On the afternoon of July 14, Fuli Zong Weibo, who rarely appeared in public, issued a statement about "the cash offer with China Candy Holdings Co., Ltd. was invalid", expressing deep regret for the failure of the acquisition. On that day, the share price of China Candy fell by more than 60%, and the company's share price instantly returned to three months ago.
As early as May this year 12, China Candy issued an announcement. On behalf of the offeror Hengfeng Flavor and Fragrance Holdings Co., Ltd. (the sole beneficial owner of the Company is Fuli Zong), Xinbaili Finance submitted a voluntary conditional cash offer to acquire all the shares in the issued total share capital of China Candy.
According to the data, the full name of China Candy is China Candy Holding Co., Ltd., formerly known as Fujian Jinjiang Haolaiwu Food Company, which was established in April 2000. The company began to make gel candy, and gradually emerged in candy production.
On June 20 12, Haolaiwu was listed on the Tianjiao Exchange, and then the company's popularity rose rapidly and entered a period of rapid expansion. 20 14, 14 In June, the company applied to the Tianjiao Exchange for delisting and began to list on the Growth Enterprise Market in Hong Kong. This is another food enterprise listed in Hong Kong in Jinjiang after Crayon Shinchan. Xu Jinpei, the controlling shareholder of the company, is a senior food industry practitioner. Before establishing Laiwu, Xu Jinpei was the general manager of Fujian Xufuji (Brother) Food Co., Ltd. ..
2015165438+1October 1 1, China Candy was listed on the Growth Enterprise Market. The matching price at that time was 0.2 Hong Kong dollars. On the day of issuance, it soared to 5.5 1 HK$, with a one-day increase of more than 26 times to close at HK$ 3.25. There are still more than 65438+.
However, on 20 15, 165438+ 10, 18, that is, one week after listing, the share price of China candy plummeted by more than 80%, from the opening price of HK$ 3.7 to the closing price of HK$ 0.7. The next day, China candy plummeted again, from HK$ 0.7 to HK$ 0.25. After that, the share price of China Candy fluctuated around HK$ 0.20 for a long time, reaching a minimum of HK$ 0.093, which was called the "monster stock" in the Hong Kong stock market.
After Fuli Zong wanted to buy China candy, China candy rose sharply, with an increase of 75.53% on April 3rd and 50.85% on April 7th. From May 10 to May 18, it rose from HK$ 0.39 to the highest HK$ 0.94, and the stock price more than doubled in five working days.
"According to analysis, this acquisition may be that Fuli Zong Hongsheng Group wants to go public through backdoor, but it has already been' routine'." Wang Yayuan, a senior Hong Kong stock analyst, analyzed China Economic Weekly. Wang Yayuan believes that it is normal for major shareholders to sell their shells after the company goes public, but judging from the data disclosed in the announcement, there are many strange things in it.
According to the prospectus of China Candy, this is a "couple shop". Founder Xu Jinpei and Hong (husband and wife) are the chairman and CEO of China Candy respectively. After listing, their company held a total of 5 1.99% shares of China Candy.
In 20 16, Mr. Xu Jinpei and Mr. Hong's company reduced their shares in China Candy for three times, and the shareholding ratio decreased from 5 1.99% to1.19%, and the cash amount reached 1.44 million Hong Kong dollars. At present, Xu Jinpei and Hong are no longer the largest shareholders of China Candy.
It is worth noting that two listed companies-Wison International (0 1340. HK) and Dixin Construction (08268.HK) have benefited a lot from this "sugar speculation". According to the announcement of Wison International, the cost price for the company to buy China candy is about HK$ 0. 159. From April 3rd to July 1 1, the profit from selling China candy stocks was about HK$ 35,956,438+0,000. Dixinjian is similar, and the cost is about HK$ 65438 +0.585. During this period, it made a profit of HK$ 26.423 million by selling China candy stocks. The shareholding cost of the above two companies is very close to the price of 0. 158 Hong Kong dollars when Xu Jinpei and Hong reduced their holdings for the third time.
According to analysis, according to the disclosure of rights and interests and the announcement issued by the company, Xu Jinpei and Hong did not mention the buyer when they reduced their holdings three times. In other words, the buyers in these three transactions are not 5% shareholders.
"Now the shell price of a GEM is around HK$ 300 million, but this price includes the controlling interest. Once the equity of a shell is dispersed, it is not worth the price. There are only two explanations I can think of. First, when deploying and selling these stocks in the future, there is no need to disclose them; The second is to create the illusion of scattered equity. " Wang Yayuan analysis.
The executive director of chansons Capital said that he suspected that the shareholders of China Candy were profit-making entities, made arrangements through a series of capital operations, and then introduced Fuli Zong as a concept hype and high-level cash. However, after cashing out, high-level retail investors were not interested in the tender offer at a large discount to the current price, which led to the failure of Fuli Zong's acquisition.
"Fuli Zong intends to use China candy to stand on its own feet, but this mentality may be taken advantage of." Shen Meng said.
"For the first time, we admit that this attempt at capitalization failed," said a person close to Fuli Zong.
Wahaha Group said that the acquisition was Fuli Zong's personal behavior and had nothing to do with the group company. After years of accumulated experience, Fuli Zong has formed its own independent business philosophy. Employees of Wahaha Group usually refer to Fuli Zong as "Xiaozong Sect", while employees of Hongsheng Group mostly address her by her English name Kelly. The governance culture of the two companies can be seen from this.
On 20 10, Fuli Zong became the president of Hangzhou Hongsheng Beverage Group Co., Ltd., and Fuli Zong positioned Hongsheng as a "product and service provider in the whole industry chain of food and beverage industry", investing in specialized core industries such as food additives, mechanical molds, printing and packaging in the upstream of beverages.
In 20 16, Fuli Zong launched a brand-new brand named after its English name Kelly-"Kelly One" customized fruit and vegetable juice, and registered it with Ningbo Hongsheng Youpin E-commerce Co., Ltd. for operation.
Compared with the previous "smooth sailing", the acquisition failed, and the tuition in Fuli Zong was very high. According to the data, as of the close of July 13, Fuli Zong only acquired 4180,000 shares of China Candy, accounting for 26.03% of the company's issued share capital, and the transaction was declared invalid because it failed to meet the target of 50% tender offer. In this acquisition, Fuli Zong's losses were not made public and the outside world had no way of knowing. If we only look at the difference between the offering price of HK$ 0.3565 per share and the closing price of HK$ 0. 165 per share on July 8, the loss is not small.
After the acquisition failed, Fuli Zong said in a statement: "The company deeply regrets the acquisition result. In the whole process, our company abides by the responsibilities and obligations of the offeror and performs all acquisition matters with the most sincere sincerity. In the future, the company will continue to adhere to its own development strategy and continue to explore related fields with a positive and healthy business value orientation. "