My Age of Investment

"My Investing Era ()"!

"Supor (002032.SZ) announced on the morning of January 23 that:

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

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

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

After this equity change is completed, Magic City Bailu will hold 60% of the listed company's voting rights and become the controlling shareholder of the listed company. At the same time, it will forcibly trigger the obligation of a comprehensive tender offer..."

"Modu Bailu officially submitted an announcement to the Shenzhen Stock Exchange, intending to launch a comprehensive tender offer to all shareholders of Supor at 8.59 yuan shares..."

the next day.

With the suspension of Supor's trading, these two announcements related to it quickly became the headlines on the front pages of major financial newspapers and websites, which shocked everyone's attention.

It is the first time I have seen such a fierce operation since the establishment of the Shenzhen Stock Exchange in 1990. It is really rare!

In the forum of Straight Flush, the pot was completely exploded.

"What's the origin of Bailu, the magic capital? So fierce? It's about to acquire 60% of Supor's shares. Doesn't this trigger a mandatory general tender offer? What's next?"

"I've already checked. Magic City Bailu is a PE fund under Envision Capital. This is the first time they have made a sale in A shares. It's a small one billion yuan. This is such a great deal, tsk tsk tsk~"

"Which god is Vision Capital?"

"Don't ask so many questions, you just need to know that their asset management scale is as high as more than 30 billion yuan."

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

"They don't lose, who loses? The method is too simple and rude! It's hard to beat the 30% shareholding red line at one time, and it's hard not to trigger a tender offer.

"

"That's true. After so many years on the Shenzhen Stock Exchange, it seems that there are not many listed companies with such vigorous acquisitions, right?"

"Be confident, remove the "several companies", there is no one! See if there is a general tender offer at a premium of 30%, this is too generous!"

"That's right, those other rogue companies are either paying yesterday's closing price, or offering 10% off or 20% off. How can they be so rich."

"With such generosity, will there be too many shareholders who accept the offer, leading to Supor's delisting?"

"It's hard to say, it's too generous, it's really possible!"

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

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

"For a hammer, I am a shareholder of Supor. I bought it for more than ten yuan, and it has been locked up for more than a year. I will not sell it for an offer price of just over eight yuan."

"Brother, it's better to sell it safely! After Envision Capital enters Supor, it will be a blessing or a curse."

"I just passed Baidu. Vision Capital's assets are as high as more than 30 billion yuan. Last year, I invested in that Internet phone company and made tens of billions. It has strong strength."

"That's equity investment in the primary market, and investment in the secondary market. Mr. Xia is quite drunk. Penguin and Supor are all acquired at a premium, and book losses can scare people to death."

"If someone is so rich, he can't be a fool, right?"

"It's hard to say!"

...

In the luxurious executive suite of the Lin'an Hotel, Xia Jingxing was staring at the various comments of stockholders on the computer.

For Vision Capital's first sale in A shares, the leeks have mixed opinions, and they are generally more inclined to "depreciate" because they have given too much.

Xia Jingxing was speechless after reading it.

Because leeks are often "cut" by major shareholders in various ways, their own tender offer at a premium of 30% has become a strange and a joke in the eyes of leeks.

The case of investing in penguins was also uncovered by the leeks, which became strong evidence to prove that Xia Jingxing was "investing stupid".

I treat you a little better, but it's a crime?

"I said yesterday that our acquisition method is too hasty, and the outside world will definitely have a lot of misunderstandings."

Li Ying was wearing a snow-white high-necked tight-fitting woolen sweater, her figure could be seen at a glance. She was standing behind Xia Jingxing, with a smile on her lips, holding a cup of coffee and gently stirring it with a spoon.

Xia Jingxing turned his head, but found that his sight was blocked by two heavy mountain peaks, and he almost bumped into them accidentally.

He leaned back and put some distance away.

Li Ying leaned lightly on the desk, and the round petals under the wrapping skirt were drawn by the edge of the table. She looked out of the French window, picked up the coffee in her hand, took a sip, and smiled faintly, "To tell the truth Yes, our acquisition this time is actually more similar to that of Penguin.

It's all for the sake of being fast, and to win enough chips to the greatest extent.

The difference is that the position of Penguin's 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, if more than 30% of the shares accept the offer, then the listing status will be completely lost. "

Xia Jingxing shook his head lightly, "Probably not, we bought Supor at a premium of 30%, how to say, it is good news.

Don't look at how much these guys in the stock forums are clamoring to untangle, and how much money they have made.

However, a considerable number of institutions and retail investors have a position cost of more than 10 yuan.

They will definitely think, why Envision Capital would rather buy Supor at a 30% premium, and whether there is something very valuable that everyone has not seen.

Hold on to the stock in your hand and wait for a year or so, maybe the stock price will break through 10 yuan, 20 yuan, or even 30 yuan. "

Seeing Xia Jingxing's calm face, Li Ying looked at the ceiling, her long eyelashes were like small black brushes, gently flapping.

After a long while, he replied: "That's true. Although the 30% premium is very eye-catching, it is not particularly exaggerated. Those who can be moved should be retail investors and institutions who bought stocks recently.

People are full of gamblers. We paid such a high price to take over Supor. In their eyes, we must have a backup, and we will do so if we are sure. "

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

It’s just that the A-shares require such a change of control rights, fearing that the rights and interests of minority shareholders will be harmed, and they must give minority shareholders a chance to jump out of the car.

In addition, according to Article 35 of the "Administrative Measures for the Acquisition of Listed Companies", the tender offer price shall not be lower than the highest price paid by the acquirer to acquire the stock within 6 months before the announcement date 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.

There is no way to break this one.

First temporarily buy 29.99% of the stock, 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 little by little, and increase the shareholding.

But is Xia Jingxing that kind of person?

He actually wanted to be that kind of person, but due to time constraints, that path obviously didn't work out, and if he really did that, he was doomed to pay more.

Right now, it is simple and rude, and the cost is actually limited.

A premium of almost 200 million was paid to the Sus and his sons, and it is nothing to send tens of millions of red envelopes to retail friends.

Leek is actually not easy. You need to apply some fertilizer to grow fast.

His only concern at the moment is that too many shares will be accepted in the tender offer, resulting in losing his status as a listed company.

However, this possibility is not particularly high.

If the tender offer is really successful and Supor is privatized and delisted, the outcome cannot be said to be too bad. At worst, it will go public in the future.

In short, he made a decision before making a move. No matter how the situation develops next, he will not suffer too much.

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