上星期五民生終於出左收購華富嘅細節, 聽日要爆升應該冇問題, 但係睇番同當初民銀國際(CMBCI)約定認購88億至133億華富股份, 最新嘅terms卻顯示佢只會認購88.7億股, 佔擴大股本後35.6%左右, 就咁睇民生係未能實現絕對控股。
或者有人擔心咁樣會唔會比之前差左, 仔細聽清楚細節, 原來CMBCI利用co-investors, 以較少資本, 實現槓桿控制華富, 同時亦可豐富investor base。
華富於完成併購後嘅股權分佈:
Vechicles
|
Investors
|
No. of shares
|
%
|
Existing shareholders
|
1,510,198,540
|
6.1%
|
|
option
|
48,348,867
|
0.2%
|
|
CMBCI
|
CMBC
|
8,867,256,637
|
35.6%
|
New Hope Global
|
vice chairman and non-executive
director of CMBC |
2,908,584,000
|
11.7%
|
United Energy International
|
United Energy Group
|
2,908,584,000
|
11.7%
|
Mind Power
|
Anbang Life Insurance
|
2,908,584,000
|
11.7%
|
China P&I Services
|
China Shipowners Mutual Assurance
Association
|
1,450,000,000
|
5.8%
|
Good First International
|
50% held by non-executive director of
CMBC
|
707,964,000
|
2.8%
|
Tisé Media Fund LP
|
Third party
|
700,000,000
|
2.8%
|
Novel Well Limited
|
Third party
|
700,000,000
|
2.8%
|
Insight Multi-Strategy Funds SPC for
the
account of Insight Phoenix Fund III SP |
Third party
|
1,242,000,000
|
5.0%
|
Ristora Investments Limited
|
Third party
|
301,899,200
|
1.2%
|
Divine Unity
|
Third party
|
180,003,554
|
0.7%
|
China Alliance Properties
|
Fosun
|
180,000,000
|
0.7%
|
employees of CMBCI
|
156,000,000
|
0.6%
|
|
King Ace
|
Quam Trustee
|
164,000,000
|
0.7%
|
Total
|
24,933,422,798
|
100.0%
|
根據通告, New Hope Global、United Energy International、Mind Power Investments Ltd. 各自已向CMBCI給予承諾書，使民銀國際可按其絕對酌情權，就它們各自持有之1,246,471,140股股份在華富國際任何股東大會上表決，有效期為完成交易之日起計一年。所以，CMBCI將控制經認購事項擴大之華富國際已發行股份約51%之表決權。
如此一來,民生就可以喺完成單deal一年內控股華富。另外co-investors 入面出現左anbang同fosun, 前者為民銀嘅最大股東, 後者就係買左club med嘅上海黃和, 可謂陣容強大。
通告亦都透露左華富應該要向投行之路進發, 可惜CICC暫未上市, 未能同佢個PB做比較, 簡單d用812黎做比較, PB 4.82, 即係imply華富可達HK$2.64。
順帶一提, 單deal其實仲有可多先決條件要過, 所以我決定聽日食少少先, 無論點, 到最後我都會留番5手左右, 做個紀念 (絕對係bias)。
順帶一提, 單deal其實仲有可多先決條件要過, 所以我決定聽日食少少先, 無論點, 到最後我都會留番5手左右, 做個紀念 (絕對係bias)。
