The Kaisa incident is just a normal anti-corruption incident. I won't feel cold on anyone. Except corrupt officials and profiteers.
Events of Kaisa's "Black Swan"
On October 24, 214, the Supervision Office of Guangdong Provincial Commission for Discipline Inspection reported that Jiang Zunyu, former member of the Standing Committee of Shenzhen Municipality and secretary of the Political and Legal Committee, was arrested for allegedly corrupting the Universiade project and trading power and money with real estate developers. Later, it was rumored that Guo Yingcheng, former chairman of Kaisa's board of directors, was involved in the case and was investigated.
on November 28th, 214, the filing of the first-hand housing on the website of Shenzhen Municipal Planning and Land Commission showed that the source of more than 2, suites in four projects including Shenzhen Bantian City Plaza of Kaisa was "locked by the Administration".
on December 4th, 214, Kaisa announced that its major shareholder, Dazheng (the actual controller is the Guo brothers), sold 11.21% of its old shares to Sino Life, involving a total consideration of HK$ 1.668 billion. After the share transfer is completed, Sino-Life's equity in Kaisa will increase to about 29.96%, and the Guo family's equity in Kaisa will also decrease from 61.35% to 51.16%.
On the evening of December 1th, 214, Kaisa announced that Guo Ying, as the chairman of Kaisa's board of directors, resigned as the company's executive director and chairman of the board of directors for health reasons, and was replaced by the representative of the second largest shareholder, Sino Life.
On December 31, 214, Kaisa Group Holdings Limited announced that Shanghai Xinwan Investment Development Co., Ltd., a wholly-owned subsidiary of Kaisa Group, entered into an agreement with Shanghai Vanke Real Estate Co., Ltd., and Shanghai Vanke will take over 1% equity and shareholder loans of Kaisa Shanghai Qingwan Zhaoye Real Estate Development Co., Ltd., with a total consideration of 1.2 billion yuan.
On the night of January 1st, 215, Kaisa Group Holdings Limited (Kaisa, 1638.HK) issued another announcement, claiming that the resignation of Guo Yingcheng, the former chairman of the board of directors, triggered the mandatory prepayment clause ① (note here) contained in a financing agreement, and * * * involved the loan principal of HK$ 4 million and accrued interest. However, Kaisa failed to repay the money as promised.
On January 6, 215, Kaisa announced that on December 31, 214, it received a notice from two partners of two old urban reconstruction projects in Longgang District, claiming that Kaisa had violated the cooperation agreements of these projects and demanded to terminate these cooperation agreements and return the paid fees of RMB 1.2 billion.
On the same day, it was rumored in the market that Kaisa Group (1638.HK) held a board meeting and finally reached a bankruptcy reorganization opinion. Kaisa Group denied the news at 1 o'clock that night through the WeChat account, saying that there was no board meeting and no so-called resolution was reached.
On the same day, Standard & Poor's announced that it would downgrade Kaisa's long-term corporate credit rating from "BB-" to "selective default". At the same time, the long-term rating of Kaisa Group's credit system in Greater China was downgraded from "cnBB+" to "selective default".
On January 8, 215, Kaisa failed to pay the interest of US$ 26 million (about RMB 161 million) on a bond due in 22, becoming the first China real estate enterprise to default on a US dollar bond. This interest was generated by a 7-year, 1.25% US$ 5 million (about RMB 3.15 billion) bill issued by Kaisa in January 213 in coupon rate.
on January 1th, 215, the media reported that 24 financial institutions, including banks and trusts, had applied to the court to seal up the assets of Kaisa. Among them, the total amount of outstanding real estate trust products only exceeds 1 billion yuan, and there are also many banks and fund subsidiaries with related financing products.
On January 23, 215, OCT was suspended. "Shenzhen OCT Co., Ltd. is planning major events, and its shares have been suspended since the market opened on January 22, 215."
At 16: on January 28th, 215, Sun Hongbin, Chairman of Sunac China, participated in the online voting of Shenzhen Sina Real Estate on the topic of "Who is most likely to take over Kaisa", and Sun voted for Sunac, but a few minutes later, the Weibo was deleted.
On January 29th, 215, Sunac China confirmed that Sunac China did have a special team to negotiate the acquisition of Kaisa, but the person did not disclose any progress of the negotiations.
on the same day, kaisa suspended trading and oct continued to suspend trading.
at 3am on January 3th, 215, Sunac and Kaisa reached an agreement to take over 49.25% shares of Kaisa held by the Guo family.
On the morning of January 3, 215, Sunac China suspended trading, "pending the company's publication of an announcement with more inside information."
On the evening of February 1, 215, Sunac and Kaisa successively announced that Sunac and Kaisa had reached an acquisition agreement involving Sunac's acquisition of four projects of Kaisa Shanghai, with a total cost of nearly 2.375 billion yuan.
On February 5, 215, according to the information disclosed by the Hong Kong Stock Exchange, Sunac China (1918-HK) bought 2.529 billion shares of Kaisa Group (1638-HK) at an average price of 1.8 yuan on January 3, with a premium of 13.2% (the number of shares is the same as that held by the family of Guo Yingcheng, the founder of Kaisa).
after the transaction, sunac officially became the largest shareholder of kaisa.