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Original title: Exclusive | Help Dong Mingzhu “transfusion” Yinlong’s Changan Investment, multiple sensitive nodes to buy and sell Gree stocks
Source: Unicorn Finance
Recently, a 50% off buy that has raised doubts from small and medium shareholdersGree Electric(000651.SZ)’s employee stock ownership plan was finally approved with 75.74% of the votes. Among them, Dong Mingzhu can subscribe for 30 million shares, and the book value of the top grid purchase is about 700 million yuan, which has triggered heated discussions in the market.
Pi Haizhou, a well-known financial commentator, questioned that this move is suspected of transferring benefits and harming the public and the private. Gree Electric repurchases shares from shareholders in the secondary market, and then sells them to incentive targets at a discount of nearly half the price. The essence is to transfer the spread to directors, supervisors, senior managers, middle-level employees, and core employees.
Although many small and medium shareholders said that they voted against it in the stock bar, because the majority shareholder is Hillhouse Capital, which has a close relationship with Dong Mingzhu, it is difficult to shake his thigh in the end.
Since the adoption of the shareholding plan, Gree Electric’s share price has been generally depressed. The market closed on July 5, setting a new low of 49.89 yuan per share in nearly a year. As of the close on July 7, Gree Electric reported closing at 50.19 yuan per share.
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Gree Electric’s path of blood transfusion Zhuhai Yinlong
History is always surprisingly similar, but it is not a simple repetition.
At a shareholder meeting in 2016, small and medium shareholders jointly blocked Dong Mingzhu and vetoed the acquisition of Zhuhai Yinlong New Energy Co., Ltd. (hereinafter referred to as Zhuhai Yinlong), which is a new energy vehicle. However, the stubborn Dong Mingzhu later invested in his own name and became the second largest shareholder of Zhuhai Yinlong, continuing his “car dream”. It is a pity that Zhuhai Yinlong is not up to date, its business situation is not optimistic, it is burdened with huge debts, the founder runs away with money, and the factory stops production…
Although the acquisition was unsuccessful, under Dong Mingzhu’s leadership,Gree Electric and Zhuhai Yinlong reached a related transaction of more than 20 billion yuan.To this end, a letter of concern from the Shenzhen Stock Exchange was received and a large amount of bad debt provision was made.。
And in order to help Zhuhai Yinlong, the 300 billion white horse Gree Electric also took great pains.Since 2019, a total of 1.01 billion yuan has been invested in large-scale purchases of AA-rated private enterprise private placement bonds-Changan Investment Private Placement Bonds, and then 500 million yuan will be borrowed from Changan Investment to Zhuhai Yinlong’s “curve blood transfusion”。
You know, Sina Financial Research Institute pointed out as early as 2018 that AA bonds have become junk bonds.If Gree Electric is for the return on investment, it is difficult to explain the logic of this investment。
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Gree Electric Investment“Changan Debt”What picture?
According to Gree Electric’s 2020 semi-annual report, the total scale of Gree Electric’s important bond investment is 1.361 billion yuan, and Changan’s private equity investment accounted for 73.55%. The Chang’an Bond has also become the only private enterprise bond in Gree Electric’s bond investment list.
The issuer of private private placement bonds purchased by Gree-Changan Investment owns financial institutions such as Guorong Securities and Beijing Capital Futures。
According to the financial report,Since the mid-2019 of Changan Investment, at the end of each accounting period, there will be a “fund borrowing” with a scale of 500 million yuan for “Yinlong New Energy Co., Ltd.”。
But Changan Investment2020 Annual ReportIt shows that in the fund transactions with related parties, the previous transaction of Zhuhai Yinlong’s500 million yuan of fund borrowing has disappeared. At the same time, it is worth noting thatGree Electric’s 640 million yuan Chang’an bond named “19 Chang’an 01” (due on February 21, 2022) has been redeemed。
In other words, when Gree recovers its funds, Changan Investment will no longer lend funds to Zhuhai Yinlong. The relationship between the three is extremely delicate.
At the same time, Gree Electric’s 2021 quarterly report shows that there are still two private equity bonds of Changan Investment, “18 Changan 04” and “18 Changan 03”, with a total par balance of 360 million yuan.These two private placement bonds will mature in August this year. By then, the answer to whether Changan Investment can be paid in time will be announced.
In fact,There are many relationships between Zhuhai Yinlong, Gree Electric and Changan Investment, which are not noticed by the outside world.。
such as,Daze Investment in Ningbo Meishan Bonded Port Zone, which is controlled by Changan Investment, is also one of the shareholders of Zhuhai Yinlong.In addition, Changan Investment and its affiliates have repeatedly bought and sold shares of Gree Electric Appliances.。
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Sensitive nodes of Changan Investment and other companies buy and sell Gree stocks
Recently,Hou Shoufa, the boss of Changan Investment and the actual controller of Guorong Securities, was exposed to the news that the remote-control trader “Mysterious Liu” was trading in stocks, including the trading of Gree Electric.For details, please poke: “Exclusive | Who trades “Mysterious Liu” for?The chairman of Guorong Securities is looming behind》
“Mysterious Liu” is an employee of Beijing Haohong Real Estate, but his main job is to handle the stock accounts of four Panhou law-abiding companies in the large office of a sales department of Guorong Securities in Beijing.
Changan Investment is 100% owned by Hou Shoufa, while Changan Investment holds 70% of Guorong Securities. Hou Shoufa is the chairman and actual controller of Guorong Securities. Beijing Haohong Real Estate is also a subsidiary of Hou Shoufa.
According to the “mysterious Liu” trader provided by insiders of Guorong SecuritiesThe transaction records of the Changan Investment account show that on April 15th and April 20th, 2015, it has a record of buying Gree Electric Appliances, and the maximum amount of funds used in a single time reached 940,000.。
On April 28, 2015, Gree Electric issued 23 announcements including the 2014 annual report. Among them, the 2014 annual revenue, net profit, and non-net profit increased by 16.12%, 30.22%, and 58.8% respectively.
Part of the transaction details of Gree Electric Appliances in the Changan Investment Account
With the good news, Gree Electric’s share price started from 42.6 yuan/share on April 20, 2015, and started two rounds of raising the market. It rose to a stage high of 66 yuan/share in more than a month, and then completed the ex-rights on July 3 Ex-dividend.
Transaction records show that“Mysterious Liu” trader’s first futures stock account also bought Gree Electric on April 22, 2015. Beijing Capital Futures is 50% owned by Guorong Securities and 46% by Changan Investment. It is also a company actually controlled by Hou Shoufa.
On August 26, 2015, Beijing Capital Futures sold Gree Electric. On August 31, 3 trading days later, Gree Electric released its 2015 semi-annual report. The performance was poor. The current revenue and non-net profit deducted from the same period last year were down by 13.4% and 18.4. %.
At the same time, the “Mysterious Liu” traderBeijing Haohong real estate account also has records of buying in batches on April 24, 2015 and selling Gree Electric in batches on May 18, 2015。
In addition, others tradedWeekly Inspection Report of Guorong Securities’ Proprietary MarketsDisplay, January 14-16, February 2-6, 2015Both have records of buying and increasing holdings of Gree Electric, And Gree Electric Co. happened to release its annual performance report on January 20 of that year. Gree Electric said that in 2014, the set goals were completed, and the total assets, net assets, and net assets per share attributable to shareholders of listed companies all increased compared to the end of the previous year. Among them, total operating income increased by 16.63% year-on-year, and was attributable to shareholders of listed companies The net profit increased by 29.84%.
Still taking the Changan investment account traded by “Mysterious Liu” as an example, there were several purchases of Gree Electric Appliances on April 15 and May 8, 2020, and the maximum single transaction amount was more than 1 million yuan. And this time period coincided with Gree Electric’s release of the first phase of the stock repurchase plan (used for employee stock ownership plans or equity incentives) and progress.
Stimulated by the positive news of equity incentives, Gree Electric’s stock price fluctuated and rose to the first high of 62.06 yuan per share in 2020 at the beginning of July last year.
Trader “Mysterious Liu” and Guorong Securities’ self-operated trading nodes for Gree Electric Co., Ltd. coincided with the release of important announcements. Many coincidences are intriguing。
In response, Guorong Securities responded that,The above transaction records are purely coincidental, there is no inside information, and there is no problem.Some company insiders mentioned that someone had personal grievances with the company’s top executives who were maliciously breaking the news. There must be no suspected insider trading behavior.。
Dujiao Finance asked Gree Electric for verification of related matters via telephone and email, but the other party did not reply.
Lawyer Sun Jianzhang, a senior partner of Beijing Jingshi Law Firm, said that the identification of insider trading is mainly reviewed from two aspects, the first is the subject, and the second is the information. Subject refers to people who have inside information or understand inside information due to work relations, including executives, shareholders, intermediary personnel, etc.; and information refers to information that can have a significant impact on stock prices, including shareholder changes, capital changes, and equity Changes, changes in business management, etc. “In the above case, I think it is at least suspected of insider trading, because multiple nodes with important announcements of listed companies conduct account operations. Normally, it is impossible to always be so coincidental, but whether it can be determined in the end requires investigation by the regulatory authorities. In addition, whether to make a profit is only a standard for punishment or sentencing. Insider trading is an act, and as long as it is implemented, it is an illegal act.”
The aforementioned Changan Investment, which had bought and sold Gree Electric in 2015, issued private placement bonds in 2019, and the purchaser was Gree Electric. Subsequently, Changan Investment borrowed 500 million yuan to Dong Mingzhu’s personal investment in Zhuhai Yinlong. Various signs indicate that the relationship between Changan Investment and Gree Electric and its core executives is very unusual.
Complicated interest entanglements and hidden secret relationships are unknown. Each player in the game plays a different role in this interest chain. What do you think of the relationship between Gree Electric, Zhuhai Yinlong and Changan Investment?Welcome to leave a message and discuss together!
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Editor in charge: Zhang Shuyuan
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