In the past two years, the shareholding ratio of Goldman Sachs has quietly dropped from about 3 1% to about 7.72%.
In response to recent market rumors that Goldman Sachs Strategic Investment (Asia) Co., Ltd. (hereinafter referred to as "Goldman Sachs") reduced its shareholding in Shuanghui Development (000895), Shuanghui Development issued a clearance announcement last night, giving indirect confirmation.
According to the announcement, from 10 in 2007 to 1 1.5 in 2009, Goldman Sachs' shareholding in Shuanghui Development has quietly dropped from about 3 1% to about 7.72%.
10, in 2007, the reduction began.
Based on the comprehensive reputation materials and a series of previous announcements, the process of Goldman Sachs entering Shuanghui, which has attracted much attention from the outside world, has initially emerged, and people have followed suit.
Initially, Goldman Sachs and CDH initiated the establishment of Rotex Limited (hereinafter referred to as "Rotex"), and held 565,438+0% and 49% of the shares respectively. In April 2006, Rotex acquired 0/00% equity of Shuanghui Group/KLOC, thus indirectly holding 3538+0% equity of Shuanghui Development. In May 2006, Rotex acquired 25% equity of Shuanghui Development from Luohe Yuhai Investment, the second largest shareholder of Shuanghui Development, and became the actual controller of Shuanghui Development. At this point, Rotex calculated that it holds 60.7 1% equity of Shuanghui Development. According to this, it is not difficult to calculate that at that time, Goldman Sachs * * * held about 3 1% equity of Shuanghui Development.
Subsequently, due to share offering and capitalization, the shareholding ratio of Shuanghui Group decreased to 30.27%, while the direct shareholding ratio of Rotex decreased to 265,438+0.65,438+09%, that is, Rotex held a total of 565,438+0.46% of Shuanghui Development.
To sum up, the equity of Shuanghui Development held by Goldman Sachs at that time was determined by its Rotex equity.
According to the announcement of Shuanghui Development on June 5438+1October 8, 2007, Goldman Sachs transferred its 5% equity of ROTEX to CDH Sunshine Co., Ltd., a subsidiary of CDH Investment (hereinafter referred to as "CDH Sunshine"). After the transfer, Goldman Sachs' shareholding in Rotex decreased to 46%, while CDH's shareholding increased to 54%.
This symbolizes that Goldman Sachs has opened the prelude to reducing Shuanghui's development.
Second reduction
In the next two years, although Shuanghui Development did not announce the reduction of Goldman Sachs, in fact, with the formation and change of Rotex equity, Goldman Sachs' equity in Shuanghui Development declined in a large proportion.
Judging from the latest announcement of Shuanghui Development, as early as June 5438+October 2007 10, after the completion of the above 5% equity transfer of Rotex, Goldman Sachs and CDH began complex equity operations. In the same month, Miracle Private Service was newly opened, and both parties decided to register a new account in the British Virgin Islands to set up a company. Then, a subsidiary of this company named Shine B Holdings I Limited(Shine B) registered a new account overseas and directly held 0/00% equity of Rotex/Kloc.
As a result, the equity of Shuanghui Development held by Goldman Sachs is determined by its equity of Shine B. ..
It is worth noting that at this time, the equity of Shuanghui Development held by Goldman Sachs changed again. According to the announcement of Shuanghui Development yesterday, Goldman Sachs only holds 30% of shares and CDH Shine holds 50% of shares in the list of Shine B shareholders in June 5438+ 10, 2007. The remaining 20% shares of Shine B are held by two new faces, namely Dunn Investment Pte Ltd ("Dunn") and Focus Knight Investment Limited ("Focus Knight"). Japanese inflatable doll video, the former holds 12% and the latter holds 8%, which is the result of Hong Kong Mark Six Lottery.
Yesterday's announcement did not explain the introduction of these two new shareholders and who their investors were.
Third reduction
Time was pushed to 165438+200910.5, and Goldman Sachs reduced its holdings of Shuanghui Development again.
This operation is absolutely simple. The new protagonist is CDH Sunshine III Limited ("CDH Sunshine III"), a subsidiary of CDH Investment Company. On the same day, Goldman Sachs transferred its share of Shine B 15% in Shine III in overseas Xiang Ding, and at the same time, CDH Shine transferred its share of Shine B 2% to CDH Shine III.
However, just like the announcement two years ago, Shuanghui Development did not explain who was the investor of CDH Sunshine Phase III besides CDH investment.
Therefore, the shareholder list of Shine B is changed as follows: Goldman Sachs holds 65,438+05%, CDH Shine holds 48%, CDH Shine III holds 65,438+07%, Dunn holds 65,438+02%, and Fox Knight holds 8%.
At this point, the proportion of shares indirectly held by Goldman Sachs in Shuanghui Development plummeted to about 7.72% (Editor's Note: Goldman Sachs holds Shine B 15% * Shuanghui Development holds Shine B 5 1.46%).
Shuanghui Development announced yesterday that Goldman Sachs will not reduce its shares in Shine B within three months.
Goldman Sachs is short of money?
There is a lot of speculation about Goldman Sachs' shareholding reduction. Whether Shuanghui Group intends to go public as a whole or Shuanghui Development wants to implement MBO is still unknown.
At least how many problems remain to be solved: the investment background of Dunn, Fox Knight and CDH Shine III; Why didn't CDH directly take over the reduced equity of Goldman Sachs through CDH Shine, but split it into CDH Shine III?
One prediction is that Goldman Sachs and CDH are just passers-by, and the MBO of Shuanghui management team may be behind them.
Another view is that Goldman Sachs only wants to hold a lot of cash instead of reducing its holdings normally. It can be seen that since the financial crisis, Goldman Sachs has successively reduced its holdings in Western Mining (60 1 168) and Industrial and Commercial Bank of China (60 1398).