2020-10-01

Jinan State-owned Assets Launches Cross-provincial M&A, Jinan Industry Development Group intends to acquire Guangdong Maoshuo Power

By yqqlm yqqlm

Original Economic Herald Shandong Finance Report Today

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The acquisition of Moso Power (002660.SH), marking Jinan State-owned Assets Co., Ltd. initiated cross-provincial mergers and acquisitions for the first time, and this is also the holding company of Jinan State-owned Assets Supervision and Administration Commission. It has emerged for the first time in the capital market in recent years.

01

The first cross-provincial acquisition of Jinan State-owned Assets

Jinan State-owned Assets, which has been silent for a long time in the capital market, has finally taken the steps of cross-provincial acquisition recently. The first target is a listed company in GuangdongMoso Power.

According to the announcement of Moso Power yesterday evening, the company’s controlling shareholder, actual The controller Gu Yongde and his concerted person Shenzhen Dewang Investment Development Co., Ltd. signed the”Share Transfer Framework Agreement” with Jinan Chanfa Capital Holding Group Co., Ltd. (hereinafter referred to as”Jinan Chanfa Capital”).

According to the agreement, Jinan Industry Development Capital or its designated enterprises will be transferred at a price of 404 million yuanMoso Power totals 11.9%of the shares. At the same time, Gu Yongde will hold Moso Power The voting rights of 14.6%of the shares are entrusted to Chanfa Holdings Group.

According to public information, Jinan Industry Development Capital was established in August 2019 with a registered capital of 1.5 billion yuan. It is Jinan Industry Development Investment Group Co., Ltd. (abbreviated as”Jinan Industry Development Group”).”) is a wholly-owned subsidiary with the actual controller of Jinan State-owned Assets Supervision and Administration Commission, which is mainly engaged in fund management and investment, industrial investment, equity management, capital operation and other businesses.

Moso Power was established in 2006 to produce consumer electronics Power supply, LED intelligent drive power supply, photovoltaic inverter is the main business. In 2012, it was listed on the SME board of the Shenzhen Stock Exchange. The company achieved operating income of 1.25 billion yuan in 2019, a year-on-year decrease of 6.72%; the net profit attributable to shareholders of listed companies was 66.53 million yuan, a year-on-year increase of 126.01%.

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Moso Power

PreviouslyMoso Power once planned to change the ownership of Jiangxi State-owned Assets. The company issued an announcement in December last year, saying that Gu Yongde intends to transfer no less than 25%to Jiangxi State-owned Assets.%Of the shares, but after the equity transfer was postponed twice, in July this year, Gu Yongde and his concerted actors sent a”Cancellation Notice” to Jiangxi State-owned Assets Supervision and Administration, which cancelled the previous cooperation intention in writing.

After the completion of this transaction, Jinan Chanfa Capital or its designated transferee will have a total of Moso Power 26.5%of the voting rights of the shares, obtaining actual control of the company. This also means that the State-owned Assets Supervision and Administration Commission of Jinan City has officially become the actual controller of the listed company, and this is the first time that Jinan State-owned Assets Supervision and Administration has made public cross-provincial acquisition of listed companies in recent years.

02

Fang is one of the six major investment platforms in Jinan

The reporter from Shandong Finance and Economics noted that Jinan Industry Development Group is one of the six newly established state-owned investment and financing platforms in Jinan after 2016. The other five platforms are Jinan City. Investment Group, Jinan Urban Construction Group, Jinan Rail Transit Group, Jinan Financial Holding Group, Jinan Cultural Tourism Development Group.

The official website of Jinan Industry Development Group disclosed that in June 2017, more than 80 companies in Jinan were integrated and reorganized into the group, which also made the group a key point of performance on behalf of Jinan. Emerging industry cultivation, a municipal professional investment and financing platform with the goal of supporting the development of the city’s key industries. Currently, the group owns more than 100 enterprises with assets exceeding 10 billion yuan.

In addition, in terms of capital operation, at present, Jinan Industry Development Group has two fund of funds with a total scale of tens of billions of Industry Development Investment Fund and Economic Development Investment Fund. A series of sub-funds have been set up, and the”2+N” parent-child industry fund cluster layout has been established. The accumulated actual scale of foreign investment exceeds 4 billion yuan.

In terms of promoting the listing of state-owned enterprises, in September this year, Jinan City issued the”Opinions on Further Promoting the Reform and Development of Municipal State-owned State-owned Enterprises”, which stated that it will focus on promoting the overall reserve enterprise Listing or listing of main business assets, and strive to achieve more than 5 companies listed on the capital market by 2022.

Flush data shows that there are currently 32 listed companies in Jinan, of which 9 are controlled by the Shandong Provincial SASAC, and the rest are mostly private enterprises, except for equity participationExcept for Sinotruk, Jinan’s SASAC has not actually obtained control of the listed company.

Currently, the two listed companies controlled by Jinan local government are Jinan High-tech and Shandong Zhanggu, among which Jinan Hi-tech was acquired by Jinan Hi-tech Holding Group Co., Ltd. Tianye International. The actual controller of the listed company is the Management Committee of Jinan Hi-tech Industrial Development Zone, Shandong Zhanggu is the Finance Bureau of Jinan City Zhangqiu District.

03

Many established industrial enterprises may participate in the integration

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In recent years, Jinan’s state-owned assets reform has continued to increase. Following the establishment of six investment platforms, the”Main Points for Work of the Municipal State-owned Assets Supervision and Administration Commission in 2020″ released in June this year put forward the idea of ​​further integrating state-owned assets, which will promote the concentration of state-owned high-quality resource capital in infrastructure, serving the people’s livelihood, and strategic emerging industries. Focus on building large energy, large water, large buildings, large transportation and other sectors.

The work points also pointed out that the work of deepening corporate reform and restructuring, strategic reorganization, resource integration, and mixed reform and listing will be carried out through IPO, mergers and acquisitions, overall listing, and main business assets. Going public and other channels vigorously promote the listing of companies.

At the end of July, the integration of the energy sector started first, with 4 companies including Jinan Thermal Group Co., Ltd., Jinan Thermal Power Co., Ltd., Jinan Ganghua Gas Co., Ltd., and Shandong Jihua Gas Co., Ltd. Integrate and form Jinan Energy Group.

In September this year, Jinan held a city-wide state-owned and state-owned enterprise work promotion meeting. At the meeting, Sun Licheng, member of the Standing Committee of the Shandong Provincial Party Committee and Secretary of the Jinan Municipal Party Committee, asked Jinan to fully optimize the strategy of state-owned enterprises. Structural layout, actively integrate into the national strategy, make every effort to build a”leading enterprise”, make every effort to promote mixed ownership reform, and make every effort to relieve the difficulties of state-owned enterprises.

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The reporter learned from the people familiar with the matter that Jinan is currently considering including Shandong Xiaoya Group Co., Ltd., Shandong Jinzhong Technology Group Co., Ltd. and other enterprises into the six major platforms. entity-word” data-gid=”10443453″>Jinan Second Machine Tool Group Co., Ltd. has also discussed whether it will participate in a new round of reorganization, and the plan for construction companies to integrate into the investment platform is currently relatively mature.

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“Jinan’s state-owned assets in the province are relatively low, especially in the industrial sector. The layout of state-owned enterprises is relatively weak. However, it is undeniable that some industrial enterprises in Jinan have a good foundation, such as the Second Machine Tool Group, which is well-known at home and abroad. A relatively high manufacturing company, but the scale is still small compared to similar listed companies.”

The person said that since this year, Jinan has frequently proposed to build a strong industrial city. Accelerate the listing of industrial enterprises.

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Text| Wu Jing