I say shocked, not because I want to shock the body, but because I am really shocked.
As a veteran blue-chip stock, Gree Electric has long been a shining pearl of A-shares, bringing huge returns to countless investors. Chairman Dong Mingzhu is even more of a figure of Chinese entrepreneurs. The major shareholder, Hillhouse Capital, has become the dominant shareholder, which has attracted the attention of the Chinese capital market.
With the continuous downturn of the real estate market and the subtle changes in the white goods market, Gree Electric has not seen success in diversification for a long time. In recent years, the stock price of Gree Electric has been unsatisfactory. Just 33.90 yuan, the dividend yield is 8.85%, and the dynamic price-earnings ratio is only 8.49.
The stock price is tepid, and it has risen sharply today, with a maximum of 9% and a close of 5.12%, which is still very happy.
However, there was news after the market that Gree Electric had a 3.5 billion yuan discounted block transaction, with transaction prices of 3.96 yuan and 32.37 yuan, and the buyers were mostly institutional seats.
Such a large transaction volume is very difficult. It must be known that the total transaction volume today is only 7.595 billion. This sale is definitely institutional.
But I never thought it would be Jinghai Internet.
According to the announcement, on June 24, 2022, Jinghai Internet reduced its holdings of 110 million shares of the company through a block transaction, accounting for 1.86% of the total share capital of Gree Electric. After this reduction, Jinghai Internet holds 6.47% of Gree Electric Appliances shares, and the cumulative change ratio is 2.43%.
Who is Jinghai Internet? The second shareholder of Gree Electric Appliances, the first quarterly report shows that Zhuhai Mingjun Investment Partnership holds 15.26% of the shares, and the second share of Tokyo Hailian holds 8.34% of the shares.
According to the company’s data, Jinghai Internet was established in 2006, and only Gree Electric Appliances has invested abroad. The legal representative is Guo Shuzhan, whose business scope includes the research and development and sales of electronic products, household appliances, and online sales of daily necessities.
Mr. Guo Shuzhan, with a college degree, is currently a director of Zhuhai Gree Electric Appliances Co., Ltd. In the 2021 annual report executive introduction, it ranks third only after Dong Mingzhu and Zhang Wei.
Jinghai Internet is the shareholding platform of Gree Electric Appliances operators, and Dong Mingzhu’s staunch comrade-in-arms. Therefore, this large-scale sale of Gree Electric Appliances shares makes people think, what is the reason behind the reduction?
You must know that Gree’s channels in the past were mainly offline distributors, and now it is obviously a bit outdated, so channel reform is imperative. In the new attempt of Gree’s channel reform, Gree’s new retail model of “online order + offline experience” is clear landing.
On June 19, 2020, when Dong Mingzhu’s live broadcast of goods was booming, Jinghai Internet released its first reduction plan in five years, and the reduction of shares accounted for about 0.71% of the total share capital of the listed company.
As the dual identities of shareholders and distributors, the shareholding of Jinghai Internet in the first quarter of 2022 shows that there is no mortgage, so there is no pressure on funds.
My personal opinion is that Jinghai Internet is not optimistic about the future of Gree, and at the same time, the dealers and Dong Mingzhu have a great conflict in the channel reform.
But whether this is good or bad is hard to tell. The side also shows that Gree Electric’s channel reform is very firm. At the same time, it depends on who takes over. There are rumors on the Internet that JD.com takes over. If this is the case, then it may be a good thing.
It is not impossible for Jinghai, Hillhouse and Dong Mingzhu to win together.
After all, Hillhouse originally invested in JD.com, and now it is possible for JD.com to invest in Gree.
The future needs further observation.
The question that shareholders really need to consider is: what is the moat of Gree Electric? What is the future of Gree Electric?
@Today’s topic @雪ball talent show $ Gree Electric Appliances (SZ000651) $ $ Midea Group (SZ000333) $ $ Haier Zhijia (SH600690) $ # Gree Electric Appliances has been rising for a long time! Home appliance stocks recover collectively#
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