Financial Risk Weekly(2023, No. 49.)Period).
M&A of listed companies at a high premium should fully warn of risksRecently, Silk Road Vision disclosed that the company intends to invest 90 million yuan in cash payment to acquire 100% of the shares of Shenzhen Art Technology. Tianyancha app shows that the largest shareholder of art is Xinyu Bain, with a shareholding ratio of 538%。Xinyu Bain is a company 100% controlled by Li Mengdi, the actual controller of Silk Road Vision, and his wife Chen Ling. What attracted the market's attention was that the acquisition was based on the final valuation result of the income method, with a premium of nine times. It is not uncommon for listed companies to acquire related assets, and investors are happy to see the underlying assets meet the long-term development needs and boost the company's operating performance. On the contrary, if the target assets of the acquisition are in ordinary condition, or the performance is less than expected due to changes in the market in the later stage, the gains outweigh the losses. Moreover, acquisitions at high premiums and valuations often bring risks such as goodwill impairment and operational pressure to listed companies. In addition, high-premium acquisitions are prone to insider trading, benefit transfer and other risks, which are also the focus of regulatory attention. Listed companies should avoid "reporting good news but not bad news" in high-premium acquisitions, but should disclose in detail the risks of value assessment, goodwill, failure to achieve performance commitments, and the risks of intensified competition brought about by changes in the market, technology, and entry barriers. （*
Yonghui supermarket turmoil is not only there, but there is a risk of passive disposal of some of the founder's sharesOn November 24, Yonghui Supermarket announced that its shareholder and director Zhang Xuanning, who holds more than 5% of the shares, is involved in a dispute over equity pledge debts, and his shares in Yonghui Supermarket are at risk of passive disposal. The reporter noticed that Zhang Xuanning's debt dispute was mainly a share pledge with **Trust***hereinafter referred to as **Trust). Yonghui Supermarket disclosed that it recently received a trust letter from ** and learned that director Zhang Xuanning pledged 200 million shares of Yonghui Supermarket to ** Trust on November 22, 2022. Yonghui Supermarket said that the main claim secured by the above pledge expired on November 24, 2023. As of the date of the visit, Mr. Zhang Xuanning's repayment has not yet been paid, and according to the relevant agreement, some of the shares are at risk of passive disposal to repay the debt. Up to now, Zhang Xuanning holds about 74.4 billion shares, accounting for 820%。The cumulative number of pledged shares of Yonghui Supermarket held by Zhang Xuanning (including this time) is 33.5 billion shares, accounting for 45 percent of its shares04%。Recently, Yonghui supermarket has been in turmoil. Not long ago, Yonghui Supermarket added a new piece of information on the person subject to execution, and the execution target was about 10.07 million yuan. (National Business Daily).
Baolong Real Estate defaulted again and could not pay more than $15 million in interest
On November 29, Baolong Real Estate announced that 1591The interest on the US$6.25 million note was due on October 30, with a grace period of 30 days, but the company was still unable to pay it as of the announcement date (November 29). Baolong Real Estate said in the announcement that for the default event constituted by the inability to pay interest, the company will immediately solve the debt to protect the interests of holders. In the face of the complex real estate economy, the company will strive to ensure that real estate development projects are delivered on time and secure cash resources for sustainable development. After the announcement, the US dollar bonds issued by Baolong Real Estate fell the most today95 04 30 25** 18036%, the current price is basically around $7, and the highest yield has reached 35387%。In July 2022, Powerlong Real Estate announced that the principal balance and interest payable on the fourth batch of notes in 2022 due and payable on July 25 were 2129$40,000 was not repaid on a daily basis, and there was uncertainty about the repayment of the second tranche of notes, which were due on 8 November of the same year. In the same month, two exchange offers for US dollar bills were launched, and finally 1$7.9 billion and 2$6.3 billion in bill exchanges. (Finance Associated Press).
Xianheng International's 90 million yuan trust product was overdue
According to Xianheng International's announcement on the evening of November 28, the two Zhongrong Trust products purchased by the company were overdue. As of the disclosure date of this announcement, the company has received a total of 00,000 yuan of investment principal and 00,000 yuan of investment income from Rongrui No. 1, and 50 million yuan of investment principal of trust products and investment income has not been recoveredA total of 00,000 yuan of investment principal and 00,000 yuan of investment income have been received from No. 222, and the investment principal of trust products is 40 million yuan and the investment income has not been recovered. As early as August this year, Xianheng International announced that a number of trust products had failed to be redeemed within the time limit, and now it has encountered the problem of redemption of trust products. As of November 28**, Xianheng International's share price rose 0.79% to close at 1275 yuan, with a total market value of 52500 million yuan. The third quarterly report shows that the company's operating income in the first three quarters was 167.4 billion yuan, a year-on-year increase of 3599%；The net profit was 60.95 million yuan, a sharp decline of 4463%。(Data Treasure).
The global economy is expected to avoid a hard landing in the next two years, and the Palestinian-Israeli conflict poses significant risksOn November 29, the Organisation for Economic Co-operation and Development (OECD) updated its Global Economic Prospects report with an analysis of global trends and prospects for the next two years. The group expects the global economy to continue to face challenges from inflation and low growth prospects next year, but the economy has shown resilience, the growth slowdown is modest, and it is expected to avoid a hard landing. According to the report, global economic growth is expected to grow next year from 2.0 percent this year, affected by negative factors such as tighter financial conditions, weak growth and lower business and consumer confidence9% slowed down to 27% before rising to 3% in 2025. The engine of global economic growth remains highly dependent on fast-growing Asian economies. The rate of growth was uneven in different regions. Growth in advanced economies has generally been slower than in emerging markets, and Europe has lagged behind major economies in North America and Asia. The report also analyzes the potential economic consequences of the Israeli-Palestinian conflict, saying that the expansion of the conflict could upset current global economic expectations, or cause serious disruptions to energy markets and major routes, especially for European economies, where the impact of energy and food will be very obvious. (Interface News).
National Finance and Development Laboratory, Chinese Academy of Social SciencesIt was established in 2005 and was formerly known as the "Financial Laboratory of the Chinese Academy of Social Sciences". It is the first national-level financial think tank in China that crosses both social and natural sciences. In June 2015, on the basis of absorbing a number of other new think tank research institutions of the Chinese Academy of Social Sciences, it was renamed as the "National Finance and Development Laboratory". In November 2015, it was approved as one of the first 25 national high-end think tanks by China.
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