On the evening of July 15, 11 months after its launch, the market-focused tens of billions of mixed reforms finally fell, and TCL finally successfully bid for 100% equity of Tianjin Zhonghuan Electronic Information Group Co., Ltd. (hereinafter referred to as “Central Group”) The company has collected 96 related companies, including two listed companies, namely Zhonghuan and Tianjin Purin. As a leader in the monocrystalline silicon wafer and semiconductor industries, the future trend of Zhonghuan shares has received much attention.
However, the capital market apparently did not buy this heavy information. On July 16, Zhonghuan shares and Tianjin Purin both fell within half an hour of opening, and the total market value evaporated about 7.8 billion yuan. TCL’s share price opened with an increase, but the decline ended, and as of the 16th close, the decline was 2.02%.
Regarding the unexpected lower limit, relevant people analyzed that Central fell into TCL, and the biggest change was that the status changed from “state-owned” to “private enterprise”. The change of the actual controller led to increased uncertainty in the company’s established development direction, which led to investment Those who vote with their feet.
Official information shows that the Central Group was established in 2002, formerly known as the Tianjin Electric Machinery Industry Bureau established in 1959. It is a large enterprise group authorized by the Tianjin Municipal Government to operate state-owned assets. It now has more than 250 wholly state-owned, state-owned holding and shareholding companies. , Including 4 listed companies and 3 listed companies on the New Third Board. In November 2019, the Tianjin State-owned Assets Supervision and Administration Commission transferred 49% of the equity held by Zhonghuan Group to Tianjin Bohai State-owned Assets Management Co., Ltd. (Bohai State-owned Assets). Zhonghuan Group and Tianjin Jinzhi State-owned Capital Investment and Operation Co., Ltd. (Jinzhi Capital, holding 51% of shares) Jointly held.
However, the change in the identity of private enterprises is good news for more analysts. As far as Zhonghuan shares are concerned, the CICC Research Report pointed out that after the mixed reform is completed, the company’s capacity investment and management decision-making chain will be significantly shortened, which is expected to drive the company’s energy efficiency and cost reduction.
In this regard, another analyst holds the same view. He pointed out that Zhonghuan shares both photovoltaic and semiconductor fields, but the semiconductor volume is significantly smaller than photovoltaic. TCL completed its transformation into the semiconductor field in 2019. TCL’s entry will be Zhonghuan shares bring more market resources, which is conducive to the growth of the semiconductor business.
According to relevant sources, in the next three years, TCL plans to split Zhonghuan into three listed companies, and promises to inject 2 billion yuan annually to help Zhonghuan strengthen the development of the semiconductor and photovoltaic industry; it promises to inject its high-quality semiconductor and photovoltaic industry chain into the relevant listing At the same time, the company also promised not to reduce its shareholding in listed companies in the next three years.
Sort out the history of the mixed reform in Central, which was first launched in 2019. On September 18, 2019, Zhonghuan received a notice from the controlling shareholder to initiate mixed reform. On January 20 this year, Zhonghuan’s controlling shareholders, Jin Zhi Capital and Bohai State-owned Assets, pre-disclosed the information of the Central China Group’s equity in the property rights transfer project held by the Tianjin Property Rights Exchange Center, and jointly transferred the equity of the Central China Group. The total transfer ratio was 100 %. On May 20, the information on the transfer of 100% equity of the Central Group was officially disclosed in the Tianjin Property Rights Exchange, and the low price of the transfer reached 10.97 billion yuan.
Since then, the fierce bidding of the Central Ten Billion Mixed Reform has begun, attracting many large central enterprises, local state-owned enterprises and private enterprises such as Wuxi Industrial Development Group, State Power Investment Corporation, OCT, Tongwei Co., TCL Technology, and Zhengtai. participate. However, the final delisting battle fell on two major companies, TCL and IDG, based on the share price of property rights transfer (51 points), industrial layout in Tianjin (11 points), industrial collaboration (9 points), industry management experience (7 points ), capital strength (5 points) and other scores to launch the ultimate battle.
On July 14th, relevant sources revealed that TCL, which had not been optimistic, achieved a mixed reform of Central Group with a 10-point advantage. According to media analysis, compared with IDG’s strong capital strength, TCL may win the industry layout in Tianjin. As of now, TCL has invested 1.3 billion in Tianjin, and has signed strategic cooperation and industry with Tianjin Municipal Government and Jinzhi Capital. Investment agreement. And TCL’s capital strength is not to be underestimated.
On July 15th, TCL issued an announcement, which was reviewed by the review team and confirmed by the transferor. The company became the final transferee of the mixed reform in Central. However, the two parties of the transaction have not signed the final transaction agreement and will disclose the information in time according to the progress of the project.
In addition, some investors questioned Zhonghuan shares about the impact of mixed reforms, which indicated that the mixed reforms were only changes in the company’s controlling shareholder, Zhonghuan Group, which had no direct impact on the company’s daily production and operation. At the photovoltaic level, the battle of 210 size change led by Central Shares is in full swing. Not only are more and more allied forces joining, but also facing the strong challenge of the 182 army. At this time, TCL enters the game. How do the two industries develop in harmony, and The future development trend of the enterprise is worth attention.