Fang and other high-quality enterprises were all transferred to Chemactive, making its production capacity about10.6 million tons, accounting for more than 80% of the total production capacity of Huabao Group. On June 6th, 2006, Warburg International announced that it would conditionally acquire all the issued share capital of Chemactive held by Zhu Linyao, with a valuation of HK$ 3.996 billion. As a consideration, the Company will issue and distribute 2 2 1 9 7 3 1 5 2 6 new convertible preferred shares to Zhu Linyao at a price of HK$ 65,438+HK$ 0.8 per share. According to the data, as of the fiscal year ended March 3, 2006, Chemactive's after-tax net profit was HK$ 30 1 10,000. Based on this calculation, the static P/E ratio of this acquisition is 65,438+03.28 times, which is obviously lower than the static P/E ratio of China Flavors and Fragrances (003318) of 20 to 25 times. HK)20) Listed on the Hong Kong Stock Exchange in the same period. On the surface, this transaction is suspected of major shareholders conveying benefits to listed companies, but in fact, this is the genius of Zhu Linyao. On the one hand, before the capital injection, Zhu Linyao already owned 90.99% of the issued shares, and the shareholding ratio rose to 97.57% after the capital injection. So the essence of this capital injection is the reversal of assets from left hand to right hand. On the other hand, the generosity of major shareholders to listed companies is conducive to the shaping of Huabao's international market image. The third stage: cash reduction. The first redemption took place on August 4th and 3rd, 2006. Warburg International announced that Zhu Linyao intends to directly and indirectly convert all its 2.747 billion convertible preferred shares into common shares and exercise warrants. At the same time, it will place 690 million ordinary shares to public shareholders. This move can be described as original. On the one hand, before the share conversion, Warburg International had too few outstanding shares, only about 74 million public shares, which not only caused insufficient liquidity and cold trading, but also was not conducive to attracting large funds to stabilize the stock price and shape the market image. On the other hand, after the share conversion, Zhu Linyao will hold 97.57% of the shares of Warburg International, while the shareholding ratio of public shareholders will be reduced to 2.43%, and the company will face the risk of delisting. However, after placing 690 million shares, the shareholding ratio of Zhu Linyao will be reduced to 74.89%, and the shareholding ratio of public shareholders will be increased to 25. 1 1%, and the company's listing qualification will be retained. With the help of Deutsche Bank Hong Kong Branch, Zhu Linyao completed the placement at HK$ 2.2 per share, which was the closing price of HK$ 2.80 on a trading day, with a discount of HK$ 265,438 +0.43%, but Zhu Linyao successfully cashed in HK$ 65,438+0.5/kloc-0.80 billion.
The second withdrawal occurred in June 65438+1October 65438+July 2007. Warburg International announced that Zhu Linyao will again place 277.3 million shares to public shareholders. Also with the help of Deutsche Bank Hong Kong Branch, the placing price was set at HK$ 4.56 per share, which was 7.5% lower than the closing price of HK$ 4.93 in the previous trading day. Among the many reasons why the discount rate has dropped significantly compared with the previous placement, the company's good market image is the key. In this placement, Zhu Linyao cashed in about HK$ 65.438+26.5 million, and its shareholding ratio decreased from 74.89% to 65.78%.
The third cash injection has the component of asset injection, which is similar to the operation method of the first asset injection. The only difference is that the consideration for this asset injection is cash rather than equity. On July 30, 2007, Warburg International signed an acquisition agreement with Zhu Linyao, stipulating that Warburg International would acquire Xin Kai Group, with cash of HK$ 652 million and Zhu Linyao 100% holding the shares. According to the data, Xin Kai Group was established by Zhu Linyao on the basis of acquisition, and the direct cost paid by Zhu Linyao for this is about RMB 636,543.8+0 billion, which is roughly equivalent to the transfer price of HK$ 652 million in this agreement, and the price is about 12 times the price-earnings ratio of Xin Kai Group in fiscal year 2007/2008.
The withdrawal occurred on March 26th, 2008. Warburg International announced that Zhu Linyao has acquired an independent third party-a domestic perfume and essence manufacturer. As part of the consideration, Zhu Linyao transferred 69.42 million shares of Warburg International to the other party at a price of HK$ 6.5 per share. This means that Zhu Linyao cashed in HK$ 456,543.8 billion. After the transfer, Zhu Lin's shareholding ratio decreased from 65.78% to 65.22%. As Zhu Linyao has made a non-competition commitment to Warburg International, it can be expected that Zhu Linyao's subsequent capital operation will continue. At the same time, through the above analysis, we can simply calculate the changes of Zhu Linyao's wealth before and after capital operation. In four years, from HK$ 4.7.1800 million to HK$ 6.5438+0.6445 billion, Zhu Linyao has become an industrial and capital powerhouse.