Visual China).
Part of the shares of Bohai ** shares*** in the IPO stage, hereinafter referred to as "Bohai **", will be auctioned judicially.
The Blue Whale financial reporter paid attention to the fact that Tianjin Haowu Jiade Automobile *** hereinafter referred to as "Haowu Jiade") held Bohai **1The 6.7 billion shares will be auctioned on January 29, 2024, with a starting price of 42.3 billion yuan, compared to 6The appraisal price of 0.4 billion yuan has been discounted by 7%. In addition, Tianjin Tianwu Electromechanical Development Co., Ltd. (hereinafter referred to as "Tianwu Electromechanical Co., Ltd.") holds Bohai Co., Ltd. 16.7 billion shares, also for Tianjin Haowu Electromechanical Automobile *** hereinafter referred to as "Haowu Electromechanical") 1 billion yuan of debt to bear the pledge guarantee liability, this part of the equity, or also face the possibility of being auctioned.
In terms of shareholding structure, Tianjin State-owned Assets Supervision and Administration Commission, the actual controller of Bohai**, holds 63 shares through 14 companies28%, of which 3051% of the equity has been pledged, and the remaining shareholders have pledged 1238% equity, the company's equity pledge rate is high, but also to the stability of Bohai **'s equity structure stability.
Shen Meng, executive director of Xiangsong Capital, pointed out in an interview that if there is a change of shareholders in Bohai**, then it is necessary to remake the IPO application materials and get the signatures of the new shareholders, which may have a certain impact on the IPO rhythm.
The change of equity may affect the pace of listing
The reason for this is that the auction of the Bohai ** equity held by Haowu Guardian stems from the pledge contract dispute between it and the Beijing branch of the Bank of Jiangsu.
According to the judgment document network, in 2018, the Beijing Branch of Bank of Jiangsu provided a maximum credit line of 1 billion yuan to Haowu Electromechanical, and the loan type was short-term working capital borrowing6.7 billion shares of Bohai ** shares are 1 billion yuan, providing pledge guarantee for Haowu Electromechanical. Subsequently, Haowu Electromechanical declared bankruptcy and failed to repay the principal and interest of the previous loan.
The Beijing Branch of Bank of Jiangsu filed a lawsuit with the court for the failure of Haowu Electromechanical to repay the principal and interest of the loan, and the failure of Haowu Jiade and Tianwu Electromechanical to perform the corresponding pledge guarantee obligations, requesting the court to rule that they should perform the guarantee obligations.
According to the first-instance judgment, the court ruled that the Beijing branch of the Bank of Jiangsu had the right to 5Within the scope of 3 billion yuan, the Bohai Sea pledged by Haowu Guardian **16.7 billion shares will be discounted, auctioned or sold and will be reimbursed in priority from the proceeds. The same is true for Tianwu Electromechanical. At present, Tianwu Electromechanical holds Bohai **16.7 billion shares have not yet appeared on the judicial auction platform.
That is to say, according to the verdict, Bohai ** may face a total of 3The equity auction of 3.4 billion shares is a key node for Bohai's IPO listing. In addition, among the shareholders of Bohai, Qinghai He.
1. 100 million shares held by Jinjing Glass Shell and Zhenro Group respectively0.1 billion shares, 2500 million shares are also frozen by the court.
Whether this equity auction will have an impact on the IPO of Bohai ** is the most concerned by the market. Shen Meng, executive director of Xiangsong Capital, said in an interview with Blue Whale Financial Reporter that the auction may cause certain uncertainty about the IPO and affect the pace of the listing progress, "If there is a change of shareholders, then the IPO application materials need to be remade and signed by the new shareholders." "At the same time, the equity auction will not affect the valuation of the IPO issue price, but it will delay the IPO progress due to the change of shareholders.
For the equity auction, Blue Whale Finance contacted the relevant person in charge of Bohai ** for an interview, but did not receive a reply as of press time.
Bohai ** IPO seven-year long-distance run
Bohai**'s IPO chase began in 2016 and has been more than seven years since then.
In October 2016, Bohai ** launched IPO listing counseling; Pre-disclosure on December 28, 2021; Received feedback from the CSRC on 20 May 2022; The pre-disclosure update was completed on June 6, 2022. On March 1, 2023, the status of Bohai**'s IPO application was updated to "accepted".
It should be noted that on May 20, 2022, the China Securities Regulatory Commission issued 42 questions to Bohai**, including 19 normative questions, 16 information disclosure questions, 6 questions related to financial accounting information and 1 other question. Among them, the proportion of equity pledge of Bohai's largest shareholders is too high, and the high dependence on self-operated business and other problems have been pointed out.
According to public information, Bohai ** was established in 2001, the total number of shareholders of the company is 43, and the top five shareholders are Tianjin TEDA International Holdings (Group)** with a shareholding ratio of 269589%), Tianjin TEDA shares *** shareholding ratio of 130700%), Shenzhen Overseas Chinese Town shares *** shareholding ratio of 91431%), Tianjin Bohai State-owned Assets Management *** shareholding ratio of 63420%), Tianjin Free Trade Zone Investment Holding Group *** shareholding ratio of 62211%）。
Feedback from the China Securities Regulatory Commission shows that the Tianjin SASAC controls Bohai through 14 enterprises**6328% of the shares, and the shares controlled by it account for 30% of the company's total share capital before issuance51% are pledged; The remaining shareholders hold a total of 3672%, which accounts for 12% of the company's total share capital before issuance38% staked.
In other words, there are currently a total of 42 in the Bohai Sea89% of the equity is in a pledged state, which also brings uncertainty to the stability of Bohai**'s equity structure.
In terms of business, self-operated business has always been an important business line for Bohai ** to generate revenue, and it has a high degree of dependence. From 2019 to 2021, the operating income of Bohai**'s main business lines was 280.5 billion yuan, 301.3 billion yuan, 31400 million yuan; Revenue from self-operated business was 151.8 billion yuan, 171.1 billion yuan, 170.1 billion yuan, the proportion of revenue was respectively. 19%, supporting half of the country.
However, the proprietary business of securities companies is greatly affected by market fluctuations and investment decisions, and there are many challenges to sustained and stable profits, and the income structure is single, which is not conducive to long-term healthy operation.
Bohai ** is also adjusting its business structure, data shows that in 2022, its main business line operating income will be 148 billion yuan, and the self-operated business fell to 21.1 billion yuan, accounting for about 14%, and the proportion of operating income of brokerage business, credit business, investment banking business, entrusted asset management business, alternative investment business, and ** brokerage business increased.
In terms of profit, from 2019 to 2021, the operating profit of Bohai **'s main business lines was 186.8 billion yuan, 194.5 billion yuan, 220.3 billion yuan, maintaining the best trend. However, in 2022, the operating profit of Bohai**'s main business lines will drop significantly to 800 million yuan (excluding other and offset items), and the company's net profit will be 50.1 billion yuan, a year-on-year decrease of 7216%。
In the reshuffle and reshaping of the industry pattern, superimposed on the market environment, the transformation will inevitably have pains, and for the impact of IPO brokers, a complete corporate governance structure, overall operating strength, and market recognition are indispensable.