Ginza's equity transfer ice and fire: big shareholders increase their holdings of Maoye Department to reduce their holdings

Author:Securities daily Time:2022.06.25

25JUN

Wen | Jia Li

On the evening of June 23, Ginza issued an announcement that the controlling shareholder Commercial Group increased its holdings of 60,000 companies. Earlier, Ginza's shares were continuously reduced by the second shareholder Mahaye Corporation, Zhongzhao Investment. Ginza was once the target of the two major shareholders of the above two major shareholders, but now it is really intriguing. On June 22, the second shareholder reduced the major shareholders after the major shareholders, and the Ginza shares issued an announcement. The company's second largest shareholder Zhong Zhao Investment, from June 17th to June 21st, a total of approximately 1% Stocks. Earlier, Zhongzhao Investment has reduced its holdings of 1%of the shares. In addition to this reduction, the total sale has obtained a total of about 54.26 million yuan. After the sale is completed, Zhongzhao Investment and it consistently actively acting with Maoye Department Store in total holding 12.31%of Ginza's shares. However, on June 23, Ginza issued another announcement saying that on the same day, the major shareholder Commercial Group increased the company's shares of 60,000 shares through the Shanghai Stock Exchange's stock trading system, accounting for 0.0115%. After the increase in holdings, commercial groups accounted for about 25.5%of the shares, and the total shareholding of commercial groups and its consistent actors accounted for 38.9756%. Regarding the reasons for the increase in the holdings of commercial groups, Ginza said that the major shareholders are based on confidence in the company's continuous and stable development in the future and the recognition of long -term investment value. On the basis of the increase in holdings, the Commercial Group also announced that it plans to continue to increase its holdings within 6 months, and it is planned to increase the number of shares of the company about 1%to 2%of the total share capital. As early as eight years ago, the two major shareholders staged the equity dispute with Ginza. From the end of 2014 to the beginning of 2015, the Maowe Industry Department has twice a sudden brand Ginza, with an average price of more than 8.19 yuan/share, cost about 500 million yuan. Huang Mao, the helm of Maoye Department, is called "a card lunar" because of frequently raising A -share listed companies. In this regard, the commercial group fire increases its holdings to maintain the position of the holding. Since then, the Maoye Department has repeatedly disrupted Ginza's reorganization. In 2016, the commercial group's long -term asset injection plans were rejected by the Maoye Department at a critical moment. Commercial Group has always maintained a higher shareholding ratio of Ginza and continued to increase its holdings. Wind data shows that in 2020 and 2021, commercial groups have increased their holdings several times and purchased about 5.2 million shares to consolidate the position of Holdings of Ginza. The increase in holdings of Ginza this time is the first time the commercial group has been in this year. In Yu Qing, the founder of the lens company and the capital market research expert, the increasing holding of the controlling shareholder of Ginza's shares involved in the amount involved in the amount and the number of shares, and it was more about releasing confidence to the market. Why did the price cut out for nearly half of the former "libraous madman" faded out? For the Maoye Department, this round of holdings is undoubtedly a sale of money. According to Maoye International Announcement of the parent company of Zhongzhao Investment, the average price of the sales of Ginza shares this time is 5.22 yuan/share, which is compared to the price range of the Ginza shares twice (8.19 yuan/share to 10.67 yuan/ Stocks) have reduced nearly half (the total share capital of Ginza shares has not changed since 2014, and the cash dividend effect has not been calculated). Why does the Maoye Department of Ginza's former Ginza shares now be sold? In this regard, Maoye International said that the sale will further focus on the company's main business and optimize the financial structure, and related funds are used to repay the loan. Guan Yuqing believes that "Mao Industry has a lot of stores, has a lot of stores, stable operating performance, and predecessors of mixed reforms. Assets are high quality. Both the performance of Ginza's shares have undergone a trough. The Maoye Department has repeatedly reduced its holdings to cage funds, or faded out of Ginza shares, and found a new way for its industrial transformation. "Recently, the reorganization of Ginza's shares has also been re -entered into the agenda. On April 18, Ginza issued an announcement saying that the company was planning to acquire relevant retail business equity in Ginza and World Trade Center in Shandong. The company's company controlled by the commercial group, which constitutes a related transaction for this transaction. The acquisition of the controlling shareholder's assets was considered by the market to delay nearly 20 years, and the controlling shareholders performed their previous commitments to resolve important measures for interbank competition. "With the gradual reduction of the Mao Industry Department, the influence of Ginza shares in the shareholders level has also weakened, which has guaranteed the smooth implementation of the above reorganization to a certain extent." Jiang Han, a senior researcher at Pangu Think Tank. The performance of the "Red Light" reorganization effect is difficult to determine that the 2021 annual report shows that Ginza's operating income achieves 5.671 billion yuan, and its net profit attributable to shareholders of listed companies is 36.2 million yuan, but after deducting non -deducting non -deductible, the loss is 28.4242 million yuan. In 2020, Ginza shares set a huge loss record for more than ten years, with a loss of 386 million yuan, and a loss of 426 million yuan after deduction. Zhuang Shuai, a senior expert of the China Electronic Commerce Association, told the "Securities Daily" reporter: "Now Ginza's performance is still unstable, this year will also face multiple challenges such as repeated epidemic, difficulty recovery, and difficult online expansion." In order to cope with the pressure of performance, Ginza contracted and adjusted the store. According to the financial report, the number of silver -seating shares closed in 2019 and 2020 was 3 or 4, and 12 stores were closed in one breath in 2021. As of December 31, 2021, the company had a total of 120 stores. In the first quarter of 2022, Ginza closed three stores.

At the same time, Ginza is also promoting the upgrading of stock stores. Among them, the community shopping malls with two models of Jinan Huaxin Store and China Railway Store offline are used to expand platforms such as Meituan, Hungry, and JD.com to accelerate online department stores, Supermarket business development.Everbright Securities analysts believe that Ginza's performance last year was slightly lower than expected. This year, it will also face risks such as renewal of some stores' leases, new formats and new store expansion speeds.Guan Yuqing believes that "the contraction of physical stores may be the normal state facing the department store industry in the next few years. At present, the problem of debt and funds is the top priority of Ginza. It is unknown whether the reorganization can save its decline."