Gome sells three-won US Bain 3 billion

Gome sales twists after the good, Bain Capital to exceed the price of other competitors to take ownership, become Gome's second largest shareholder, although the shares of Huang Guangyu have a certain degree of dilution, but still maintain the largest shareholder status. Reporters yesterday from various sources learned that June 6, Gome convened a board of directors, unanimously passed the U.S. private equity giant Bain Capital injection of Gome's plan.　　It is said that the US private equity fund Bain Capital plans to invest in Gome (00493,HK) about 400 million U.S. dollars, the acquisition of 18% of Gome's new shares, and the purchase of 7-year convertible bonds, the total cost of about 500 million U.S. dollars, Bain will be on the Gome board to occupy a seat.　　Gome Deputy president, spokesman He Yangqing said that there is no more details can be disclosed "all to the announcement of the subject."　　The industry expects Gome this week to make an official announcement of the financing incident, and a 3 billion-dollar injection of Gome, the capital pressure will be greatly eased. Copy bottom success Bain 500 million U.S. dollars win after the investigation, Gome faced with capital pressure, a light convertible bond issue, on the big headache: According to the May 2007 Gome issued a notice, bondholders can choose on May 18, 2010, according to the value of the dollar equivalent of RMB multiplied by 102.27% for redemption.　　This means that if all is redeemed, gome must be ready for at least 4.6 billion yuan of cash before May 2010. At the end of last year, Warburg Pincus investment, Carlyle, Bain Capital, Hopu Investment management company and other institutions were included in the Gome funds to extract the big list.　　To this March or April, Bain Capital, the Warburg Pincus Fund and K K R became the three most promising. According to news from Hong Kong, after several months of competition with other potential investors, June 1, Bain Hong Kong director of Jonathanzhu led the Bain negotiating team, with the Gome board chairman and President Chen Xiao, led by the Gome management to start the "exclusive" exclusive negotiations; 5 days later,　　Bain Capital in excess of the price of other investment institutions, at a transaction price of HK $1.07, a total of 500 million U.S. dollars of financing prices, the acquisition of 14% of Gome's shares. Under the plan, Bain will buy Gome's new 18% per cent stake in the sale of Gome's 4.6 billion Hong Kong dollar convertible bonds in 12%, with an annual interest rate of 5%.　　The transaction price of HK $1.07, compared with Gome's November 24, 2008 suspension, closed at 1. The price of HK $12 4.5% ——— a year ago, Gome's share price stayed at a high of HK $17.　　He Yangqing, vice president of Gome, is reluctant to comment on any details of the sale, saying that everything is subject to announcements.　　Not counted Gome, Bain has raised more than 1 billion dollars in capital to China, it invested in China's Sina, Baidu, Tencent and other Internet companies. Foreign-owned and difficult to hold Huang's family is still headed before, Gome main foreign institutional shareholders including JPMorgan Chase (8.88%), Morgan Stanley (8.17%), C apitalg roup (7.12%)T.　　R ow EP ricea ssociates (6.01%), Bain Capital from behind, will become Gome two shareholder.　　Sources said the high bid is not the only reason for Bain Capital to win, "to ensure the yellow family's holding status," is Bain Capital to laugh at the end of the core. PAL Consulting Senior Director Luo Qingxi that the plight of gome is temporary, whether major shareholders or the current management does not want to see the transfer of corporate control.　　So the original JPMorgan Chase, Morgan Stanley, Capitalg OUP and other major foreign shareholders, are excluded from the shortlist.　　More sources said that Bain Capital in late May this year to Gome to submit a new plan, although the specific content of the outside world is not known, but mainly to "ensure the yellow family's holding status" as a prerequisite. This "sincerity" finally won the happy ending: for Bain Capital, the 1.07 Hong Kong dollar transaction price is "floor price", while Gome received 3 billion of the capital injection, financial pressure eased greatly, Huang Guangyu is still the first major shareholder: Huang Guangyu couple currently owns 35.55% of Gome's stake, diluted still nearly 30 %。　　The industry's earlier rumours of a "yellowing" of the equity structure have not materialized. In addition to being the largest shareholder in the listed company, Huang also owns more than 400 stores that are not listed in Gome, including Gome in Shanghai.　　Another entrusted management of the 61 large and medium electric stores, also did not enter the listed companies.　　Capital decompression Gome continues to optimize road "Bain's capital injections and subscriptions will basically address Gome's financial pressure," said an analyst who declined to be named, saying Gome's relationship with suppliers had improved and "stable operation should be fine". Just last week, Citi raised its rating to "hold", the target price has been raised from HK $0.60 to HK $1.30, and the rationale given by Citi is "no longer based on low valuations in the corporate crisis", and market participants believe that such a move could be seen as a signal of the dust settles in the Gome financing event.　　In addition, private equity and hedge funds have regained interest in retailing as equity markets regain stability and the economy recovers. Gome, for its part, is more willing to mention the growth in its sales performance. He Yangqing said that this year 51 Golden Week and Dragon Boat Festival holiday, Gome sales even better than last year, "with the main market-oriented to the old and energy-saving policy in the second half of the implementation, conservative estimate may pull more than 30 billion yuan sales, and Gome currently in the city market share of more than 40%."　　"Guangzhou Gome General manager High Cluster is stressed that the future gome will not only be home appliances retailers," also sell video games, car stereos, even toilets, fish tanks, will also build 3G Business Hall, high cluster said Gome's positioning will be electronic shopping center. "This is the situation, on the other hand, is the United States to achieve the current stage must be completed," the high cluster pointed out that the previous gome in the race stage, such as relations with suppliers, processing consumer feedback information, etc.There is a shortage, and now, Gome's business strategy, then to "Optimize supplier partnership" and "optimize the store network resources."　　It is reported that in 2009, Gome will close up to 100 underperforming stores, and will open the same number of new stores, the total number of stores will remain around 1300. Our reporter Wangxiaoxing Intern Chen Shihi Gome denied that Chen Xiao "left the field" industry yesterday news that, because of the introduction of strategic investors and other senior executives disagree, Gome, the current Chairman of the Board of Directors Chen Xiao intends to hold all his shares transfer. Gome has strongly denied this.　　Gome officials said, "Certainly not the case", "management team stability and company growth prospects is the most important factor to attract investors." The source said that the introduction of investors has been the incident was led by Chen Xiao's management team in operation, "Chen Xiao set is not likely to leave the field." Chen is currently holding 7.28% of Gome shares.　　Yesterday, Chen's mobile phone was always off the state.　　Link private equity ——— Bain Capital is an international private equity investment fund that manages more than 50, 0 dollars, involving private equity, venture capital, listed equity hedge funds and leveraged debt assets management.　　Bain Capital was founded in 1984, headquartered in Boston, in Hong Kong, Shanghai, Tokyo, New York, London and Munich have branch offices. More than 1 billion dollars have been raised to invest in China. Bain Capital invests in retail, it, health and manufacturing, which holds a partial stake in Dom Inospizza, pharmaceutical Group W Arnerc Hilcott, toy "anti" city (Toys "R" Us), and sporting goods distributor Broad Brothers (Broderbros).　　And in 2002 before and after the investment in China's Sina, Baidu, Tencent and other Internet enterprises. Related reports