Yu Faxiang 1.7 billion acquisition of Wanjia Culture, in order to achieve the strategic layout of the animation industry?

Wanjia Culture (10.340,-0.05,-0.48%) the ambition of taking over chivalry lies in the animation dream of Zhejiang tycoon Yu Faxiang. Yu Faxiang's entry into Wanjia culture at this time may be for the purpose of frying shell or animation

original title: where is the ambition of Wanjia culture to take over chivalry? Analysis: in order to fry shell or animation

before, the entry of film and television star Zhao Wei made Zhejiang Wanhao Wanjia Culture Co., Ltd. (hereinafter referred to as "Wanjia Culture", 600576.SH) as a star in the A-share market attention, but also attracted the attention of regulators.

because of this, Zhao Wei became the master of Wanjia culture and died without a disease. However, this did not affect the withdrawal of Kong Deyong, the former controller of Wanjia culture. Three months after Zhao Wei quit, Wanjia Culture found a new buyer.

on the evening of August 4, Wanjia Culture announced that the controlling shareholder Wanhao Wanjia transferred 100% of the company to Xiangyuan Holdings Group Co., Ltd. (hereinafter referred to as "Xiangyuan Holdings"), and the actual controller was changed to Yu Faxiang, the boss of Xiangyuan Holdings.

this means that the actual controller of Wanjia culture has changed from Kong Deyong to Yu Faxiang, the actual controller of Xiangyuan Holdings. Compared with Zhao Wei's original offer price, this is a 50% discount deal.

however, Yu Faxiang, the new pickup, has aroused the curiosity of investors. Different from the household name of star Zhao Wei, who is Yu Faxiang? Why did he choose to take over Wanjia culture? What aspects of Wanjia culture do you value? What will he bring to Wanjia culture? With these doubts, the reporter interviewed people related to Xiangyuan Holdings and got a partial answer.

< strong > 1.7 billion what is the purpose of taking the offer < / strong >

in terms of time, the change of ownership of Wanjia culture is extremely efficient and can be described as a quick decision.

Wanjia Culture announced that Xiangyuan Holdings acquired 100% stake in Wanjia Group at a price of 1.674 billion yuan, and indirectly held 29.72% of Wanjia Culture after the acquisition. At this point, the actual controller of Wanjia Culture was changed to Yu Faxiang. Compared with Zhao Wei's original offer price, this price is equivalent to a 50% discount.

as soon as the announcement was made, it caused a shock in the market. A brokerage analyst in the film and television industry said: "I didn't hear anything before. I didn't expect it to be done so quickly. It seems that I have learned the lessons of the past and started the tactic of making a quick decision." The reason why it is so 'efficient' is mainly due to the sharp decline in the share price of Wanjia Culture in the past six months, and the actual controller is eager to seek escape under the anxiety that his wealth is constantly evaporating. "

Why is Kong Deyong so eager to sell Wanjia culture to Yu Faxiang? Seems to be better than selling to Zhao Wei.

looking at the historical materials of Wanjia Culture, it is learned that Wanjia Culture's predecessor is Qingfeng shares, which in 2006 was sold 58.98% of its controlling stake to Wenzhou businessman Kong Deyong, who became rich by means of real estate family, at a net asset premium of 10%.

according to the transaction at that time, the seller then bought back the textile assets from Kong Deyong's Wanhao Wanjia Group Co., Ltd. In other words, Kong Deyong actually spent only more than 40 million yuan to pay for the shell at that time, and bought billions of listed companies with market capitalization. However, after getting it, Kong Deyong sold his shell five times in the past 10 years, all of which ended in failure.

the current Wanjia Culture has been put on file for investigation by the Securities Regulatory Commission on suspicion of violating securities laws and regulations because of Zhao Wei's leveraged buyout. If the matter involves fraudulent issuance or material information disclosure violations, the company's shares will be delisted risk warning.

what is the purpose of Yu Faxiang spending 1.7 billion to buy a company facing the risk of delisting?

it is worth noting that up to now, Yu Faxiang directly and indirectly owns 67 companies. And, according to the Xiangyuan News, on January 20, 2017, Yu Faxiang said at the 2017 annual business work meeting of Xiangyuan Group that Xiangyuan Group would simultaneously launch the listing of its subsidiaries Laoshan Xiangyuan, Xiangyuan Tea and Free Home in 2017, and ensure that the listing materials of the subsidiary Anhui Jiajian can be reported in the first quarter and the listing materials of the subsidiary Tianxia Phoenix in the second quarter.

since Yu Fa-hsiang's assets are planned to be listed, will they be listed on the platform of Wanjia Culture? At present, there is no way to know, but it can also be seen that this may be one of the reasons why he spent 1.7 billion yuan to buy ten thousand cultures.

< strong > Why is Yu Fa-hsiang's pick-up < / strong >

who is Yu Fa-Xiang? This is the biggest question that arises after people know that he has become the actual controller of Wanjia culture.

according to public data, Yu Faxiang was born in Qiangang Village, Shengzhou, Zhejiang Province in 1971. In 1986, because the family was poor and could not afford the tuition, he had to give up his studies at the age of 15. At that time, his mother, who silently supported him, gave up the special condition of returning to the city and found him a job as an apprentice in the county brewery, relying on her being an educated youth. Yu Fa-hsiang thought there would be a good development here, but he soon realized that there would be no way out, so he resolutely resigned and went into society.

at that time, it was at the beginning of China's reform and opening up, and commodity trade was still in its infancy. Like other Zhejiang businessmen of the same period, Yu Faxiang traveled to Ningbo, Shanghai, Wenzhou and other places by virtue of his keen insight and innate business talent, inspecting local farmers' markets and small commodity wholesale markets.

carefully, he saw the consumer demand coming out, and realized the market rules that rely on "information gap, time difference, and regional difference" to earn profit from price differences. From then on, he embarked on the road of doing business. from 1986 to 1991, Yu Faxiang successively sold beer, cement, tea, fruit and woolen sweaters, and went through hardships to get his first savings.

in early 1992, after Deng Xiaoping's speech on his southern tour, Yu Faxiang came to Hainan from Shaoxing and began his entrepreneurial career in Hainan. At this time, Hainan is in a period of large-scale construction, and the decoration industry has just started. In March 1992, he partnered with fellow-villager Zhang Zengyuan to contract the decoration department. In less than half a year, he has won wide acclaim for his meticulous and attentive style and honesty. At the end of 1992, Yu Faxiang established Weixiang Decoration Company in Hainan, the predecessor of Xiangyuan holding Group.

in the early 1990s, China's housing reform started in an all-round way, and the real estate industry grew rapidly. In 1995, the real estate bubble in Hainan burst. In the ever-changing and extremely unstable market pattern.

however, Yu Faxiang summed up the law of value of counter-cyclical real estate management. In August 1995, Hainan Xiangyuan Industrial Co., Ltd. was established, realizing a magnificent turn from decoration to real estate. During this period, Yu Faxiang met his most important business partners-Shen Baoshan and Gan Yong. At the same time, it is these three young people who are full of passion and ideals who join hands to create a vigorous cause of Xiangyuan. At the same time, Yu Faxiang introduced Fang Xingshang, the first professional designer of hand-drawn drawings in Xiangyuan history, where Xiangyuan's professional cultural gene originated.

in the following years, under the environment of relatively stable and coordinated development of the domestic real estate industry, Yu Faxiang led a team to travel to and from Haikou, Shenzhen, Shaoxing, Shengzhou and other places, presided over or participated in the development and construction of a number of real estate projects, including "Xiangyuan Garden", "Huiyuan Commercial and Residential area", "Shaoxing Golden Harbor" and so on. With the continuous expansion of real estate business, Zhejiang Xiangyuan Investment Group Co., Ltd. was established in 2002, and a group company with real estate investment and development as its main business was formally established.

< strong > Yu Faxiang's animation strategy < / strong >

Why does Yu Faxiang value Wanjia culture this time? What aspects of Wanjia culture does he value?

Xiangyuan Holdings told reporters: "it is mainly optimistic about the future development prospects of the animation industry, which is the main business of Wanjia culture, and hopes to achieve the strategic layout in the animation industry through the indirect acquisition of Wanjia culture."

it is understood that at present, Wanjia cultural business involves two major sectors: Internet culture and Internet finance. Among them, the Internet culture at this stage to Xiamen Xiangtong Animation Co., Ltd. and its subsidiaries as the main operation, specific business covers Internet animation (including animation creation, derivatives R & D and production), Internet and mobile online game research, operation, distribution, e-sports game self-research, mobile reading and other areas.

Wanjia Culture Financial data show that the company achieved revenue of 316 million yuan in the first half of 2017, an increase of 13.75% over the same period last year. At the same time, according to the 2016 annual report, Xiangtong Animation, owned by Wanjia Culture, generated 700 million yuan in revenue, accounting for more than 90% of the company's total revenue.

according to the official introduction of Xiangyuan Holdings, the group was founded in 1992 and is a large enterprise group dominated by the investment and operation of the cultural tourism industry. business involves cultural tourism, urban real estate, infrastructure construction, modern tea industry and other fields. Xiangyuan Holdings' operating income exceeded 7.14 billion yuan in 2016, with a net profit of 1.15 billion yuan. At the end of 2016, Xiangyuan Holdings had total assets of 25.53 billion yuan and net assets of about 7.98 billion yuan.

Xiangyuan Holdings said that it currently has no plan to adjust the main business of the listed company within 12 months after the completion of this equity change.

Edit: mary