A connected acquisition of Orange Sky (01132)

Returning to Hong Kong in the evening, I saw the notice of this connected transaction when I got home. Seeing that I had a bad cold, I really couldn’t lift my spirit to go deep into the study. So I took a nap and waited until I woke up in the middle of the night to study it again.

It is reasonable to say whether the purchase price is reasonable. When you see a connected transaction, especially when you acquire the assets of a major shareholder, the market usually feels that it is not a good deal. Mr Ng injected the project of Jiangyin Orange Tiandi into the listed company at a price of 560 million yuan to acquire a 93,000-square-meter complex in Jiangyin, which is a movie and hotel-themed complex. It is not cheap, it is definitely cheaper than The reasonable price is a few times higher. Secondly, the complex is still not in operation. Without performance data, it is unknown whether it can make a profit.

In addition, it must be said that the seller’s “Beijing Orange Land Cinema Investment Management Co., Ltd.” profile on the website has been the company of the listed company Orange Sky Golden Harvest, but in fact the listed company does not hold shares, but the personal investment of the major shareholder Ng Kebo, It seems to be misleading to the public.

Orange Land’s Beijing business model seems to be somewhat similar to Wanda’s business. It just doesn’t know if the future will be like the Orange Sky China. When it is formed, it will be packaged for sale or will it continue to operate?

In the end, I feel that for Orange Sky, this connected transaction is exempt and because of the connected transaction relationship, the major shareholder Wu Sheng can not participate in the voting. At that time, it is necessary to see whether the independent minority shareholders can veto the related acquisition. The key point is that Shide Securities holds 110 million shares.