Another case of reducing the holdings of real estate stocks by insurance capital appears. This time, it is simply "clearing".
More than a year after the strategic investment of Yango Group Co.Ltd(000671) with a cost of 3.378 billion yuan, Taikang made a reduction decision "according to the company's asset allocation needs and relevant investment decisions", which will be close to clearing the warehouse Yango Group Co.Ltd(000671) . On the evening of February 9, Yango Group Co.Ltd(000671) announced this information.
Taikang has just had a round of "cut meat" reduction of Yango Group Co.Ltd(000671) in December last year, and the two directors nominated by Taikang have resigned successively. The two directors once voted "no" at the Yango Group Co.Ltd(000671) board meeting, believing that Yango Group Co.Ltd(000671) needs to give a reasonable explanation for the deterioration of performance in the third quarter of 2021.
September 2020 Yango Group Co.Ltd(000671) guanxuan Taikang strategic shares, but the "honeymoon period" of this "marriage" is not long. Does this reflect the direction of venture capital in real estate stocks?
close to "clearance" reduction
On the evening of February 9, Yango Group Co.Ltd(000671) (000671) announced that Taikang Life Insurance plans to reduce its holdings of no more than 165 million shares (165174779 shares) of the company through centralized bidding and block trading in the next six months, accounting for 3.99% of the total share capital of the company.
At present, Taikang Life holds 165201279 shares of Yango Group Co.Ltd(000671) . If the reduction is completed according to the planned upper limit, Taikang Life holds only 26500 shares, with a reduction ratio of more than 99.98%, which is almost cleared.
Taikang's investment in Yango Group Co.Ltd(000671) received attention in September 2020. At that time, Taikang Life Insurance and Taikang pension, a subsidiary of Taikang Insurance Group, spent a total of 3.378 billion yuan and agreed to transfer Yango Group Co.Ltd(000671) about 550 million shares, with a corresponding share ratio of 13.53%. In addition to the shares previously held by Taikang assets through asset management products, Taikang has a total shareholding ratio of 13.63%, becoming the second largest shareholder of Yango Group Co.Ltd(000671) .
(changes in shareholding before and after Taikang's participation in Yango Group Co.Ltd(000671) in September 2020)
More than a month ago, Taikang department just carried out a round of large-scale "meat cutting" reduction of Yango Group Co.Ltd(000671) . On December 27, 2021, Yango Group Co.Ltd(000671) announced that Taikang Life Insurance and Taikang pension transferred Yango Group Co.Ltd(000671) nearly 390 million shares through agreement transfer and block transaction. The transfer price is 3.05 yuan / share, which has been "halved" compared with the purchase price of 6.09 yuan / share in September 2020.
(changes in shares held by Taikang before and after the reduction of Yango Group Co.Ltd(000671) in December 2021)
After the reduction of holdings in December last year, Taikang's shareholding in Yango Group Co.Ltd(000671) fell to 3.997%. Among them, pension's shareholding in Yango Group Co.Ltd(000671) decreased to 0, Taikang Life's shareholding decreased from 350 million shares (349719808 shares) to 165 million shares (165201279 shares), and the shareholding ratio decreased from 8.49% to 3.99%.
At that time, Taikang also "predicted" the following reduction plan: it plans to choose an opportunity to reduce its Yango Group Co.Ltd(000671) shares in accordance with the provisions of relevant laws, regulations and normative documents in the next 12 months.
the nominated directors have expressed concern about the deterioration of performance
Before this announcement of "clearing" Yango Group Co.Ltd(000671) , Taikang department had expressed objections to the performance of Yango Group Co.Ltd(000671) .
The report of the 30th board of directors of the company was reviewed and approved by Jiang Yilun on October 28, 2021, but it was approved by 671 votes of the 30th board of directors of the company. Chen Yilun and Jiang Jiali are the directors nominated by Taikang. The objection is that the deterioration of the company's operation in the third quarter needs to be reasonably explained by the management. Since then, in December 2021, Chen Yilun and Jiang Jiali successively resigned to Yango Group Co.Ltd(000671) .
Yango Group Co.Ltd(000671) the third quarter report of 2021 shows that in the single quarter of the third quarter, its operating revenue decreased by 18.24% year-on-year, and the net profit attributable to shareholders of listed companies decreased by 11.57% year-on-year.
When Taikang agreed to transfer Yango Group Co.Ltd(000671) shares in September 2020, Yango Group Co.Ltd(000671) announced that Taikang was mainly based on optimistic about the future long-term development potential of listed companies, so as to obtain stable dividends of listed companies and share long-term value investment income.
At that time, Taikang Life and Taikang pension also signed cooperation agreements with Yango Group Co.Ltd(000671) controlling shareholders and actual controllers, agreeing on corporate governance arrangements, future performance commitments and management incentives. It is agreed that Yango Group Co.Ltd(000671) shall pay cash dividends at least once a year, and the profit distributed in cash each year shall not be less than 30% of the distributable profit realized in the current year.
However, after the reduction in December 2021, Taikang Life and Taikang pension's shareholding in Yango Group Co.Ltd(000671) decreased to 3.99%. Taikang negotiated with the controlling shareholders of Yango Group Co.Ltd(000671) , and the above gambling agreement between the two sides was terminated.
Yango Group Co.Ltd(000671) performance is not optimistic. According to its performance loss announcement, the company's net profit attributable to shareholders of Listed Companies in 2021 is expected to lose 4.5 billion yuan to 5.8 billion yuan. On February 7, Dagong international, a rating agency, released a rating report, reducing the credit rating of Yango Group Co.Ltd(000671) from AA + to BBB, and the rating outlook remained negative.
If the share price of Yango Group Co.Ltd(000671) does not improve much in the next six months, Taikang's investment in Yango Group Co.Ltd(000671) is likely to end in a loss. At present, Taikang Life holds 165 million shares of Yango Group Co.Ltd(000671) with a corresponding market value of less than 500 million yuan. If realized only according to this market value, combined with the realized reduced holdings and the amount of dividends obtained, the transaction of Taikang investment Yango Group Co.Ltd(000671) will suffer a loss of more than 1 billion.
several insurance companies reduced their holdings of real estate stocks
Taikang quickly reduced its holdings of Yango Group Co.Ltd(000671) more than a year after it became a shareholder, which was made "according to the company's asset allocation needs and relevant investment decisions".
An insurance investor told a Chinese reporter of a securities firm that over the past years, insurance funds have received a large number of stable dividends and interest by investing in the stocks and bonds of real estate companies. With the change of real estate fundamentals, it is difficult for insurance funds to make steady gains in real estate stocks and bonds as in the past.
Since last year, a number of insurance funds have reduced their holdings in the real estate sector to varying degrees. Among them, the reduction actions visible in the public information include Gemdale Corporation(600383) , Financial Street Holdings Co.Ltd(000402) , China Life Insurance Company Limited(601628) reduction China Vanke Co.Ltd(000002) , China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) and so on.
The insurance asset management industry interviewed said that in the past, real estate stocks had relatively stable performance expectations and high dividend yield, which was particularly suitable for large-scale insurance assets pursuing stable returns. From the perspective of Taikang's own investment, there are few listed companies holding more than 5%, only Poly Real Estate and China Merchants Expressway Network Technology Holdings Co.Ltd(001965) , both of which have the characteristics of long-term and stable dividends.
Or therefore, the real estate sector is the traditional heavy position sector second only to banks. According to wind data, by the end of the third quarter of 2021, the market value of real estate stocks with heavy positions of insurance capital was about 57 billion yuan, accounting for 4.19% of the stock market value of heavy positions of insurance capital.
Compared with the end of 2020, the market value of heavily held real estate stocks at the end of the third quarter of 2021 has shrunk by more than 25 billion. Behind both the active reduction of venture capital and the passive shrinkage of real estate stocks.
When Yango Group Co.Ltd(000671) announced Taikang's strategic Shareholding on September 9, 2020, under the environment of general decline in the market, Yango Group Co.Ltd(000671) shares rose against the trend and closed at 7.43 yuan per share. On February 10, 2022, the real estate sector rose by 1.11%, Yango Group Co.Ltd(000671) closed down by 1.06%, and the latest share price was 2.81 yuan, down 60% from when Taikang took shares.
