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Kelin Electric, which ended the tender offer, encountered a drop limit on the resumption of trading!
On June 28, Kelin Electric, which completed a 20% tender offer, opened with a fall limit after the resumption of trading, and the stock price was closed after a little "struggle" shock. On the same day, the falling limit closed at 24.26 yuan, a decrease of 10.01%, with a turnover of 155 million yuan and a total market value of 6.61 billion yuan.
Kelin Electric is in the midst of a two-major shareholder competition. Shijiazhuang Guotou Group and Hisense Group are "collecting" the shares and voting rights of Kelin Electric, after the 20% tender offer, Hisense Group holds 44.51% of the voting rights, and Shijiazhuang Guotou Group, the total shareholding of persons acting in concert reaches 29.51%.
The resumption of trading is the fall limit, arbitrage funds or smashing
Kelin Electric said that Hisense Net, a subsidiary of Hisense Group, issued a partial tender offer to all shareholders of the company other than Hisense Neteng to hold non-restricted tradable shares, the number of shares to be acquired by the tender offer is 54.5026 million shares, accounting for 20% of the company's total share capital, the price of the tender offer is 27.17 yuan per share, and the tender offer period is from May 28 to June 26. As of June 26, the tender offer expired.
According to the disclosure of Kelin Electric, during the tender offer period, the total number of pre-offered shareholder accounts was 2,753, and the total number of pre-offered shares totaled 62.2004 million shares, accounting for 22.8247% of the company's current total shares. The number of shares purchased from each pre-offeree shareholder = the number of shares pre-offered by the shareholder ÷× the number of shares pre-offered, and the proportion of shares offered by the pre-offeree shareholder is 87.62%.
According to the number of shares offered, there are still 7,697,400 shares of the pre-offer that have not been offered for acquisition. Since the share price of Kelin Electric is lower than the offer price during the tender offer period, it is expected that a lot of funds will participate in arbitrage. For arbitrage funds, 12.38% of the shares that failed to accept the offer are expected to be sold after receiving an offer price of $27.17 for the acceptance of the offer. These 7,697,400 unoffered shares may become an important selling force.
On June 28, the turnover of Kelin Electric reached 155 million yuan, and the number of shares traded was 6.3551 million shares, many of which are expected to be arbitrage shares that have not been offered.
If you simply buy 10,000 shares, 8,800 shares accept the offer at the offer price of 27.27 yuan, and the other 1,200 shares are traded at the price of 24.26 yuan after the resumption of trading on the 28th, for investors, according to 27.17 * 88% + 24.26 * 12% = 26.82. Then investors who bought below $26.82 before the offer can make a profit through arbitrage (regardless of transaction costs), while investors who buy above $26.82 may lose money.
Kelin Electric's after-hours dragon and tiger list shows that the total selling amount of the top five selling seats is much greater than the total buying amount of the top five buying seats. It may mean that part of the funds is sold firmly.
The competition for equity between the two major shareholders is fierce
After the completion of the tender offer, Hisense Group's voting rights in Kelin Electric reached 44.51%. Kelin Electric said that after the completion of the tender offer, Hisense Network can hold a total of 95,207,996 shares of the company, accounting for 34.94% of the company's total share capital, and hold the voting rights of 26,079,912 shares entrusted by Li Yanru and Qu Guowang, accounting for 9.57% of the company's total share capital. Hisense can hold a total of 44.51% of the company's voting rights.
This time, Hisense Network can acquire 20% of the shares, consuming 1.481 billion yuan, and the acquisition funds are Hisense Network Energy's own funds.
The acquisition of Hisense Group is also directly aimed at control. Previously, it was stated that the acquisition was based on the development strategy of Hisense Group and the recognition of the value of the listed company and its future development prospects, and the acquirer intends to further increase the shareholding ratio of the listed company through this tender offer, enhance the stability of the equity structure of the listed company, and obtain control of the listed company.
According to Hisense's official website,Hisense was founded in 1969,Own Hisense Video(600060)、Hisense Home Appliances(000921)、Sanden Holdings(6444)、Dry Zhao Optoelectronics(300102) Four listed companies in Shanghai, Shenzhen, Hong Kong, and Tokyo, with Hisense (Hisense), Toshiba TV (Toshiba TV), Rongsheng (Ronshen), gorenje, ASKO and other brands. In 2023, Hisense will continue to maintain steady growth, with annual revenue of 201.7 billion yuan and total profit of 13.7 billion yuan, a year-on-year increase of 11%.
Before Hisense Group got 44.51% of the voting rights, Shijiazhuang Guotou Group had just passed a concerted action agreement in early June this year to hold a total of 29.51% of the shares, becoming the company's new actual controller.
On June 2, 2024, Shijiazhuang SDIC Group, Zhang Chengsuo, Qiu Shiyong, Dong Caihong and Wang Yong jointly signed the "Agreement on the Concerted Action of Shijiazhuang Kelin Electric Co., Ltd." in Shijiazhuang, and the five parties have since formed a concerted action relationship and acted in concert in the company's decision-making process. The total number of shares held by the five parties with Shijiazhuang SDIC Group as the actual controller is 67,022,714 shares, with a shareholding ratio of 29.51%. At the end of 2023, the controlling shareholder of Kelin Electric is Zhang Chengsuo.
In this announcement in early June, it was disclosed that Shijiazhuang SDIC Group is optimistic about the future market prospects of the electrical equipment industry, based on its own judgment of the investment value of listed companies, in order to seek control and maintain the stability of the listed company's operation, through this equity change to become the largest voting shareholder and actual controller of the listed company.
Editor: Xiao Mo
Review: Muyu