Yunnan Urban Investment Group adjusted the self rescue plan, and the listing price of 11 target companies exceeded 3 billion yuan

category:Finance
 Yunnan Urban Investment Group adjusted the self rescue plan, and the listing price of 11 target companies exceeded 3 billion yuan


On the evening of November 26, Yunnan Chengtou announced that the board of directors of the company had deliberated and passed the proposal on the major adjustment of the companys trading plan and the proposal on the companys major asset sale plan. The company and its wholly-owned subsidiary Tianjin Yinrun Investment Co., Ltd. (hereinafter referred to as Tianjin Yinrun) intend to be publicly listed and transferred in Yunnan equity exchange To sell the equity of 11 target companies.

The underlying assets include: 70% equity of Cangnan Yintai Real Estate Co., Ltd., 70% equity of Hangzhou Haiwei Real Estate Development Co., Ltd., 70% equity of Pingyang Yintai Real Estate Co., Ltd., 70% equity of Hangzhou Yuntai Shopping Center Co., Ltd., 19% equity of Ningbo Economic and Technological Development Zone Taiyue Real Estate Co., Ltd., 70% equity of Ningbo Yintai Real Estate Co., Ltd., and Heilongjiang Yintai Real Estate Co., Ltd 70% of the companys equity, 70% of Mingshang yintaicheng (Zibo) Commercial Development Co., Ltd., 70% of Harbin Yinqi Real Estate Development Co., Ltd., 70% of Taizhou Yintai Real Estate Co., Ltd., 90% of Beijing Fangkai creative Port Investment Co., Ltd., and 51% equity of Ningbo Economic and Technological Development Zone Taiyue Real Estate Co., Ltd.

As a matter of fact, before the announcement of the plan, Yunnan Chengtou issued a plan for the sale of major assets on April 29, 2020. By comparing the two plans, it can be found that six target companies, including Tianjin Yinrun, Fenghua Yintai, Chengdu Yincheng, Taizhou commerce, Hangzhou Xixi and Hangzhou Yinyun, which were previously planned to be sold, did not appear in the transaction plan.

It is reported that the above six target companies, including Hangzhou Yinyun, are involved in the commercial real estate mortgage-backed securities financing of Yunnan Chengtou (hereinafter referred to as CMBS), according to the relevant provisions of CMBS, it is agreed that the listed company loses the control right of any project company, that is to trigger the termination clause of CMBS, and it needs to repay the loan in advance, involving the cashing capital of about 6.779 billion yuan (as of June 30, 2020).

In addition, the remaining shareholders of Hangzhou Haiwei, Hangzhou Yuntai, Ningbo Yintai, Heilongjiang Yintai, Harbin Yinqi and other target companies have not given up exercising the preemptive right. In terms of transaction mode, the original plan is to sell by non-public agreement transfer, while the transaction mode is public listing.

According to the appraisal report, taking December 31, 2019 as the appraisal base date, the total appraisal result of the assets to be sold in this transaction is RMB 3.009 billion. Yunnan Chengtou will take the evaluation results of the underlying assets no less than the base price of the public listing and transfer in the Yunnan stock exchange.

It is worth noting that there are special requirements for the trading method in this listing sale. According to the announcement, Yunnan Chengtou intends to sell the underlying assets of this transaction through the public listing method of Yunan stock exchange. The transferee (i.e. delisting party) shall provide loans to the target company to repay the debts of the target company to the listed company and its subordinate holding subsidiaries, and to repay the debts in advance on behalf of the debtors subject company, or the transferee shall provide financing separately for the creditors approval Guarantee, and release the guarantee provided by the listed company and its related parties for the target company, or obtain the exemption permission of Yunnan Urban Investment Investment Co., Ltd. that does not need to repay its debts in advance on behalf of the debtor or provide another guarantee recognized by the creditor, and release the guarantee provided by the listed company and its related parties for the target company.

According to the announcement, according to the resolution of the board of directors of Yunnan Chengtou group, Yunnan Chengtou group will appoint Kangyuan company, a wholly-owned subsidiary, to participate in the bidding for the transfer of 11 target shares of Yunnan Urban Investment Group according to the equity evaluation results not higher than that recorded by the authorized state-owned assets supervision and management institution.

Reclaim funds to keep fit

As of September 30, 2020, the asset liability ratio of Yunnan city investment is 95.53%, the current ratio is 0.92, the quick ratio is 0.1, the cash balance at the end of the period is 1.263 billion yuan, and the short-term loan balance is 2.144 billion yuan. Therefore, listed companies have greater debt repayment risk.

In the context of this transaction, the announcement pointed out that as an important member of state-owned enterprises in Yunnan Province, Yunnan Urban Investment Group firmly implements the spirit of the state and Yunnan provincial government in deepening the reform of state-owned enterprises, and actively promotes the reform and deepening of the provincial urban investment group from all aspects. As the only A-share listing platform under the provincial urban investment group, Yunnan Urban Investment Group will be the main carrier for Yunnan Urban Investment Group to achieve the groups strategic development goals. It is reported that on April 16, 2020, the Yunnan provincial government held a forum on the reform and development of provincial enterprises, which reported the latest strategic positioning of Yunnan provincial Party committee and provincial government for the future development of Yunnan Urban Investment Group, which will become a leading enterprise in the trillion level industries of cultural tourism and health services in Yunnan Province. Yunnan Chengtou said that the company will focus on the latest strategic positioning of Yunnan provincial Party committee and provincial government for the future development of the provincial urban investment group, rely on the groups advantageous resources in the field of cultural tourism and health services, focus on building three business sectors of culture + land + development, tourism + land + development and health + land + development, so as to comprehensively transform to industrial real estate developers. Source: editor in charge of E Company: Zhong Qiming_ NF5619

In the context of this transaction, the announcement pointed out that as an important member of state-owned enterprises in Yunnan Province, Yunnan Urban Investment Group firmly implements the spirit of the state and Yunnan provincial government in deepening the reform of state-owned enterprises, and actively promotes the reform and deepening of the provincial urban investment group from all aspects. As the only A-share listing platform under the provincial urban investment group, Yunnan Urban Investment Group will be the main carrier for Yunnan Urban Investment Group to achieve the groups strategic development goals.

It is reported that on April 16, 2020, the Yunnan provincial government held a forum on the reform and development of provincial enterprises, which reported the latest strategic positioning of Yunnan provincial Party committee and provincial government for the future development of Yunnan Urban Investment Group, which will become a leading enterprise in the trillion level industries of cultural tourism and health services in Yunnan Province.

Yunnan Chengtou said that the company will focus on the latest strategic positioning of Yunnan provincial Party committee and provincial government for the future development of the provincial urban investment group, rely on the groups advantageous resources in the field of cultural tourism and health services, focus on building three business sectors of culture + land + development, tourism + land + development and health + land + development, so as to comprehensively transform to industrial real estate developers.