If the major shareholder of Highly shares intends to transfer, then Gree will actively act as a “receiverâ€. At present, it seems that Shanghai Electric Group not only does not transfer equity, but also further consolidates its holding position, leaving Dong Mingzhu as a “receiverâ€.
As everyone knows, Dong Mingzhu is a pioneer in the A-share market against “barbariansâ€. In December 2016, Baoneng became the third largest shareholder of Gree Electric with its 4.13% stake. Dong Mingzhu said that “if capital becomes a destroyer of Chinese manufacturing, it is a sinner!†Now, some people are wary of Dong. Pearl wants to be a "barbarian."
Recently, Gree Electric has twice listed Haili shares. On July 4, Gree Electric announced that it had lasted for nearly one quarter, and the company continued to increase its shareholding in Heili shares through the secondary market, and finally changed its share from 5% to 10% on July 4 this year. Gree is firmly positioned as the third largest shareholder of Haili, and is only one step away from the 10.18% shareholding of the second largest shareholder.
On July 5, the shares of Highly shares rose 5.35% against the trend. However, Shanghai Electric Group, the controlling shareholder of Highly, is somewhat unsatisfied. At present, Shanghai Electric Group holds 20.22% of the shares of Highly, which is difficult to give peace of mind. Especially for Gree Electric, which is “not bad moneyâ€, the 10.22% shareholding ratio gap is not difficult to cross.
How to prevent "barbarians" at the door? On the evening of July 6, Highly shares issued a 2018 non-public offering plan, revealing the Shanghai Electric Group's “Barbaric Prevention Planâ€. The non-public issuance plan stated that in order to repay bank loans and replenish working capital, the company plans to issue no more than 173 million shares in a non-public offering, raising no more than 1 billion yuan, and the target is to be the major shareholder of Shanghai Electric Group. After the completion of the fixed increase, the shareholding ratio of Shanghai Electric Group will increase from 20.22% to 33.51%. As a result, Dong Mingzhu’s difficulty in becoming a “barbarians†has increased.
Although the non-public issuance plan of Highly shares has consolidated the position of the controlling shareholder of Shanghai Electric Group, the plan needs to be submitted to the company's shareholders meeting for deliberation, and Shanghai Electric Group, as a non-public issuance party, also needs to abstain from voting. Therefore, how to vote on this plan is the touchstone of Dong Mingzhu’s improper “barbariansâ€.
If Dong Mingzhu wants to become a "barbar", he must vote against the above plan and influence other investors, especially institutional investors, as far as possible, and vote against the plan to achieve the purpose of the veto. If Gree did not vote against the plan, it means that Dong Mingzhu is not willing to be a "barbar" of Highly.
In fact, it is unlikely that Dong Mingzhu will become a “barbariansâ€. This point has been indicated when Gree Electric first listed the shares of Highly. At that time, Gree Electric said that in the next 12 months, if the controlling shareholder of Highly shares has a new equity transfer plan, Gree Electric is committed to participate.
In other words, Gree Electric has been "staring" at Highly. If its shareholders intend to transfer, Gree will actively act as a "receiver." At present, it seems that Shanghai Electric Group not only does not transfer equity, but also further consolidates its holding position, leaving Dong Mingzhu as a “receiverâ€.
Then, why does Gree have to advertise Haili shares twice? This should be a kind of "Dong Mingzhu" "civilized person" penetration. Dong Mingzhu could not turn Haili shares into the subsidiary of Gree Electric, but she could leave the elements of Gree Electric in Haili.
To this end, Dong Mingzhu has "two-step chess." The first step is to “harden†and increase the shareholding power of Highly Shares through Gree Electric's second placard to enhance its influence on Highly. The second step is to “soften†and send “Liquor Cannonballs†to Highly. In June of this year, Gree Electric increased the amount of related party transactions to Highly. It is estimated that the total amount of daily related transactions such as purchasing and selling products of Highly Shares will be adjusted from RMB 2.5 billion to RMB 8 billion in 2018. It reached 5.5 billion yuan, accounting for 50% of Haili's 2017 revenue.
Under such circumstances, the interests of Highly and Gree are closely tied. As a result, although Dong Mingzhu did not let Gree Electric become the controlling shareholder of Highly, he used the interest relationship to “catch it upâ€.
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