Only a month and a half later, China's home furnishing industry has the largest scale of 102The 9.9 billion yuan transfer case shrank by 14 all of a sudden$1.9 billion.
On the evening of December 25, Gujia Home Furnishing announced that Infore Ruihe Investment will be 88The total transaction price of 800 million yuan was transferred to Gujia Home Furnishing 24.1 billion shares, accounting for 29 percent of the total share capital of Gujia Home42%。The actual controller of Infore Ruihe investment, He Jianfeng, chairman of Infore Group, is the only son of He Xiangjian, the founder of Midea Group.
If the transaction is successful, He Jianfeng can indirectly hold Gujia Home Furnishing 2592% of the shares, becoming the new actual controller of Gujia Home, the original management of the Gu family (Gu Jiangsheng, Gu Yuhua, Wang Huoxian) The total shareholding ratio will be reduced to 1563%。
However, compared to the previous 102The total transaction price of 9.9 billion yuan, this transaction ** shrank by 13%, and He Jianfeng's bid was discounted by eight or six percent, equivalent to 42 per share** from the previous one5846 yuan shares adjusted to 367187 yuan shares. Similarly, in terms of payment ratio, Infore Ruihe Investment intends to pay the acquisition price in two installments, and the down payment ratio has also been reduced from 90% to 8559%。
In mid-November, He Jianfeng's acquisition of control of Gujia Home Fnishing was also 42The ** of 5846 yuan shares is regarded as generous by the outside world, compared with 36 in the previous trading dayThe ** price of 78 yuan shares is 15 higher77%。Now, in just one and a half months, the transaction volume has plummeted by 1.4 billion, which is surprising.
As for the follow-up transactions, He Jianfeng also showed more caution in the announcement. According to the announcement, in the second phase of the payment "checkpoint", if the transferor Gujia Home Furnishing violates the agreement and causes economic losses to the transferee Infore Ruihe investment, the transferor needs to compensate, and the transferee has the right to pay the balance to the transferor after deducting the compensation, which is deemed to have fulfilled the payment obligation of the second phase.
Now, counting the original business of Infore Group, after the successful acquisition of Gujia Home, He Jianfeng will have an industrial investment empire with a total market value of more than 50 billion yuan. But if you want to get Gujia Home Furnishing out of the current business predicament and eat the future development dividends of the home furnishing industry, He Jianfeng has a lot to do.
After Gu Jia Home Furnishing or changed his surname to "He", the market is also generally concerned about the company's management. For a long time, Gujia Home Furnishing has a long history with the management of Midea Group. Li Donglai, the current president of Gujia Home, used to be the vice president of Midea Electrical Appliances, and Li Yunhai, vice president of Gujia Home, Ou Yafei and Liao Qiang, also all have work experience in Midea Group.
After the transfer of control, the management structure of Gujia Home Furnishing will also face adjustments. According to the latest transaction announcement, the company's board of directors has increased from 5 to 9, of which Infore Ruihe Investment has the right to nominate 5 directors, including 3 non-independent director candidates and 2 independent directors.
This means that the Gujia side also retains the right to nominate four other board members. According to the announcement, Infore Ruihe Investment intends to recommend Gu Jiangsheng as the chairman of the new board of directors after the closing date, and the general manager of Gujia Home Furnishing will continue to be served by Li Donglai.
As the founder of Gujia Home, Gu Jiangsheng has been at the helm of the company for 20 years, and has continuously promoted Gujia Home Furnishing to become bigger and stronger. In 2016, he said that he would challenge the industry leader IKEA Group and complete the A-share listing that yearIn 2018, Gu Jiangsheng shouted out the sales target of "10 billion yuan in 2018 and 100 billion yuan in 2028".
To this end, Gujia Home Furnishing has been making great progress in the M&A market, and has carried out dozens of commercial mergers and acquisitions. Among them, in 2018 alone, about 10 mergers and acquisitions of Tunaz**, rolfbenz and other companies were carried out, costing more than 3 billion yuan.
From the current point of view, the overall performance of the industry that Gu Jiangsheng has worked hard all the way is acceptable. Since its listing in 2016, Gujia Home's net profit attributable to the parent company in 2020 has decreased by 27% year-on-year19 per cent, with growth in the remaining years. At present, the market value of Gujia Home Furnishing is 30.2 billion yuan, and the revenue in 2022 will be about 18 billion yuan.
Up to now, Gujia Home Furnishing has just been listed on the A-share market for just over 7 years, but Gu Jiangsheng has handed over actual control, and the pressure behind it is precisely because of the weak predicament faced by the home furnishing industry and the company's own business problems.
When the general trend of real estate is still in the adjustment stage, the outlook of Gujia Home, which is deeply affected by the real estate cycle, is hardly optimistic. In terms of financial performance, the performance growth rate of Gujia Home Furnishing in the first three quarters of this year hit a new low since its listing in the third quarter of the previous year. Its net profit growth rate from the first three quarters of 2016 to the first three quarters of 2023 is respectively. 35% and 698%。
At the same time, the problem of high debt has also become a problem that cannot be avoided by Gujia Home. As of the first half of this year, Gujia Home's short-term borrowings were about 2.4 billion yuan, an increase of 61 percent year-on-year69%, and short-term borrowings in the first three quarters of this year continued to grow to about 3.1 billion yuan.
For Gu Jiangsheng, the move of cutting off his flesh and arm in advance is also to brake sharply on the downhill road, so as not to slide the company into the abyss. At a time when the industry is full of many uncertainties, if the equity transaction with Infore Group is successfully completed, Gu Jiangsheng will receive 8.8 billion yuan of funds, which is also a good choice.
In fact, since the announcement of the acquisition for more than a month, the company's share price has faced a continuous decline. As of December 27**, the share price of Gujia Home Furnishing was 3393 yuan, with a market value of 2788.7 billion yuan. At the beginning of the transaction, the share price of Gujia Home Furnishing was about 394 yuan, with a market value of about 32.4 billion yuan.
The pressure was given to He Jianfeng, the "prince" of beauty.
After Infore became the owner, the "prince" of the United States will bring changes to the Gu family's home, which is very imaginative. The general trend of rapid development of real estate has gone, and the stock competition in the home furnishing industry is inevitable.
Compared with the "Gu family", "He family" is obviously a stronger family, not only He Xiangjian's Midea Group as the backing, but also He Jianfeng's personal hard work of the investment territory, in the past few years, He Jianfeng has also had good investment results in the capital market.
In the field of industrial investment, He Jianfeng is notoriously low-key. As early as nearly 30 years ago, He Jianfeng left Midea to set up another door and created his own family business - Infore Group. At present, Infore Group holds two listed companies - Infore Environment, which is engaged in sanitation equipment, and hundreds of thousands of companies in the field of film and television companies.
He Jianfeng also has a wide range of financial assets, at present, Infore equity investment management of more than 16, well-known investment cases include SenseTime Technology, Cloud Whale Intelligence, Ruiwei Technology, Kuwa Robot, etc.
According to the announcement, Infore Group's total assets are as high as 57.6 billion yuan, net assets are close to 20 billion yuan, according to incomplete statistics, its foreign investment in as many as 54 companies. However, compared with several previous investments, this home furnishing acquisition that shocked the industry can be said to have set a record for He Jianfeng's investment amount, becoming his most daring investment.
However, if you want to come up with 8.8 billion cash acquisition in a short period of time, this is not a small pressure for Infore Group. As of the middle of this year, Infore Group's monetary funds were 645.4 billion yuan, but its short-term borrowings are as high as 1185.5 billion yuan. According to incomplete statistics, since 2018, the total net profit attributable to Infore Group is only 78.8 billion yuan, it is more difficult to come up with 8.8 billion cash at once.
From the perspective of industrial integration, Infore involves a very large and complex territory, including film and television, environmental protection, science and technology, new materials, financial licenses and even maternal and child, children's clothing, auction and other fields. The home furnishing market is a new territory in Infore's business.
In contrast, the home appliance company Midea is the closest to Gujia Home Furnishing in terms of industrial integration. Since the beginning of this year, the trend of "integration of household appliances" has gradually become obvious, and home appliance giants are committed to transforming from traditional electrical appliance sellers to smart home service providers.
For He Jianfeng, how to give full play to industrial resources and enhance the imagination of Gujia Home Furnishing is a test he faces. In the future, whether Midea's "prince" will use this to let Gujia Home Furnishing enter Midea's "circle of friends" will be a major attraction.
Author |Lee teased.
Edit |Sun Chunfang.
Operations |Liu Shan.