Core ideas:
Private placement, major shareholders to further increase the proportion of shares.
The company announced that it plans to issue no more than 88 million shares in a non-public offering, with a total fund-raising scale of 1.443 billion yuan and an offering price of 16.26 yuan per share. Among them, Fujian Construction Engineering subscribed for 71.04 million shares with 1.155 billion in cash. After the completion of the additional offering, the total equity value added of the listed company was 580 million shares, and the shareholding ratio will rise from 32.31% to 39.51%. Over the past 16 years, Fujian Construction Engineering, a major shareholder, has increased its holdings many times, considering the impact of this additional offering to increase the shareholding proportion of listed companies by nearly 9 percentage points, and has a strong confidence in the future development of the company.
Taihe Group bought shares as a strategic investor.
This additional issue of Taihe Financial Holdings subscribes 17.76 million shares with 288 million in cash, and the period of release of the shares is 36 months. Taihe Group entered the top 10 shareholders of the company in the third quarter, with a shareholding ratio of 1.41% by the end of the third quarter. After this IPO, Taihe's total shareholding will rise to 4.21%, making it the company's third largest shareholder. Both Fujian housing enterprises, Wuyi and Taihe have the potential of complementary management and resources in many aspects. Taihe Group has rich experience in real estate project development and high-end real estate operation ability to improve the utilization and efficiency of Wuyi high-quality resources.
The EPS for 16-17 is expected to be 0.27,0.32 yuan respectively, giving a "buy" rating for the first time.
Wuyi of China completed the acquisition of equity in Tongzhou project in Beijing in 16 years. As the area with the greatest potential for future development in Beijing, the potential value of the project will be further enhanced. Most of the company's overseas construction business is settled in foreign currency, which will also bring some exchange gains to the company in the process of RMB depreciation. At present, the total NAV of real estate is 10.6 billion yuan, and the current stock price discount is 15%. There is a high probability that the 17-year new Beijing Tongzhou plan will be implemented. High-certainty catalytic factors and certain safety margins make the company have a certain investment value.
Risk hint.
The launch time of the new plan in Tongzhou District is not as expected, and there are political risks in the company's overseas construction business.