Southern Media sells Shanghai Tai Hong shares to sell Guanghua Holdings

Abstract: Southern media sales of Shanghai Tai Hong shares and sell Guanghua Holdings, compared with its a year ago through a complex and secretive equity arrangements to gain control of the latter, the abrupt anomaly, even the restructuring of the Wang Yawei also did not respond. But the market is more focused on the future who will

Southern Media sales of Shanghai Tai Hong shares and "sell" Guanghua holdings, compared with its a year ago through a complex and secretive equity arrangements to gain control of the latter, the abrupt anomaly, even the restructuring of Wang Yawei also "not response." But the market is more focused on the future who will take over the edge of the profit and loss of Guanghua Holdings? The listing of the stock exchange from the SEHK specifies that the assignee must have "industry experience" in detail, or that it is still the most likely to be the cultural media industry.

Recently, Guangdong province Southern Cultural Property Rights Exchange hung a notice of transfer of property rights, marked as "Shanghai Hongtai Investment Management Co., Ltd. (referred to as" Shanghai Hongtai ") 51% stake", the listing price of 19.38 million yuan.

According to the October 21 Guanghua Holdings announcement, the listed people in the Guangdong Southern Broadcasting and Television media Group ("Southern Media") wholly-owned Guangdong Southern film and television Media Holdings Limited.

Data show that Shanghai Hongtai currently holds a large shareholder of Guanghua Holdings, Jiangsu Kaiyuan Asset Management Co., Ltd. 49% equity. Of the remaining 51% shares of Kaiyuan assets, 9% belong to the southern media, 42% belong to Jiangsu Kaiyuan International Group, behind which is the Jiangsu Sasac.

Based on this, the Shanghai Tai Hong 51% Equity transfer, the actual control of Guanghua Holdings will be changed.

According to the listing announcement, Shanghai Thai Wang as at August 31, 2011 of the book Net worth of 27.3709 million yuan, the evaluation price of 28.7157 million yuan. Accordingly, 51% the listing price of the equity is 19.38 million yuan less than 20 million yuan can buy into the listed company control person, in a A shares also is rare.

But at the same time, the transfer notice also disclosed: Nanjing Long Gao Real estate has been to Shanghai, the second Chinese court to sue Shanghai Thai Wang, request to return 59.6219 million yuan loan principal and interest; shareholder Shanghai Geng Yuan Culture Communication company has to Shanghai Jingan court sued Shanghai Thai Wang, request to return 20.7058 million yuan loan principal and interest. The above cases are now in the process of trial. Two or more debts totaling 80.32 million yuan, which indirectly explains one of the reasons why the southern media issued less than 20 million of the transfer price.

Review of past announcements, the southern media has passed a series of stock rights consolidation and acquisition, and finally in July 2010 to gain control of Guanghua. Data show that the Southern Media department by the Guangdong province of introspection, city, county radio and television system enterprises and institutions of the joint composition, this part by the Guangdong People's radio, Guangdong TV, southern Television, Guangdong province, radio and television Technology Center, Guangdong CATV Network company, such as five units composed of members of Shenzhen, 19 prefecture-level broadcast stations outside Guangzhou.

At that time, the southern media issued a report of changes in rights and interests, said the intention to complete the internal business integration after the adjustment of the main business of listed companies. Now looking back, or based on inadequate internal integration, the original reorganization plan stranded.

According to the transfer announcement, the southern media issued a very few hard conditions. However, there is one or other concern that requires the licensee to have experience in the industry.

Although the notice does not specify "what" business experience, but based on the southern media business background, has proposed to the Guanghua holdings of the main business adjustment plan, the licensee still requires the cultural media in the field of the most likely enterprises.

It is also worth mentioning that in the notice of assignment, the column "Management intends to participate in the assignee" is not, and the column "whether the old shareholders give up the right of preemption" is not. According to the disclosure, Shanghai Thai Wang currently two of shareholders for the Shanghai Geng Yuan Culture Communication company, shareholding 25%, three shareholders for the medium-range (Hangzhou) network company, shareholding 24%.

Another interesting point of concern is that the three quarterly reports revealed by Sinorama on October 21 showed that, despite the very small number of institutional investors, Huaxia stock Fund holdings 1 million, Huaxia Strategic Select Fund holding 920,000, the fifth and seventh largest shareholder.

Back to the past earnings, we know that the Chinese market in the first quarter of 2011, China's Strategic selection Department of the three-quarter board of shareholders, is the time of the holding of the stock price interval of 12 to 19 yuan, 10 to 11 yuan, and all the way down, the current stock price is only 9.1 yuan,

According to the transfer notice, the closing date of the listing period is November 18, the ultimate control of Guanghua Holdings will be spent who home, this newspaper will continue to pay attention.