Most popular Chenming holdings privatization gradu

2022-08-08
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The privatization of Chenming holdings is gradual, and the staff shareholding of the management is 40%

from the full holding of state-owned assets before 2005 to the breakthrough of 13.41% equity in 2007, and then to the current shareholding of more than 40%. The management and staff of Chenming paper deduce the path of privatization through equity changes at the shareholder level

Chenming Paper (000488), the leader of the paper industry, may receive greater influence from the enterprise management in the future

the Economic Herald learned that Chenming holdings, the controlling shareholder of Chenming paper, is undergoing equity changes. The 16% state-owned equity of Chenming holdings, which was listed and transferred by Shouguang state owned Assets Administration Bureau (hereinafter referred to as Shouguang state owned Assets Administration Bureau) in November, has been transferred by Shouguang Ruifeng Enterprise Investment Co., Ltd. (hereinafter referred to as Ruifeng investment) for 323million yuan, raising the shareholding ratio of the latter to 26.56%

the guide learned that in addition to Shouguang state owned assets supervision and Administration Bureau, the other two shareholders of Chenming holdings Shouguang Henglian Enterprise Investment Co., Ltd. (hereinafter referred to as Henglian investment) and Ruifeng investment are held by the management and employees of Chenming paper respectively. Through this equity transfer, the proportion of shares held by the management and employees of Chenming Paper in Chenming holdings will exceed 40%, and the right to speak will be greatly increased

from the full holding of state-owned assets before 2005, to the breakthrough of 13.41% equity in 2007, and then to the current holding of more than 40%, the management and employees of Chenming paper are deducing a gradual privatization path through equity changes at the shareholder level

40% breakthrough

on the morning of the 26th, when the guide came to the registered location of Chenming holdings, No. 595, Shengcheng street, Shouguang City, it was staff working hours, coupled with the entry and exit of semi trailers, the originally not very wide Chenming road became more congested. Knowing that the guide wanted to visit the company's equity issue, an employee of Chenming paper said that he was afraid that he could not find an answer in the plant area of Shengcheng street, because as early as June this year, most of the company's managers had moved to the new office building located in the east of Mihe bridge, South Ring Road, Shouguang development zone

after several efforts, the guide finally contacted the head surnamed Gao of the capital operation Department of Chenming paper. He said that with the continuous maturity of the industry when papermaking needs to buy pressure testing machines, and the increasingly fierce competition in the domestic market, Shouguang SASAC's reduction of state-owned shares was partly due to the strategic intention of gradually withdrawing state-owned shares from the papermaking industry, and on the other hand, it should consider recovering investment income from the capital market, To realize the optimal allocation of capital in the physical market

according to the data, Chenming holdings was established on December 30, 2005, with a registered capital of 1.685 billion yuan, mainly engaged in investment in papermaking, power, heat and forestry projects. Before the equity transfer, Shouguang SASAC held 75.73% of the equity, and Henglian investment and Ruifeng investment held 13.71% and 10.56% respectively

the above person in charge surnamed Gao said that Shouguang SASAC holds a high proportion of the equity of Chenming holdings. Even if it transfers 16% of the equity, it is still in an absolute controlling position. Moreover, only Ruifeng investment participated in the auction of this equity transfer. Ruifeng investment was originally the shareholder of Chenming holdings. Now, the nature of this more than 300million yuan of capital has not changed

according to the information previously disclosed by Chenming paper, Henglian investment and Ruifeng investment are companies owned by the senior management and employees of Chenming paper. Among them, Henglian investment is funded and established by all senior executives of Chenming Paper and some enterprise management and technical backbones, and Ruifeng investment is jointly funded and established by employees of Chenming paper

however, according to the industrial and commercial registration information subsequently checked by the guide from Shouguang Administration for Industry and commerce, there are 43 Henglian investment shareholders with a registered capital of 30million yuan, and chenhongguo, chairman of Chenming paper, and his wife hold 43% of the shares; Ruifeng has a registered capital of 20million yuan, with only 29 shareholders. Wang Fuzheng, the legal representative, once served as the deputy general manager of Chenming paper, and Ren Guangai, who invested 1.69 million yuan, once served as the director and supervisor of Chenming paper; If the agent holding factor is excluded, the equity of Ruifeng investment is not owned by ordinary employees of Chenming paper

the guide notes that the main asset of Chenming holdings should be replaced at this time is to hold the equity of Chenming paper, with a total of 293million shares. If the share price on August 31 is calculated, the market value of Chenming paper corresponding to the 16% equity of Chenming holdings is similar to the estimated value of 323million yuan. If the closing price on December 26 is calculated, the corresponding market value is only 220million yuan, and the book loss of Ruifeng investment has been nearly 100million yuan

unlike stock trading in the secondary market, this equity transfer will have a corresponding evaluation mechanism. Measured by book value, the evaluation value of more than 300million yuan is relatively reasonable. The person in charge surnamed Gao said

after the completion of this equity transfer, Ruifeng investment and Henglian investment will hold more than 40% in total, which means that the management of Chenming paper can exert greater influence on Chenming paper through Chenming holdings, and indirectly control more shares of Chenming paper

6-year gradual progress

the guide combed the data and found that the management of Chenming paper took great pains for MBO. According to the guide, unlike Huatai Co., Ltd. [3.51 -2.50% stock bar Research Report] (600308), Bohui Paper Co., Ltd. [5.26 -1.68% stock bar Research Report] (600966) and Sun Paper Co., Ltd. [7.89 -0.63% stock bar Research Report] (002078) and other paper listed companies developed as township collective enterprises, Chenming paper has many obstacles in terms of management shareholding

it is understood that Bohui paper and sun paper both applied for listing after completing the equity restructuring due to their late listing, and became listed companies controlled by the management; Huatai shares transferred the equity of Huatai Group through the management, realizing the MBO of the management

Chenming paper is listed as a whole. Previously, the direct controlling shareholder was Shouguang state owned assets supervision and Administration Bureau, unlike Huatai Group, which is a carrier for MBO implementation. In this way, the establishment of a holding company has become a breakthrough for the management of Chenming paper to achieve MBO

in December 2005, Shouguang state owned assets supervision and Administration Bureau, with all the national equity of Chenming paper held by it, jointly established Chenming holdings with Sanwei grease (239million yuan), Jinsheng nonferrous metals (120million yuan) and Yongfeng paper (50million yuan), with a registered capital of 2.185 billion yuan. Among them, Shouguang state owned assets supervision and administration bureau holds 81.29% of the shares, and the other three companies hold 18.71% of the shares in total. The establishment of Chenming holdings enables the management of Chenming paper to find a new way to implement MBO

facts have also proved that the other three shareholders invested by Chenming holdings at the time of its establishment only played a transitional role

in February 2007, Chenming paper disclosed that Chenming holdings is the "ancestor" of the experimental machine family. The equity structure adjustment has been approved by the relevant departments. The registered capital of Chenming Holdings has been changed to 1.685 billion yuan, and the equity structure has been adjusted to 75.73% held by Shouguang state owned assets supervision and Administration Bureau, and a total of 24.27% held by three-dimensional oil fat, Jinsheng nonferrous metals and Yongfeng paper

in this equity change, the management and employees of Chenming paper began to participate in shares. According to the announcement of Chenming paper at that time, the latter three signed equity transfer agreements with Ruifeng investment and Henglian investment respectively for equity transfer. Finally, the shareholding structure of Chenming holdings was changed to Shouguang SASAC holding 75.73%, Sanwei oil holding 10.86%, Ruifeng investment holding 10.56%, and Henglian investment holding 2.85%. Ruifeng investment paid 178million yuan for this, Henglian investment paid 48million yuan, while Jinsheng nonferrous metals, Yongfeng paper and Sanwei grease were basically sold at the original price, willing to be a living Lei Feng

in December 2008, Sanwei grease transferred all the remaining 10.86% equity of Chenming holdings to Henglian investment and completely withdrew from Chenming holdings. After Henglian investment obtained this part of equity, the Chenming holding equity held by the management and employees of Chenming paper was close to 25%, and the right to speak increased significantly

after Ruifeng investment received 16% equity of Shouguang state owned assets supervision and Administration Bureau, the voice of Chenming Paper's management and employees increased to 40%. Under the background of state-owned capital withdrawing from fully competitive industries, it is worth paying attention to whether Chenming Paper's management will obtain greater control of Chenming holdings in the future

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