Under the background of Zhang Jiong’s intention to take over Omar electric appliances, Huizhou TCL technology home appliance group Co., Ltd. (hereinafter referred to as “TCL home appliance group”) and its concerted actors raised their cards one after another to make it full of gunpowder. On the evening of February 3, Omar electric disclosed that TCL home appliance group once again increased its 1.37% stake in the company, and its total shareholding ratio with the person acting in concert will reach 10%, constituting a second license. Such a rapid succession of licensing, so that the market can not help but doubt TCL home appliance group holdings motivation. It is worth mentioning that since October 2020, Omar Electric has been expected to change its ownership, and Zhang Gong intends to take control of the listed company through fixed increase. Now, under the vision of Zhao Guodong, the actual controller of Omar electric appliances, to quit, the emergence of TCL appliance group makes the ultimate direction of the control right of listed companies become complicated.
Speed up the second time
TCL appliance group and its concerted actors launched a fierce “attack” on Omar appliance, which lasted less than a month and has twice raised the brand of Omar appliance.
In the evening of February 3, Omar electric disclosed that the company received a notice from its shareholder TCL Electric Appliance Group on February 2 that TCL Electric Appliance Group will increase its holding of 14866300 shares of the company through centralized bidding trading on the stock exchange from February 1 to February 2, 2021, accounting for 1.37% of the total share capital of the company. Before the increase, TCL appliance group and its concerted action, Chongqing Zhongxin Rongze Investment Center (limited partnership) (hereinafter referred to as “Rongze investment”), held 93.5446 million shares of the company, accounting for 8.63% of the total share capital of the company.
After calculation, after the completion of the increase, TCL appliance group and its concerted actors hold a total of 10% of the shares of Omar. According to the latest closing price of Omar electric on February 3, the market value of TCL home appliance group and its partners exceeds 600 million yuan.
Looking back on the way of increasing holdings of TCL appliance group and Rongze investment, it can be said that it has made rapid progress. On January 8 of this year, TCL appliance group and Rongze investment formally “formed an alliance”. Later, from January 8 to 27, they quickly raised their brand of Omar appliance and increased their 5% stake in the listed company. After that, on January 29, TCL home appliance group increased its 3.63% stake in Omar again. So far, TCL appliance group and Rongze investment hold 8.63% shares of Omar electric.
With the continuous increase of TCL appliance group and Rongze investment, the stock price performance of Omar appliance has improved significantly in the near future. Oriental Wealth data statistics show that in the 19 trading days from January 8 to February 3, Omar Electric’s accumulated range increase was as high as 50.93%, while the market fell slightly by 0.8% in the same period. As of the close of February 3, Omar electric reported 5.69 yuan / share.
Through the shareholder relationship between TCL appliance group and Rongze investment, TCL appliance group is 100% owned by TCL Industrial Holding Co., Ltd., and Li Dongsheng is the actual controller; behind Rongze investment, Xie Zhikun, the leader of Zhongzhi department, appears.
According to the equity relationship, Zhongxin rongchuang Capital Management Co., Ltd., Tibet Zhongxin ruiyin Investment Management Co., Ltd. and Chongqing Zhongxin rongchuang Investment Co., Ltd. hold 47.619%, 47.619% and 4.7619% shares of Rongze investment respectively. Further penetrating the equity relationship, TCL technology and Zhonghai Jiacheng are the top two shareholders of Zhongxin rongchuang Capital Management Co., Ltd., with 49% shares respectively , 35.8%, and behind Zhonghai Jiacheng is Xie Zhikun holding 100%. From this point of view, although Xie Zhikun is not the actual controller of Rongze investment, he is actually a major shareholder.
Tianyancha information shows that although Rongze investment was established in 2012, it was only on January 24 this year that the above-mentioned shareholders made capital contributions.
Is TCL appliance group threatening to take control of Omar? This is a question raised by the market. However, it is undeniable that TCL appliance group has another potential competitor, Zhang Jiong, in order to win the position of Omar appliance.
Looking at the shareholding ratio of all parties, as of February 3, TCL appliance group and Rongze investment have held 10% shares of Omar appliance, but in fact, the shareholding ratio of TCL appliance group is more than that.
According to the announcement of Omar electric on January 16, the company’s controlling shareholder Tibet RONGTONG Zhongjin Investment Co., Ltd. (hereinafter referred to as “RONGTONG Zhongjin”) held the company’s shares by judicial auction, among which TCL home appliance group won about 40.47 million shares. According to the calculation of Beijing business daily, 40.47 million shares account for 3.65% of the total share capital of Omar, which also means that after TCL appliance group obtains the auction ruling issued by the judicial organ, the total shareholding ratio of TCL appliance group and Rongze investment will reach 13.65%.
With the shares of the controlling shareholder being auctioned by the judiciary, the shareholding ratio of Zhao Guodong, the actual controller of Omar electric appliances, will undoubtedly be greatly reduced. Omar Electric said that after the successful completion of the transfer of shares in the auction of RONGTONG Zhongjin, the controlling shareholder, RONGTONG Zhongjin’s holding of the company’s shares will be changed to 13 shares, accounting for 0% of the company’s total share capital. As of November 7, 2020, Zhao Guodong held 133 million yuan of shares in Omar electric, accounting for 12.3138%.
It is not difficult to see that after the completion of the auction share delivery, the shareholding ratio of TCL appliance group and Rongze investment will exceed that of Zhao Guodong, the actual controller of Omar electric.
However, it should be pointed out that TCL appliance group still has a potential competitor. In October 2020, Omar electric issued a notice on the proposed change of its actual control. The company plans to increase its financing. Beihai Qingyun Information Technology Co., Ltd. (hereinafter referred to as “Beihai Qingyun”) will subscribe in full. After the completion of the fixed increase, Beihai Qingyun will hold 23.08% of Omar Electric’s shares. Beihai Qingyun will become the controlling shareholder of the listed company and Zhang Gong will be the actual controller of the listed company.
Wind data query found that Beihai Qingyun was a new company established in August 2020. When it announced its participation in the fixed increase of Omar electric in October, it was only established for two months. In view of the above change of ownership, Shenzhen Stock Exchange has also issued a letter of concern to Omar electric, requiring the company to explain the main purpose, future planning and the source of the subscription funds in combination with the personal assets or industrial operation of Zhang Gong, the actual controller of Beihai Qingyun.
Investment and financing expert Xu Xiaoheng told Beijing Business Daily that it is difficult to judge the trend of control right of Omar electric appliances. If the fixed increase is completed, the shareholding ratio of TCL home appliance group and Rongze investment will be further reduced. At that time, Zhang Jiong will have a greater advantage, but it still depends on whether TCL home appliance group will increase its shareholding in the future.
The task of turning losses around
As far as the current situation of Omar Electric is concerned, no matter who is in charge, they have to face the problem of turning losses of the company.
According to the performance forecast for 2020 disclosed by Omar electric, the company expects to achieve a net profit of about – 74.888 million yuan to – 150 million yuan, from profit to loss on a year-on-year basis. As for the reasons for the company’s performance changes, Omar Electric said that the company’s subsidiary Guangdong Omar refrigerator Co., Ltd. had a good performance growth. However, as the company transferred 49% of its equity and completed the industrial and commercial changes during the reporting period, the company’s performance merger ratio of Guangdong Omar refrigerator Co., Ltd. decreased from 100% to 51%, which reduced the net profit of Guangdong Omar refrigerator Co., Ltd. in 2020.
In addition, Omar Electric said that the company’s financial technology sector continued to carry out in-depth structural optimization and adjustment this year, and achieved initial results. However, due to the continuous impact of the epidemic, the operating revenue decreased significantly year-on-year, the gross profit decreased significantly, and the compressible space of period expenses was limited. At the same time, considering the impact of the financial macro environment and the operational risks faced by the company, the company made provision for the expected credit risk loss of some receivables. As a result of the above factors, the net profit of the financial technology sector decreased this year.
According to the data, Omar Electric Co., Ltd. landed in the A-share market in 2012. It is a very famous refrigerator manufacturer in China. It launched and sold its own brand “HOMA Omar” refrigerator. After listing, the performance of Omar Electric Co., Ltd. is also very bright and in a steady growth trend.
And now Omar Electric has become so lonely, we have to start from Zhao Guodong after he took over in 2015.
In October 2015, Omar electric disclosed that Zhao Guodong became the actual controller of the company through the transfer of equity. Under the leadership of Zhao Guodong, Omar electric began to set foot in the field of financial technology, and successively spent a lot of money to acquire many enterprises, such as China Finance (Beijing) Technology Co., Ltd., Tibet WANGJIN Innovation Investment Co., Ltd.
However, the subsequent performance of Omar electric undoubtedly shows the failure of the company. Due to the impairment of goodwill and other reasons, Omar electric lost 1.9 billion yuan in 2018. In the face of the current predicament, Omar Electric has begun to gradually spin off its financial technology related subsidiaries. In response to related problems, Beijing Business Daily reporter called the office of the Secretary of Omar electric for an interview, but the other party’s phone showed that it had been shut down.
Song Qinghui, a well-known economist, told Beijing Business Daily that there are many cases of cross-border failure of a shares. Investors should be alert to the temporary growth of listed companies’ performance due to mergers and acquisitions, or they should clear their eyes and look for high-quality targets.
Editor in charge: Tzh