Zhuhai Yinlong vetoed the acquisition plan

The reorganization plan was rejected by the shareholders 'general meeting. The exchange sent a continuous letter of inquiry and Dongmingzhu's chairman was exempted.

Recently, Gree Electric is the focus of the market. On the evening of November 16, Gree Electric planned to break the dream of entering the new energy automotive industry through the acquisition of Zhuhai Yinlong. It is worth mentioning that Gree, which originally focused on the air-conditioning business, has failed to cross the threshold for the production of new energy vehicles after successfully launching products such as rice cookers and mobile phones across the border.

Gree Electric built a car and broke the dream today.

Gree Electric built a car and dreamed of breaking it.

Since Gree Electric announced on March 7 that the company plans to reorganize and acquire Zhuhai Yinlong, it is committed to the development, production, sales, and technology of the development, production, and technology of lithium battery material supply, lithium battery, electric vehicle power assembly, whole vehicle, and smart grid peak modulation FM system. Since the new energy closed cycle industry chain, Gree has received wide attention from the market. Progress on the matter, however, has been mixed.

The reporter noted that after the company disclosed on August 19 that it intended to purchase a 100 % stake in Zhuhai Yinlong at a price of 13 billion yuan, on August 25, the Shenzhen Stock Exchange issued an inquiry letter asking for details of the reorganization.

On the evening of October 30, Gree Electric announced that the relevant issues related to the acquisition of the equity of Zhuhai Yinlong were blocked by small and medium-sized investors at the shareholders 'meeting. Among the 26 proposals submitted by the company to the shareholders' meeting for consideration, there were 15 proposals. The proposal failed to pass the shareholders 'meeting.

Immediately afterwards, the Shenzhen Stock Exchange issued a letter of concern to the company on October 31, requesting the company to "clearly state whether the proposal related to the issuance of shares to purchase assets is considered to be passed as a whole."

On November 2, the company again received a letter of concern asking the company to explain the relevant media reports.

On November 11, Dongmingzhu stepped down as chairman of the Gree Group.

The announcement that the company's dream of building a car was broken was an announcement on the evening of November 16. The company stated that the company received a written letter from Zhuhai Yinlong on November 16, 2016 and was informed that the revised trading plan had not been approved by the Zhuhai Yinlong Shareholders 'Meeting. Zhuhai Yinlong decided to terminate the transaction based on the result of the vote. In view of this, the company decided to terminate the plan to issue shares to purchase assets.

In addition, the company's stock will open on November 17 to resume trading.

Will continue to look for new sources of profit growth

It is worth noting that there was an analysis at the time that the company's reorganization plan was rejected at the shareholders 'general meeting. At that time, it was analyzed that the small and medium-sized shareholders were puzzled by the company's choice to raise funds despite sufficient cash flow.

The reporter noticed that according to the company's three-quarter report released on the evening of October 30, the total amount of money in the company's merger report was 97.2 billion yuan, and the purchase price of Zhuhai Yinlong was 13 billion yuan. The company plans to raise funds. The amount is 10 billion yuan. At that time, after the company's reorganization plan was rejected by the shareholders 'general meeting, some people in the industry analyzed that in the listed companies, Gree Electric was known for its strong profitability and abundant funds. Therefore, small and medium-sized shareholders had issued shares of Gree Electric to purchase assets. It is puzzling to raise funds.

It's not hard to see that money may not be a barrier to companies entering the new energy car industry for cash-rich grid appliances. According to the company's announcement issued on the evening of November 16, the company's current business conditions are good, and the termination of the planned issue of shares to purchase assets will not adversely affect the company's development strategy and production and operation. The company will continue to seek new profit growth points, improve the profitability of the company, improve the competitiveness of the company.

So does the company have plans to move into new energy vehicles next? On the evening of November 16, the reporter had repeatedly called Wangjingdong, the company's board secretary, but as of the time of the reporter's release, the phone had not been connected.

Private equity: a failed restructuring or a good thing

Based on this reorganization, many investors in the secondary market are looking forward to the performance of Gree Electric's stock price.

The reporter noticed that the company suspended trading on February 22 due to planning for the reorganization. After more than half a year of suspension, Gree Electric welcomed the resumption of trading on September 2. After the resumption of trading, after a series of harvesting of two trading boards, Gree Electric opened the trading on September 6 and entered the horizontal consolidation period. At the close of October 28, the company's stock price closed at 22.4 yuan, up 16.5 % from the closing price of 19.22 yuan on the previous trading day(February 19). Since then, the company's stock has entered the suspension period again.

Under the circumstances of the company's reorganization, how the company's stock price will be performed has undoubtedly become the most concerned issue for many investors.

On the evening of November 16, the reporter interviewed two market people about the reorganization of Gree Electric.

From an industrial point of view, many well-developed companies have problems with cross-border development, says Wang Lin of linang investment in Tibet. If the financial chain becomes too tight, problems may easily arise. For companies like GREE, the cash flow is good, but it has not been very successful in making mobile phones across borders before, so if the transition to new energy vehicles continues, the cross-border steps may be even greater. So from an industrial point of view, the restructuring may be a good thing.

Wang also said that the company's reorganization plan was rejected at the general meeting of the shareholders, when many shareholders, including securities and fund companies, voted against it because the market generally believed that the previous reorganization plan was obviously overrated. As for how the company's post-market stock price will behave, Wang Lin said that it depends on how the market understands it. Personally, he believes that the impact on the company's stock price may be more positive. At the same time, the stock price performance must be combined with the situation of the market and the industry. judge.

Yinfan, general manager of Tibetan investment management company Lizhixin, believes that because the company's stock market during the suspension period of the stronger performance of the market, this may hedge the impact of the company's reorganization, and may not have much impact on the company's stock price.

The page contains the contents of the machine translation.