Zhuhai Silver Dragon why drop value for capital?

Zhuhai status financing investor

wangyicaijing· 2016-12-18 08:35:37

12 month 15 days, Dalian Wanda Group, CIMC, Dong Mingzhu, Hebei Beijing Huijin international investment company, Jiangsu Beijing Toho to Cci Capital Ltd and other 5 enterprises and individuals with silver long Zhuhai signed a capital increase agreement, to increase 3 billion yuan, Zhuhai silver long 22.388% stake.

Zhuhai silver why reduce the valuation of the capital increase?

the 4 companies plus Dong Mingzhu individual joint capital increase of 3 billion, Zhuhai silver long obtain a stake of $22.388%. "This price is calculated, the overall price of 10 billion 400 million yuan silver long Zhuhai, former capital Zhuhai Yinlong valuation 10 billion 400 million yuan, increase 3 billion yuan, after the capital valuation of 13 billion 400 million yuan, 3 billion yuan capital, Zhuhai silver long 22.388% stake.

media reports said: from this proportion estimates, Zhuhai silver long valuation of up to 13 billion 400 million yuan, higher than the previous GREE purchase price of $13 billion given. "It should be noted that this is a typical misreading. Your exclusive capital increase of 1 billion yuan to obtain a stake of an enterprise of 50%, then the original valuation of the enterprise is how much? Is it 2 billion yuan? The correct answer should be 1 billion yuan, $2 billion is the valuation of the enterprise after the capital increase, including your capital increase of $1 billion, therefore, the valuation of the company before the capital increase is $1 billion rather than $2 billion.

the 5 companies and individuals to increase Zhuhai Zhuhai long silver, silver long 10 billion 400 million yuan valuation, previously, GREE Electric shares acquired Zhuhai long silver, silver long Zhuhai valuation is 13 billion yuan, simply from the valuation of the acquisition of the figures, the capital of Zhuhai long silver valuation of 10 billion 400 million yuan compared with the previous GREE acquisition valuation 13 billion Zhuhai yuan long silver fell 20%. However, taking into account the different terms of acquisition, GREE electric acquisition of Zhuhai silver long valuation is much higher than the valuation of this capital increase. The

of the 4 companies have teamed up with Dong Mingzhu investment, Dalian Wanda Group, Beijing Huijin international investment company, Jiangsu Hebei Beijing Cci Capital Ltd Toho can not a listed company, Dong Mingzhu personally funded, therefore unlikely to invest with additional shares of tickets, should be funded in cash.

after the GREE acquisition of Zhuhai long silver, GREE intends to issue of shares to buy Zhuhai silver long Zhuhai Yinlong all shareholders holding 100% stake, Zhuhai silver long at a price of 13 billion yuan, the price of GREE Electric shares as a substantial discount, GREE stock issue price is only 15.57 yuan / share. Far below the market price of GREE electric appliances. In addition, GREE intends to specific investors to not more than ten qualified non-public offering of shares by way of supporting the financing, the issuance of new shares, matching the total funds raised 10 billion yuan to the price of 15.57 yuan, GREE electric appliances with a substantial discount equity supporting fund-raising, a considerable part of the shareholders, but also for the long silver so, GREE electric appliances the actual acquisition price is much higher than 13 billion yuan. GREE intends to acquire

had long silver, with GREE electric seriously underestimated the stock (15.57 per cent) acquisition of Zhuhai long silver silver long Zhuhai shares, at a price of 13 billion yuan, and supporting fund-raising 10 billion yuan fixed increase, supporting fund-raising total issue 1 billion 477 million 200 thousand new shares, the issuance of new shares equivalent to 24.56% of the share capital of GREE electric current. And now 4 companies plus Dong Mingzhu individual capital increase, should be cash increase, Zhuhai silver long valuation down to $10 billion 400 million.

previously, GREE electric acquisition of Zhuhai silver long program was the reason why investors oppose, mainly due to GREE sharply discount equity private placement, a substantial dilution of the existing shareholders equity. If GREE was able to acquire 10 billion 400 million yuan in cash Zhuhai silver long, do not need long-term suspension, you can successfully get through the general meeting, can be implemented early.

Zhuhai silver long capital of the introduction of 4 companies plus Dong Mingzhu individuals, valuation than the previous purchase price of GREE electricity significantly reduced, Zhuhai silver why reduce the valuation of the capital increase?

personally think that the Zhuhai long silver significantly lower valuation, capital through the introduction of new investors, illustrates two points:

one, Zhuhai silver long bad money, after all, in February this year, Zhuhai silver long just capital, get a lot of money, after a lapse of 10 months again seek capital

; second, Zhuhai had long silver and wait for the right price to sell the price too high, the price of silver long Zhuhai to seek capital.

why GREE did not participate in this capital increase?

attendant another problem is: why GREE did not participate in this capital increase?

30 billion shares of cash Zhuhai silver long, you can get 22.388% stake in Zhuhai silver long, why GREE did not participate in the capital increase? The provisions of article 5.2.6 articles

GREE Electric Company: the general meeting to authorize the board decided to consider the purchase or sale of assets and other matters, including the turnover of transactions (including liabilities and expenses) accounts for the most recent period following the "50% of the net assets of the audit matters. 3 billion yuan in cash investments, less than GREE's net assets of 10%, GREE board has full license. Why not GREE invested 3 billion yuan stake in Zhuhai silver long?

, chairman of Dong Mingzhu GREE is very optimistic about the Zhuhai long silver, after GREE appliances in order to acquire Zhuhai silver long suspended for six months, October 28th GREE shareholders not through the acquisition of Zhuhai silver long program, GREE once again suspended on the acquisition program is optimized, the acquisition of Zhuhai to seek long silver. These show that GREE has acquired strong intentions Zhuhai silver dragon, but after the optimization program did not get the shareholders of Zhuhai long silver will pass.

considering the GREE acquisition of strong willingness to Zhuhai long silver, and GREE electric chairman Dong Mingzhu firmly optimistic about the Zhuhai long silver, silver long Zhuhai shareholders rejected GREE although the optimized acquisition program, but in Zhuhai silver long sought $3 billion capital increase, apparently should give priority to GREE appliances, rather than the other 4 enterprise.

taking into account the board of directors of GREE has sufficient authority, if GREE intends to invest 3 billion yuan stake in Zhuhai Silver Dragon and obtain the latter's equity of 22.388%, this program should be implemented smoothly. Why GREE did not participate in the capital increase?

personally think that an important reason is probably had been widely questioned the Zhuhai long silver 1000 large items. GREE

October 28th shareholders' meeting held in Zhuhai on the eve of silver long release 1000 large investors and the market parties questioned by matters. Red weekly also continued coverage. This year 1~8 month sales of Zhuhai silver long new energy bus a total of only 1844 cars, a one-time signing 1000 orders, Zhuhai long silver of great significance. But the matter exposed a number of doubts, widely questioned. Then the Shenzhen Zhuhai long silver 1000 large items issued a letter of inquiry to GREE electric appliances. Zhuhai had long silver on its website to publicize its 1000 single, put up a pageantry and dispensed big signing pictures, in the Shenzhen Stock Exchange after they rush to delete inquiries, and reply to enquiry the time required for half a month, this seems to be to the market that the long silver pen 1000 single may have secret sorrow. Encounter the real problems of

Zhuhai long silver 1000 single widely questioned, but also caused great concern regulators. If Zhuhai long silver continue to promote the merger and acquisition scheme, and then the GREE electric appliances, and CITIC sun will always be a big problem of 1000 a ridge around the past. If GREE participate in the Zhuhai silver long replenishment of 3 billion yuan, the subsequent implementation of Zhuhai long silver after 1000 large items will obviously continue to be sustained attention and torture of investors and the market parties. 1000 big matters exposed many doubts, GREE did not participate in Zhuhai may be the main reason for the long silver capital.

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