The investment storm led to huge losses in Ping An, which reduced market confidence.
I. Commercial office real estate projects
On June 28th this year, China Ping An announced the information disclosure of large-scale real estate investment, and planned to invest no more than 33 billion yuan to acquire 60%-70% shares in six commercial office real estate projects including raffles city from Singapore Kaide Group and private equity funds. The transaction is expected to be officially completed in the third quarter of 20021.
In this acquisition, the Ping An acquisition project has a serious premium. There is even a conclusion in the market that the total value of assets acquired by Ping An does not exceed 654.38+0 billion, which means there is a premium of more than 20 billion. Although the actual valuation of the transaction price of the six projects is about 46.7 billion yuan, which is 6.7% higher than the estimated value at the end of 2020, it still reduces market confidence. With the announcement of the acquisition news, Ping An A shares fell by 6.57% and Hong Kong stocks fell by 4.53%.
Second, the acquisition of Peking University Founder
At the same time, on June 29th, 65438, China Ping An announced that in order to promote the construction of medical and health ecosystem and create a new engine for future value growth, it agreed that the company would participate in the substantive merger and reorganization of Founder and four subsidiaries of Peking University within the scope of authorization.
As early as the third quarter of 20 19, the financial report of Founder Group of Peking University showed that by the end of 20 19, the debt ratio of Founder Group reached 82.84%. Because of the debt problem, Peking University Founder Group began to embark on the road of restructuring in 2020. As of 2002 1,1,18, 725 creditors, including Founder, Founder Property Control, Peking University Medical, Peking University Credit Industry and Peking University Resources, have filed 736 claims with the manager of Founder Group, with a total amount of 234.734 billion.
In the long run, the addition of Founder Medical of Peking University is a powerful supplement to the offline medical system of Ping 'an, and has a far-reaching impact on the improvement of the safe and healthy ecosystem. But in the short term, Founder Group may need its investment of 37.05-50.75 billion yuan, which seems to be a heavy burden for any enterprise.
Third, the acquisition of Huaxia Happiness.
In July of 20 18 and June of 20 19, China Ping An obtained 750 million shares from Huaxia Holdings, the major shareholder of Huaxia Happiness, at a price of 23.65 yuan/share and 24.597 yuan/share respectively, with a cost of 1800 million before and after, with a shareholding ratio of 25.5%.
However, in the first three quarters of 2020, the total debt of Huaxia Happiness exceeded 400 billion. Among them, the scale of interest-bearing liabilities is 2 185 billion yuan, mainly short-term liabilities, of which short-term loans are about 34.3 billion yuan, non-current liabilities due within one year are nearly 59.8 billion yuan, and bonds payable exceed 52.5 billion yuan. On February 1 day, Huaxia Happiness issued an announcement, acknowledging the thunderstorm for the first time. The overdue principal and interest of debt totaled 5.255 billion yuan, involving bank loans, trust loans and other forms of debt.
To sum up, Ping An's three investments exceeded 654.38+03 billion yuan. If all losses are incurred, it will be a disaster for any company. Although Ping An's net profit attributable to shareholders of the parent company last year was 65.438+043.099 billion yuan, which was completely affordable, the media seized the three pits of Ping An and made a big fuss.
In the eyes of investors, the market has changed the valuation logic of companies like Ping An from growth stocks to traditional blue-chip stocks. In addition, under the background of rising inflation and continuous global water release, due to factors such as interest rate environment and risk preference, large funds pay more attention to the time cost of holding shares. In the painful period of enterprise reform, they are unwilling to wait patiently for the end of the painful period of enterprise reform, but choose some assets that are well tracked or have clear profit prospects for allocation, which is also the reason why the stock price plummeted due to the successive selling of large funds.