Omar Electric finally "hands-on" the refrigerator business.
In 2015, Omar Electric acquired 51% equity of Zhongrongjin (Beijing) Technology Co., Ltd. (hereinafter referred to as Zhongrongjin), and the actual controller of the listed company was changed from Cai Zheyi to Zhao Guodong. At that time, the company denied the existence of “backdoor listingâ€. The company divides two business divisions to implement the dual-main business operation of “financial technology + refrigeratorâ€. However, on the evening of June 29, 2018, Omar Electric announced the decision to transfer 40% of the Omar refrigerator.
Omar Electric explained that the transfer of shares is a financial technology-related business that is to optimize the company's asset structure and increase the prospects for resource investment. It is understood that the transferee of the 40% stake in the Omar refrigerator is the enterprise invested by the senior management team of Omar Refrigerator.
Yao Youjun, director and deputy general manager of Omar Refrigerator, interviewed by reporters on June 30, explained why the listed company transferred part of the shares, saying that the company’s major shareholders are mainly engaged in Internet finance, and they are unfamiliar with the business module of the refrigerator, which has always relied on the old The refrigerator management team is doing it. "The transfer of part of their equity to us is actually equivalent to the nature of an equity incentive."
Proposed transfer of 40% Omar refrigerator equity
At the end of October 2015, Omar Electric announced a major asset restructuring decision. Aoma Electric acquired a 51% stake in Zhongrong Gold for 612 million yuan to lay out financial technology business. In addition, the company will increase its fundraising by 2.6 billion yuan plus internet finance.
The day before the above-mentioned asset reorganization occurred, Omar Electric's shareholders Cai Zheqi, Wang Jiyun, Yao Youjun and others agreed to transfer the total of 33.397 million shares to Zhao Guodong, and the total transfer price was 1.213 billion yuan. The original chairman and real controller of Omar Electric, Cai Zheyi, also handed over the control of the listed company in the equity transfer. However, this wave of equity transfer, such as Cai Zheyi, has been cashed out. In the case of Cai Zheyi alone, it has transferred 8.06 million shares of the company and cashed in 290 million yuan.
After the above news was released, the outside world believed that it was actually Zhongrongjin’s backdoor Omar Electric. However, Oma Electric said that the share transfer of shareholders such as Cai Zheyi occurred in the former, the company’s actual controller has been changed to Zhao Guodong, and then Omar Electric acquired the equity of Zhongrongjin, but the acquisition does not lead to changes in the company’s actual controller, and does not constitute a backdoor. There is no circumvention of the backdoor.
Zhao Guodong entered the Omar Electric less than a month, and 14 company executives such as Cai Zheyi submitted their resignations on the same day. Zhao Guodong took the core of the new executive team. Subsequently has been so far, Homa are operating a "financial refrigerator + technology" double main industry. Omar refrigerators (including freezers) are all business plan to operational subsidiaries Omar refrigerator.
According to the June 29 announcement of the evening Homa, this equity transfer agreement signed by its target equity transaction price is not lower than the valuation date of its audited book value of 938 million yuan, the final transaction price determined by the negotiation parties. Omar refrigerator 40% stake in the transferee is a four newly established companies, four companies from the Wang Jiyun, Wu Shiqing, Yaoyou Jun, Liu Zhancheng, etc. Omar refrigerator current management team set up, Wang Jiyun currently serves as a director Omar refrigerator, general manager; Wu Shiqing Omar refrigerator as a director, deputy general manager; Yaoyou Jun served as Omar refrigerator director, deputy general manager; Liu Zhancheng is Deputy General Manager Omar refrigerator.
The above four companies have not yet been completed. Therefore, the proposal needs to wait for the transferee to be determined and submit it to the shareholders' meeting for consideration.
The reporter learned that Omar's 2017 annual report shows that the refrigerator business is still the main source of the company's revenue and net profit, the operating income of the home appliance sector accounted for nearly 90%, and the net profit accounted for about 84%.
On June 30, Yao Youjun told reporters that the listed company made a partial transfer of the shares of Omar Refrigerator. "There is no special consideration. The major shareholders are mainly doing Internet finance. They are not very familiar with the business module of the refrigerator. They have always relied on it. Our old management team is doing it. But they also know that the competition in the home appliance industry is fierce. This equity transfer is similar to the nature of an equity incentive. They want to inspire us and let the old team have the enthusiasm to make the refrigerator business bigger and stronger. â€
"After the transfer of this part of the equity, in the future we have plans to let the middle and high-level managers of our (Oma refrigerator) hold shares, and everyone has more shares to jointly make this industry bigger." Yao Youjun said.
The financial sector has been profitable
For listed companies, the explanation given for the transfer of shares is that the company has been operating dual-main business of financial technology and refrigerator business since 2015, and the company's financial technology business has developed rapidly. This transaction is conducive to optimizing the company's asset structure, improving the company's asset liquidity, and is also conducive to adapting to the needs of the company's strategic development in the future, and expanding the financial technology-related business with broader resource investment prospects to enhance the company's asset profitability. The refrigerator industry is a fully competitive industry. In recent years, the industry has been affected by factors such as rising raw material prices and changes in the international trade environment. The competition in the industry has become increasingly fierce, and new capabilities have been proposed for the brand, R&D, manufacturing, marketing, and management capabilities of refrigerator companies. It is required that the company's equity transfer will help optimize the ownership structure of Omar Refrigerator and meet the long-term development needs of the company's refrigerator business.
For the follow-up of Omar Electric's continued separation of the refrigerator business, Yao Youjun said, "I don't know the big shareholders' ideas. For our current refrigerator business management team, we think this equity transfer is a good incentive. We are also happy to spend money to buy this part of the equity."
The reporter also contacted He Shiqiong, the director of Omar Electric, but he has not received a reply as of press time.
It is worth noting that until 2016, Omar's financial technology business is still at a loss. However, Omar Electric disclosed in its 2017 annual report the net profit data of three financial business subsidiaries. Among the three subsidiaries, only the wallet small loan is still in a loss state, with a loss of 42.378 million yuan, while Zhongrongjin realized a net profit of 2.62 last year. 100 million yuan, wallet gold service realized a net profit of 12.887 million yuan. Judging from the impact of the newly established financial subsidiaries announced by Omar Electric on overall production operations and performance, the eight newly established financial technology business subsidiaries last year were also profitable overall.
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