From the end of leveraged funds: Several boss 1 billion get 10 billion Chaozhou
shidaizhoubao· 2016-12-13 08:33:17
"Chaozhou boss, to the principal of 1 billion yuan, with a variety of ways to increase leverage, finally got 10 billion, participated in the big boss of the M & a passion. Shenzhen, a private equity fund responsible person on the weekly Times reporter revealed.
this passion mergers and acquisitions are being concerned by regulators.
12 3 July, the chairman of the Commission Liu Shiyu in a public speech criticized the "barbaric acquisition", "you used to road money leveraged buyout improper behavior, from the stranger at the gate into the barbarians, and finally became the industry of robbers, it is not possible. "The fact that
acquired from the last century, the United States in 80s junk bonds, to the 90s Lvliang KONDARL stock control, from juf shares to Vanke A, LBO model is not a secret, the story is just a repeat of history.
rising leverage makes the stock short-term supply and demand relationship change, leveraged buyouts often bring dramatic changes in stock prices. "Bandit" coerced lenders and speculators in the market orgy.
lenders who really can not lose business in this chain. Banks, securities companies, insurance companies, trust companies and other financial institutions, are the business of the lender. Universal insurance has become the most popular insurance company's new products, and the hottest new business of the securities company, is to provide a large shareholder of listed companies to increase the bridge funding, equity pledge, to provide 1: 5 of the capital leverage. Manager of a medium-sized securities company
East China times weekly reporter said, 2015-2016 year on the stock price in the low, large shareholders of many companies in order to reduce the price or financing, has pushed up demand, securities companies to actively promote the new business, let the big shareholders equity pledge, securities companies to provide funds the lever of 4-5 times, with multi fried high stock trading on the accounts of securities companies operating on, so can't see from the outside is a major shareholder in trading, shows the securities business department of the company, also can evade supervision.
however, when the "barbarians" source of funds and leveraged by regulators continue to crack trace, when capital chain cannot hold interest and debt, when to sell the stock, or systemic risk comes, stock in the group caused by the subject at the same time when Fukui, high leverage fund lost money effect how to pay high interest rates, and debt? Who will pay for the bill?
it is worth mentioning that, in December 12th, A shares fell, stock index fell 2.47%, or 6.25% Vanke A, CSG A almost limit, juf shares fell 5.52%, GREE fell 6.11%. The principle of
and leveraged profits money leveraging the bank loan of real estate prices in similar stages, high leverage to bring tremendous effect to make money.
1982 years of the U.S. market, Wesley acquiring company (Wesray) acquisition of Gibson card company case, is to use $330 thousand, in 16 months to earn $65 million in profits.
and Chinese stock market's first leveraged buyout is perhaps on 90s Lvliang KONDARL stock operation century. At that time, almost penniless in Lvliang, Condall has made a large number of shares from the hands of Zhu Huanliang, in the shares as collateral in the market into a huge amount of money, then with the money in the stock market, stock price manipulation of Condall, making Condall's share price from 6 yuan in the three quarter of 1998 rose to about 40 yuan in February 2000. With the stock price rise, the stock continued to pledge, more funds to finance, and then get the funds to continue to stir up the stock price.
with the hype, Lvliang proposed a gorgeous gimmick, "said the long-term investment, introduced in the United States market maker's idea, the board of directors of KONDARL reorganization, control of listed companies, to create" the Ministry of science and technology background "in the Department of listed company, launched the extension merger.
finally, because Zhu Huanliang ally of broken promises, advance selling shares, resulting in Lvliang business capital chain rupture, collapse, collapse KONDARL rapid price to around 3 yuan.
leverage ghost reproduction, similar operations continue to show.
weekly Times reporter found that in the near future exchange for leveraged companies to send queries letter in reply and the acquisition process of arresting juf shares. Through equity pledge, new shareholders get leverage, from the original shareholders to buy shares juf shares, the transaction price of 1 billion 900 million yuan, while in the transaction before (perhaps in order to obtain higher transaction price), the original shareholders to raise additional funds, through the acquisition of such action, prompted the company to market prices. The company's stock price volatility. After the transaction, the stock was repeatedly fired high, the current controlling shareholder of a Bibi equity pledge, continue to finance the funds.
2015 years before and after May 22nd, juf shares suddenly soared, May 22nd, May 25th, two consecutive trading days rose sharply, and is the 3 consecutive trading days, and then rose sharply, a few days to June 2nd, just two weeks time, the share price from 15 yuan rose twice, more than 30 yuan, such strong gains, even at the time of the bull market atmosphere, also rare.
was, from May 22, 2015 to June 18th this period of time, is juf shares will increase the price of the inquiry period. Since the auction is adopted to determine the issue price, so the average price of this stage is very critical. June 19th, determined to 15.02 yuan / share price to be set by the issue, has been determined than previously determined to increase the reserve price 8.92 yuan / share premium of more than 50%.
this day, the stock market crash has occurred, the Shanghai index from the highest point of 5178 points has been continuous decline in a week, reaching 4478 points. However, there are still 5 public fund and shenwanling letter, China Merchants Securities and other large institutions involved in the subscription, and other investors to juf shares paid 970 million yuan of funds, July 4th arrival. After 4 days of June 26th, juf shares limit, began a rapid decline, in September fell to the lowest 8.99 yuan.
subsequently, the major shareholders began to plan to sell the company's equity, and 970 million yuan in cash for the valuation and pricing of listed companies, the significance is extraordinary. In April 2016, juf shares juf holdings will be the actual control of the original Mao Huixin stake to Suzhou Yue Cci Capital Ltd, at a price of 1 billion 896 million yuan.
2010 listed to 2016 three quarterly, juf shares to shareholders of listed companies contributed a total net profit of 450 million yuan, the actual control of the original Mao Huixin by about 30% of the equity shares juf and other is set to go 1 billion 900 million yuan of funds.
in order to pay the 1 billion 900 million yuan of funds, the new actual controller Jiangsu Wyatt, juf shares to equity as collateral, the loan of 1 billion 500 million yuan from the Bank of Shanghai Chongming branch, and paid 396 million yuan of its own funds. If the stock price of 15 yuan at that time, a total of 119 million shares pledged, so the funds are in accordance with the market price of the company's stock to pledge.
after the acquisition, essence Securities Research Report released "the actual controller to change the imagination", China Merchants Securities is called "the main business into the rising cycle, the replacement of major shareholders is expected to enter the field of Internet plus, juf shares stock prices are at the end of April to early May with a significant rise.
2016 in July, juf shares announcement, 600 million yuan will be 970 million yuan of funds previously raised in Norway, used to supplement working capital, in September 14th, juf shares a significant increase of 22 yuan, reached a high stage.
this day, juf shares announced stock pledge operation had leveraged buyout from Shanghai by Chongming branch of the bank to repay the loan, the redemption of the stock, at the same time, the stock pledged to the international trust, the stock pledge if it is in accordance with the market price of 22 yuan, the company can finance more than 2 billion 200 million yuan, after deducting the means the principal and interest of leverage after the acquisition, but also received in excess of 300 million yuan. If the financing is in accordance with the stock market price of 80% to calculate, then, if the stock price fell to 18 yuan, the controlling shareholder will face the risk of forced liquidation, must be additional margin.
more and more of the buyers began to copy the leveraged buyout and insurance companies. The recent takeover of exchange concern leveraged firms include: Jiaozuo Wanfang, Busen shares, Pegasus shares, SBS shares, yingetouzi.
sources of funds multi-channel
in 80s, leveraged mergers and acquisitions in the United States broke out, in 1986 reached 3300, junk bonds played a crucial role in. In the United States at the time of leveraged buyout transactions, 60% general funds provided by the bank, by the purchaser to provide about 10% of the shares, the remaining funds to junk bonds to raise this part, no mortgage is not guaranteed, but the yield is very high. From 1980-1985, the annual issue size of the U.S. junk bond from $1 billion 700 million to $19 billion 800 million.
compared to the Chinese market leveraged buyout, the role of bonds is not outstanding, more is the comprehensive use of securities, banking, insurance, information management, private lending and other channels.
according to the China Banking Regulatory Commission adopted the report of the PWC accounting firm, the leverage ratio of the acquisition of Vanke funds is 1: 4.
data show that in 2016 1-10 months, Qianhai life universal insurance income of 72 billion 143 million yuan, accounting for 80.2%. Universal insurance allows customers to part of the premium distribution to the insurance company for investment. Due to universal insurance commitment to customers high income, so the development of blowout. According to CIRC data, 2016 1-10 month to universal insurance mainly guarantees additional payment for 1 trillion and 50 billion yuan, the cumulative growth rate in 74% years, the settlement rate is about 5%.
and Lvliang in the control KONDARL stock, can quickly melt into the capital, in addition to providing high interest rates to borrowers, also give financial intermediary commissions 15%.
weekly Times reporter noted that in the process of being juf shares of leveraged buyouts, leveraged funds for the interest of the monthly interest rate of 1.5%, equivalent to 18% of the annual interest rate. Coincidentally, this interest rate is just the same as the interest rate of private lending in Wenzhou area. The loan of 1 billion 500 million yuan, is composed of three flowers of Zhejiang Qianjiang auto parts group limited company commissioned by the Shanghai Chongming branch of the Bank of Suzhou is issued to the buyers wyatt.
's most popular securities company recently business, to major shareholders of listed companies to provide the required funds set by the bridge, the stock pledge, to provide funds to the management of the market value of shareholders, stock speculation after another stock pledge to help large shareholders taking more money out. "In East China and medium-sized securities companies, the business manager of the Department of the times weekly newspaper reporter.
in addition to trading commissions, securities companies in the business can earn 6%-8% interest charges. After the stock price is high, the securities company to help customers lift the previously Pledged Shares, listed companies to take stock to pledge, in the stock price high, the same amount of stock can be pledged to get more funds.
large banks or securities companies, but also to provide mergers and acquisitions for corporate mergers and acquisitions loans, but the leverage is generally 1 times, not more than 2 times. "Such as Morgan Stanley in 2016 with the help of sea boat group (a pseudonym) the acquisition of the famous British IT company's case, is by Morgan Stanley served as financial advisor to the transaction, and the transaction to provide 60% of the loan, but also the 40% capital requirements Haizhou group pay their own, did not think of the sea boat group the 40% do not want to pay their own, but to the financing of domestic financial circles, is completely dependent on the lever routine. "Southern China District, a large bank governor on the weekly Times reporter revealed.
group stock risk
sea is back to pan xia. "China Hengda insider told times weekly reporter.
served as the China International Capital Co information management investment manager, and securities investment general manager, from 2012-2014 in June, served as deputy general manager in Qianhai life insurance asset management center, started in February 2016 as an investment director and general manager of investment management center in Hengda is life, has been walking in the teeth of the storm.
China Hengda Hengda Real Estate and life in the two market investment style is different. There are ten big Jiakai City, the development of Langfang in the shareholders of Evergrande Real Estate Group Ltd name, after 2016 continue to buy, has been in the holdings of China by Hengda Real estate company's buying Vanke A shares, so is the style.
on the other side, the ten three rings, Cangzhou pearl, etc. 12 stocks Meiyan auspicious shareholders, that is the traditional combination of A Life Insurance - Hengda, Hengda Insurance - Universal B. For the stock group operating style, in November 8th, the China Insurance Regulatory Commission criticized the "Kuaijinkuaichu" should deeply reflect on the negative effects of short-term speculation stocks. The number of shares of
group in Qianhai life, there are only around 40, according to the stock Wande data, the top ten shareholders of Qianhai life insurance Hailey every year, Qianhai life - its own funds, Qianhai life - universal insurance products, and occasionally appear at the same time Shenzhen datasun shares the name of china.
in the stock group, Vanke A, CSG A shares were pledged. Stock time Qianhai insurance to buy CSG A for the 2015 1-3, to buy about 4% stages of average price of 8.5 yuan, 4-5 months to buy about 5%, the share price soaring, the average price of 13 yuan, 2015 5-11 months, to buy about 5% to 10 yuan per kilogram. The CSG A share price of 12 yuan, only from the transaction price, the profit is not too much.
no, a sharp rise in investment target market in July 12, 2016, huge Shenghua nearly 60 million shares of stock pledged to the Milky Way CSG A Chinese securities Limited by Share Ltd.
Qianhai life in July 2015 Vanke A appeared in the top ten shareholders, the average price of 13 yuan, Qianhai insurance to buy a 5%, but at the end of August 2015 to the end of December, to buy 8.38% huge Shenghua Vanke A, was caused by China Vanke A shares soared from 14 yuan to 22 yuan in the vicinity, and suspension for a long time. Currently, Vanke A stock price above 23 yuan, the deal for Qianhai life and the company is a significant profit.
2015 in October 28th and November 18th, huge Shenghua Vanke A shares pledged to Penghua assets in July 12, 2016, huge Shenghua again Vanke A shares to the Milky Way stock pledge.
"pledge of shares shows that the company is in urgent need of funds, but whether it is the leveraged buyout of the principal, or equity pledge to get the funds, there are costs, interest rates are not low. Shenzhen private equity fund in charge of the aforementioned times weekly reporter analysis.
12 5 April, the CIRC forward sea life letter, universal insurance business requirements quickly rectification, and ordered within three months from reporting of new products. In December 9th, the China Insurance Regulatory Commission suspended Life Insurance Co., ltd.. December 9th night, Qianhai life promise, the future will no longer increase the stock of GREE electric appliances, and will choose to exit.
"is a source of leveraged funds are tightened, means that the slow pace of buying; on the other hand is announced to sell the stock, if the market environment changes, is a huge risk of all leveraged buyout groups. "The person in charge of the private equity fund weekly newspaper reporter said.
it is worth noting that, in the United States only a few years after the crazy plus leveraged mergers and acquisitions, junk debt default rate rose sharply from 4% to 11%. Junk debt and the economic situation of the first mutual acceleration, and ultimately, in 1990, the collapse of the junk bond so that the U.S. government to pay $166 billion bailout, hundreds of people in prison, this stage is known as the greedy ten years".
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