The hottest Jinggong Group offers to acquire Chang

Jinggong group's tender offer to acquire Changjiang shares

Guide: there will be no surprise in another tender offer. Jinggong group controls Changjiang shares through its Seiko steel structure through a series of operations, and makes it transform its steel structure business. The highlight is that before the tender offer, Jinggong group made a tender offer to acquire Changjiang shares. After Nangang shares (600282), there is no wind

there will be no surprise in another tender offer. Jinggong group controls Changjiang shares through its Seiko steel structure through a series of operations and makes it transform its steel structure business. The highlight is that before the offer, Jinggong group made a clever tender offer to acquire Changjiang shares. Since Nangang shares (600282), it has never been smooth sailing. Previously, JAC power (000816) and chengshang group (600828) both applied to accept the offer, although the company's board of Directors recommended that the shareholders of tradable shares do not accept the offer, and the share price once fell below the offer price, which greatly increased the acquisition cost of the acquirer

from March 9 to April 7, Zhejiang Jinggong Steel Structure Construction Group Co., Ltd. (hereinafter referred to as Jinggong steel structure) issued a tender offer to all shareholders of Changjiang Co., Ltd. (600496). "Changjiang Co., Ltd. should not have a similar situation. I believe Seiko steel structure will bring a good development prospect to the company." On March 22, in the face of the "concerns" of the securities market weekly, Changjiang stock's chairman Yu Xiaoping said

in fact, Jin Liangshun, the head of Jinggong Group Co., Ltd. (hereinafter referred to as Jinggong group), through his one-year clever strategy of Seiko steel structure, has already included Changjiang shares in his "bag". This tender offer is just a routine

full strategy for the acquisition of Changjiang shares

the acquisition began a year ago

in May, 2003, Changjiang stock, which has been listed for one year, has not fulfilled the project commitment of the prospectus for investment, except for entrusting Hua'an securities to invest 30million yuan in treasury bonds. At this time, Yan Hong, the chairman of the company who declared "never blindly invest" when it was listed, made a decision to establish Anhui Jinggong steel structure company (hereinafter referred to as Anhui Jinggong) with a joint venture with Jinggong steel structure, with a registered capital of 22million yuan, and Changjiang shares invested 10million yuan, the latter 2million yuan

this investment also kicked off the acquisition of Changjiang shares by Jinggong group

at this time, Jinggong group's steel structure industry is becoming more and more prosperous. It has the requirements of listing and expanding to other provinces. After many contacts with listed companies in Wuhan, Chengdu and Hefei, it finally chose Changjiang shares. Zhangyincheng, the project leader of Seiko steel structure investment department, told securities market weekly that there are three reasons, "First, Hefei is close to Shaoxing, the headquarters of Jinggong group, which is convenient for transportation and management; second, the sales market of Hefei local steel structure production is relatively mature; third, Changjiang stock raising funds have not been invested, and cash is abundant.

a few days before the cooperation with Changjiang stock, Jinggong steel structure was jointly established, and Jinggong group integrated all its steel structure industries into the enterprise. Then, on June 15, 2003, Jinggong group added 40% of Jinggong steel structure The equity was transferred to jinliangshun, chairman of the group. Jin Liangshun directly and indirectly holds 52.45% equity of Seiko steel structure; On June 18, Seiko steel signed the equity transfer agreement and equity custody agreement with the major shareholder Lu'an walking tractor factory (hereinafter referred to as liutuo factory). According to the agreement, liutuo factory transferred 55.545% of the national equity of Changjiang shares (61.0995 million shares) it held to Seiko steel structure at a transfer price of 25645 yuan, a total of 155.68 million yuan. After the equity transfer, Seiko steel structure was the actual controller of Changjiang shares, and liutuo factory held 6.172% of Changjiang shares, making it the second largest shareholder

input at the same time, "output" at the same time. On September 26th, 2003, Changjiang changed the share raising capital of 18.65 million yuan to invest in Anhui Seiko, increasing its registered capital to 5million dollars, with Changjiang accounting for 70%. At the same time, the company invested 89.6903 million yuan to acquire 49% equity of Zhejiang Jinggong Steel Structure Co., Ltd. (hereinafter referred to as Zhejiang Jinggong) held by Jinggong steel structure. In this way, before we invested 155.68 million yuan through the parameters provided by the PVC resin manufacturer, it is not difficult to see that the company has cashed out 118.34 million yuan from Changjiang Co., Ltd

move to the steel structure market

according to securities market weekly, before Jinggong group stepped in, Geely Group, Foton Motor (600166) and a number of securities companies and investment companies all talked with Lu'an Municipal government about the acquisition of Changjiang shares. Yu Xiaoping said that it was mainly the recognition of the steel structure industry by the local government. In fact, the public relations ability of Jinggong group, which acquired the only listed company in Lu'an, should not be underestimated

Zhang Yincheng said that in view of the fierce competition in the agricultural machinery industry of Changjiang Co., Ltd., after the acquisition, Changjiang Co., Ltd. will continue to develop the agricultural machinery business, adjust the industrial structure, and take the steel nodule construction processing industry as the key direction. In addition to continuing to increase investment in Anhui precision industry, the key investment of Changjiang Co., Ltd. will start in April this year, with a total investment of 1billion yuan in the Changjiang Precision Industry Park

Zhang Yincheng said that Changjiang Co., Ltd. will be the core of the steel structure industry of Jinggong group. Changjiang Co., Ltd. will have two steel structure bases - Lu'an Changjiang Precision Industry (50000 tons of capacity) and Shaoxing precision industry steel structure (100000 tons of capacity). In the next three years, the annual sales of Changjiang stock will reach 1billion yuan and 3billion yuan in 2010. In addition, in order to improve the industrial chain of steel structure, steel structure group recently acquired a construction and installation company with first-class qualification in Shaoxing, and another real estate development company is also under negotiation

A Research Report of Northeast Securities pointed out that at present, the steel consumption of steel structures only accounts for about 1.5% of the total steel consumption. During the "Tenth Five Year Plan" period, this proportion will reach about 3%, and it is expected to reach about 6% by 2015, with broad development prospects

talent bottleneck and high debt troubles

the tender offer is still in progress, and the personnel of Seiko steel structure have gradually entered the board of directors of Changjiang Co., Ltd. At present, among the nine directors of Changjiang Co., Ltd., Seiko steel structure holds four seats and the board of supervisors holds two seats. However, key positions such as chairman, general manager and chief financial officer are unexpectedly still the original personnel of Changjiang Co., Ltd. And Seiko steel structure made it clear that there was no adjustment plan in a short time. Zhangyincheng, the project leader of Seiko steel structure investment department, said that Seiko steel structure has full trust in the original personnel. In the view of Xiaoping, the director of Changjiang shares, this is only a plan for rights and interests - Seiko steel structure will definitely make adjustments when the time is ripe

Yu Xiaoping revealed that the focus of the company's work at present is to change the operating mechanism. The recruitment notices are posted on the stations of Changjiang stock and Jinggong group. Zhang Yincheng said frankly that not only the mechanism, but also the shortage of professionals is also a top priority. Before the acquisition of Changjiang shares, Seiko steel structure has conducted talent recruitment for many times, but it has not been well solved

it is reported that more than 20 steel structure production enterprises, including polyester, epoxy resin, polyacrylic acid and phenol, have recently been established in Anhui, which is bound to further intensify the competition for professionals

in addition, Changjiang stock, which has been transformed into steel structure production, has another problem to face in the future, that is, accounts receivable. As a construction enterprise, high debt is a common problem. As of October 31, 2003, the debt ratio of Seiko steel structure was as high as 71.8%. Previously, the measurement of the gauge length of the sample was an important data for calculating the rubber elongation. As of August 31, 2003, Zhejiang Seiko, which received 49% equity from Seiko steel structure group, had total assets of 852.036 million yuan, net assets of only 127.4497 million yuan, and an asset liability ratio of 85%

in this regard, Zhang Yincheng said that the only feasible way at present is for shareholders to increase investment and reduce the asset liability ratio by increasing total assets. The strength of the other corporate shareholders of Changjiang Co., Ltd. is limited, and the prospects of listed companies will directly depend on the future operation of Changjiang Co., Ltd. and the capital operation ability of Jinggong group