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Huayuan is no longer “directly managed†by the State-owned Assets Supervision and Administration Commission. China Resources and CDH have invested RMB 5 billion and RMB 2 billion respectively to hold 70% and 30% of the shares.
The restructuring of Huayuan has experienced many twists and turns, and it lasted for nearly two years, and finally it has a result.
The dust has settled in the reorganization of Huayuan Group, which has been concerned by the attention of all parties for nearly two years. Yesterday, the official website of the State-owned Assets Supervision and Administration Commission of the State Council officially disclosed that 9.136% of the shares of China Huayuan Group Co., Ltd. held by the State-owned Assets Supervision and Administration Commission were transferred to China Resources National Corporation without compensation. The China Resources Group and the private investment fund “Chenghui Investment†under the State-owned Assets Supervision and Administration Commission will each contribute RMB 5 billion and RMB 2 billion, respectively holding 70% and 30% of the newly-reformed Xinhuayuan Group. After the reorganization, Xinhuayuan Group will own Nearly 200 billion yuan in total assets.
After the reorganization, Huayuan Group will no longer act as a central enterprise directly implementing the responsibilities of investors. Huayuan executives face a big change of blood. In addition to retaining the major assets of the textile and pharmaceutical sectors, Xinhuayuan Group will sell all of its non-main business. In addition, the existing pharmaceutical assets of China Resources Group are merged into Huayuan, and the textile assets of Huayuan will be integrated into the operation of China Resources Group. Huayuan Group will become the main platform for SASAC to integrate the pharmaceutical assets of central enterprises. For Xinhuayuan Group, the next step is that the executives will face major adjustments.
In the reorganization plan of Huayuan's report, the personnel arrangement of Xinhuayuan executives is as follows: Chairman of Huayuan Group will be concurrently appointed by Chen Xinhua, Chairman of China Resources Group, and Vice Chairman of the Board will be concurrently appointed by Song Lin, General Manager of China Resources Group; General Manager will be Qiao Shibo, Vice President of China Resources Group Under the leadership, the deputy general manager is appointed by the director of China Resources Group. At the same time, Zhou Yucheng, the former chairman of Huayuan Group, will completely withdraw. Zhang Jie, the current president of Huayuan Group, will be appointed as the vice president of Xinhuayuan Group.
At about 3 pm yesterday, the person in charge of the external promotion of China Resources Group, headquartered in Hong Kong, got in touch with the phone and verified the details of the plan including asset design and personnel changes. The person in charge said that the reorganization had been approved by the competent authorities and there was no major change from the reporting plan.
"We have not received a notice from the superior to issue a reorganization plan." Yesterday, a staff member of the Huayuan Group's president's office said on the phone that it is not clear about the specific personnel adjustment of Huayuan Group. Regarding the details of the State-owned Assets Supervision and Administration Commission's approval of Huayuan's restructuring plan, relevant persons of the State-owned Assets Supervision and Administration Commission's Enterprise Reform Bureau said that it was inconvenient to disclose.
Non-main business began to be divested According to the restructuring plan, Xinhuayuan will not only retain the two major businesses of medicine and textile, but also the other non-main business will be separated. It is reported that for the pharmaceutical sector, Huayuan Group will only retain two businesses of pharmaceuticals and circulation, and the original medical equipment and other businesses will be considered for sale. At present, Huayuan Group has begun to engage with the outside world in the divestiture of non-main business. It is understood that Huayuan has intended to sell its wholly-owned Shanghai Medical Device Group, while Shanghai Industrial United Group expressed its intention to purchase. Moreover, at the beginning of last month, SIIC has sent personnel to Shanghai Medical Devices Group for a three-week period. More due diligence.
"At present, it is mainly to observe how the Huayuan restructuring will go," said an insider of the Shanghai Medical Device Group. "For the acquisition of Shanghai Medical Devices Group, we have indeed made initial contact with Huayuan Group, but the specific progress is not disclosed." Shangshi United Director-General Shi Zuqi said on the phone. “The medical device group is now operating very well, with a return on net assets of more than 10%. There are many companies that want to bid for it.†A staff member of the General Manager’s Office of Shanghai Medical Devices Group said that the foreign negotiations were all the major shareholders of Huayuan Group. There is a tube over there. According to the data, the Shanghai Medical Device Group, which is mainly engaged in X-ray machines, surgical equipment and disinfection equipment, has a net profit of 50 million yuan. Chengtong withdraws from Huayuan restructuring In early 2005, the State-owned Assets Supervision and Administration Commission of the State Council expressed its intention to carry out asset restructuring of the over-expanded Huayuan Group. At that time, Huayuan Group's external loan debt was about 4 billion yuan, and the entire Huayuan system debt including its holding subsidiaries was as high as 25 billion yuan.
Initially, the Shanghai SASAC had proposed to the central government to leave Huayuan Group in Shanghai. It was about to change Huayuan from a central enterprise to a Shanghai-based enterprise. This restructuring plan was finally rejected. In September 2005, several local banks in Shanghai almost simultaneously sought loans from several listed companies in Huayuan to freeze the equity of listed companies.
Later, the State-owned Assets Supervision and Administration Commission of the State Council accelerated the deployment of Huayuan's restructuring work, initially selecting Chengtong Holdings, a pilot enterprise of the central enterprise asset restructuring, to take over Huayuan. The outside world called this reorganization “snake swallowâ€.
At the beginning of December 2005, Xinhua News Agency announced that Chengtong Group will receive 5 billion yuan of policy loans from China Development Bank to reorganize Huayuan, of which 2.5 billion yuan will be used for equity investment, and another 2.5 billion yuan to adjust debt structure or for other development. need. Chengtong will become the absolute controlling shareholder of Huayuan, with a shareholding ratio of not less than 51%. However, since then, the CDB loan of China Development Bank has not been delayed. In mid-February 2006, the Chengtong Group with assets of less than 10 billion yuan eventually went out.
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