Recently, Gujia Home Furnishing Co., Ltd. *** hereinafter referred to as "Gujia Home Furnishing") and Infore Ruihe's equity transfer has made new progress. On December 25, Gujia Home Furnishing announced that Infore Ruihe acquired the controlling shareholder Gujia Group and TB Home Limited by way of agreement transfer4.2 billion shares of Gujia Home, accounting for 29 of the total share capital of Gujia Home42%, transfer** adjusted to RMB 367,187 shares, the total transfer price was adjusted to RMB 88800 million yuan.
The price of the 10 billion acquisition case was reduced
Looking back on the transaction, on the evening of November 9, Gujia Home announced that its controlling shareholder Gujia Group and its concerted action person TB Home Limited and the actual controllers Gu Jiangsheng, Gu Yuhua and Wang Huoxian signed a strategic cooperation and share transfer agreement with Ningbo Infore Ruihe Investment Management *** on the same day: Infore Rui and the transfer of Gujia Home 29 held by Gujia Group and TB Home Limited42% equity interest, the total transfer price is 1029.9 billion yuan.
It is worth noting that after the completion of this transaction, the controlling shareholder of Gujia Home Furnishing will be changed from Gujia Group to Infore Ruihe, and the actual controller of the company will also change from Gu Jiangsheng, Gu Yuhua and Wang Huoxian to He JianfengGujia Group and TB Home Limited still hold Gujia Home respectively. 01% equity.
Screenshot of the announcement.
At that time, in terms of transaction price, He Jianfeng also gave Gujia Home Furnishing a certain premium level. Specifically, before the suspension on November 6 this year, the share price of Gujia Home Furnishing was 3678 yuan shares, while Infore Ruihe investment in the transfer of equity ** is 4258 yuan shares, the premium rate is 1578%。
According to the latest announcement, Gujia Group, the controlling shareholder of Gujia Home, and its persons acting in concert and the actual controller of the company signed the "Supplementary Agreement to the Strategic Cooperation and Share Transfer Agreement of Gujia Home Furnishing Co., Ltd." with Ningbo Infore Ruihe Investment Management on December 25.
Accordingly, Infore Ruihe Investment acquires 24.2 billion shares of Gujia Home, accounting for 29 of the total share capital of Gujia Home42%, transfer** adjusted to RMB 367,187 shares, the total transfer price was adjusted to RMB 88800 million yuan.
Larger equity transfer in the industry
In recent years, the "integration" process of home appliances, home furnishing, home decoration and real estate has been continuously promoted, and "big home" has become a recognized development trend. In this "beach-grabbing landing battle," in order to seize the "bridgehead," all sides have also accelerated the pace of integration.
On June 25, 2021, Shangpin Home Delivery announced that the first.
The second and third largest shareholders, Dachen Caixin and Tianjin Dachen, respectively held a total of 993 of the company380,000 shares were transferred to JD.com, with a total price of 6600 million yuan.
On October 17, 2022, Piano announced that Ma Libin, the actual controller of the controlling shareholder, had signed an agreement with Zhuhai Honglu to transfer 20% of the equity of the listed company it held, and the transaction was divided into two transactions, with a total transaction price estimated at 600 million yuan.
On June 25, 2023, C&D Co., Ltd. announced that the controlling shareholder of Macalline, Red Star Holdings. 00% of the shares have been transferred to the company and Lianfa Group. With January 12, 2023 as the valuation base date, Macalline 29The transaction price of 95% of the shares was finalized at 482 yuan shares, corresponding to the transaction price of 628.6 billion yuan.
Although the total price of the equity transaction between Gujia Home Furnishing and He Jianfeng was originally 1029.9 billion yuan, now down to 88800 million yuan. However, this time He Jianfeng became the owner of the home furnishing, which can still be regarded as a large amount of equity transfer in the home furnishing industry in recent years.
Valuing the potential of the enterprise
Infore Group has invested heavily in the transfer of Gujia Home Furnishing, perhaps because of the good development momentum of Gujia Home Furnishing in the industry. Industry observer Hong Shibin said.
According to public information, Gujia Home Furnishing was founded in 1982, and at the beginning of its listing in 2016, the founder Gu Jiangsheng set a goal that 10 years later, in 2026, the company will achieve revenue and market value of 200 billion yuan. Focusing on this goal, since 2018, Gu Jiangsheng has led a series of mergers and acquisitions to promote the rapid growth of the company's assets and revenue. Through a series of mergers and acquisitions, Gujia Home Furnishing has built a huge product and brand matrix, from soft sofas to mattresses, whole house customization and other tracks, promoting its continuous transformation and expansion, and once became an "all-rounder" in soft home furnishing listed companies.
Data**: Corporate announcements.
Judging from the performance of Gujia Home Furnishing in recent years, although the growth rate has slowed down, it is also in a state of positive growth. After the trough in 2020, in 2021, Gujia Home Furnishing achieved 4481% revenue growth. Judging from the recently released financial report data, in the first three quarters of 2023, Gujia Home's operating income will be 1413.6 billion yuan, a year-on-year increase of 272%, net profit attributable to the parent company 150.1 billion yuan, a year-on-year increase of 698%。
Previously, after Gujia Home Furnishing announced that it would change hands, Guosheng ** said in a research report that Infore Group is expected to have more coordinated development in the follow-up in terms of improving the efficiency of Gujia channels and integrating industrial chain resources.
In addition, since the beginning of this year, the warm wind to promote household consumption has been blowing frequently, in July this year, the Ministry of Commerce and other 13 departments on the promotion of household consumption of several measures of the notice was issued, the notice pointed out that household consumption covers household appliances, furniture, home textiles, home decoration and other fields, is an important part of resident consumption, support home furnishing enterprises to accelerate digital, intelligent transformation and upgrading and online and offline integration development, and cultivate a number of industrial chain efficient coordination of home furnishing industry leading enterprises.
In September, the General Office of the Ministry of Commerce issued the Notice on Organizing and Carrying out the "Home Renovation Consumption Season" Activity, pointing out that the "big home" and scene innovation should be highlighted. It covers the whole field of home furnishing industries such as home appliances, furniture, home textiles, and home decoration, and meets the diversified and multi-level consumption needs of urban and rural residents.
In fact, for the large home market in 2024, many parties have given a positive **.
Industrial ** research report pointed out that the resilience of home demand in 2024 may exceed market expectations, mainly in the context of consumption recovery, on the one hand, the demand for new house decoration brought by the completion and delivery in 2023 is expected to be gradually released in 2024, and on the other hand, the renewal of second-hand housing and stock housing is expected to bring structural growth opportunities.
Galaxy ** analysts believe that the delivery of buildings to promote the rapid growth of completion, with the introduction and implementation of policies, the future sales are expected to be repaired again, the current completion data is growing rapidly, the future release will still support household consumption, and the follow-up potential of the stock housing market will be accompanied by the recovery of consumption power and force.
Wen Wang Ming.