Dual-Link set up logistics assets controversial Goldman Sachs lets right MBO step up

Double-Sinks (000895.SZ) executive Curve Mbo, which has attracted many questions, has come to the fore for several years.　　November 28, the development of a dual-remittance plan, the plan through the reorganization of assets and control of the two parts of the binding, not only resolved the double Exchange group and listed companies between the large number of related transactions, but also let all sectors have been talking about the two-link executives of the curve MBO, thoroughly "sunshine. "If the reorganization succeeds, then the two sinks will not rely on individuals to promote the development of enterprises, but by system." Even if I am not in the future, the impact on the enterprise is not big.　　"November 30, Shuang Hui Group chairman Bandung in Kunming to accept this reporter interview.　　Goldman's "covert" is all about the delicate Goldman Sachs. March 2006, Luohe City, Henan province, the double sinks group 100% of the equity, to the price of 1 billion yuan listed transfer.　　In the end, Goldman Sachs and the Hong Kong Rotex Limited, controlled by the CDH, won a 100% per cent share of the double Exchange group at a price of 2.01 billion yuan, which indirectly controlled the dual-exchange development of 35.72% per cent of the listed companies. In a dramatic fashion, Goldman Sachs and Ding-Hui's arrival took the initiative to relinquish control of the company.　　Then, on the double sinks group of senior managers of the curve MBO speculation will be heard.　　However, Goldman's indirect shareholding in the double sinks group has been lowered from 51% in 2006 to 5.18%, according to a plan announced November 28.　　Goldman Sachs, a delicate character, is gradually fading away from the double sinks. "Goldman's exit is inevitable as a financial investor," Bandung said in a conference call to the National press on November 30.　　"And for the previous Goldman Sachs Denghui, the initiative to give up control of the company, Bandung in the interview with this reporter, said that at that time Goldman Sachs and Ding Hui was the state-owned stake, once to Luohe city Sasac commitment to maintain the stability of management. "When the meat processing industry is very competitive, the double sinks as a small factory, is to rely on foreign capital to develop step by step."　　"When it comes to foreign capital such as Goldman Sachs, Bandung is feeling a lot. According to Bandung, in the early 90, double sinks introduced 16 foreign investors from 6 countries. "The introduction of funds is not much, a total of more than 200 million dollars, and then the double sinks and listed financing." In this way the double sinks step by step development.　　"said Bandung. However, Bandung said that in order to achieve long-term stability of the double sinks, investors must be introduced to reform the system.　　Under these conditions, Goldman Sachs joined the CDH. As for today's surrender of actual control, a senior executive said: "This restructuring, we and foreign investors have been hard negotiations, and finally reached an agreement." Although equity did not increase, voting rights increased.　　"With Goldman's privacy, the dual-Exchange management MBO also stepped forward in the draft and gradually became" sunny ". Management control "landed" in 2007 after Goldman Sachs Denghui, double sinksAn offshore company named Hing Tai Group, which is owned by management, was quietly established.　　Hing Tai Group by the double sinks Group of senior management, sales backbone, core technical personnel, including a total of 263 people. According to the independent financial consultancy report issued by Guotai Securities, the chairman of Shuang Hui Bandung owns 14.4% of the Thai group, and Zhang Junjie, chairman of the BIS Development company, holds 6.2% of the shares.　　Other dual-exchange insiders also hold a number of unequal shares.　　Double Sinks Group Senior told our correspondent, later Hing Tai Group 100% Holdings of the male domain companies, to foreign banks to acquire a double collection of foreign-related enterprises, a number of double sinks of the relevant industry companies, including the stake in this part of the equity and Goldman Sachs, Ding-hui has no relationship.　　Since then, the male domain companies to use these shares and double Exchange international exchange shares, become a double sinks international shareholders, holding a double sinks international 31.82% of the equity.　　Through this series of acquisitions, Stock Exchange, the reorganization, the double Exchange Management control of the Hing Tai Group in fact has a double Exchange group 31.82% control. Under the restructuring plan, SHINEB, which has been controlled by Goldman Sachs, CDH and two other foreign investors, will be removed.　　Prior to the SHINEB through the holding of double sinks international 36.36% of the equity, control of the double sinks group and listed companies. After the cancellation of Shineb, the equity of foreign investors such as Goldman Sachs and Ding FAI will all fall on the double sinks International.　　In the double sinks International, the 100%-holding company of Hing Tai Group will become the most shareholding shareholder in 30.23%.　　The new Yun Chang, with 6% double sinks International Equity, double Exchange management and staff will have a total of 36.23% per cent international equity. "Yun Chang is the future of the company's managers to carry out equity incentives, there is no specific shareholders." "said Bandung.　　However, under the proposed reorganization, the company will exercise its right to vote according to the directions of the male domain company.　　In addition to the revised double sinks International regulation, allows the male domain company and the Yun-Chang company in the vote can vote two votes per share of the two shares of the international shareholders will have a share of the voting ratio of 53.19%. Thus, the double sinks management in the double sinks group and the development of the listed companies in the control of the "landing".　　The MBO in the double sinks management has been realized not only in the equity but also in the control. According to our correspondent understand, this reorganization plan, in 8 months of time, double sinks and the SFC also conducted a number of communication.　　A person close to the double sinks told our correspondent, the CSRC for the reorganization of the draft is also in accordance with the management of MBO Regulations audit.　　However, the realization of all this, but also finally through the general meeting of shareholders.　　The assets are in dispute from December 3 onwards, including Bandung and other senior executives will be in Shenzhen, Guangzhou, Shanghai and Beijing and other Road roadshow. According to the reorganization plan, the double sinks group intends to inject the assets of listed companies to the estimated value of 33.94 billion yuan. corresponding to the 2010 earnings ratio of about 18.1 times times. This injected asset has a more than double exchange ratioThe discount on P/E before the exhibition suspension exceeds 30%. For the reorganization of the plan can get institutional investors endorsement, Bandung to this reporter said still very confident. "First of all, the group injected the assets, we gave more than 30% discount." In addition, the profitability of this part of the asset is also very good. We don't care much for the low or high price, because we have confidence in the company's future. Bandung told reporters that November 30, in the exchange with brokers, funds and other institutional researchers, some people asked the above questions, but after my explanation, they are also very recognized. "And according to a person close to the double sinks development of large shareholders of the shares told reporters that the current share of shareholders in this price is also more satisfied. "In fact, they are not particularly concerned about the price, we mainly focus on the settlement of related transactions." "In the announcement of the reorganization plan, the development of double sinks to set out its original logistics assets." According to the 2010.5 Annual report of the double sinks development, only the logistics assets of listed companies provide the related turnover of the group by about 180 million.　　Moreover its logistics customer not only includes the double sinks group internal company, but also includes KFC, Metro, Mengniu and other large well-known enterprises. After the release of the reorganization plan, some brokers said: "This took away the 100 million of the listed company's profits." "For the dual-sinks development of the logistics assets, the double sinks said, in fact, this involves the long-term development of the company and the short-term benefits of the problem." "May as investors more value short-term listed company's profits, but from the perspective of the long-term development of corporate strategy, dual-link logistics to take out is conducive to its development." "" Dual-link logistics in the development of listed companies after so many years, or now such a son. It is no longer possible for it to rely on listed companies to develop.　　"the senior said.　　However, whether the fund will eventually buy the double sinks, it is only after the four road show is over.　　Q&a q= Huaxia Financial a= Group Chairman Bandung Q: Will the future double sinks involve other businesses, such as real estate? A: We are familiar with the Chinese meat processing industry, the market is so large, the future is focused on the meat processing industry. Our positioning for the enterprise is industrialization, specialization, scale and modernization.　　The reorganization of the double sinks also revolves around this "Sihua".　　Q: What are the development goals for the future double sinks? A: We will make the largest and world-leading meat processing enterprises in China in the future.　　Sales revenue this year has exceeded 50 billion, "Twelve-Five" period, we have to super billion.　　Q: Just now you said "Sihua", which is the key link? A: To achieve the above profit target, modernization is critical. Our size is very large in China, we can find the most advanced equipment in the world, such as German, American, Japanese, Swiss, Spanish and so on.　　Do this industry, no advanced equipment, no sound market network, brand and the efforts of the staff can not. Future Judge double exchange share price to hundred yuan Sprint reorganization preAt the beginning of the case, the share price of the development of the double sinks continued for a week.　　As a result of the reorganization of the plan, the basic solution to a large amount of related transactions, so analysts have given the stock a higher target price. "According to the announcement, the profitability of injecting assets is good, so the company's future growth should be good," said Wanguo, an analyst at the food and beverage industry.　　"In Wanguo's report, the child trainer gives a 93 yuan per share of the target price for six months, and gives the buy rating." China Merchants Securities, in the report, gives a target price of 100 yuan per share within one year. China Merchants Securities analyst Zhu Weihua said that after the reorganization will realize the management and the circulation shareholder's benefit altogether wins, not only realizes the one-off large extension income, but also will remove the obstacle, realizes the leaping development fully. (Huaxia times Zhang Yuxiang)