Dong Mingzhu lives with the "dealer alliance" with the goods?Gree was reduced by major shareholders, or 3.5 billion!

Just after Dong Mingzhu ended the "618" live broadcast, Gree's "dealer alliance" reduced his holdings, and the scene two years ago was almost repeated.

On June 24th, Gree Electric (000651.SZ) announced that the company's third largest shareholder Tokyo Internet Technology Development Co., Ltd. (hereinafter referred to as "Jinghai Interconnection") reduced the company's shares of 110 million shares through the large transaction method, It accounts for 1.86%of Gree Electric's total share capital. The Red Star Capital Bureau found that the Jinghai interconnected cash may exceed 3.5 billion yuan.

Another identity of Jinghai Connection is Gree's "Dealer Channel Alliance". The shareholders behind it are 10 regional dealers in Gree Electric. It has been invested in Gree for 15 years. Coincidentally, at the "618" in 2020, Jinghai Internet also reduced Gree Electric with a large amount, cash out about 2.5 billion yuan.

Some market voices believe that although the Beijing -sea interconnection is still one of Gree's major shareholders, it may no longer be "a heart" with Gree. Gree's once proud sales channel model may gradually collapse.

"Dealer Alliance" large reduction of Gree

35 billion yuan

As soon as "618" passed, there was news that Gree's 15 -year "old partner" was reduced.

On the evening of June 24, Gree Electric issued an announcement and received the "Review of Holding Shares" issued by the Tokyo Sea Interconnection of more than 5%of the shares. The Jinghai Internet reduced the company's shares of the company's shares on the 24th, accounting for 1.86%of Gree's total share capital. The announcement also pointed out that since July 2020, the cumulative change ratio of Gree Electric has reached 2.43%of Gree Electric's shares.

Picture from Gree Electric Announcement

The Red Star Capital Bureau noticed that when the Beijing -sea interconnection was reduced, Gree Electric just ushered in the stock price rebound. On the 24th, Gree's plate rose more than 9%, and finally closed up 5.12%. The closing price was 33.9 yuan, and the amplitude of the day exceeded 8%.

It can be seen from the Shenzhen Stock Exchange's transaction information that the cumulative transaction amount of this community transaction was 3.504 billion yuan on June 24. In other words, the Jinghai interconnection cash may exceed 3.5 billion yuan.

The Jinghai Connection, which is 3.5 billion yuan, is the third largest shareholder of Gree Electric. The shareholding ratio is second only to Zhuhai Mingjun Investment Partnership (Limited Partnership), as well as the Hong Kong Central Settlement Co., Ltd.

The reduction of the Beijing -sea interconnection has attracted great attention from the market, not only because it is the third largest shareholder of Gree, but also because it has another special identity -Gree's "dealer channel alliance".

In August 2006, 10 Gree's local sales company cooperation team built Jinghai Guarantee Investment Co., Ltd. (later Jinghai Interconnection). In 2007, Gree transferred 10%of the company's equity to Jinghai, making the latter the second largest shareholder of Gree Electric.

At that time, the market agreed that this means that the provincial sales company, agent, dealer's three -level channel system and Gree are completely bound together, forming a huge community of interests, and solving Gree dealers "each one is its own. War ", vicious competition, and chaotic price system.

The Tianyancha APP shows that the current shareholders behind the Beijing -Haijie are actually 10 regional dealers in Gree Electric, including Hebei, Chongqing, Henan, Zhejiang, Sichuan, Hunan and other companies. Among them, Hebei Gree Electric Marketing Co., Ltd. holds the highest share, accounting for 28%.

Picture from Tianyancha

Today, why did the Beijing -sea interconnection with Gree deeply bound for 15 years and represent the interests of offline dealers suddenly reduced their holdings? There is no reason in the above "Notification Letter".

Once the "close comrades" of Dong Mingzhu and Gree

The reduction of holdings did not exceed 1% before

According to the Shanghai Securities Journal, Guo Shuzhan, the legal representative of the Beijing -Sea Internet, is the "close comrades" that Dong Mingzhu once supported in the process of creating a dealer model. In the autobiography of Dong Mingzhu, "There is no regret for chess", in October 1999, the four shareholders of Henan Gree Sales Company sent her a fax to ask Guo Shuzhan, the general manager.

At that time, Gree was also undergoing channel changes. In order to prevent malignant competition, Gree united some provinces' sales companies to establish regional sales companies, and shareholders were held by these large households. However, after the establishment of the sales company, the big households continued to occupy the interests of the second- and third -level dealers. Dong Mingzhu encouraged Guo Shuzhan to stand on the side of the dealer, which caused him to be crowded out by the big households.

In the end, Dong Mingzhu kept Guo Shuzhan. There is a record in the book:

Guo Shuzhan, who was 40 years old, called Dong Lingzhu and cried: "Sister Dong, they met me." Dong Mingzhu told Guo Shuzhan: "Don't be afraid! They fired you, I came to dismiss them, let the shareholders all all share all shareholders, let all the shareholders get all the shareholders. Exit, Gree Electric choose to invest in excellent dealers, and you continue to be the general manager. "

It can be seen from the above -mentioned autobiography that the relationship between Guo Shuzhan and Jinghai has been closely related to Gree and Dong Mingzhu. From the perspective of previous changes in the holding of the stock, it is true.

Wind data shows that in the 13 years of June 2007-2020, the Beijing-sea interconnection was only reduced by 5 times, and the reduction ratio was less than 1%. Among them, the reduction of holdings (300,000 shares, 100 shares) in 2016 and 2017 has not triggered a change in shareholding.

After this round of reducing holdings, the proportion of Beijing -sea interconnection shares fell to 6.47%, and it is still the third largest shareholder of Gree Electric.

However, there are market voices that although the Beijing -Hai interconnection is still one of Gree's major shareholders, it may no longer be a "heart."

The two reductions are behind the "618" behind the Gree sales system reform "pain"

The Red Star Capital Bureau found that the large reduction of the "dealer alliance" has almost repeated the scene two years ago.

Affected by the epidemic in 2020, Gree's revenue decreased in the quarter, a year -on -year decrease of 49.70%. In order to break the dilemma, on April 24, 2020, Dong Mingzhu began to bring goods on Douyin live broadcast. According to the Securities Times, in 2020, Dong Mingzhu lived a total of 13 games, selling 47.6 billion yuan in goods, accounting for a quarter of Gree's revenue of 170.497 billion yuan.

Dong Mingzhu's live broadcast part of the results in 2020

On June 19, 2020, when the "618" promotion ended, Gree was still immersed in the results of Dong Mingzhu live broadcast and bringing over 10.2 billion, Jinghai Interconnection immediately announced the concentrated bidding transaction method, community transaction method or method of transaction method or method of transaction or method of transaction or method. The combination of the two methods, the total shares of the company's holding of the company do not exceed 42.8818 million shares, accounting for 0.71%of Gree's total share capital. Based on the stock price at that time, the Beijing -hai interconnection reduced the holdings of Gree's stock by about 2.5 billion yuan.

The power of the "dealer alliance" reduced its holdings, allowing Gree Electric to fall on June 22, 2020 and June 23, the stock price of two consecutive trading days, a total of 4.85%, and the market value evaporated about 8.2 billion yuan.

With a market point of view, Gree's online channels have moved the "cakes" of offline dealers, leading to "cracks" between Gree and dealers.

In recent years, Gree Electric has undergone channel reforms and vigorously promotes the new retail line layout.

In 2021, the "Gree Dong Mingzhu Store" live broadcast has ushered in explosive development. In November of the same year, the Douyin account "Pearl Feather Children's Selection" was quietly launched. Dong Mingzhu's high -profile "successor" Meng Yuchong brought Gree on the account, and there have been 2.13 million fans. During the "618" period this year, Dong Mingzhu entered the top ten on June 19th and entered the top ten of the Douyin's list of goods on June 19. It can be seen that Dong Mingzhu and Gree's determination to continue to exert online. However, how to take into account the offline while taking into account the offline, it may be Gree's new topic.

The picture comes from the Douyin account "Pearl Feather Children's Selection"

After the offline "dealer alliance" chose "retreat", who would catch up with the "pick -up party"?

The Red Star Capital Bureau sees from the Dazong transaction information of the Shenzhen Stock Exchange that in this round of reduction, the major trading sellers are the head of the South Road Securities Sales Department of Caida Securities Beijing, of which 3 billion yuan is displayed by the institutional seat, and the remaining 500 million yuan It was sold to several brokerage business departments.

Red Star News reporter Yu Yaoqiang sub -milling

Edit Tao Yiyang

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