Friendship shares essay integration start

July 19, two Shanghai local business shares (600631).　　SH) and the Friendship Shares (600827.SH) are suspended, which means that after the 2003 Shanghai four commercial and Mao group merger, the Hundred group will start another round of restructuring.　　As the Shanghai state-owned restructuring of the hundred shares in the benchmark of the suspension, which means that the previous has not been able to thoroughly resolve the issue of the competition is expected to progress, and as a group of subsidiaries of Friendship shares of the suspension, is understood by the market as a group of business integration will launch a new climax　　Friendship shares essay friendship shares this and the joint suspension of shares in the market expectations.　　Back in the second half of last year, Wu Hongguang, an analyst with joint securities, has pointed out that the restructuring of the group will start with a friendship stake, not only in the two of the company's asset structure, but also in the combination of a complex equity relationship that has led to a weaker group's control.　　At present, the friendship shares engaged in including chain supermarkets, chain building materials sales, department stores and shopping malls, including 4 of the main business, which holds the supermarket business is one of the most valuable part of the 2009 supermarket business for the listed companies contributed 91% of the revenue and 84% of the profit. At the same time, the friendship shares also operates in the western Suburbs shopping center, Friendship South shopping malls two shopping malls and Hongqiao friendship and other 5 department stores, which in 2009, although only for the company contributed 4% of the revenue, but the profit contribution is close to 50%; while the company through holding 90%　　The good United States home decoration building materials companies engaged in chain building materials retail business in 2009 due to dot adjustment resulting in a loss of up to 151 million yuan. Prior to 2009, the Friendship shares held Hong Kong-listed Lianhua supermarket Lianhua supermarket (0980). HK) 34.026% per cent of the equity, but Shanghai's Real Medicine (600607).　　SH, now with the Shanghai Pharmaceutical Complete integration) through the real business company holds Lianhua supermarket 21.17% of the equity. In March 2009, the group spent 1,055,850,000 yuan on real business with a stake of Lianhua supermarket 21.17%, meaning that the group would have a total of 55.2% per cent of the Lianhua supermarket.　　This makes the market generally think that already hold Lianhua supermarket 34.026% stake in the friendship stake is expected to become Lianhua supermarket return a share of the carrier.　　After this, the group began to start the integration of business, the May and June hundred Ma Shong Group chairman of the group and the general manager of the Hua Business Division as Lianhua supermarket chairman and Lianhua supermarket general manager.　　September 2009, Lianhua supermarket spent 492 million yuan successfully acquired Huaring 100% of the equity, which is considered to be the 2003 Shanghai four business groups (100, Hualian, friendship and Trade) after the merger of the most important business integration of the breakthrough. So far, Hong Kong listed companies Lianhua supermarket already has including Lianhua supermarket, Huaring, Century Lian Hua and fast passenger convenience, such as four blocks of business assets; from thisA point of view, Lianhua Supermarket is acting as a group of hundred supermarket business integration platform. This March, the group invested 441.76 million yuan to acquire a 60% stake in Hualian, which is owned by the foreign-owned party (0605.HK), and it is understood that the latter holds 40% of the shares as the initial contribution, and the remaining 20% per cent is purchased from China Resources; After completing the acquisition, the group was to 100%　　Holding a large store brand Hualian Jihua buy sheng.　　The joint suspension of shares and friendship shares, excluding the settlement of the two sides and the holding shareholder of the general merchandise and shopping malls between the competition, the market is widely expected to buy Hualian will also be included in the scope of integration. National Securities analyst Zhang Lihua that the company mainly in Shanghai and Jiangsu and Zhejiang and other neighboring provinces to operate 18 large supermarket stores, "We believe that Lianhua supermarket as a group supermarket business integration platform, the future injection of these assets expected strong." "However, a local long-term focus on the integration of the fund," said Lianhua supermarket, "because the company did not suspend the suspension, so it does not rule out the possibility of the direct injection of Hualian to the Friendship stake, and the Lianhua supermarket stake held by the group may also be injected into the friendship stake, The latter will become a big platform for the integration of the company's super business, so that non-supermarket assets such as building materials and department stores may be replaced by listed companies. "Hundred Group Two reorganization in 2003 years after the establishment of the group, the hundred shares in the next November by the original first department stores and the merger of the Hualian Mall, after the company in 2005-2007 years has completed replacement into the Oriental Shopping mall (Xuhui shop), the acquisition of Oriental shopping malls, new outlets,　　The acquisition of the Hundred Central Plaza and the construction of a Dragon property control and the new opened another city and the new 100 Mall; At present, has basically established the chain stores, shopping malls and outlets of the three major development patterns. However, in 2009, as a result of the first eight major sources of profit from the abolition of the tax benefits (income tax from 15% to 20%, recovery from 2010 to 25%), the company's revenue achieved 11.95% growth at the same time, the deduction of non-recurrent profit and loss after the net profit of 343 million yuan, only to achieve 3.86% year-on-year　　In view of another important source of profit. Oriental commercial building and Yongan department store due to enter the mature period is difficult to achieve greater growth, hundred central shopping, QINGPU outlets and another city shopping center will become the company's future business growth of the main contributor.　　The joint suspension of shares and friendship shares is seen as a sign of a new round of restructuring. In fact, as early as March this year the hundred shares announced the new high tube composition has been emerging.　　Kim Zefei, an analyst at the Shenwan Institute, said three senior executives in the store management background of the friendship stake were nominated as VP, "which seems to herald a critical period for the asset consolidation of the friendship stake and the stake."　　Prior to that, the idea of a merger of the shares of the similar terms and the share of the friendship was generally accepted by the market. If the friendship stake is positionedFor the Super Business asset integration platform, the 2 shopping malls and 5 department stores that have been displaced or stripped out will be expected to be injected into the stake, while the company is expected to include a group of other relevant department stores and shopping items that are currently holding 36% of the company's remaining eight partners and other successful profits. At present, apart from the hundred shares and friendship shares and Hong Kong listed Lianhua Supermarket, the group also holding the Shanghai Trade and First medicine (600833.　　SH) two listed companies.　　Among them, Shanghai material trade engaged in including metal materials, oil and automobiles and other business and import and export trade, of which metal trading income accounted for more than 70%, 2008 and 2009 respectively recorded 70.776 million Yuan and 71.5703 million yuan net profit; The first medicine of another holding listed company is engaged in the medicine circulation business, prior to the market has speculated that the hundred group from the real medicine in the hands of the resumption of Lianhua supermarket-related equity, the first medicine is expected to be classified into the real group, but on the real group in 2009 launched the integration of Shanghai medicine did not appear the first medical figure, In today's increasingly competitive pharmaceutical field of the first medicine in the development of the space will be squeezed, and ultimately how to position the Hundred group is still facing the problem.