Why did Baoneng buy Vanke and where did Baoneng's funds come from?

This is an ongoing fierce battle, and it is difficult to judge. The voices in the market are also very different. People who support Vanke say that Baoneng is a barbarian at the door. Malicious leveraged buyouts are not without problems, but the problems are not exposed. People who support Baoneng say that we should act according to market rules, and we should also act according to market rules when talking about feelings.

This topic provides readers with all kinds of information and analysis of this ongoing "fierce battle" from many angles, in which the focus of market attention is the source of funds of Baoneng Department, and this topic has a detailed investigation. Then there is the spatial analysis of the next move of both sides. However, we should also see that this incident is not a case, and the competition for insurance funds in the secondary market is becoming more and more fierce. There are also many analysis reports on this topic at the policy level. "In addition to these seven asset management plans, Baoneng Department also obtained several financing approvals for leveraged asset management plans last weekend." Since June, Ping An Bank has provided loans of about 2.7 billion yuan to Shenye Logistics and Jushenghua, subsidiaries of Baoneng Department.

Behind Vanke and Baoneng's announcement accusing each other of "war of words" is the money to prepare for "loading".

In addition to the traditional sources of funds such as bank credit, bonds and equity pledge, Baoneng Department has recently become the main source of funds for its "attack" on Vanke through the asset management plan leverage 1∶2.

After Shenzhen Jushenghua Co., Ltd. (hereinafter referred to as "Jushenghua") replied to the letter of concern from Shenzhen Stock Exchange on June 5438+February 65438+May 5, it disclosed that it had subscribed for the inferior asset management plan with its own funds, and its priority sources of funds attracted much attention. 2 1 Century Business Herald found that among the seven asset management plans set up by Jusheng Huawei to increase its holdings of Vanke, priority funds are more likely to come from bank wealth management funds. Ping An Bank, Minsheng Bank, Guangfa Bank and Shenzhen Branch of China Construction Bank are the custodian banks of the above seven asset management plans.

In addition, the reporter of 265438+20th Century Business Herald also found that an asset management plan of Southern Capital Guangju No.2 was put on record at 20 15 12 14, with an initial scale of 3 billion yuan. The number of investors, managers, custodians, investment scope and other projects are the same as those in the previous asset management plan of Southern Capital Guangju 1.

According to an insider of a bank in Shenzhen, in addition to the seven disclosed asset management plans, Baoneng Department also obtained financing approvals for several leveraged asset management plans around 65438+February 65438+February. 8u4 Laws and Regulations Network

Leveraged funds from wealth management or new asset management plans have been established.

As of 65438+February 1 1, Baoneng Department held a total of 24865438+ billion shares of Vanke, accounting for 22.45% of Vanke's total share capital.

Vanke announced on June 5438+05 that Ju Shenghua disclosed that he purchased 4.97% shares of Vanke A shares through seven asset management plans from/kloc-0 to February 4.

According to the announcement, Yan Shenghua bought a total of 549 million Vanke A shares through seven asset management plans of Southern Capital, Taixin Fund and Western Lide. The filing information shows that the total scale of the seven asset management plans is 654.38+08.75 billion.

Through seven leveraged asset management plans, Ju Shenghua completed his increase in Vanke and became the largest shareholder of Vanke. Who provided priority funds for Ju Shenghua? In response to the letter of concern from Shenzhen Stock Exchange, Ju Shenghua said that among the 9.65 billion funds used to increase the holding of Vanke, Ju Shenghua directly invested 3.2 billion yuan and priority customers invested 6.4 billion yuan. The leverage of the asset management plan is 1: 2, and Ju Shenghua subscribes for the inferior level.

Many bankers interviewed by 2 1 Century Business Herald believe that "the priority funds of the asset management plan are likely to come from bank wealth management funds; On the one hand, bank wealth management is eager to find assets. On the other hand, from the perspective of financing, the cost of bank financing is relatively low, and for financiers, the cost is around 7%. " According to the filing information of the above seven asset management plans, the subsidiaries of Southern Capital are AXA 1, AXA 2, AXA 3, Guangyu1; Lu Bao 1 and Jinyu1under Lide in the west; Thai Trust Fund is the asset management plan of Thai Trust 1. Among them, AXA 1, No.2 and No.3 asset management plans with a two-year duration are all1500 million yuan, which are managed by Ping An Bank and have a hierarchical transaction structure. They were reported on June 24th at 165438+. Guangju 1, with a duration of two years and a scale of 3 billion yuan, was entrusted by China Guangfa Bank./KLOC-0 was declared on October 26th, 165438. Baoluno 1 and Jin Yunuo. 1 has a three-tier transaction structure, which was reported on February 2nd at 65,438, with the scale of RMB 3 billion and RMB 4.5 billion respectively, both managed by Shenzhen Branch of China Construction Bank. Taixin 1 has a duration of 2 years and a two-tier transaction structure with a scale of 3.75 billion yuan. 165438+1October 30th, which is managed by Minsheng Bank. "Generally speaking, priority fund subscription banks require the asset management plan to be managed by banks." The aforementioned asset management industry insiders said. A person from a fund subsidiary who did not want to be named revealed that Ping An Bank had previously negotiated relevant fund-raising business agreements with Southern Capital, and the business was carried out in Shenzhen Branch, involving more than 5 billion yuan. People close to Ping An Bank confirmed the above information, but did not respond to the specific amount. According to the reply letter, Ju Shenghua confirmed that three times of leveraged funds were used for the last placard, and the total scale of AXA 1, 2 and 3 asset management plans managed by Ping An Bank was 4.5 billion yuan, and the corresponding priority funds were 3 billion yuan. "In addition to these seven asset management plans, Baoneng Department also obtained several financing approvals for leveraged asset management plans last weekend." A brokerage asset manager who did not want to be named said, but the person refused to disclose the institutions involved and the scale of funds. According to the filing data of the fund industry association, on February 14, 65438, the asset management plan of 3 billion yuan of Southern Capital Guangju No.2 was approved, and the custodian bank was Guangfa Bank, with a term of two years and a two-level grading institution.

The asset management plan is the same as the previous Southern Capital Guangju 1 in terms of initial scale, number of investors, managers, custodians and investment scope. However, the reporter of 2 1 Century Business Herald could not verify whether the asset management plan was invested in Vanke A shares.

A person from South China City Commercial Bank said that the investment target is Vanke shares, and the leverage ratio of 2: 1 is in line with market conditions. At the same time, some private investors have analyzed that the priority funds may come from other insurance companies, that is, another insurance fund took a ride with Ju Shenghua to become a shareholder in Vanke, but there is no evidence to point to any specific insurance company at present. 8u4 Laws and Regulations Network

Bank credit funds have come to help. Last year, the assets suddenly increased several times. 2 1 Century Business Herald The reporter learned that since June, Ping An Bank has provided loans of about 2.7 billion yuan to Shenye Logistics and Jushenghua, subsidiaries of Baoneng Department.

In addition, two corporate bond declarations obtained by reporters of 265438+20th Century Business Herald show that by the end of the second quarter of 20 15, Ju Shenghua had received 8.5 billion yuan of credit from various financial institutions, of which 6.776 billion yuan had been used and the unused amount was172.3 billion yuan. By the end of May 20 15, ICBC, Bank of Communications, China Construction Bank and Agricultural Bank had provided loans of RMB 21540,000,1500,000, RMB 700 million and RMB 600 million respectively. Bohai Trust also raised1500 million yuan from Ju Shenghua.

According to a due diligence report of financial institutions obtained by the reporter of 265438+20th Century Business Herald, another important platform of Baoneng, Baoneng Holdings (China) Co., Ltd. (hereinafter referred to as "Baoneng Holdings"), the loan balance of financial institutions as of June 30 was 219.497 billion yuan. Of the five loans obtained by Baoneng Holdings 20 15, only two are from banks, and the rest are from trust companies and asset management companies, among which the funds from Ping An Trust are as high as 3.497 billion, and the interest rate is 12.5%. The funds from Great Wall Assets and Zhejiang Industrial and Commercial Trust are 654.38+08 billion and 900 million respectively, and the cost is close to Ping An Trust. The other two loans came from Ping An Bank and Minsheng Bank, amounting to 654.38 billion yuan and 370 million yuan respectively.

While Baoneng obtained bank loans, its assets expanded rapidly.

According to the observation of 20 14, the assets of Jushenghua and Baoneng Holdings have expanded rapidly and the inventory is very large. Huge inventory and investment real estate led to the rapid expansion of Baoneng's assets. 8u4 Laws and Regulations Network

"The growth of asset scale will help Bao get more bank loans," commented some local financial circles.

Take Jusheng Huawei as an example. By the end of the second quarter of 20 15, Ju Shenghua's total assets were 35.947 billion, and the asset-liability ratio in the consolidated statement was 4 1.57%. In 20 12, 20 13 and 20 14 years, Jushenghua's assets were 8.596 billion, 8.743 billion and 28.3.1300 million respectively. 20 14, jushenghua industrial "expanded" by more than three times.

Ju Shenghua's balance sheet shows that investment real estate is as high as 65.438+072 billion yuan, long-term equity investment is 2.258 billion yuan, and available-for-sale financial assets are 65.438+06.5438+049 billion yuan. According to the data, the amount of investment real estate is higher because the inventory is transferred to investment real estate. At the end of the second quarter of 20 15, the inventory turnover rate of Jushenghua was 0.0 1, which dropped to the lowest level in history.

Jushenghua's net profits in the first half of 20 12, 20 13, 20 14 and 20 15 were 65438+93 million yuan, 207 million yuan, 292 million yuan and 622 million yuan respectively. Net profit mainly comes from modern logistics income and financial investment income, namely Shenye Logistics and Qianhai Life Insurance.

Baoneng Holdings also has a high inventory ratio. By the end of May of 20 15, the inventory held by Baoneng reached 26 1 100 million. Investment property 19 1 100 million. Other receivables1010.50 billion. 8u4 Laws and Regulations Network

By the end of May, 20 15, the total unaudited assets of Baoneng Holdings reached 70.621100 million yuan, of which the inventory (including prepayments) was 33.53 billion yuan, accounting for 47.48% of the total assets. Total liabilities were 56.900 billion yuan, of which financial institutions had liabilities of 22.492 billion yuan. The net assets are13721000000 yuan, the asset-liability ratio is 80.57%, and the asset-liability ratio after deducting the advance receipts is 72.26%.

In 20 14, Baoneng Holdings realized operating income of RMB13.58 million (basically the same as in 20 13), total profit of RMB16.27 million and net profit of RMB 753 million, mainly due to the vigorous development of Shenzhen real estate market since 20 14. The total assets of Baoneng Holdings in recent three years (20 12 to 20 14) were 24.642 billion yuan, 34.232 billion yuan and 57.848 billion yuan respectively. Also in 20 14, the asset scale of Baoneng Holdings expanded by nearly 1 times.

However, the best financial institutions believe that this is the advantage of Baoneng. They believe that inventory and investment real estate account for the largest proportion of Baoneng assets, exceeding 75%, which is in line with the characteristics of Baoneng Holdings as a real estate business integrating property development and comprehensive operation. Compared with ordinary real estate enterprise groups, Baoneng Holdings, which owns a large number of self-sustaining properties in Shenzhen, undoubtedly has better asset allocation and quality.

In addition, Baoneng Department also obtained the supplement of funds "ammunition" by issuing bonds.

On September 14, official website of the China Insurance Regulatory Commission suggested that Qianhai Life Insurance agreed to publicly issue 10-year callable capital supplementary bonds in the national inter-bank bond market, and the issuance scale should not exceed 5.8 billion yuan. Qianhai Life Insurance has used up the line in three phases on September 29th165438+1October 17, 65438+February 17. The issuance scale of each issue is 2.5 billion yuan,1800 million yuan and1500 million yuan respectively, and the bond coupon rate is 6.25%.

At the same time, Baoneng Department also targeted the "blood transfusion" channel at the corporate bonds of the exchange. 265438+20 th Century Business Herald obtained two corporate bond declarations of Baoneng Company's stock exchange, showing that Ju Shenghua and Baoneng Real Estate submitted applications for "small public offering" bonds to the stock exchange on June 3, 2006 and on October 20, 2006 respectively, with a total amount of 6 billion yuan. However, as of press time, there is no acceptance information of these two bonds on the exchange website.