Baoneng started as a vegetable industrial company, and has held shares or participated in nearly ten listed companies
Yao Zhenhua
In the 1994 A-share market In the market's landmark "Battle between Jun and Wan", Vanke had a thrilling contest with the "barbarian" Junan Securities. But 11 years later, this "barbarian" quietly turned into a mysterious "Baoneng".
The "Baoneng Department" started from a small company in Shenzhen and gradually became a huge business empire under the leadership of "Helmsman" Yao Zhenhua. In this battle for Vanke's equity that has attracted the attention of the entire market, Baoneng has used its main platform Jushenghua to promote Vanke many times. Its financing methods are also diverse, showing the skills of a capital player.
The "Business Empire" that started in the vegetable industry
Although Baoneng has frequently appeared on the stage of the capital market in the past two years, it has built a business empire that integrates real estate, insurance, logistics, medical, It is a huge business empire in many industries such as agriculture, but its process of coming to the forefront is not as easy to explain as other group camps. On the contrary, it is somewhat mysterious.
Public information shows that Shenzhen Baoneng Investment Group Co., Ltd. (referred to as "Baoneng Group") is the core company of the "Baoneng Group". According to public information from the industrial and commercial department, Baoneng Group is uniquely owned by Yao Zhenhua, and he is also the helmsman behind the "Baoneng Department".
Baoneng Group’s official website shows that the group includes five major sectors including comprehensive property development, finance, modern logistics, cultural tourism, and people’s livelihood industries. It has jurisdiction over Baoneng Real Estate, Qianhai Life Insurance, Jushenghua, and Guangdong Cloud. Credit rating, Guangdong small loans, Shenzhen Baoshihui e-commerce, Shenzhen fresh agricultural products and many other subsidiaries.
According to the equity change report issued by Vanke, in addition to the above-mentioned subsidiaries of Baoneng Group, the assets of the "Baoneng Group" also include Shenzhen Shenye Logistics Group Co., Ltd., Chuangbang Group Co., Ltd., Shenzhen Jianye Property Management Co., Ltd. and many other companies.
Take Shum Yip Logistics as an example. The company was established in 1983 and was operated as a joint venture between Shum Yip Group and Baoneng Group with a state-owned background. This also reflects a characteristic of the Baoneng Department, that is, the Baoneng Department has “dealt with” a considerable number of state-owned enterprises during its development process.
Currently, the shareholders of Shum Yip Logistics are Chuangbang Group and Jushenghua, which are wholly owned by Baoneng Group. The legal representative of Shum Yip Logistics is Yao Zhenhua’s younger brother Yao Jianhui.
In recent years, it has repeatedly invested in listed companies
Before acquiring the majority shareholder of Vanke, Baoneng had already “hunted” many listed companies, with a total investment of more than 50 billion.
Since 2014, using the two core platforms of Jushenghua and Qianhai Life, Baoneng has invested in listed companies through placards or private placements, including OCT, Zhongju High-tech, Shaoneng, Mingxing Electricity, Nanning Department Store, Hefei Department Store, CSG A, etc.
Except Vanke, the Baoneng brand that costs the most is CSG A. Public information shows that since December last year, Qianhai Life Insurance, Jushenghua, etc. have purchased a total of 529 million CSG A shares and 35.54 million B shares through the secondary market and private placement by the beginning of December this year. The proportion reached 25.05%, becoming the majority shareholder. It is conservatively estimated that the cumulative funds used by Qianhai Life Insurance and Jushenghua to buy CSG A have reached more than 5 billion yuan.
Similarly, Qianhai Life also raised shares of Shaoneng shares three times in a row through centralized bidding in the secondary market, buying 162 million shares at a total cost of approximately 1.4 billion yuan.
In addition, from April to the end of September this year, Qianhai Life Insurance also bought a total of 160 million shares of Zhongju High-tech, holding a shareholding ratio of 20.11%, and used about 2.3 billion yuan in funds.
Public information shows that Qianhai Life also holds 16.25 million shares, 52.44 million shares, and 54.51 million shares in three companies: Star Power, Nanning Department Store, and Hefei Department Store respectively. Based on rough calculations based on the purchase price range, Qianhai Life Insurance increased its holdings in the above-mentioned companies, using a total of approximately 1 billion yuan in funds.
Hunting on "high leverage" Vanke
According to the equity change report disclosed by Vanke, from July to December 2015, "high leverage" companies including Jushenghua and Qianhai Life Insurance "Baoneng Group" has raised shares with Vanke four times, and thus surpassed China Resources and became Vanke's largest shareholder. The funds spent on raising placards exceeded 30 billion yuan.
An equity change report disclosed by Vanke in December showed that as of December 31, 2014, Jushenghua’s total assets were 28.313 billion yuan, total liabilities reached 9.637 billion yuan, and the asset-liability ratio was 34 %, the full-year net profit was only 262 million yuan. Such data is obviously difficult to match with the role of competing for Vanke's equity.
Where did such a huge amount of funds come from. According to statistics from a reporter from the Beijing News, in this round of placards that cost 30 billion yuan, in addition to Baoneng’s own funds and insurance funds from Qianhai Life, Jushenghua also used margin financing and securities lending and proceeds. Leverage instruments such as swaps.
On December 10, the Shenzhen Stock Exchange issued a letter of concern asking Jushenghua about 9 questions including the source of funds. Jushenghua stated on the 15th that in its latest bid, it purchased 4.97% of Vanke’s shares through seven asset management plans at a total cost of approximately 9.652 billion yuan, and its actual investment was 3.217 billion yuan. As a result, the total capital leverage of these seven asset management plans reaches 3 times.
In addition to the above-mentioned asset management plans, Jushenghua also raises funds through margin financing and securities lending, income swaps and equity pledges. Among them, Vanke’s announcement on November 11 stated that Jushenghua had pledged 728 million shares it held to Penghua Asset, which accounted for 6.59% of Vanke’s total share capital.
Another equity change announcement issued on November 20 showed that Jushenghua purchased 0.34% of Vanke’s equity through margin financing and securities lending in July and August, and through income swaps 8.04% of the equity was purchased through income swaps, of which the portion purchased through income swaps was completed through four securities firms: Huatai, Galaxy, CITIC and Guosen.
Beijing News reporter Chen Pengluo Chao
■ Characters
Baoneng Department "head" Yao Zhenhua: the low-key "92 faction"
As the "head" of Baoneng, Chaoshan businessman Yao Zhenhua has always maintained a low profile and mystery. There are very few legends about him in the "Jianghu".
Public information shows that Yao Zhenhua was admitted to South China University of Technology in 1988. While in school, Yao Zhenhua worked harder than others. At that time, South China University of Technology opened a second major, and Yao Zhenhua became one of the first students to choose to pursue a second major. He also studied industrial engineering management and food engineering, which forced him to take more than 30 courses more than others, and he also had to take more courses than others. Faced with greater pressure.
In 1992, Yao Zhenhua completed his studies. This year was the year when Deng Xiaoping's speech during his southern tour blew the spring breeze of reform. Yao Zhenhua, who had just stepped out of campus, responded to the call and came to Shenzhen to start his own business and became a member of the "92 School" of entrepreneurs.
In 1997, Yao Zhenhua established Shenzhen Xinbaokang Vegetable Industrial Development Co., Ltd. Later, Xinbaokang became the predecessor of Shenzhen Baoneng Investment Group Co., Ltd. Therefore, there are rumors in the market that Yao Zhenhua started his career by "selling vegetables".
Today, with the expansion of Baoneng Group’s business scope, Yao Zhenhua’s status has gradually been established. He has also served as the honorary president of the Guangdong Chaozhou Federation, a member of the Standing Committee of the Guangdong Provincial Committee of the Chinese People’s Political Consultative Conference, and a member of the Guangdong Provincial Federation of Industry and Commerce. Vice Chairman and other positions.
Beijing News reporter Luo Chao
(The above answers were published on 2015-12-19, please refer to the actual relevant current home purchase policies)
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