Jinyu Car City (000803): Major Shareholder Intends To Acquire 18% Stake In 340 Million

The North controlled clean energy group is stepping up its consolidation of control over 000803.SZ, a listed company in Sichuan.

Jinyu car city is an old listed company. In 2002, Hu Xian Cheng, once famous for Sichuan business, came in.

However, Hu Xiancheng's 15 years of control have been frequent, but the company is short of profits and losses, and has long been in a state of shell keeping.

The mutation began in 2017.

Beijing's state controlled group of North controlled clean energy group has gone to the southwest, and its 5 wholly owned subsidiaries in Beijing and Tianjin have spent about 400 million yuan in just one month, achieving 3 times of placards and easily acquiring 15% equity of Jinyu car city.

It increased to 17.72% in the next 2 months.

Whether it is foreign invasion or "internal and external collusion" is hard to judge.

At the time when Hu had not yet awakened, he sold the control power to Hu Xian Cheng's Nanchong state capital and allied with the North controlled clean energy group suddenly. Instead of Hu Xiancheng, he took control of Jinyu city.

Hu Xiancheng was unwilling to take control of the stock right and sidelined. He launched a fight with the North control department (the 5 companies in charge of the North), such as the increase of fixed assets and the acquisition of major assets.

However, Hu Jincheng, whose shareholding is totally pledged and whose debt is tied up, may not have much ammunition, and speculation is made that it will make a decent fight or win the ultimate exit interest.

According to the company's announcement in the evening of March 13th, the North control department launched a 17.74% stake in the proposed acquiring company, and will hold a 35.46% stake after completion. Even if the relationship with the state owned capital of Nanchong is relieved, it will still firmly control the controlling power of the listed company in the position of the largest shareholder.

Awkwardly, when can we get out of the predicament?

North control lightning offer

The North control department plotting the control of Jinyu car city has been determined to win.

In the evening of March 13th, Jinyu car city announced that the North control department would offer a 17.74% stake in acquiring company by Fuzhou North control Yuyang equity investment partnership, which would cost 342 million yuan.

The North control department sought to control Jinyu car city in 2017.

At this time, Jinyu car city is the key to protect its shell.

In April 2017, the original Jinyu car city was broken by the sound of the North control system.

From April 12th to May 11th, in a short period of time, the North control department bought 19 million 159 thousand and 700 shares of Jinyu car city through two market intensive operations, and successfully raised the 15% stock interest in three times.

According to the rough estimate of the price range of the placards from 19.57 yuan to 24.749 yuan, the capital of the North control department raised about 400 million yuan.

The North control department, which completed the three time of the month's lifting of cards, did not stop there.

From May 24th to July 27th, the North control department bought 3 million 474 thousand and 300 shares, accounting for 2.72% of the total capital stock of Jinyu City, with a capital increase of about 80 million yuan, and the shareholding ratio of the North control department rose to 17.72%, ranking among the second largest shareholders.

In November of the same year, the North control department quickly joined hands with the third shareholders of Nanchong state capital. Through the conclusion of concerted action, the total shareholding was 29.86%, exceeding the 23.51% of Jinyu holdings, and promoted to the largest shareholder, becoming the controlling shareholder, replacing Hu Xiancheng, the real controller of Jinyu holdings, as the real controller.

However, the status of acquiring control rights through concerted action is not strong. In addition, Nanchong's state assets also propose to increase the contents of "company registration place, residence, corporate headquarters, tax settlement relationship in Nanchong, and remain unchanged for a long time" and so on.

Obviously, the powerful North control department does not want to be tied up and wants to gain full control rights.

In 2017, Jinyu car city disclosed a fixed increase plan. The company intends to issue 22 million 400 thousand shares and 3 million 100 thousand shares to the North control department and Nanchong state capital respectively. Once the fixed share is increased, the shareholding ratio of the North control department will rise to 29.38%, and the shareholding ratio of Jinyu will drop to 19.60%. Once the price rises or falls, the North control system will become a real big shareholder. Even if the relationship between Nanchong and state assets is terminated, the control right will be firmly grasped.

As a result, the failure will be announced at the beginning of this year.

On the 11 th of this month, the North control department launched a bid offer plan to seek the real control of Jinyu car city.

A rough calculation by the Changjiang Daily reporter found that if the tender offer is completed, the North control department will get a 35.46% stake, which will cost only 822 million yuan.

Without a premium or a big shareholder, the cost of the North control system is not too low.

Hu Xiancheng is not very successful.

Whether or not to increase or not, the North control department avoided the board of directors and shareholders' meeting, and directly implemented the buyback strategy to strengthen the control power.

Jinyu car city, formerly known as the United States and Asia shares, was listed in 1998. In November 2002, the first largest shareholder of Southeast Asian capital pferred 30 million 26 thousand shares to Jinyu holdings, which acquired 29.6% stake at 46 million 480 thousand yuan to become a controlling shareholder.

Jinyu holdings was founded in 1994 by Hu Xiancheng, involved in real estate, telecommunications, securities and many other industries. When it entered the US Asia Group, it had already controlled 21 companies and Hu Xiancheng became the business leader in Sichuan.

However, Hu Xiancheng's entry into the Asia Pacific stock did not bring him good luck.

After holding, Mei Ya was renamed Jinyu car city, and its main business expanded from single silk production and sales to real estate and automobile trade. But Hu Xiancheng controlled 15 years, earning less and losing more. The most profitable year was 2012, with net profit of 8 million 241 thousand and 900 yuan.

In order to reverse the unfavorable situation, Hu Xiancheng also planned to push forward the restructuring of Jinyu car city. Unfortunately, all of them ended in failure.

Announcements show that since 2015, Jinyu car city has planned 700 million yuan acquisition of 100% stake in Chun Yu network, 1 billion 320 million yuan acquisition of 100% stake in an Ping Ping, in addition, it has planned to raise funds for Hu Xiancheng 1 billion 283 million yuan to invest in automobile and market O2O platform construction projects.

In 2017, it became the key year of Jinyu car city.

At this point, the North control department took advantage of it.

After the introduction of the North control system, it first provided financial support to Jinyu car city, and pushed forward the cash acquisition of 55% stake in Chi Lin Electric, so that Jinyu car city successfully realized its guarantee.

Then, Jinyu car city will raise funds to the North control department and Nanchong state capital.

However, when the fixed increase scheme has been accepted and feedback by the SFC, Jinyu holdings suddenly reported that the share price fell by more than half. The original scheme would seriously damage the interests of the listed companies and small and medium shareholders, and could not achieve the purpose of replenish the liquidity and improve the financial situation of the listed companies.

In the meantime, Jinyu holdings also broke out that the North control department had promised to enter the market in the first year, reaching a market value of ten billion, reaching 30 billion in third years. Today, its market value is only 1 billion 800 million yuan.

In the view of market participants, the 15 years' performance was unbearable and the restructuring failed. Jinyu holdings seemed to have lost the trust of investors. Although the success of the attack was fixed, the North control department once lost the advantage of the completion of the tender offer.

Fighting with the North control department is just a decent struggle, and the price is to withdraw.

It is noteworthy that the asset liability ratio of Jinyu car city is as high as 87.91%, and the lawsuit is ridden.

When Jinyu Holdings' business is in a predicament, the withdrawal of the market and the shrinking of market value will not benefit Jinyu holdings.