Liu Qiangdong once again rescued Gome.
Late at night on December 27, Gome Retail announced that the total amount of settlement principal was 2RMB500 million convertible bonds into an agreement, in which 10.5 billion yuan** Shenzhen 10 to home service technology about 216% equity interest in JD.com Group. GOME Retail noted that the deal is aimed at repaying part of the bonds and is able to continue discussions with JD.com on a solution to settle the bonds.
The market also responded positively to the deal. At the opening of the market on December 28, Gome Retail's share price continued to rise after opening sharply, rising nearly 30% during the session, and finally closing at 0HK$068 shares, up 11475%。
Although Gome and JD often "fought" on the Internet in the early days, JD.com still lent a helping hand in times of crisis for Gome, and there were frequent interactions and cooperation.
Among them, in May 2020, JD.com announced a strategic investment in GOME Retail, subscribing for overseas convertible bonds issued by GOME Retail for US$100 million. The preliminary share conversion price is 1. per shareHK$255, if JD.com exercises all the conversion rights, after the completion of the share transfer, JD.com can obtain Gome Retail 280% of the shares.
JD.com's move can be regarded as pulling Gome, which was mired in debt at that time. However, in recent years, Gome is still mired in the dilemma of debt collection, salary bargaining, and bankruptcy liquidation, and the repayment of debts is extremely difficult.
According to public information, the above-mentioned convertible bonds were officially issued on June 30, 2020 and matured on June 30, 2023, but the bonds were not repaid on the maturity date and remain outstanding as of the date of this announcement.
At the moment of crisis, Jingdong still chose to rescue again. After this debt-for-equity swap, Gome's debt burden is slightly lighter.
According to the agreement, JD.com will put the principal amount of 1The RMB4.5 billion convertible bonds are based on an adjusted conversion price of 1. per shareHK$24, converted to about HK$1300 million new shares, accounting for about 027%。
It is particularly noteworthy that the conversion price of this convertible bond is 0 percent higher than that of Gome Retail on December 27HK$06 The premium of the share is about 193 times. This somewhat reflects JD.com's sincerity, or the positive expectation of the transaction target of this Shijiajia.
According to the data, "Shifen Daojia" is a "post-home appliance service" platform incubated by TCL, mainly engaged in home appliance installation and maintenance services. In 2017, Gome won with 10.5 billion yuan to join the "Shiyi Daojia" A round of strategic financing, so as to participate in the pursuit of the trillion-dollar home appliance after-sales service market. Today's Jingdong is interested in laying out the major appliance market, and it is expected that the cooperation with Shifen Daojia will create new sparks.
It is understood that in order to repay debts and improve liquidity, Gome has been actively operating and maintaining full communication with creditors. In addition to JD.com, at the beginning of this year, GOME Retail also reached an agreement with Media Asia International Capital*** to issue capitalized shares to creditors at the issue price to pay off about 4HK$1.6 billion.
In addition to actively repaying debts, Huang Guangyu is also quickly starting a new stove, planning to change lanes and rerun through the "Gome Supermarket".
In November, the news that "Gome plans to open 10,000 Gome supermarket retail stores within three years" spread rapidly, and Gome Retail's stock price soared, with an increase of more than 80% setting a record for the stock's single-day increase in recent years.
Although GOME Retail quickly clarified that GOME Supermarket is not a listed company's business, it also said that it did not rule out the possibility of exploring new retail projects in the future.
Gome Supermarket is a new retail platform developed by Huang Guangyu, the founder and major shareholder of Gome, in cooperation with a third party. The company, known as one of the top ten MCN institutions in China, wants to build the business form of "offline stores + online live broadcast" of Gome Supermarket, so as to expand in the form of franchising in the domestic and foreign markets.
According to ** news, Gome Supermarket has opened 4 stores since it was launched in October.
However, Gome Retail is not idle. Recently, GOME Retail, which is actively transforming its live streaming business, is focusing on creating a new business model of "quasi-franchise" and gradually shifting to asset-light operation.
The so-called "quasi-franchise" means that GOME Retail and franchisees (covering multiple enterprise types such as physical stores and platform services) jointly set up a joint venture company to carry out in-depth cooperation in the fields of open business platforms, brand resources, and first-class chains.
Judging from the market news, the model has indeed received positive feedback from the market. As of the beginning of November, Gome has completed a total of 17 joint venture cooperation contracts, and there are still 55 companies to be signed. Cooperative enterprises are all over the country, including Shenyang, Jilin and other northeast regions, as well as Shanghai, Suzhou, Xichang and other east China, Yunnan, Guizhou, Chengdu and other western regions.
At the same time, before November this year, Gome's franchise joint venture cooperation has entered the substantive operation stage, and the first batch of related companies have landed one after another and achieved good results.
In Shenyang, the Gome joint venture "Eleventh" achieved sales of more than 10 million on the opening dayIn Tianjin, Gome joined the joint venture company to achieve sales of 7.56 million during the eleventh periodThe cumulative sales of Daqing in ten days exceeded 36.52 million;Wait.
It's just that I don't know if Gome Retail's new self-help trick can reverse the decline in business performance in one fell swoop.
According to Gome Retail's semi-annual report, in the first half of this year, the revenue was only 4147.6 billion yuan, down more than 96% year-on-year;The gross profit loss for the same period was about 1200 million yuan, compared with a gross profit of 20 in the same period last year8.8 billion yuan. The net profit attributable to the parent company was a loss of 353.9 billion yuan, an increase of 19 over the same period last year32%。
Obviously, the profitability of GOME Retail has been seriously insufficient. Improving the efficiency of capital utilization and resource allocation may be the key to Gome's retail turnaround.