The stock price has shrunk by 7% in 3 years, is it a favorable time to plan for H shares?
Author |Yu Qi.
Editor丨Wu Lijuan.
* |Bronco Finance.
Fish balls in shabu-shabu, homemade small crispy meat, many consumers will recognize the brand of Anjing when buying these ingredients.
However, stepping on the tuyere of the vigorous development of prefabricated dishes, the "quick-frozen brother" Anjing Food (603345SH), but not favored by investors?
In the three years since 2021, the company's stock price has reached a high point** of more than 74%.
Yasui Foods also felt that the stock price did not match the company's value, and in October last year, Yasui Foods announced thatBased on the confidence in the company's sustainable and stable development in the future and the recognition of the company's valueIt intends to repurchase part of the public shares with its own funds through centralized bidding transactions. The total amount of repurchase funds shall not be less than 100 million yuan and not more than 200 million yuan.
On February 1, Anjing Foods released the repurchase progress, as of January 31**, Anjing Foods has repurchased 029%，The total amount paid is 8510RMB 250,000 (excluding transaction costs).
Previously, on January 20, Yasui Foods also disclosed the news of preparing to launch a listing in Hong Kong.
However, in the context of the withdrawal of the actual controller and the company's plan to go public in Hong Kong, the good news of share repurchase has not stopped the decline of Yasui Food's share price. Even on the next trading day after the announcement of the plan to go to Hong Kong, the company's stock price fell to the limit.
As of Feb. 2**, Yasui Foods reported 7199 yuan shares, with a total market value of 211$1.4 billion.
After the change of the actual controller, he went to Hong Kong to be listed, what is the "quick-frozen brother" Anjing Food?
How much do you plan to raise for Hong Kong stock financing? Why do you want to list Hong Kong stocks at this point in time? "Isn't Hong Kong stock financing the 'worst way', what do you think? "At present, the stock price is so low, why do you want to go to Hong Kong to raise funds now, and what do you plan to issue it to?" ”
Investors seem to have a lot of complaints about Yasui Food's plan to go to Hong Kong, and many shareholders on the investor interactive platform are questioning the rationality of the plan.
Yasui Food's answer is also the same, saying that "the work related to the issuance and listing of H shares is still in the planning stage, and the details of this H-share listing have not yet been determined." ”
*: Share it. Under the continuous "pressure" of investors, on January 29, Yasui Foods finally showed its attitude and said: ".Now should be a good time to start planning for H-sharesIn the long run, it is expected to have little impact on A-shares, and will also increase the net value per share, the company's strength and development stamina. ”
Some industry insiders pointed outInvestors in Hong Kong stocks are relatively rational, with fewer investors, and they are basically institutional investors。So the agency came to "pick up the goods",Either it's scientifically researched and thought it's underestimated, or it has other purposes.
In addition, people in the industry also believe that the listing of Yasui is not like a performance of climbing to a new high in the stock price, but a kind of gambling or pressure type. Listed companies will have various pressures, such as market capitalization is too low, and financing will be linked to the stock price.
However, judging from the current public disclosure information of Anjing Food, the company currently has no VAM pressure, and no shareholders have passed the ** mortgage.
In fact, Yasui Food, which is actively financing overseas, is not bad for money, and has not achieved much overseas, and its main revenue is still concentrated in China.
However, since the company's IPO announced its results, Yasui Food's revenue and net profit have been maintained at a high growth level.
From 2011 to 2022, the company's revenue increased from 122.4 billion yuan to121.8.3 billion yuan, an increase of nearly 10 times.
While the revenue is growing, the net profit is also risingNet profit in 2022 is 111.8 billion yuan, a year-on-year increase of 6271%。
*：wind
In the first three quarters of 2023, the company's revenue has exceeded 10 billion, achieving a revenue of 1027.1 billion yuan, a year-on-year increase of 2593%；Net profit 112.2 billion yuan, a year-on-year increase of 6269%, and has exceeded the net profit for the whole year of 2022.
In addition, the company's financial data is stable, with short-term borrowings of 49.5 billion yuan, butMonetary funds are as high as 523.1 billion yuan。In terms of cash flow, the cash flow generated by the company's operating activities was 120.2 billion yuan, cash flow from investment activities 9$4.7 billion, with a balance of cash and cash equivalents at the end of the period of 48.7 billion7.9 billion yuan, overallCash flow is relatively abundant
On the other hand, Anjing Food is mainly engaged in the research and development, production and sales of quick-frozen hot pot ingredients (mainly quick-frozen surimi products and quick-frozen meat products), quick-frozen noodles and rice products, quick-frozen dish products and other quick-frozen foodsThe company's sales are mainly concentrated in China, with overseas sales of 4931 in the first half of 202360,000 yuan, accounting for less than 072%。
In this case, is it really necessary for Yasui Foods to go public in Hong Kong for financing, and in order to accelerate the company's internationalization strategy and overseas business layout?
Shen Meng, executive director of Chanson Capital, said that the listing in Hong Kong will not bring high correlation to the company's international business, and at the same time, with the current low valuation and liquidity of Hong Kong stocks, it will not provide more space for enterprises to raise funds overseas. He believes that the listing of A-share companies on the Hong Kong stock market is more of a marketing strategy considerationEven if the Hong Kong stock market is listed, it is difficult to prevent the stock price from fluctuating with the trend of **, and Hong Kong investors are currently showing limited interest in mainland companies.
Many investors were skeptical about this operation, so after the announcement of the Hong Kong listing plan, the share price of Yasui Foods fell to the limit.
However, the reason why the company's stock price has been continuously sold in recent months may also be inseparable from the departure of the actual controller. Some investors also said, "If a son sells it a few times, you can tell if it will fall."
*: Share it. Founded in 2001, the largest shareholder of Anjing Food is Guoli Minsheng, holding 57% of Anjing Food's shares before listing51%, after listing, with a shareholding ratio of 25% as of the third quarter of 2023.
Guoli Minsheng was established on November 6, 2000, and its legal representative is Zhang Gaolu. Before the listing of Anjing Food, Zhang Gaolu, Dai Yuhan, Lu Qiuwen, and Sun Gang respectively held Anjing Food. 97% of the shares, thereforeZhang Gaolu has also been controlling Anjing Food for a long time through national strength and people's livelihood.
Zhang Gaolu was born in 1976, 48 years old this year, he graduated from Nanjing University of Science and Technology in 1996, from 1996 to 2000, served as the deputy general manager of Beihuan Property Company in Changzhou City, Jiangsu Province, established the National Minsheng in 2000, and successively served as the deputy general manager, vice chairman, general manager and chairman of the national people's livelihood.
After listing, with the continuous growth of performance, the share price of Anjing Food has been risingThe major shareholder is the national strength and people's livelihoodStart cashing out through centralized bidding, block trading, etcThe cumulative amount of cash is about 3 billion yuan.
At the same time, Zhang Gaolu's shareholding in the national strength and people's livelihood has gradually declined to 2854%。However, just last September, Zhang Gaolu put 2854% of the equity was "sold".
After the equity penetration, Zhang Gaolu held more than 7% of the shares of Yasui FoodThe current market value is estimated at 1.5 billion yuan.
However,Zhang Gaolu transferred it for a consideration of 71.5 million yuan。and first transferred it to his mother Wang Su, and then Zhang Gaolu's mother Wang Su transferred the national strength and people's livelihood 2874% (including 002%) equity was transferred to his sister for a consideration of 72 million, that isZhang Gaolu's aunt Wang Jijuan.
After the operation was completed, Wang Jijuan took over Zhang Gaolu's entire shareholding in National Minsheng, and Zhang Gaolu also completely withdrew from Anjing Food.
As for this incomprehensible operation for investors, Yasui Foods explained that it was Zhang GaoluFor personal reasons, it is agreed within the family, signed an equity transfer agreement with Wang Su and Wang Jijuan.
However, at the same time, Hang Jianying and Lu Qiuwen, shareholders of Guoli Minsheng, signed the "Concerted Action Agreement", and the two became the actual controllers of Anjing Food.
*: Canned Picture Gallery.
Regarding Zhang Gaolu's withdrawal, some investors wondered, "I have never understood why I should change the actual controller?" Are you going to run away? ”
*: Share it. However, some investors said, "There is nothing to say about Anjing Food, as long as it adheres to quality-oriented, there is nothing to say about the company's future development." ”
*: Share it. Now Yasui Foods intends to accelerate the company's internationalization strategy through a Hong Kong stock listing, Zhu Danpeng, an analyst of China's food industry, believesH-shares still have a certain help and blessing for the internationalization of enterprisesFrom the perspective of long-term strategy, Zhu Danpeng believes that it is necessary to lay out the listing of H-shares. In the future, with the continuous rise of China's comprehensive strength and the continuous improvement of the national food industry structure, Zhu Danpeng believes that the opportunity and opportunity for domestic brands to go overseas will be relatively large, and the H-share layout not only matches the country's development strategy of the Belt and Road Initiative, but also matches the strategy of high-quality development, and also matches the needs of Yasui itself.
Have you ever bought food from Yasui? How was the experience? Are you optimistic about Yasui Food's listing in Hong Kong? Let's talk in the comment section.
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