*Real-Estate Spy (id: real-estate-spy).
It's equivalent to credit endorsement!"In a difficult time for real estate, another private real estate company was rescued by state-owned assets, although the real estate circle is very cold this winter, will it be far from spring?
Last night (January 9), "Zhejiang private background'The listed real estate company Xinhu Zhongbao announced a major equity change transaction, and the "Xinhu system" intends to pay about 3 billion yuan to the capital of Quzhou state-owned background43% equity at a cost of 1917 yuan.
Relative to yesterday**209 yuan shares, "Xinhu system" this time the discount is not large, this morning by this good, Xinhu Zhongbao share price up to 622%, the stock price rose to 2$22 shares.
Specifically, the seller is Zhejiang Xinhu Group, the controlling shareholder of Xinhu Zhongbao, and Zhejiang Hengxingli Holding Group, which acts in concert, and the buyer is Quzhou Zhibao Enterprise Management Partnership (Limited Partnership), involving 15 shares in the transaction6.8 billion shares.
Quzhou Zhibao Enterprise Management Partnership (Limited Partnership) is funded and established by "LP" Quzhou Zhibao by Quzhou Industrial Development Group and "GP" Quzhou Zhina Enterprise Management***, both of which are controlled by Quzhou State-owned Assets Supervision and Administration Commission.
Attention!The existing shareholder of Xinhu Zhongbao, "Quzhou Xin'an Caitong Intelligent Manufacturing Equity Investment Partnership (Limited Partnership)", is funded and established by Quzhou State-owned Capital Operation Company and its subordinate Quzhou Industrial Development Group and Quzhou Holding Group.
In other words, Quzhou Industrial Development Group is not only the controlling shareholder of Quzhou Zhibao, but also the controlling shareholder of Quzhou Xin'an Caitong (which holds 1011% equity) of the limited partners.
Now, the "Xinhu system" helmed by Huang Wei, the "Zhejiang businessman", holds a total of 28 Xinhu Zhongbao after this ** transfer39%, of which Huang Wei directly holds 1704%, Zhejiang Xinhu Group's shareholding fell to 656%, Ningbo Jia Yuan Industrial's shareholding fell to 479%, Ningbo Hengxingli withdrew.
After this acquisition, the state-owned shareholders of the above two limited partnerships in Quzhou will hold a total of 2854%, which has surpassed Huang Wei's "Xinhu system", but Xinhu Zhongbao emphasized that after this transaction, the company's actual controller remains unchanged.
The reason is that the board of directors and management of Xinhu Zhongbao will continue to remain stable, and there are currently 7 directors, involving 1 nominated by Xin'an Caitong, 3 nominated by Zhejiang Xinhu Group, and the remaining 3 are independent directors, and there will be no change in the short term, and Huang Wei and his concerted actors can still control the board of directors.
At present, Zhejiang Xinhu Group and Hengxingli have pledged 63 of the shares of Xinhu Zhongbao08%, the pledge rate is indeed high, to complete the equity **, it is necessary to release part of the pledged shares.
In response to the large sale of shares by the "Xinhu system", Xinhu Zhongbao explained that this is to further optimize the company's shareholder structure, strive for local policy support, comprehensively deepen cooperation and promote the company's transformation.
In fact, as the controlling shareholder of Xinhu Zhongbao, "Xinhu System" has continued to cool down in the past two years, and the capital chain has also been relatively tight, which can be seen from its wheel-based pledge.
At the end of 2023, Xinhu Zhongbao disclosed that the number of pledged shares due in the next six months by its controlling shareholder, Zhejiang Xinhu Group, was 4645.7 billion shares, accounting for 2465%, accounting for 546%, corresponding to 10300 million yuan;The number of pledged shares due in the next year (excluding half a year) is 6348.1 billion shares, accounting for 3368%, accounting for 746%, corresponding to the financing amount of 13200 million yuan.
As of the end of June last year, the total assets of Zhejiang Xinhu Group were 316500 million yuan, total liabilities 180500 million yuan, of which 89 million were borrowed by banks300 million yuan, an increase of more than 2 billion yuan from the end of 2022, and net assets of 13.6 billion yuan
In 2022, Zhejiang Xinhu Group will be nearly 9.9 billion yuan, with a net profit of 18.2 billion yuan, net operating cash flow of 103.6 billion yuan, with revenue of 40 in the first half of 20231.4 billion yuan, net profit of 71.4 billion yuan, net operating cash flow -36.3 billion yuan.
Another A-share listing platform of the Xinhu system is Xiangcai shares and its Xiangcai**. According to the disclosure at the end of last year, the "Xinhu system" held a total of 59 shares of Xiangcai4%, or nearly 1.7 billion shares, and the cumulative pledged shares account for 3855%。
Xinhu "will have about 5 pledged shares due in the next six months."1.2 billion shares, accounting for 30 of its shares15%, accounting for 17% of the total share capital of Xiangcai shares91%, part of the pledged shares correspond to the financing amount of 25 million yuan. Expires within one year in the future (excluding those that expire within half a year) Pledged shares212.2 billion shares, accounting for 12 of the shares49%, accounting for 7% of the total share capital of Xiangcai shares42%, part of the pledged shares correspond to the financing amount of 800 million yuan.
In late April 2023, Xiangcai Co., Ltd. disclosed that the controlling shareholder "Xinhu Holdings" would "use shares to offset debts" with related party Xinhu Zhongbao to the related party Xinhu Zhongbao, with a total value of about 34600 million yuan, but was investigated for information disclosure violations. Refer to the article ""Xinhu System" Swaps Shares for Debts of 3.4 Billion: Real Estate Secret Blood Transfusion of Hunan Wealth**, and Violations of Information Disclosure are Investigated".
Back to Xinhu Zhongbao, the revenue in the first three quarters of last year was 37200 million yuan, down 44 percent year-on-year3%, net profit attributable to the parent company 195.5 billion yuan, a year-on-year increase of 223%, but net operating cash flow -41800 million yuan, which has been seriously deteriorated.
As of the end of September last year, Xinhu Zhongbao had an inventory balance of 481800 million yuan, monetary funds 68500 million yuan, short-term borrowings 62100 million yuan, 60 million interest-bearing debts due within one year300 million yuan, it can be seen that its short-term debt repayment pressure is huge. In addition, its long-term borrowings and bonds payable totaled 187500 million yuan.
Fortunately, Huang Wei's "Xinhu system" and Xinhu Zhongbao are not out of danger for the time being, but in the eyes of the industry, this large-scale stock sale is not only a severe consideration of its own capital chain, but also an external help brought about by the real estate rescue since last year.