My Age of Investment

  Chapter 565 Comprehensive tender offer (seeking monthly ticket)

  "Supor (002032.SZ) issued an announcement on the morning of January 23, saying:

  On January 23, 2006, the company received the "Reminder Announcement on the Change of Equity Changes of the Company's First, Second, and Third Largest Shareholders and the Proposed Change of Control of the Company" issued by Mr. Su Zengfu, the controlling shareholder and actual controller of the company.

The notice announced that: Supor Group, Su Zengfu, and Su Xianzhe intend to transfer 105,612,000 shares of listed company directly held by them (accounting for 60% of the total share capital of the listed company) to Modu Bailu Investment Management Partnership. .

  The total consideration for this share transfer transaction is 907,523,916 yuan, and the corresponding unit price of the underlying shares is 8.59 yuan/share, with a premium rate of 30%.

  After the completion of this equity change, Modubailu's voting rights in the listed company account for 60% of the total share capital of the listed company, and become the controlling shareholder of the listed company. At the same time, it will compulsorily trigger a comprehensive tender offer obligation..."

  "Madu Bailu officially submitted an announcement to the Shenzhen Stock Exchange, intending to initiate a comprehensive tender offer to all shareholders of Supor at 8.59 yuan per share..."

  The next day.

  With the suspension of Supor, these two related announcements quickly became the front page headlines of major financial newspapers and websites, which surprised everyone.

  Such a fierce operation is the first time I have seen it in the more than ten years since the establishment of the Shenzhen Stock Exchange in 1990. It is really rare!

  The Straight Flush forum is completely exploded.

   "What's the source of this magic capital? So fierce? It's going to buy 60% of Supor. Doesn't this trigger a compulsory comprehensive tender offer? What's next?"

  "I’ve checked. Magic Capital is a PE fund owned by Envision Capital. This is the first time they have sold in A shares. The deal is a small one billion.

   "Which kind of fairy is Vision Capital?"

   “Don’t ask so much, you just need to know that the scale of assets under management is more than 30 billion yuan.”

  "Didn't Envision Capital last time to sell in Hong Kong stocks? It lost billions of Hong Kong dollars."

  "They don’t lose, who loses? The method is too simple and rude! They have passed the 30% shareholding red line at one time, and it is difficult not to trigger the tender offer."

   "This is, the Shenzhen Stock Exchange has been around for so many years, and it seems that few listed company acquisitions have been so vigorous, right?"

  "Be confident, remove the "several", there is no one! See if there is no, it is a 30% premium to initiate a comprehensive tender offer, this is too generous!"

  "Yes, yes, those other companies that play rogues are either the closing price of yesterday, or the 10% or 20% discount, so how can they be such a local tyrant."

   "So generous, will too many shareholders accept the offer, leading to the delisting of Supor?"

   "It's not good to say, too generous, it's really possible!"

   "Nanima has also created A-share history, the first company with good performance and no signs of thunder to delist."

   "So, this acquisition is very mysterious! People who bought Supor's stock really made a profit."

   "Make a hammer, Lao Tzu is a shareholder of Supor. I bought it for more than a dozen yuan, and it has been locked up for more than a year. Only the offer price of more than eight yuan, I will not sell."

   "Brother, let's sell it more safely! After this Vision Capital becomes the owner of Supor, it is not always a blessing or a curse."

   "I just passed Baidu. Envision Capital has assets of more than 30 billion yuan. Last year, I invested in that Internet phone company and made several billion yuan. It is strong."

  "That is equity investment in the primary market, and investment in the secondary market. This President Xia is not lightly drunk. Penguin and Supor are all acquired at a premium. The book loss can scare people."

   "If someone is so rich, it's impossible to be a fool, right?"

   "This is hard to say!"

  ……

  In the luxurious executive suite of Lin'an Hotel, Xia Jingxing was watching various comments from investors and friends on the computer.

  For the first shot of Envision Capital in A shares, Leek has mixed reviews, and generally tends to "depreciate" because it gives too much.

  Xia Jingxing looked a little speechless.

  Because leeks are often "cut" by major shareholders, they offer 30% premium for their own acquisition, which has actually become an alien and joke in the eyes of leeks.

The   investment in Penguin case was also turned over by the leeks, and it became a strong evidence that Xia Jingxing’s “investment stupidity” proved.

  I was kinder to you, but he was also convicted?

   "I said yesterday that our acquisition method was too anxious, and there will definitely be many misunderstandings from the outside world."

  Li Ying is wearing a snow-white high-necked tight-fitting woolen sweater. She has a good figure. She is standing behind Xia Jingxing with a smile at the corner of her mouth, holding a cup of coffee and gently stirring it with a spoon.

  Xia Jingxing turned her head, but found that her sight was blocked by two heavy peaks, and she almost accidentally ran into it.

   He leaned back and took a little distance.

Li Ying lightly leaned on the desk, and the two petals under the hip skirt were completely rounded by the edge of the table. She looked out of the French window, took a sip of coffee in her hand, and smiled faintly. Yes, our acquisition behavior this time is actually quite similar to that of Penguin.

   is all about being fast, in order to get as many chips as possible.

  The difference is that Penguin’s status as a major shareholder cannot be shaken, and it is impossible to go to the step of privatization and delisting.

  Supor is different. We now have 60% of the shares, and if more than 30% of the shares accept the offer, the listing status will be completely out of guarantee. "

  Xia Jingxing shook his head lightly, "It shouldn't be. We acquired Supor at a premium of 30%. How to say it is good news.

  Don’t look at these guys in the stock forums clamoring to get out of their sets, and how much they have made.

  A considerable number of institutions and retail investors hold positions costs above 10 yuan.

  They will definitely wonder why Vision Capital would rather buy Supor at a premium of 30%? Is there anything very valuable? Everyone hasn’t seen it.

  Holding the stock in his hand, after a year or a half, the stock price may have exceeded 10 yuan, 20 yuan, or even 30 yuan. "

  Looking at Xia Jingxing’s calm face, Li Ying looked at the ceiling, her long eyelashes like a small black brush, gently fanning.

   After a while, he replied: “This is true. Although the premium of 30% is very eye-catching, it is not particularly exaggerated. It should be the retail investors and institutions that have only recently bought stocks that can be impressed.

  Humans have great gambling ability. We have spent such a high price to enter Supor. In their eyes, there must be a back hand, and it will be done with certainty. "

  Xia Jingxing nodded slightly and initiated a comprehensive tender offer at a premium of 30%, which was actually not what he wanted.

  Only A-shares require such changes in control rights. For fear that the rights and interests of minority shareholders will be harmed, it is necessary to give minority shareholders a chance to jump out of the car.

  In addition, in accordance with Article 35 of the "Administrative Measures for the Acquisition of Listed Companies", the offer price shall not be lower than the highest price paid by the purchaser to obtain the stock within 6 months before the indicative announcement of the tender offer.

  In other words, the price of buying stocks in the hands of retail investors cannot be lower than the price of buying Su and his sons.

  It’s not impossible to crack this one.

  First temporarily buy 29.99% of the stock and take the seat of the largest shareholder, and then through private placement, lower the performance of listed companies and lower the stock price, reduce the acquisition cost a little bit, and increase the shareholding.

  But is Xia Jingxing that kind of person?

  In fact, he really wanted to be that kind of person, but due to time constraints, that path was obviously unworkable. If he really did that, he was destined to pay more.

  It's simple and rude right now, but the cost is actually limited.

  A premium of almost 200 million to both the Su and his sons, and sending tens of millions of red envelopes to retail friends is nothing.

  Leeks are actually not easy. You need to apply some fertilizer to grow faster.

  His only concern at the moment is that too many stocks are accepted for tender offer, resulting in the loss of his status as a listed company.

  However, this possibility is not particularly high.

  If the tender offer is really successful, Supor’s privatization and delisting, the outcome can’t be said to be bad, it’s a big deal to go public in the future.

  In short, he is determined and then moved. No matter how the situation develops, he will not suffer too much.

  (End of this chapter)