There are generally two ways to change the actual controller of listed companies. One is the transfer of the agreement, and the other is the direction of the direction. Although both can achieve the purpose of changing the boss, these two methods are huge.
There are two main points.
First, the ownership of money is different.
The protocol transfer is that the primitive controller sells his own equity directly to the receiver, and the money is the primitive controller.
The directional addition is the companys issuance of new shares, and then sells the new shares to the receiver, collecting money is a listed company.
The second is the different impact on other shareholders.
The protocol transfer is the transmission of the original equity. No matter who finally falls into the hand, the equity of other shareholders has always unchanged.
The directional issuance is to increase the total amount of the companys share capital, which dilutes the rights and interests of other shareholders.
Based on these two huge differences, if you start from the interests of most shareholders, what kind of change to change the owner of a listed company should follow this principle.
If the listed company is in good condition, it should be transferred to the agreement because the listed company does not need money, and the income of the original shareholders will be diluted after adding the shares.
On the contrary, it should be issued with orientation, because companies with poor state need money. At the same time, new shareholders can share the risk of the original shareholders after entering the market.
However, the reality is often the opposite of this. The owner of the good company is reluctant to leave, so only the company owner who is not in good condition will want to escape.Directly cash out through agreement transfer.
Of course, the profit is human nature, and the escape is fled. According to the rules of the securities market, They are allowed.
But what makes the shareholders unbearable is that those greedy actual controlling people get money but they still have to sell their cash out of their own cash out of the rescue of listed companies.
For example, Boss A, he said that the cash -to -share stake is to introduce new battle investment to the listed company to enhance the companys capital capacity and business competitiveness.
For example, the boss B, he said that the cash -to -equity is to reduce the risk of the equity pledge of the actual controller, thereby improving the stability of the control of listed companies.
For example, the boss C. He said that the cash -to -equity is to avoid centralization, realize the companys equity structure, guide the companys governance structure towards a benign development.
It is very good, and it sounds very reasonable, but after the cash escapes, the shareholders have not seen where the funds are, where the competitiveness is improved, and the governance is governance.Where is the structure optimization?
And these magnificent announcements have been turned into the constant accumulated resentment.
Of course, there are still clean leaves, there are no grand excuses, and they have not put money in their pockets.Hope.
Recently, Xiangjiang, a listed company City, announced that it will be increasing to the State Councils enterprise of the State-owned Assets Supervision and Administration Commission of the State Council.Later, CLP Intelligence will become the new controlling shareholder.
As mentioned earlier, most of the listed companies for changing bosses are not in good condition.Self -feeling is weak back to heaven.
But go back, at least there is no private cash -to -equity.Do not take the division.
The actual controller leaves the market cleanly, and the listed company shakes into a central enterprise.Its right.
It is worth mentioning that if time is allocated back to 21 years, the earliest predecessor of Xiangjiang, Shanghai, Shanghai Yixin City Basic Co., Ltd. was originally a local state -owned enterprise.Come back now has become a central state -owned enterprise.
In 1997, Shanghai Yixing City and Shanghai Jiading District jointly established Shanghai Yixin Municipal Basic Co., Ltd., which mainly focused on the design and construction of basic engineering engineering.
However, this is a company without construction qualifications. In 2001, with the countrys management and control of building enterprises, it had to seek the company for sale.
Xie Xiaodong is a native of Yixing, Jiangsu. At that time, he worked as a project manager in Shanghai Branch of China Foreign Construction Corporation.
The premise of the acquisition reached by Xie Xiaodong and Shanghai Yixin is to help Shanghai Yixin get the construction qualification.
This acquisition association is strange if you look at it now, your company would originally sell it, but you will let the other party get the construction qualification as the prerequisite.
In fact, this was a mapping of the restructuring environment of state -owned enterprises at that time. If state -owned enterprises become private, there will be hats that will be deducted from assets.
Let Xie Xiaodong take the premise of getting the construction qualification. This is to prove the strength of the receiver. To let everyone see that if it is not sold to the other party, the company cannot survive.
In 2003, the conditions were reached. Xie Xiaodong won Shanghai Yixin, and the name was used to change to Shanghai City Construction Development Co., Ltd. in 2009.
Then in 2016, the Shanghai Stock Exchange became the first construction company listed by underground engineering as the main business, referred to as "urban shares" for short.
As the real estate regulation intensifies, the business of urban land shares is becoming more and more difficult to do. Xie Xiaodong then came up with the idea of transformation. In 2019The rename is the current "city of Xiangjiang".
After gradually narrowing the underground engineering business, the proportion of the IDC service business will become increasing. By 2023, the underground engineering business has almost gone.
Although the IDC is taller than underground engineering, the technical requirements are higher.
According to the description of the main business according to the Xiangjiang annual report of the city:
"Data Center Investment and Operation and other services;Manufacturing and sales; data center system integration.In the field of dense IDC, it is obviously not a good thing.
Overall, my countrys IDC has actually provided too much, and the industry has come to the turning point. It needs to be transformed from scale -oriented to oversized, low energy consumption, and green development.
This is just like the former steel, cement, and coal industry. Small and backward ones should withdraw from the historical stage or integrate into a larger camp.
As far as the current pattern of IDC is concerned, China Energy Construction Group, the parent company of CSI, which takes over, is one of the big camps.
From the perspective of the merger and acquisition of A shares, it is rare for the State -owned Assets Supervision and Administration Commission of the State Council to acquire private enterprises. In the words of shareholders, this is "exemption" to join the civil servant team.
In fact, the Xie Xiaodong and Lu Jingfang had already reduced their holdings. Xie Xiaodong cashed 168 million, Lu Jingfang cash out 27 million, totaling 195 million.
Contentful and happy. Now, when you encounter such a rare "Kao Gong" opportunity, Xie Xiaodong and Lu Jingfang certainly give up.
