Core Viewpoint - Shandong provincial state-owned assets plan to acquire a controlling stake in Shinke Co., Ltd. through a comprehensive tender offer, following previous attempts to sell the company since October 2020 [2][4]. Group 1: Share Transfer and Acquisition - Shinke Co., Ltd. announced that its controlling shareholder, He Quanbo, and the second-largest shareholder, Beijing Huachuang, signed a property transaction contract with Shenzhen Huili to transfer a total of 41.89% of the company's shares [2][6]. - The share transfer includes 42.19 million shares from He Quanbo (28.12% of total shares) and 20.64 million shares from Beijing Huachuang (13.76% of total shares), with a total transaction price of 1.013 billion yuan at 16.12 yuan per share [6][7]. - Following the transfer, Shenzhen Huili will become the controlling shareholder, and the actual controller will change to the Zaozhuang City Tai'erzhuang District State-owned Assets Supervision and Administration Commission [7][9]. Group 2: Tender Offer Obligations - The acquisition will trigger a mandatory tender offer as Shenzhen Huili's shareholding will exceed 30% of the total issued shares [4][6]. - Shenzhen Huili plans to issue a tender offer at the same price of 16.13 yuan per share for 86.58 million shares, excluding shares held by He Quanbo and Beijing Huachuang [7][9]. - The tender offer has received approval from state-owned asset regulatory authorities but is subject to further compliance checks and potential uncertainties regarding its final implementation [7][9]. Group 3: Risks and Governance - If the public shareholding falls below 25% by the end of the tender offer period, Shinke Co., Ltd. may face risks related to its stock distribution not meeting listing requirements [4][9]. - The new controlling shareholder intends to actively participate in corporate governance and improve the company's operational performance and profitability [9][10]. - Shinke Co., Ltd. has faced financial difficulties since its listing in 2011, with most years reporting losses, and has made multiple attempts to change control since October 2020 [10].
筹划“卖壳”五年,能否如愿?