However, as a large-scale housing enterprise with a market value of nearly 100 billion, is it good or bad that there is no real controller in the green space? Why did you start this mixed reform? What is the problem of Greenland Group?
Mixed green land reform intensifies the situation of no real controller.
Recently, Greenland Holding Group announced that Shanghai Real Estate, the second largest shareholder of the Group, and Shanghai Chengtou, the third largest shareholder of the Group, intend to transfer no more than 65,438+07.5% of the total share capital of Greenland by publicly soliciting the transferee.
The staff of Greenland Group said that this means that Greenland has started a new round of mixed reform.
However, from the perspective of equity, once the second round of mixed reform is completed, Greenland will take another step without actual controller.
Greenland was founded in 1992 and was once a veritable state-owned enterprise in Shanghai. 20 15 is listed on the backdoor and is currently one of the top ten real estate companies. Before going public, Greenland carried out the first truly diversified reform. On the one hand, management shares are held internally, on the other hand, social capital shares are introduced from outside, and the equity is changed from a single state-owned share to multiple shares, and finally the whole listing is realized.
According to the financial report of Greenland Holdings in the first quarter of 2020, Shanghai Greenland, an employee-owned platform headed by Zhang Yuliang, chairman of Greenland Group, holds 3.545 billion shares of Greenland, accounting for 29. 13%. Shanghai Real Estate holds 365,438+42 million shares of Greenland Holdings, accounting for 25.82%; Shanghai Chengtou holds 2.5 billion shares, accounting for 20.55%. The shareholding ratio of surplus social capital is 24.5%.
After the equity penetration, Shanghai Real Estate, the second largest shareholder, and Shanghai Chengtou, the third largest shareholder, are both SASAC enterprises in Shanghai, and their total state-owned assets account for more than 46%. Although the equity of a single shareholder is lower than that of Shanghai Greenland, the total shareholding ratio of state-owned assets exceeds that of Shanghai Greenland. Therefore, from the outside world, green space has always been considered as a state-owned enterprise.
However, for the definition of its own state after the mixed reform, Greenland said in the announcement that "there is no controlling shareholder and actual controller".
According to the second mixed reform plan, after the total transfer of 17.5% between Shanghai Real Estate and Shanghai Chengtou, the shareholding ratio is about 28.5%, which means that if the mixed reform of Greenland is completed, the total shareholding ratio of Shanghai State-owned assets is likely to be lower than that of Shanghai Greenland, the shareholding platform of management, that is, the Greenland after this mixed reform will become the sole shareholder of management.
Greenland said that after the completion of this share transfer, it is expected that the company still has no controlling shareholder and actual controller, but the company's control structure may change greatly.
Lawyer Wang Yuchen, director of Jin Jing Law Firm, told China Newsweek that from the perspective of company law, the shareholding structure of Greenland does not constitute a single shareholder holding.
For a state-owned enterprise that was once 1 0,000% state-owned, green land has now evolved into a state without actual controller, and with the end of the second state-owned mixed reform, the state without actual controller will be further aggravated. Is this state beneficial or harmful?
Who is the new strength investor?
Since the first mixed listing, the stock market is undoubtedly the most direct response to the state of green space.
20 15 After the backdoor listing of Jin Feng Holdings, the share price of Greenland Holding Group continued to fall. At that time, the stock price was as high as 40 yuan, and its market value exceeded 300 billion, surpassing Vanke Wanda. But then its share price turned around and fell sharply, entering a long period of decline. Its lowest selling price is only around 5 yuan, and its market value is only nearly 60 billion yuan, plummeting 80%.
On August 6th, the share price of Greenland Holdings hovered around 7.8 yuan, with a market value of only over 95 billion yuan, shrinking by more than 2/3 comp.
Based on this, there is a market view that the second mixed reform of green space points to the market value of green space to a great extent. By introducing new capital and equity diversification, it is expected to improve the liquidity and activity of the secondary market.
In this regard, the staff of Greenland Group told China Newsweek that the two major shareholders, Shanghai Real Estate Group and Shanghai Chengtou Group, sold their shares in order to further deepen the reform of state-owned enterprises, optimize and adjust the layout structure of state-owned assets and improve the company's shareholding structure. Greenland Group disclosed this relevant information according to the notice of the two major shareholders.
However, minutes after the announcement of equity transfer 10, Greenland Group issued a document in Guan Wei, saying that the new round of mixed reform will introduce "new strategic shareholders with strength".
"After five years of listing as a model of mixed reform, it took the lead in launching a new round of deep mixed reform." Greenland Group said that by introducing new outstanding strategic shareholders to listed companies, it will support enterprises to further improve the degree of marketization and enhance the freedom of management.
"This should be a heavyweight enterprise," Lu Wenxi, a real estate market analyst in Shanghai Zhongyuan, told China Newsweek. For the new investors of Greenland, it may be a financial institution with financial strength, because the financial pressure of Greenland is quite great. Financial institutions with the background of central enterprises can better solve the debt problem.
However, some market analysts also said that
The new shareholders introduced are likely to be central enterprises with industrial background, and the diversification of green space needs the support of industry.
Who initiated this mixed reform? Are the two shareholders of Greenland or Greenland itself? The direction of Greenland Group's announcement is slightly different from that of Guanwei, but these responses show that from a deeper level, Greenland Group urgently needs to make changes.
Change shareholders if the performance is not good?
What happened to the green land?
For green space, the continuous decline in market value is only a symptom. In five years, its share price has been falling all the way, 80% away from the peak. This means that this company will not be favored by capital market investors for at least five years.
This is obviously very different from the aura of Greenland Group.
According to the annual report data, Greenland Holdings achieved an operating income of 422.5 billion yuan in 20 19, up by 21%year-on-year; The total profit was 30.5 billion yuan, a year-on-year increase of 35%; The net profit returned to the mother was 65.438+0.49 billion yuan, a year-on-year increase of 365.438+0%. Among them, the main business of real estate realized carry-over income of194.7 billion yuan, up by 21%year-on-year; In 20 19, the operating income of the infrastructure sector was186.6 billion yuan, a year-on-year increase of 47%.
In this regard, Zhang Yuliang said that Greenland Holdings has successfully transformed and formed a business pattern of "real estate and infrastructure keep pace, and collaborative industries such as finance, consumption and health are empowered in both directions".
However, this is far from the previous expectations of Greenland. 20 13 Zhang Yuliang said that it is estimated that its operating income will exceed 320 billion yuan this year, 400 billion yuan next year and 500 billion yuan the year after.
As of 20 19, the revenue of green land has just passed 400 billion, and there is still a big gap from 500 billion. In 2020, under the test of the epidemic, the gold content of green space management is even more dwarfed.
According to the Greenland Performance Express, the total operating income of Greenland in the first half of the year was 209.9 billion yuan, up 4. 14% year-on-year. A number of profit indicators fell even more, of which the total profit was 654.38+05.3 billion yuan, down 7.66% year-on-year; The net profit attributable to shareholders of listed companies was 8 billion yuan, a year-on-year decrease of 65,438+00.79%.
In the real estate industry, which accounts for half of the overall performance, green space is even worse. From June to June, 2020, the contracted sales area of Greenland was10310.2 million square meters, a decrease of 30.7% compared with the same period of last year; The contracted sales amount reached 654.38+033.029 billion yuan, a decrease of 20.7% compared with the same period last year. From a national perspective, the sales area and sales volume of commercial housing decreased by 8.4% and 5.4% respectively in the first half of the year, and the decline of green space was far greater than the national average. From the comparison between Greenland and industry leaders Evergrande, Country Garden and Vanke, the sales performance of these leading real estate enterprises basically maintained a pattern of small growth or small decline. In contrast, the decline in the performance of green space can be described as sharp.
In this regard, Lu Wenxi pointed out that there are some problems in the development strategy of Greenland in recent years, including that the product line is too biased towards commercial projects, resulting in large capital investment and slow recovery, which eventually leads to capital chain crisis and management crisis.
In addition, its urban layout accounts for a large proportion in third-and fourth-tier cities, and the overall expansion step is too large, and its problems are gradually emerging. Since last year, Greenland Group has frequently exposed crises, including many housing quality and safety incidents and the shutdown of super high-rise buildings.
In this regard, Zhang Yuliang responded that in 2020, Greenland will be financed without leverage, and its focus will return to first-and second-tier cities. At the same time, it is necessary to comprehensively reflect on general engineering quality problems and eliminate major engineering quality problems.
In this year's market environment, the shift of focus needs to pay higher costs. Can the green space bear it?
According to the data of Greenland Performance Express, in the first half of this year, with the growth of income, total profit and net profit, the owner's equity of Greenland belonging to shareholders of listed companies decreased from 78.9 billion yuan to 77.6 billion yuan, a decrease of 6,543.803 billion yuan. At the same time, its total assets increased from 654.38+065.438+04.570 billion yuan to 654.38+02065438+.
From the perspective of corporate governance, the company's performance is not good, and shareholders can assess the management accordingly, or even replace the management. However, judging from the information of Greenland equity transfer, the current situation is poor performance and the introduction of new shareholders.
Wang Yuchen said that management and shareholders are not completely opposite concepts. Management is usually the representative of shareholders' interests, and there is no passive substitution of shareholders. The reduction of state-owned assets is likely to be cashed out, and at the same time, it will take the opportunity to introduce new investors and optimize the shareholding structure.
Related question and answer: Is Greenland a state-owned enterprise or a central enterprise 1? Greenland is a state-owned enterprise. "Greenland" generally refers to Greenland Holding Group Co., Ltd., also known as "Greenland Group", which is essentially a state-owned listed company with mixed ownership. Founded in July of 1992 and 18, the company is one of the representative enterprises born in the wave of market-oriented reform in China. According to the definition of state-owned enterprises, green space belongs to a kind of state-owned enterprises. 2. The development scale, product type and quality brand of Greenland real estate are in the leading position in the industry, especially in the fields of super high-rise, large-scale urban complex, high-speed rail new city, characteristic towns, convention and exhibition center, modern industrial park, etc., which has a wide and far-reaching impact on urban and rural construction and real estate development in China. 3. Starting from the registered capital of 20 million yuan, after 28 years of continuous growth, it has formed a comprehensive business pattern of "taking real estate and infrastructure as the core and coordinated development of finance, consumption, health and technology". In 20 19, Greenland Group's asset scale exceeded 1. 14 trillion yuan, achieving an operating income of 428.083 billion yuan and a profit of1474.3 million yuan, laying a solid foundation for its asset income "double trillion scale" and entering a world-class enterprise.