In the state into the people have direction, the first half of the loss of 3.2 billion yuan of home appliances leading Suning Tesco, the founder further loss of control, this time it is the SASAC also requisitioned funds from other private enterprises, ostensibly out of the injection of capital to save Suning, in fact, is firmly in control of the private enterprise.
Trading has been suspended for 13 trading days since June 16 this year. When Suning Tesco was on the verge of bankruptcy, the Chinese government stepped in and led a number of private companies, including Xiaomi and Alibaba, to subscribe for 16.96% of Suning Tesco’s shares for RMB 8.8 billion.
Suning Tesco announced on Monday night that it plans to transfer 16.96% of its total share capital to the partnership of “Jiangsu New New Retail Innovation Fund II” at a price of RMB 5.59 per share, which is estimated by the financial sector to be about RMB 8.827 billion in total. New Retail Innovation Fund II is jointly funded by Nanjing Emerging Retail Development Fund, Huatai Capital Management, Alibaba, Haier, Midea, TCL, Xiaomi and other industrial investors.
It is worth mentioning that mainland media reported that as early as June 3 this year, Suning Tesco had accepted the bailout from Jiangsu state-owned “New Retail Fund” and transferred 5.59% of its total share capital to the New Retail Fund for RMB 3.182.4 billion. The “New Retail Fund” was established on May 28 this year, with four Jiangsu state-owned enterprises as shareholders, including Jiangsu Guoxin Group Co.
This means that the authorities have “blood” to Suning Tesco twice. Suning Tesco stressed that after this share transfer, Suning Tesco will be in the state of no controlling shareholder and no actual controller. According to mainland media reports, Suning Tesco founder Zhang Near East’s shareholding will drop from 20.96% to 17.62%, while Suning Holdings’ shareholding will drop from 3.98% to 2.73%, and New Retail Fund II will hold 16.96%, the second largest shareholding after Zhang Near East.
Suning Tesco resumed trading on Tuesday (6) once rose more than 10%, now at HK$6.15, up 9.1%; Alibaba is now down 0.7% at HK$204.6; Xiaomi is down 0.2%, now at HK$25.9.
Shenzhen International terminated the acquisition of Suning.com on the same day
On the same day that Suning Tesco announced its hybrid program, Shenzhen International Holdings issued an announcement saying that it terminated the earlier “Share Transfer Framework Agreement” with Suning Tesco, meaning that Shenzhen International’s acquisition program to acquire 23% of Suning Tesco’s shares at a price of RMB 14.8 billion was terminated.
For this mixed program, Suning Tesco said that the share transfer is in line with the company’s strategic development needs, and will have a positive impact on the future development of the company, in which the participation of state-owned capital will lay a solid foundation for the smooth and healthy development of Suning Tesco, while Alibaba and Haier, Midea, TCL, Xiaomi and other industrial investors and Suning Tesco will play a close synergy effect in users, technology, services, supply chain, and Warehouse logistics and other areas to continue to deepen cooperation.
The financial sector: this leek cutting really does not leave room for
Some financial circles believe that the introduction of the state-led fund of Suning Tesco is not only a further landing of the new retail development fund, but also the beginning of the imminent breakthrough development of Suning Tesco, which will further clarify the future development of Suning Tesco, increase the trust and efficiency of the listed company in the short term and restore liquidity, and in the long term, the profitability of Suning Tesco will be continuously improved.
However, there is a financial sector V on microblogging threatened that “Suning Tesco is obviously a big problem”, that “originally Shenzhen state capital to make up for the hole, and then above simply do not want to consume the state capital”, “then called several large private enterprises to Fill, and finally designed a money more to give up shares less favorable out.” He also said that “the problem of Suning Tesco on the one hand is that there is no hope for the enterprise”, laughing that “this leek cut really does not leave room for error.”
Comprehensive mainland media cited statistics show that in the past three years, there are up to 90 A-share listed companies from private enterprises to state-owned enterprises, and the number is growing year by year, including the 2020 change of ownership of the Guangdong State-owned Assets Supervision and Administration Commission Su Jiaoke Group. Su Jiaoke Group is a well-known comprehensive solution provider in the infrastructure field in Jiangsu Province, with services covering highway, municipal, water transportation, railroad, urban rail and other industries. Since the first half of 2017, Su Jiaoke Group’s weighted return on net assets has been on a downward trend, and its trading was suspended for 5 trading days in 2020, and finally acquired by “Guangzhou Zhujiang Industrial Group” controlled by the State-owned Assets Supervision and Administration Commission of Guangzhou Municipality for 23.08% of its shares, which eventually could not escape the fate of a private enterprise becoming a state-owned enterprise.
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