50%of the equity is listed, and Chinese shareholders intend to withdraw!Tongfang Global Life Road Geometry?

The 50%equity transfer project of Tongfang Global Life is listed on the Shanghai United Property Exchange. The transferor is Tongfang

"Investment Times" researcher Wen Qing

50%of the equity seek buyers, Tongfang Global Life Insurance Co., Ltd. (hereinafter referred to as Tongfang Global Life) has recently attracted market attention.

According to information on September 20, the Shanghai United Property Exchange shows that the 50%equity transfer project of Tongfang Global Life is officially listed at a transfer price of 6.25 billion yuan. The transferor is Tongfang Co., Ltd. (hereinafter referred to as Tongfang, 600100.SH).

Earlier, at the end of July, Tongfang Global Life's 230 million yuan of capital increase plans were approved. After the capital increase, the company's shareholders' investment ratio remained unchanged. The success of this round of capital increase may improve the solvency of Tongfang Global Life to a certain extent. At the end of the second quarter of this year, the company's core solvency adequacy ratio was the same as the previous quarter; the comprehensive solvency adequacy ratio was reduced by 1 percentage point compared with the previous quarter. The company's two indicators at the end of the second quarter were lower than the industry average.

In addition, the researcher of "Investment Times" noticed that in the first half of this year, the insurance business income of Tongfang Global Life increased by 7.68%compared with the same period last year, but net profit fell more than 72%year -on -year.

Regarding the above equity transfer, solvency and performance of performance, the "Investment Times" sent a communication letter to Tongfang Global Life, but as of the press time, the reply has not been received.

50%equity intends to be transferred again

According to public information, Tongfang Global Life was formerly known as Haikang Life. Formed. In 2014, CNOOC Holdings withdrew, Tongfang Co., Ltd., as the new Chinese shareholder and 50%of the Holland Global Life. In June 2015, the company name was changed from "Haikang Life Insurance Co., Ltd." to "Tongfang Global Life Insurance Co., Ltd.".

After a lapse of 8 years, Tongfang Global Life Chinese shareholders intend to "run away" again. At the end of August, Tongfang Co., Ltd. issued an announcement saying that in order to further focus on the main business, recover non -main investment investment and allocate resources reasonably, the company intends to transfer 50%of the equity of 50%of the shares of the company's global Life in the world through the method of public listed on the property exchanges. Essence The transaction payment is intended to use a one -time payment method. The cash inflow that Tongfang shares will be formed after the Tongfang Global Life Stock Excellence will be used to return the due liabilities. The project is currently listed on the Shanghai United Property Exchange.

"Investment Times" researcher noticed that Wang Lin, Hu Jun, and Liang Wuquan, the current Director of Tongfang Global Life, were nominated by Tongfang. , Liang Wuquan is currently the financial director and head of Tongfang Co., Ltd. Zhang Jian, the current supervisor of Tongfang Global Life, is also nominated for Tongfang. He is also the secretary of the board of directors of Tongfang. If the equity transfer is successful, what changes will happen to the company's executive? Does the change of shareholders and executives affect the company's business development strategy? In this regard, Tongfang Global Life did not respond.

In addition, on August 30, 2019, the two major shareholders of Tongfang Global Life intended to increase the capital of RMB 115 million in the same proportion, totaling RMB 230 million. At the end of July this year, Tongfang Global Life issued the "Announcement on the change of registered capital", and the announcement showed that the company's registered capital increased from RMB 2.4 billion to 2.63 billion yuan. After the capital increase, the company's shareholders' investment ratio remained unchanged.

In Tongfang Co., Ltd., after the transfer of Tongfang Life's capital increase, what considerations are the transfer of all the shares of Tongfang Global Life? In this regard, Tongfang shares said that the early period of capital increase was mainly to support the business development of Tongfang Global Life. However And recover investment.

The net profit in the first half of the year dropped more than 70 %

According to the quarterly report of the solvency disclosed by Tongfang Global Life, in the first half of this year, the company's insurance business revenue was 4.065 billion yuan, an increase of 7.68%year -on -year; net profit was 35 million yuan, a year -on -year decrease of 72.12%.

In addition, the Researcher of the Investment Times noticed that the insurance business income obtained by Tongfang Global Life in the first half of the year has generally shown a trend in the first half of the year. According to the data disclosed by the payment capacity quarterly report, the company's income of insurance business in the first half of 2020 was 3.789 billion yuan, an increase of 23.16%year -on -year; the insurance business revenue was 3.775 billion yuan in the first half of 2021, a slight decrease of 0.37%year -on -year. On the other hand, net profit declined continuously -net profit achieved 146 million yuan in the first half of 2020, a year -on -year decrease of 50.64%; the net profit achieved 126 million yuan in the first half of 2021, a year -on -year decrease of 13.26%.

In terms of solvency, according to Tongfang Global Life Insurance Report in the second quarter of 2022, the company's core solvency adequacy ratio at the end of the second quarter was 113%, which was the same as the previous quarter.A 1 percentage point was reduced in the previous quarter.In addition, according to the official website of the CBRC, at the end of the second quarter of this year, the average comprehensive payment capacity adequacy ratio and average core payment capacity adequacy ratio of the average comprehensive solvency and average core solvency of the work meeting of the work meeting of the payment capacity supervision committee were 214.7%and 134.1%, respectively.It can be seen that the two indicators of Tongfang Global Life are significantly lower than the industry average.In the first half of 2020 to the first half of 2022, Tongfang's global life insurance business income and net profit (unit: 100 million yuan)

Data source: company solvency quarterly report

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