Original title: Nearly 160 billion yuan transferred! Does Moutai Group distribute large dividends to Guizhou local area, will it affect the interests of shareholders?The experts say
Summary
Nearly 160 billion yuan transferred! Does Moutai Group distribute large dividends to Guizhou local area, will it affect the interests of shareholders? Experts say so.
After a year, Moutai Group once again transferred its holdings for freethe companyStock, this time correspondingMarket valueAlmost doubled from last time.
In the evening of November 23,Kweichow Moutaiannouncement, Company holdingshareholderMoutai Group intends to transfer its 50.24 million shares to Guizhou Province for freeState-owned capitalOperating a limited liability company.
At the end of 2019, the Moutai Group also had the above operations, but becauseKweichow MoutaiSince the beginning of this year, the stock price has risen by nearly 60%.YoYHowever, the corresponding market value of the shares in this case has increased substantially, which is 58.748 billion yuan and 92.525 billion yuan in turn.
Lawyer Zhai Chengqun, executive director of Jingheng Lawyers Shanghai Office, said that the gratuitous transfer of Moutai Group has been approved by the State-owned Assets Supervision and Administration Commission of Guizhou Province.The transferor and transferee of the shares are both subordinate to the Guizhou Provincial State-owned Assets Supervision Agency, which can be understood as the Guizhou Provincial Government’sState-owned economyLayout and adjustment of resources.
Wang Jiyue, a veteran investment banker, said bluntly that the gratuitous transfer of Moutai Group has enhanced Guizhou Province’s debt repaymentcreditdegree.
Two free transfers
December 25, 2019Kweichow MoutaiAfter receiving a notice from the controlling shareholder Moutai Group, according to the relevant notice requirements of the Guizhou Provincial State-owned Assets Supervision and Administration Commission, Moutai Group transferred 50.24 million shares (accounting for 4% of the total share capital of the listed company) held by the listed company through a free transfer method. Guizhou ProvinceState-owned capital operationLimited liability company (referred to as “Guizhou State-owned Operation”).
source:Company Announcement
After the transfer, the shareholding ratio of Moutai Group dropped from 61.99% to 58%, and Guizhou State-owned Assets Operation did not previously hold shares of Guizhou Moutai.
One year later, on December 23, 2020, Kweichow Moutai announced that it received a notice from the Moutai Group. According to the relevant notification requirements of the State-owned Assets Supervision and Administration Commission of Guizhou Province, Moutai Group intends to transfer 50.24 million of its listed companies through free transfer. The shares (accounting for 4% of the total share capital of the listed company) were transferred to Guizhou State-owned Assets Operation.
Source: Company announcement
It seems that history is repeating itself. However, Guizhou Moutai specifically stated in this announcement that Guizhou State-owned Assets Management is operated by Guizhou Financial Holding Group Co., Ltd. (Guizhou Guimin Investment Group Co., Ltd.) (“Guimin Investment”)Wholly-owned subsidiary。
The announcement shows that if the second transfer plan is completed, the shareholding ratio of Moutai Group will drop to 54%, and the total shareholding ratio of Guizhou State-owned Operation and Guimin Investment will increase from 0.96% to 4.96%.
Guizhou state-owned assets continue to operate
The semi-annual report of Kweichow Moutai shows that as of June 30, 2020, Kweichow State-owned Operations also holds a 4% stake in Kweichow Moutai. As of the third quarterly report, the shareholding ratio of Guizhou State-owned Assets Operation has dropped to 2.67%, and until now it is less than 0.96%.
Kweichow Moutai increased by 15,600 in the third quarter compared to the second quarterNumber of shareholders，Public offeringfund“ChinaICBC–SSE 50Trading open indexStock investment“Fund” is the top ten new shareholders in the third quarter, but the shareholding ratio is only 0.29%.
Therefore, while accepting the gratuitous transfer of Moutai Group, Guizhou State-owned Assets Operation is also undertaking actions to reduce its holdings. However, the fate of the stocks being reduced is currently unclear. The shareholding ratio of Guizhou State-owned Assets Operation has not exceeded 5%, which has not met the disclosure requirements.
Nevertheless, this involved large-scale transactions. After all, Kweichow Moutai is the highest-priced A-share stock, and it even hit the 1900 yuan/share mark on December 23.
On the day of the first free transfer of Moutai Group (announcement on December 31, 2019), the closing price of Kweichow Moutai was 1169.35 yuan per share, and 4% of the shares corresponded to a market value of 58.748 billion yuan. The closing price on December 23, 2020 was 1841.65 yuan per share, and 4% of the shares corresponded to a market value of 92.525 billion yuan.
In the two transfers, Guizhou State-owned Assets Operation and Guimin Investment took in nearly 160 billion shares of market value.
Attorney Zhai Chengqun said that he understands that the controlling shareholder of a listed company transfers its holdings free of charge and there is no limit. The above transfer will generally not harm the interests of investors. The announcement showed that this change in shareholders’ equity was caused by the free transfer of shares and did not involve tender offer. Attorney Zhai Chengqun explained that if the free transfer event causes the transferee to trigger an offer to acquire shares of a listed company (with a shareholding ratio of 30%), it must apply to the China Securities Regulatory Commission for exemption from acquisition obligations and perform corresponding information disclosure obligations.
EnhanceCredit Rating
Wang Jiyue said that equity transfers between state-owned assets are very common, and it is normal for shareholders to have no relationship with the company’s main business, and it has no effect on the interests of shareholders of listed companies. The gratuitous transfer of Moutai Group has enhanced the creditworthiness of Guizhou Province.
With the endorsement of the Moutai Group, the credit rating has indeed received extra points. You can get a glimpse from the first attempt by the Moutai Group to issue bonds. In November 2020, Moutai Group is open to professional investorsPublisherBond。
Among them, China Chengxin International issuedCredit rating reportShow, Moutai GroupSubject credit ratingThe result is AAA, the rating outlook is stable, and the Moutai Group is extremely capable of repaying debt. At the same time, China Chengxin International is also concerned about the impact of Maotai’s parent company’s increase in external funding and the company’s pressure on production and environmental protection on its operations and overall credit status.
Regarding environmental protection, in October, the third session of the Kweichow Moutai Board of Directors passed two proposals, namely donating RMB 260 million to the People’s Government of Renhuai City to build a sewage treatment plant and donating no more than RMB 546 million to the People’s Government of Xishui County to build a New Avenue.The Maotai Group’s bond issuance scale does not exceed 15 billion yuan. After deducting related issuance costs, it plans to use 8.6 billion yuan to acquire GuizhouhighwayThe equity of the Group Co., Ltd., 6.1 billion yuan is used to repay interest-bearing liabilities, and 300 million yuan is used to supplement working capital.
(Source: China Securities Journal)
(Editor in charge: DF078)
–
Solemnly declare: The purpose of this information released by Oriental Fortune.com is to spread more information and has nothing to do with this stand.
.
