Nine Five Two

其實我好慶幸能夠親身經歷過短暫嘅大時代, 同時有機會面對最近嘅大跌市, 考驗一下自己應變能力同資產配置, 更加慶幸嘅係自己條底褲仲未被沖走, 算好好彩。

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)。