Gome to issue 20% dilution of Huang Guangyu controlling stake

US KKR and Bain Capital win no suspense a person close to Gome said the first half of the issue of 20% Equity, the second half may also be additional 20%, Gome will be through the way to dilute Huang Guangyu's stake in Gome, the end of "Huang Guangyu era." Gome has arrived at the most dangerous time, to sell or issue 20% shares to save themselves.　　In recent days, such news has been widely circulated in the Hong Kong stock market. According to the Securities daily reporters understand that because of technical reasons, Gome is not currently selling equity, but to the way to attract funds.　　Among the many bidders, the consortium of KKR and Bain Capital of the United States is likely to defeat the Shanghai Guo Group and Hong Kong Li Ka-shing's company, eventually settled in Gome. "This plan is also the Gome high-level release, the goal is to slowly dilute Huang Guangyu in Gome's stake, until completely exit, weaken Huang Guangyu to gome negative influence." And the consortium of KKR and Bain Capital should be about the same as Gome.　　A person close to Gome said to reporters. He also told reporters: "This matter, Huang Guangyu should know, and the yellow family also understand, but helpless, now the yellow family is like" meat on the chopping board "can only be trampled on.　　"Is 20% more than the second half of the sale will be additional 20%?"　　In Gome shareholder structure, Huang Guangyu and his wife Azalea accounted for 35.5%, become "absolute big shareholder". There are many rumors that Huang Guangyu sold the stake, but the person told reporters: "There is no change I do not know, but the beginning of the plan is to issue 20% additional, so as to dilute the stake of Huang Guangyu." The sale of 20% is unlikely, if it is to sell the 20% stake in Huang Guangyu, the last is to Huang Guangyu signed, not too likely.　　"Another point of concern is that if Gome chooses to sell Mr Huang's stake to dilute its influence in Gome, then the money is the Huang clan, if Gome chooses to issue additional, can raise financing is gome itself."　　One reality is that Gome is facing a difficult financial problem. "At the beginning, many domestic and international institutions have been to negotiate with the United States, it is learned that the government wants to have a Chinese-funded investment bank to take over, such as Lenovo's Hong-Yi Investment, Citic Capital." But in the end they don't do it, they can only find foreign. "According to Gome's 2008 earnings, the four items of notes payable, debt payable, convertible bonds and bank loans were added, totalling 16.6 billion yuan. But its cash and cash equivalents are only 3 billion yuan.　　Among them, Gome May 2007 issued 4.6 billion trillion yuan of huge bonds will expire in 2010, will also face the heavy pressure of short-term bulk redemption.　　And the $4.6 billion trillion debt seems to be the cause of Gome's decision to issue additional, according to the current situation, unless Gome's share price from the current 1.12 yuan/share to 5 yuan/share, the creditor will not redeem the convertible bonds, but in the present situation, it is impossible. "From Gome eager to issue 20% shares of the matter can be seen, gome first is to reduce the incident of Huang Guangyu to gome some negative impact; second: It is clear that Gome wants to get a deal soon　　One analyst told reporters. "According to the first plan is now 20% more, the second half or over a period of time to issue 20%, in such a way to dilute Mr Huang's stake." But now there's no change, I don't know.　　The people familiar with the matter said to reporters.　　KKR and Bain won no suspense despite the crisis, Gome is currently in the national household Appliances chain brand influence, home appliances market share is still ranked first. "From an investment point of view, this project is certainly a good project, whether from the business model, or the current price, and Gome's leading position in the industry."　　The people familiar with the matter said to reporters.　　With the United States have contact with the intention is that the international capital of KKR and Bain Capital of the consortium, Lenovo's Hong-yi Investment and Citic Capital, Best Buy, the original owner of Zhang Dazhang, Li Ka-shing, Guo also on Gome this part of the stake. Among them, Best Buy made it clear: "There is no interest in gome and there will be no acquisitions."　　But Li Ka-shing and Guo have been ambiguous about the 20% stake in Gome. A consortium of international capital Giants KKR and Bain Capital is likely to have won, the people told reporters: "I do not know the latest news, but the two should have signed Gome, but the actual procedure has not gone." Two investment banks are planning to buy about 20% per cent of Gome, with a total value of around HK $3 billion. Of these, two investment banks invested 1 billion Hong Kong dollars and the remaining HK $1 billion was financed by other private equity.　　"Gome is said to be on condition that this" syndicate "can only occupy a seat on Gome's board of directors. According to reporters, KKR is the world's largest private equity capital. In 2007, KKR managed a total of $53.4 billion trillion in assets, of which the assets managed by the buy-out fund amounted to $44.1 billion trillion. In recent years, after entering China, it has invested in a number of companies, including 115 million dollars for 43.2% of the company, and after Sanlu's "melamine" crisis, he invested $300 million in China's dairy sector.　　Bain Capital assets around 25 billion U.S. dollars, has raised more than 1 billion U.S. dollars to China. "Combined with the strength and background of KKR and Bain Capital, as well as the experience of investing in some industries, they are highly likely to win," said a well-known expert on home appliances. And this time gome to introduce foreign qualified investment bank is very advantageous, more important reason is, the foreign investment bank value of investments rather than Gome's control, also will not be too much change to gome management, this happens to be the gome needs. "Li Ka-shing will not Guo the final victory is still to be confirmed." I can tell you that Guo is really interested in the 20% stake in Gome, and also asked Morgan to negotiate the matter, but the final results, now do not know. "AA person close to the truth told reporters. Home appliances industry Renowned experts told reporters: "From the present out of several bidders, the international capital giant KKR and Bain Capital Consortium to win the hope is very big, Li Ka-shing and Guo although have strong interest, but Gome should not buy their account." "At present, Li Ka-shing has owned Watson, Fengze Electrical appliances, Bojia Supermarket and other retail brands, including the same Fengze of Gome business is covered with Hong Kong, Macao and Taiwan."　　And Fosun Group currently has the pharmaceutical, real estate, steel and retail, such as the four leading industries: steel plate is the South steel, real estate plate is Forte Group, pharmaceutical industry is Fosun Medicine, retail industry to Yuyuan as the representative. "I think Guo and Li Ka-shing bid for the success of the hope is not, to Li Ka-shing and Guo Point of view, they go into the United States is not simply to invest, is to be the" boss. If Gome were to let them in, it would be equivalent to introducing a manager of competition, which, in the case of Gome, should not be chosen.　　The household appliance industry experts told reporters. And people familiar with the situation also confirmed this, he told reporters: "Li Ka-shing has also discussed I do not know, but certainly hope not, because the Li Ka-shing has Fengze electrical appliances, this certainly not, from the above policy to see this peer is not allowed to take." May 25 This reporter repeatedly called the Hutchison Whampoa Hong Kong News Office People's telephone, but has been no answer.　　No one answered the secret office of Fosun Group.　　However, the reporters could not be reached to comment on KKR and Bain Capital's relevant officials.　　Reporters have called Gome's many senior executives, but all said: "Not very clear, do not want to make any comments," and other words. Liu Buzhong, a famous home appliance expert, said in an interview: "When Huang Guangyu is beyond his control, it will become the most critical choice for shareholders and management to secure the continued and healthy development of gome." Thus, if through two times, Gome will end the "era of Huang Guangyu."