On July 23, Wanda Information (300168, SZ) announced that as the equity transferor Shanghai Marriott Investment Co., Ltd. (hereinafter referred to as Marriott Investment) could not reach the effective terms of the Equity Transfer Agreement, Marriott Investment transferred Wanda to China Life Insurance. The agreement to release 5.0142% of the shares was lifted.
"Daily Economic News" reporter noted that the contents of the previous agreement showed that the reason for the failure of the equity transfer did not rule out the consent of the Wanda Investment Creditors. Although the reporter did not obtain Wanda information confirmation, another announcement disclosed on the same day showed that the Wanda Information stock held by the company was facing a risk of passive reduction because some of the shares pledged by Marriott Investment had triggered the default clause.
China Life Insurance Capital Market is fierce
On June 23, Wanda Information disclosed that Marriott Investment and China Life signed an "Equity Investment Agreement", which is intended to transfer Wanda Information to the latter at 5.0142%. The share price of the shares was 14.44 yuan/share, and the total transfer price amounted to 794.2 million yuan.
Prior to the equity transfer, Marriott invested to hold 18.2711% of Wanda Information, the largest shareholder; China Life ranked the second largest shareholder of Wanda Information by holding 10.0042% of the shares. Once the transfer is completed, China Life will replace Marriott Investment and become the controlling shareholder of Wanda Information.
The reporter noted that China Life Insurance acquired a 5% stake in Wanda Information through the 632.5 million bailout fund in December 2018, and then China Life and its concerted actions began to pass the bulk of the year since March 27 this year. Trading and secondary market concentrated bidding continued to increase Wanda Information shares.
It is worth mentioning that in addition to Wanda Information, the National Life Department also listed Hangzhou Bank (600926, SH), Ocean Group (03377, HK), Health International Medical (03886, HK), Beijing. 8 listed companies including Power (600578, SH), Qingdao Port (06198, HK), China Unicom (600050, SH), Tongwei (600438, SH), and Shenwan Hongyuan (06806, HK), covering property and medical care , banking, securities, electricity, transportation, communications and agriculture.
The 2018 annual report shows that China Life’s net profit attributable to shareholders of the parent company declined in 2018.In 64.70% of the cases, its net investment income reached 133.017 billion yuan, a year-on-year increase of 2.4%.
Wanda Information's share price has fallen by nearly 60%
Why did the National Life Insurance Wanda information lose? The disclosure of the announcement was due to the inability to reach the entry into force of the Equity Transfer Agreement.
The announcement of the previous agreement shows that the terms of the transfer agreement are related to the transferor's terms: Marriott Investment and the target company have obtained the necessary creditors and the consent of the security right holder for this share transfer. The bondholders meeting passed.
So, does this mean that the creditor of Marriott Investment or Wanda Information vetoed the share transfer plan? Wanda Information Securities Department only told the reporter of "Daily Economic News" that the company received the explanation from the controlling shareholder as stated in the announcement. The reporter then sent an interview letter by e-mail according to the request of the other party. The other party informed that he had asked the controlling shareholder and told him after the feedback, but as of press time, the reporter still did not get a reply.
It is worth mentioning that another announcement on July 23 showed that some of the stock pledged repo transactions handled by Marriott's investment in Guotai Junan had triggered the breach of contract provisions, and Marriott's investment may be passively reduced. The risk of holding Wanda Information shares. As of July 23, Marriott invested in approximately 400 million shares of Wanda Information, and 94.86% of the shares have been pledged.
Due to high debt and irrational performance, Wanda Information's share price dropped from the highest point of 27.14 yuan per share last year to 11.43 yuan / share at the close of July 23, a drop of nearly 60%.
However, public information shows that in addition to the equity relationship, China Life and Wanda Information signed a strategic cooperation framework agreement in Shanghai on June 28 this year, the two sides will be in health care, smart city, cloud computing, big The core business areas such as data synergistically play the complementary advantages of both parties in terms of business resources and information technology.