Shenzhen Metro took over the ＂Vanke dispute＂ of China Resources holding shares and ushered in a turning point？

　　Xinhuanet Shenzhen January 12 th New Media Specialist Question: Shenzhen Metro took over the "Vanke dispute" of China Resources holding shares and ushered in a turning point?

　　Xinhua News Agency "China Net" reporter Sun Fei Chen Yuxuan

　　On the evening of the 12th, Vanke Group officially announced that China Resources and its wholly-owned subsidiary Zhongrun Domestic Trading Co., Ltd. transferred its Vanke shares to Shenzhen Metro Group. At the same time, Shenzhen Metro clearly stated that it "supports Vanke’s management team to implement operation and management according to the established strategic objectives". Many people in the industry have analyzed that the "Vanke dispute" may usher in a turning point.

　　China Resources will transfer its Vanke shares to Shenzhen Metro.

　　On the evening of the 12th, Vanke announced that China Resources had transferred its Vanke shares to Shenzhen Metro. After the transfer is completed, China Resources will no longer hold Vanke shares.

　　According to the announcement, Vanke received the notice from China Resources Co., Ltd. and Shenzhen Metro Group on January 12, and its shareholder China Resources Co., Ltd. and its wholly-owned subsidiary Zhongrun Trade signed the Share Transfer Agreement on Vanke Enterprise Co., Ltd. with Shenzhen Metro Group on the same day. China Resources and Zhongrun Trade intend to transfer their total 1.689 billion A shares of Vanke to Shenzhen Metro Group by agreement transfer.

　　The announcement also shows that the Vanke shares to be transferred by China Resources and Zhongrun Trade account for about 15.31% of Vanke’s total share capital. The transfer price of the underlying shares is RMB 37.171 billion, corresponding to a transaction price of RMB 22.00 per share.

　　"Shenzhen Metro becoming an important shareholder will play a positive role in the company’s development." The relevant person in charge of Vanke said, "In the future, Vanke will work hard with Shenzhen Metro to practice ‘ Track+Property ’ Development mode, while consolidating and developing the existing business, accelerate to ‘ Urban supporting service provider ’ Transformation. "

　　Last year, Vanke planned to purchase 100% equity of Qianhai International held by Shenzhen Metro Group at a total consideration of 45.613 billion yuan by issuing shares. If this transaction is completed, Shenzhen Metro will become the largest shareholder of Vanke. Although Vanke’s management supported the plan, Baoneng Department and China Resources explicitly opposed it, and the transaction was finally terminated at the end of last year. This time, Shenzhen Metro will "kill back" Vanke, and it will also become the second largest shareholder after Baoneng.

　　"Vanke dispute" ushered in a turning point?

　　Regarding becoming a shareholder of Vanke, the relevant person in charge of Shenzhen Metro said, "As a leading enterprise in the domestic real estate industry, Vanke has an excellent management team, rich development experience and a solid development foundation. Joining Vanke will help both parties to form more effective strategic coordination while giving full play to their respective advantages. Shenzhen Metro will support Vanke’s management team to implement operation and management in accordance with the established strategic objectives. "

　　After Shenzhen Metro completed the above-mentioned equity transfer transaction and clearly expressed its support for Vanke’s management team, many people in the industry analyzed that Vanke’s management’s right to speak at the company’s shareholder level will be improved.

　　According to public data, Baoneng currently holds 25.4% of Vanke’s shares, Shenzhen Metro holds 15.31% after the transfer of China Resources, China Evergrande Group holds 14.07%, Anbang holds 6.18%, and Vanke’s management holds 4.14% through the Jin Peng Plan.

　　Recently, Evergrande has made it clear that it will increase its holding of Vanke as a financial investment. Xia Haijun, president of Evergrande Group, said that the company has no intention of becoming the controlling shareholder of Vanke. In terms of Anbang, Vanke publicly stated at the end of 2015 that it welcomed Anbang to become an important shareholder, and Anbang also responded that it hoped that Vanke’s management team and business style would remain stable.

　　"In the most ideal situation, Vanke’s management is expected to get support from Anbang and Shenzhen Railway, and may get more than 25.6% equity support at that time, which will also exceed the Baoneng Department." A securities analyst said.

　　"After the Shenzhen subway enters, the Vanke incident will usher in a better ending, Vanke’s surname is ‘ Country ’ The possibility of increasing. " Li Daxiao, chief economist of Yingda Securities, said, "I look forward to Shenzhen Metro’s shareholding in Vanke, which will complement Vanke and bring better development to the company."

　　The trend remains to be seen. Investors should be alert to uncertain risks.

　　At the same time, many analysts pointed out that the final solution of the "Vanke dispute" remains to be seen.

　　Le Jiadong, chief analyst of GF Securities Real Estate, said that the Shenzhen Metro’s transfer of shares of China Resources Group can only be said that the dispute over Vanke’s equity has taken the first step towards resolution, but it is still too early to say that the incident has been effectively resolved, and the situation is still complicated. The future trend remains to be seen. He reminded investors to pay attention to the investment risks brought by the uncertainty in the course of the event.

　　In the eyes of some capital market participants, Baoneng Department is still the largest shareholder, and Baoneng Department and Evergrande together hold nearly 40% of Vanke shares. "There are still some variables in the future."

　　In March this year, Vanke’s management will re-elect the board of directors, which will also become a key node for whether the "Vanke dispute" can be properly resolved.

　　Zhu Xu, secretary of Vanke’s board of directors, said last year that due to the current complicated situation, it is more difficult to change the board of directors. Vanke is actively and deeply communicating with all shareholders to ensure the stability of the board of directors before the change. "According to the company’s articles of association, there is no special reason before the board of directors is re-elected. The shareholders’ meeting cannot dissolve the board of directors. Shareholders who hold more than 3% of shares and have held shares for more than 180 days can propose candidates for directors, and shareholders who hold more than 1% of shares can propose candidates for independent directors."

　　"When major shareholders compete for the control of listed companies, it may bring shocks to the stock price. All parties should play the game within the scope of legal rules and aim at maximizing the overall interests of the company." Zhang Yuanzhong, managing partner of Beijing Wentian Law Firm, believes.