential land.

According to the reporter of securities times u00b7 e company, the land auction adopts the mode of setting the maximum price + competing for the proportion of building area of rental housing transferred to the government free of charge. The starting floor price of land auction is 14800 yuan per square meter.

In fact, the local auction is the highest starting price in the hi tech Zone and the second highest in Chengdu. At present, the highest starting price is 15600 yuan per square meter in Jinjiang District of Chengdu. In the end, Yutai real estate won the No.2 parcel with a floor price of 20700 yuan per square meter, with a premium rate of 39.86% and a total transaction price of 1.156 billion yuan. It should be pointed out that the land auction in the high tech Zone has refreshed the highest transaction price of land in Chengdu, and also made the floor price of Chengdu residential land auction break through the mark of 20000 yuan per square meter for the first time.

Objectively speaking, the rising land auction price of residential land can not represent the trend of commercial land, because local governments often give more preferential policies and low starting price for commercial and residential land in order to attract investment.

However, as the tide rises, the rise should rise, especially in the core business districts such as the high tech Zone and Tianfu new area.

On May 12, this year, a commercial and residential land in Chengdu high tech Zone was successfully sold. Finally, Hejing Taifu won the bid with 516 million yuan, with a floor price of 16600 yuan per square meter, with a premium rate of 38.33%. It is reported that the plot is located at the intersection of the third Tianfu street and Fuhua South Road in the high tech Zone, covering an area of 31100 square meters, which is used for commercial and residential land with a plot ratio of 2 and a building density of 40%.

On the 28th of the same month, about 43 mu of residential and commercial land in Xinglong lake, Tianfu New District of Chengdu, attracted more than ten brand real estate enterprises to participate in the bidding. After several rounds of bidding, the highest price was reached. In the end, the parcel was seized by Dexin, with a floor price of 17299 yuan per square meter, with a premium rate of 80%, and a proportion of 1% of the housing area was transferred free of charge.

What is the intention of Huatu mountain tripod?

Indeed, the reality is cruel!

At the beginning of IPO, Shanding design judged the vigorous development trend of real estate industry, but failed to get much dividend from it.

In the four complete years after listing (2016-2019), the operating revenue of Shanding design was 158 million yuan, 150 million yuan, 216 million yuan and 214 million yuan respectively, with growth rates of - 14.96%, - 4.94%, 44.02% and - 1.02%; after deducting non-profit, the net profit was 18.91 million yuan, 15.53 million yuan, 26.75 million yuan and 17.81 million yuan, respectively, with growth rates of - 25.39%, - 17.89%, 72.28% and - 33.43%.

Finally, in September 2019, Huatu Hongyang Investment Co., Ltd. (hereinafter referred to as Huatu investment) transferred 30% equity of Shanding design to become the new controlling shareholder of this listed company at a price of 750 million yuan.

In the view of the industry, the change of ownership of Shanding design may mean that the parent company of Huatu investment, Beijing Huatu Hongyang education and Culture Development Co., Ltd. (hereinafter referred to as Huatu Education) may borrow from Shanding design.

Previously, some people in the industry have pointed out that Huatu education is obviously well prepared to acquire 30% of the equity of Shanding design, which is the first step of Huatu educations backdoor Shanding design. First, change the control right, and then inject assets.

According to Tianyan survey, Huatu education was established in 2003 with a registered capital of 420 million yuan. Its business scope includes organizing cultural exchanges, publishing planning, editing services, etc. Among them, Yi Dinghong and Wu Jingyu are husband and wife, and have signed the agreement on concerted action, which are the actual controllers of Huatu education, holding 39.67% of the shares of Huatu education.

At present, the share of Huatu education in the field of civil servant training is 12.7%, which is one of the largest training institutions of Vocational Education in China. As of September 2019, Huatu education has more than 1000 direct learning centers nationwide, with more than 10000 employees and more than 1 million trainees annually.

However, it needs to be pointed out that Huatu education completed its share reform in 2011, initiated IPO guidance and filing in 2012, listed on the new third board in July 2014, failed to list A-share Xindu hotel in 2015, failed to succeed in backdoor Yangzi new materials in 2016, and submitted A-share listing application in June 2017, but due to reasons such as review procedures, it plans to go to Hong Kong for listing, and submitted its listing application to the Hong Kong Stock Exchange in March 2018, and However, the application was still unsuccessful.