Jin ① first press the reset key of the safety belt tension tester to make the collet reset eagle on the instrument strategize and hold the powerful momentum to raise the brand for 9 times. The fierce "Golden Eagle International" took the lead in the bidding of "Nanjing Xinbai", but the problem followed: how to deal with the circulating shares it purchased? How does the relevant department supervise
one or nine times of listing
state owned equity acquisition, bidding, listing in the property rights trading market, listing in the secondary market, MBO, anti takeover... All together, have you ever seen such a story gathering the main elements of the current M & a market
however, on april8,2004, all the highlights came to an abrupt end. The story was decorated with a boring ending: the suspense was revealed before the protagonist appeared
taking advantage of the strong momentum of nine acquisitions in the secondary market, Nanjing Golden Eagle International Group Co., Ltd. (hereinafter referred to as "Golden Eagle International") defeated many bidders and took over the overall state-owned property rights of Nanjing Xinbai Group Co., Ltd. (hereinafter referred to as "Xinbai group") from the Project Department of Nanjing state-owned assets management holding company for the construction of polypropylene new functional material production line for automobile lightweight (hereinafter referred to as "Nanjing state-owned assets")
"Xinbai group" was established on June 20, 2002. Its subsidiaries include 7 trading enterprises subordinate to the Nanjing Municipal Bureau of Commerce and trade (two of them later broke away). Its assets are owned by "Nanjing state owned assets", but it is entrusted to the listed company Nanjing Xinjiekou Department Store Co., Ltd. (600682, Nanjing Xinbai). The chairman and general manager of "Xinbai group" are assumed by lisanning, the chairman of "Nanjing Xinbai", The chairman of the board of supervisors is the party secretary of "Nanjing Xinbai"
however, it is not this relationship that really ties "Xinbai group" and "Nanjing Xinbai" together, but the "1 + X" restructuring plan formulated by the Nanjing Municipal Government: "Nanjing Xinbai" state-owned shares ("1") are bundled with the subordinate enterprises ("X") of "Xinbai group", and the former is transferred after the latter has ownership. Therefore, the acquisition of "Xinbai group" means that the state-owned equity of "Nanjing Xinbai" will also fall into the hands of "Golden Eagle International" - this is the real purpose of a group of bidders
"Nanjing Xinbai" was listed in 1993. It is not only the first listed company in Nanjing, but also one of the leaders in the retail industry in Nanjing. This company, located in the downtown commercial area of Nanjing, has an annual sales volume of more than 2billion yuan. In recent years, its net profit has stabilized at more than 50million yuan, ranking 35th among the top 100 retail enterprises in China last year
for bidders, taking ownership of "Nanjing Xinbai" will not only obtain an excellent financing platform, but also obtain a key to the retail market in Nanjing and even Jiangsu
on June 12, 2003, the largest shareholder of "Nanjing Xinbai" listed its 56.38 million state-owned shares (accounting for 24.49% of the total share capital) in Nanjing property rights trading center. At that time, not only the aboriginal giants such as Suning group, but also experts such as Xinjiang Delong and Shanghai Fosun participated in the bidding, and "Golden Eagle International" was also included at that time
Golden Eagle International, established by Chinese American Wang Heng, was rated as "China's top 500 foreign-funded enterprises" by the Ministry of foreign trade and economic cooperation in 1998. It is the first large diversified foreign-funded enterprise group approved to be established in Nanjing, with professional groups such as real estate, shopping, high technology and automobile marketing. It has the most famous chain brand in East China. Its total assets are 3billion yuan, and its annual turnover soared from 230million yuan in 1996 to 1.5 billion yuan in 2003, The average annual growth rate is 30%. However, this time, because it has been a retail enterprise in the same business district as "Nanjing Xinbai" for a long time, the two have been competing with each other, and the acquisition prospect of "Golden Eagle International" is not optimistic
it is worth noting that four days after the listing and transfer, that is, on June 16, the impending competitive acquisition was stopped by the CSRC, because the listing did not meet the requirements that "the transfer of non tradable shares of listed companies must comply with the legal provisions and be conducted on the legally established securities exchange"
everything since then seems to be under the planning of "Golden Eagle International"
in the 2003 interim report of "Nanjing Xinbai", a natural person shareholder named Xiao Gang suddenly appeared. In the previous six months, he quietly attracted goods and finally held 2601800 circulating shares (accounting for 1.13% of the total share capital). He not only became the largest shareholder of circulating shares, but also ranked third among the top ten shareholders
Xiao Gang is the Deputy financial director of "Golden Eagle International". "Golden Eagle International" later said that Xiao's acquisition was purely a personal investment. However, when you think about it carefully, Golden Eagle International should have made a long-term decision to acquire such a major strategic move as "Nanjing Xinbai". As the deputy chief financial officer, Xiao Gang can never be unaware of it
before June 30, 2003, the stock price of "Nanjing Xinbai" was as high as 7.13 yuan. By April 20, 2004, its stock price closed at 9.30 yuan. Based on this calculation, Xiao Gang's return on investment was at least 30%. It is unthinkable for a foreign enterprise famous for its strict management, let alone to seek personal interests by taking advantage of the company's strategy
since then, the subsidiary of "Nanjing Xinbai" has conducted an unsuccessful MBO, and "Golden Eagle International" has also accelerated the pace of collecting circulating shares. After Xiao Gang, its subsidiary Nanjing Huamei United Marketing Management Co., Ltd. (hereinafter referred to as "Huamei united") was the first to appear since August 2003. Huamei United began to attract funds in secret. On February 6, 2004, it raised its cards publicly for the first time. After this led to a difficult and stable situation in the Turkish political arena, it bought 11.53 million shares of "Nanjing Xinbai", accounting for 5% of the total share capital
on february17,2004, Nanjing Golden Eagle International Shopping Group Co., Ltd. (hereinafter referred to as "Golden Eagle Shopping"), another subsidiary of "Golden Eagle International", appeared, raised its cards four times in less than half a month, and finally obtained 5.25% of the equity
subsequently, the baton of collecting circulating shares was passed to jinyingshen Group Co., Ltd. (hereinafter referred to as "jinyingshen"), another subsidiary of "Golden Eagle International". In the half month since March 12, "Golden Eagle Shen" raised its cards four times and held 4.96% of the shares
so far, even if the equity held by Xiao Gang is not counted, the three companies under "Golden Eagle International" have held 15.22% of the equity of "Nanjing Xinbai" in total, becoming the second largest shareholder
in addition, the "Xinbai group" has been owned by it, and the "Nanjing Xinbai" state-owned equity transfer, in fact, although no substantive action has been taken, the "Golden Eagle International" is determined to win. Although people have not guessed the beginning, they can guess the end. 8. Digital display resolution: 0.1 ℃