Who is "rescuing" Lu Zhiqiang's ocean?

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In the investment world, Zhang Yu, Fang Zebin, etc. are often referred to as "Niu San", and the two have appeared together in the online auction of equity of other companies many times.

Zhongfang Daily reporter Xu Qian丨 Reported in Beijing

Oceanwide, in the midst of a debt crisis, is trying to withdraw more money by selling assets and equity.

On August 2, Oceanwide Holdings announced that the shares of Oceanwide Holdings held by its controlling shareholder, China Oceanwide and its co-actors, had been auctioned for a total of 235.2 million shares, accounting for 6.95% of the number of shares in the company held by it and 4.53% of the total number of shares in the company.

Oceanwide Holdings said that the auction (shares) will not have a significant direct impact on its normal production and operation activities, and reminded that the number of shares pledged by the company's controlling shareholders and their consistent actors has accounted for more than 80% of the number of shares in the company it holds.

As of the close of trading on August 3, Oceanwide Holdings shares closed at 1.99 yuan per share, down 26% from the first share auction on June 15.

With the risk of a high proportion of shares being pledged and the Oceanwide department in the quagmire of debt, who has the courage to take over Oceanwide shares?

The names of two well-known cattle have emerged. The reporter inquired about the information and found that on June 15, the mysterious niusan Fang Zebin auctioned 117.6 million shares of Oceanwide Holdings shares through online auction, with a total transaction price of 262 million yuan; another niusan Zhang Yu auctioned two target shares of Oceanwide Holdings on June 15 and July 31, respectively, totaling 117.6 million shares, with a total transaction price of 241 million yuan. Among them, the second auction was reduced by 23% compared with the previous auction.

In fact, a total of 294 million shares of Oceanwide Holdings were put on the shelves, except for 235.2 million shares, another 58.8 million shares were auctioned twice. According to the analysis of a secondary market person, the 58.8 million shares of the target will also be auctioned for the third time, and the receiver is likely to be Zhang Yu and others, and the purpose of this is to continue to reduce the price.

"Niusan's purchase of Oceanwide shares proves that this type of Cattle Scatter is very powerful, and on the other hand, it also shows that Niusan is more optimistic about the value of the assets held by Oceanwide Holdings and the value of future restructuring." IPG China Chief Economist Bai Wenxi said.

Mysterious "cow scatter" to take over

According to The Alibaba auction page, from June 14 to June 15, the 294 million shares of Oceanwide Holdings held by China Oceanwide Group were divided into five targets for online public auction, each with 58.8 million shares and a starting price of 131 million yuan. In the end, 3 transactions were made and two were flown.

Two of the targets were acquired by the natural person Fang Zebin at a starting price of 131 million yuan, a total of 117.6 million shares, with a total transaction price of 262 million yuan, equivalent to about 2.23 yuan per share; according to the closing price of 1.99 yuan / share on August 3, this part of the investment has lost 0.28 billion yuan.

However, after the transfer of this part of the shares, Fang Zebin is expected to become the third largest shareholder of Oceanwide Holdings. Compared with the short-term stock price floating profit and loss, this may be what Fang Zebin values more.

Among the three successful bids successfully auctioned by Oceanwide Holdings on June 15, the other target was finally won by a natural person named Zhang Yu with a maximum bid of 136 million yuan after 8 bids; 3 transactions totaled 294 million shares, accounting for 3.39% of the total share capital of Oceanwide Holdings, and the other 2 subjects were 118 million shares of the company temporarily auctioned due to no bidding.

On July 31, the two targets that had previously been streamed were auctioned for the second time. According to the survey table of auction objects, the equity of Oceanwide Holdings was valued at 2.79 yuan per share, with a total price of 164 million yuan and a starting price of 105 million yuan.

One of the targets (58.8 million shares) was only registered by Zhang Yu, and after a round of bidding, he bid at a reserve price of 105 million yuan, which is equivalent to a 64% discount on the basis of the appraisal price, which is equivalent to about 1.79 yuan per share, and the investment has floated by 10% by the close of august 3.

Through two auctions, Zhang Yu won 2.26% of the equity of Oceanwide Holdings with an average price of 2.08 yuan per share and a total price of 241 million yuan, and will become the third largest shareholder of the company with Fang Zebin after the transfer of shares.

Another 58.8 million shares of equity were auctioned again. According to the regulations, the bidding price of this part of the shares will be reduced at the next auction.

According to Article 8 of the Provisions of the Supreme People's Court on auctioning and selling property in the civil enforcement of the People's Courts, the reserve price determined by the people's court shall not be lower than 80% of the appraisal price or market price at the time of the first auction; if there is a stream of auctions, the reserve price may be reduced as appropriate when auctioning, but the amount of each reduction shall not exceed 20% of the previous reserve price.

Oceanwide Holdings' five stakes totaling about 331 million shares, which were scheduled to be auctioned on July 29, were "withdrawn" on Alibaba's auction platform because "the parties have reached an enforcement settlement agreement and do not need to auction the property."

Zhang Yu of the "post-80s" has many titles: founder of the Ant Army, partner of Shenzhen Qianhe Qianhe Capital, former Trader of Ningbo Death Squad, one of China's new top ten cattle scatters, and the king of logic. He is the top ten outstanding shareholders of a number of companies, and the stocks that have newly held shares and become the top ten shareholders within one month include *ST Zhongxin, Dagang Shares, ST Red Sun, ST Kao, ST Senyuan, Funeng Oriental, etc.

Fang Zebin also favors online auctions to "pick up leaks", in the past less than a year, he has obtained the equity of MANY listed companies such as ST Senyuan, *ST Dewei, ST Red Sun, Shengli Precision and so on through online bidding.

Market participants believe that because the starting price of the equity auction is often 20% of the average closing price of the 20 trading days before the benchmark date, and the listed company's equity network auction participants are few, which means that the cost of successfully obtaining the relevant equity is low; if the fundamentals of the target company have fallen to the bottom or have a good trend, it is still possible for the stock price to turn over after the future restructuring, so it is not surprising that this investment strategy to participate in the equity auction is adopted by some investors with large capital and rich market experience.

Undoubtedly, this is like a gamble, but capital market investment is inherently risky.

The value and risk of ocean-going systems

In fact, Huang Mushun, the third largest shareholder of Oceanwide Holdings, is also a well-known Niusan. Since the second quarter of 2006, it has been ranked among the top ten outstanding shareholders of Oceanwide Holdings for 15 consecutive years.

Mr. Huang once told reporters who interviewed him, "I am a loyal value investor," while saying that the companies that buy shares are generally the bosses in the industry, buying and holding for a long time.

Therefore, since huang Mushun held 6.94 million shares of Oceanwide Holdings in the second quarter of 2006, appearing for the first time in the list of the top ten outstanding shareholders of Oceanwide Holdings, he has continuously increased his position, and by the middle of 2015, the number of shares held has reached 139 million shares, when the market value of these shares exceeded 2 billion yuan.

Today, Huang Mushun has reduced this part of the shares to 109.7 million shares, with a shareholding ratio of 2.11%, and the market value of the shares held is only about 218 million yuan.

But these investors are more focused on the value of the assets contained in their stake in Oceanwide Holdings and the value of future restructurings. It should be known that the listed company Oceanwide Holdings holds a total of 10 financial licenses, including Minsheng Trust, Minsheng Securities, Minsheng Pawn, Minsheng Bank, Asia-Pacific Property and Casualty Insurance, etc. The value of these licenses and the assets of the land and real estate business held by the company (according to the 2020 annual report, The current real estate inventory of Oceanwide Holdings reaches 60.9 billion yuan), which are all assets of high current value.

As of the end of 2020, Oceanwide Holdings has total assets of 181 billion yuan, net assets of 16.6 billion yuan, and net assets per share of about 3.18 yuan, higher than the current stock price of 1.99 yuan. For Zhang Yu and Fang Zebin, there is still a high profit space.

However, it is undeniable that the risk of investing in Oceanwide is also extremely high: on the one hand, the equity pledge rate of Oceanwide Holdings is extremely high, and once the stock price plummets, it is easy to trigger the forced liquidation of the pledge, which will cause further decline in the stock price; on the other hand, the Oceanwide system is still facing greater liquidity pressure, and the road ahead is still very slim.

Up to now, China Oceanwide, the company's controlling shareholder, and its co-actors (including Lu Zhiqiang, the actual controller of the company, and Oceanwide Energy Holdings, the company's shareholder), still hold a total of 71.23% of the company's shares. Most of these shares have been pledged, and the number of pledged shares accounts for more than 80% of the total number of shares held by Oceanwide, and the cumulative pledged shares of Oceanwide have reached 67.8% of the total share capital of Oceanwide Holdings.

Oceanwide Holdings' monetary funds have been difficult to cover short-term liabilities, and short-term debt repayment pressure is relatively large. According to the 2020 annual report data, the balance of marine holdings' monetary funds was 19.388 billion yuan, of which the restricted funds were 4.74 billion yuan; the amount of short-term borrowings was 18.265 billion yuan, the amount of non-current liabilities due within one year was 29.257 billion yuan, and the total short-term interest-bearing liabilities were 47.522 billion yuan.

In its latest tracking rating report, Oriental Jincheng pointed out that Oceanwide's current real estate projects are mainly located in Wuhan and overseas. The company's land reserves based on commercial projects are acceptable, there are fewer residential projects, land costs are relatively low, and the saleable projects in 2021 are mainly located in Wuhan City, with a saleable area of 817,700 square meters, but at present, the Wuhan Central Business District projects are basically in the state of loan mortgage, and the restricted book value at the end of 2020 is 17.846 billion yuan, with a restricted proportion of 86.55%. Overseas, as of the end of 2020, the total investment of Oceanwide U.S. real estate is 19.47 billion yuan, and there is basically no sales repatriation at present, the advance is serious, and the overall transfer progress is blocked.

In addition, minsheng securities shares were frozen, minsheng bank shares were auctioned, and minsheng trusts have also stepped on the thunder continuously, and the crisis of the oceanwide system has not yet passed.