Red Star Capital Bureau reported on May 21 that on the evening of May 20, Shanxi Fenjiu (600809) announced that it planned to reduce its holdings of no more than 8 million shares of Shanxi Fenjiu, accounting for 0.66% of the total share capital, due to the expiration of the fund of its shareholder Huachuang Xinrui (Hong Kong) Co., Ltd. (hereinafter referred to as "Huachuang Xinrui"). As of the noon closing on the 21st, Shanxi Fenjiu had closed at 260.1 yuan/share. Based on this, it is estimated that the cash out amount of Huachuang Xinrui in this round of reduction may exceed 2 billion yuan.
Source: Shanxi Fenjiu Announcement According to the announcement, according to the relevant cooperation agreement of Lianhe Fund, it is required to reduce its indirectly held shares of the company when the fund is due to exit. Therefore, Huachuang Xinrui plans to reduce its shares by block trading to no more than 8 million shares this time, which will be implemented within 3 months (including the expiration date of 3 months) after 15 trading days from the date of public disclosure of the reduction plan.
Source: Shanxi Fenjiu Announcement Up to now, Huachuang Xinrui holds 136 million shares of Shanxi Fenjiu, accounting for 11.16% of the company's total share capital. Among them, China Resources Venture holds 80.62% shares of Huachuang Xinrui, and China Resources Venture Lianhe Fund Phase I (limited partnership) (hereinafter referred to as "Lianhe Fund") holds 19.38% shares of Huachuang Xinrui.
According to the public information, Huachuang Xinrui is a subsidiary specially established by China Resources Venture for cooperation with Fenjiu. In 2018, Fenjiu Group transferred its 99154500 shares of Shanxi Fenjiu to Huachuang Xinrui (accounting for 11.45% of the total capital stock of Shanxi Fenjiu). The equity transfer price was 52.04 yuan/share, and the total transfer price was 5.16 billion yuan. Huachuang Xinrui promises that its Shanxi Fenjiu shares acquired through the above transactions will not be transferred or managed by others in any direct or indirect way within 60 months from the date of transfer of such shares to the company (June 29, 2018), including but not limited to public transfer through the securities market or transfer by agreement, nor will it set a pledge Mortgage or any other encumbrance.
In 2019, Shanxi Fenjiu achieved a revenue of 11.89 billion yuan, breaking through the 10 billion yuan threshold for the first time. In 2022 and 2023, the revenue of Fenjiu has exceeded 20 billion yuan and 30 billion yuan respectively.
Based on the above price, Huachuang Xinrui is undoubtedly making a big profit this time. At present, the total market value of China Resources shares is nearly 36 billion yuan.
The sudden announcement of Huachuang Xinrui to reduce its holdings in Shanxi Fenjiu also caused some investors' concerns. Shanxi Fenjiu announced that the shareholding reduction plan launched by Huachuang Xinrui will not change the firm confidence of China Resources Venture in the future development prospects of the company and its high recognition of the long-term value of the company. China Resources Venture will continue to hold the company's shares through Huachuang Xinrui, without any plan to reduce the company's shares, and will continue to adhere to the international vision and experience of mergers and acquisitions integration as always, Cooperate with the company and complement each other's advantages to promote the company's high-quality and steady development.
Red Star Journalist Cheng Luyang
Editor Xiao Ziqi
