Yonghui Supermarket became the owner of Zhongbai Group for 6 years. The scramble for equity began in the middle of the night of December 16. Yonghui Supermarket shook hands with Wuhan State-owned Assets, a major shareholder of Zhongbai Group.
In the end, Wuhan State-owned Assets still became the first shareholder of the company's real owner, and the second shareholder, Yonghui Supermarket, canceled the proposed acquisition application so far, which may exceed the expectations of many investors.
At the end of 2013, Yonghui Supermarket and its subsidiaries frequently held the brand Zhongbai Group, and for the first time focused on the brand to obtain 4.99% of the stock.
In February and April 2014, Yonghui Supermarket continued to increase its shareholding plan. By issuing two cards, it now holds about 15% of the shares and has become the second largest shareholder of Zhongbai Group.
Yonghui's hands unexpectedly felt Wuhan's state-owned assets. Recently, it suddenly associated with the Baoneng department of Nanning shopping mall. Baoneng's strong attack was more resolute.
Wuhan State-owned Assets obviously felt that the people who came were bad, quite "savages" Weiyonghui Supermarket, Wuhan State-owned Assets and its concerted actors responded quickly in April of the same year. After multiple increases, the shareholding reached 29.99%. The idea of Hui Supermarket becoming a real power is basically over.
Therefore, the two sides sat at the negotiating table.
On October 10, 2014, Yonghui Supermarket and Zhongbai Group signed a "strategic cooperation framework agreement", which plans to carry out strategic cooperation in resources, network, information, logistics and other aspects.
Yonghui Supermarket successfully won a seat on the board of directors. Twenty-three fresh team members joined Zhongbai Group's warehouse supermarket in 2016. It is the first time that Yonghui Supermarket has been involved in the daily operation of Zhongbai Group.
Although the contract was signed, Yonghui Supermarket's plan to enter the main hundred group has not changed. Both parties have been slowly tipping in the market since then.
After a few years of tranquility, at the end of March 2019, Yonghui Supermarket issued a partial application notice to Zhongbai Group, applying for a purchase price of 6.905 million shares at a purchase price of 8.10 yuan / share, and plans to increase the stock to less than 40%.
Prior to the tender offer, Yonghui Supermarket and its subsidiaries owned approximately 29.86% of Zhongbai Group. Wuhan State-owned Assets and its concerted parties held 34% of the shares, which is the actual controller of the company.
Zhang Jingyi, secretary of the board of directors of Yonghui Supermarket and director of Zhongbai Group, said: "& ldquo; I don't want to be the first shareholder. & Rdquo;
However, if the application for the acquisition is completely successful, the holding rate of Wuhan State-owned assets is 34%. Yonghui Supermarket exceeds the actual management staff of the company. The premise is that the application price is 8.10 yuan / share. 559 million yuan.
Time is up to September. The announcement issued by Yonghui Supermarket shows that the foreign investment department of the National Development and Reform Commission's "Foreign Investment Security Review Acceptance Notice" states that the investment falls within the scope of foreign investment security review, and the formal start of acceptance of Yonghui Supermarket's first shareholder Milk Co., Ltd. A special review will begin on November 8, 2019, which is the main reason for foreign legal persons.
The involvement of the Development and Reform Commission made Yonghui's tender offer look less appropriate than it originally was.
After Yonghui Supermarket applied for an acquisition, Zhongbai Group suddenly reported that the company's chairman Zhang Jinsong and vice president Peng Bo resigned on December 13.
These two people are the old courtiers of Zhongbai Group. They have been in the company for more than 20 years. The abdication of the two people at the same time is considered a signal to liberate the management of Yonghui Supermarket.
Surprisingly, a few days later, on December 16, Yonghui Supermarket Co., Ltd. and Wuhan State-owned Assets Management Co., Ltd. held friendly negotiations at the request of the National Development and Reform Commission, and the two parties signed a Memorandum of Cooperation.
The two sides compromised each other under coordination. Yonghui Supermarket supported Wuhan State-owned Assets as the actual controller of Zhongbai Group, and did not seek the actual control of Zhongbai Group, cancelled some application for acquisition plans, and maintained the chairman of 29.86% of the shares nominated by Wuhan State-owned Assets. The president is nominated by Yonghui Supermarket.
The only specific business plan is that within three years, Zhongbai Group's main business sales pure gold profit will increase to 2.5%.
Yonghui Supermarket ’s longing for Zhongbai Group may be related to the company ’s lack of Wuhan distribution. As of the end of 2018, Yunchao's business has entered 24 provinces and cities, with 708 supermarket stores, mainly located in the southeast coast, Sichuan-Chongqing region, the Yangtze River Delta, and North China.
The lack of strategic allocation in central China, especially in Hubei, gave Yonghui a headache, and acquisition became the earliest option. According to its semi-annual report, Yonghui Supermarket newly entered Hubei Province in 2017. Hubei does not have all the real estate . There is only one leased supermarket with an area of 7,920 square meters. The total number of Zhongbai Group's stores reached 1274 in the first half of 2019, most of which are located in Wuhan in Hubei.
Due to the outstanding cooperation in the past 14 years, Yonghui Supermarket is determined to become a major shareholder of the company. The second largest shareholder cannot meet the requirements of Yonghui Supermarket. Its role is only for ordinary shareholders who hold shares and has no decision power.
The first shareholder's actual controller, Yonghui Supermarket, wants to fully enter Central China, which is the most direct and fastest way, just as they plan to Carrefour and Madelon. Similarly, Yonghui Supermarket failed.
At the beginning of the year, Yonghui Supermarket issued an investment letter of intent for Tencent Holdings Co., Ltd. and Carrefour China Holdings NV (Carrefour China) and Carrefour SA (Carrefour Group), announcing the suspension of potential investments in June.
It is worth noting that Tencent is a shareholder of Yonghui Supermarket and now holds 5% of the shares. It is the main player of Tencent's supermarket system. Ants now include Sunshine Retail and Homa Fresh retail closed-loop.
The Huajing Industry Research Institute's 2018 report shows that Sun Art's retail market has the highest market share of approximately 8.2%; Yonghui Supermarket ranks fourth with only 4.0%; Carrefour is second only to Yonghui Supermarket with approximately 2.9%.
If Yonghui Supermarket could acquire Carrefour China to enter the map, and greatly narrow the gap with Sun Art retail, Tencent could also restore the town on the backward map of Supermarket, but in the end Carrefour China fell into Suning Yibu, which is close to the ant. Suning and Ant both have shares.
In addition to the expansion of horizontal acquisitions, Yonghui Supermarket is also at the upstream of actively deploying super-industries.
At the end of last year, Yonghui Supermarket inherited 1.5% of the shares of Dalian Wanda Group Co., Ltd. at a price of 3.531 billion yuan. Its official explanation has strategically developed high-quality real estate. In May, it received a profit of 71.3 million yuan distributed by Wanda Corporation in 2018. .
Wanda Plaza and Wanda Mao are one of the most popular commercial projects in Yonghui Supermarket. Yonghui Supermarket breaks the passive form of industrial business upstream by directly holding shares.
In the resolution of the board of directors on December 10, Yonghui Supermarket purchased Baolong Commercial issued shares by full ticket, accounting for approximately 1.5% (based on the issue price and exchange rate, there will be subtle adjustments in the end).
Baolong Commercial is a business management platform for Baolong Real Estate. It is in the stage of IPO in the world of wholesale sales. It successfully purchased Yonghui Supermarket and became one of the four basic investors. The rest was established by the Ding family of Anta Vice Chairman. Hengan International Vice Chairman Xu Lianjie and Orchid China Master Fund Limited
Baolong said to the new media of the viewpoint “The two parties are strategic partners.”
As of December 31, 2018, Baolong Commercial owned 45 retail commercial real estate with a total construction area of 4.5 million square meters (excluding parking lots). Powerlong provides commercial operation services in four major brands: Powerlong One City, Powerlong City, Powerlong Plaza and Powerlong World.
It is worth noting that in the fourth quarter of last year, Yonghui Supermarket opened 4 stores in Baolong's Plaza, Shanghai Qingpu Baolong City Plaza, with a 20-year term and an area of 10,389 square meters. Seven Baby Dragon Bravo with an area of 8165.4 square meters, a 10-year term, and an area of 2256 square meters by the shore of Lin'an White Lake
Yonghui Super Secretary Zhang Jingyi said that the two sides have a lot of cooperation, and many stores are conducting Baolong business management projects.