On December 29, Yango Group Co.Ltd(000671) announced that after receiving the notice from the shareholders Taikang Life Insurance and Taikang pension, both parties signed the share transfer agreement with Cangzhou Taihe building materials Co., Ltd. (hereinafter referred to as “Taihe building materials”) on December 27, 2021, which agreed that Taihe building materials would transfer 7.41% of the shares of the company from Taikang Life Insurance and Taikang pension through agreement transfer, with a total of 306.7 million shares.
Among them, Taikang Life transferred 184.5 million shares (accounting for 4.46% of the total share capital of the company), and Taikang pension transferred 122.2 million shares (accounting for 2.95% of the total share capital of the company). The unit price of share transfer is 3.05 yuan / share, and the transfer price of the subject share is 936 million yuan.
On the same day, Taikang pension reduced its holdings of Yango Group Co.Ltd(000671) 82807700 non tradable shares through block trading, accounting for 2.00% of the total share capital of Yango Group Co.Ltd(000671) .
Taikang took shares in Yango Group Co.Ltd(000671) last September
Taikang’s fate with Yango Group Co.Ltd(000671) starts from last year.
In September 2020, Taikang Life Insurance and Taikang pension signed a share transfer agreement with Shanghai Jiawen investment, the second largest shareholder of Yango Group Co.Ltd(000671) at that time, which agreed that Taikang Life Insurance and Taikang pension would transfer Yango Group Co.Ltd(000671) 13.53% of the shares from Shanghai Jiawen through agreement transfer, totaling 554.7 million shares, with a unit price of 6.09 yuan / share (including tax).
When Taikang became a shareholder, Fujian Sunshine Group Co., Ltd., the controlling shareholder of Yango Group Co.Ltd(000671) , made many commitments to Taikang Life Insurance and Taikang pension: Based on the net profit attributable to the parent of Yango Group Co.Ltd(000671) 4.02 billion in 2019, from 2020 to 2024, the annual compound growth rate of the net profit attributable to the parent shall not be lower than 15%, and the accumulated net profit attributable to the parent in five years shall not be less than 34.059 billion yuan; From 2025 to 2029, the net profit attributable to the parent company will reach 10.172 billion yuan, 11.190 billion yuan, 12.308 billion yuan, 12.924 billion yuan and 13.57 billion yuan respectively.
At the same time, the contract also stipulates that after Taikang Insurance and Taikang Life become shareholders, Yango Group Co.Ltd(000671) will pay cash dividends at least once a year, and the distribution proportion shall not be less than 30%.
Taikang responded to the reduction of holdings: make timely adjustments to the stocks held
From the public information, Taikang reduced Yango Group Co.Ltd(000671) 9.41% of its shares through agreement transfer and block transaction. After the transaction, Taikang held Yango Group Co.Ltd(000671) 3.997% of its shares through Taikang Life Insurance and Taikang asset management products.
Taikang responded that since this year, the whole A-share real estate sector has been affected by multiple factors, the fundamentals have weakened, and many enterprises in the industry have been affected. Yango Group Co.Ltd(000671) share price also fluctuated greatly. As an institutional investor, Taikang made timely adjustments to its position in stocks and decided to reduce its holdings of Yango Group Co.Ltd(000671) stocks, which is a normal investment decision.
Taihe building materials, as the transferee, was established in 2019 with a registered capital of 30 million. Its shareholders are Zhao fengfen and Zhao baoze, two natural persons. The business scope of the company includes the sales of building materials, steel, fly ash, ore, pipeline accessories, cleaning supplies, hardware and electricity, chemical products (except hazardous chemicals), decorative materials (except hazardous chemicals), thermal insulation materials, furniture, electromechanical equipment, electronic products, office supplies, fire protection materials, security equipment and environmental protection equipment.
As a company established for more than two years, the purpose of Taihe building materials’ stake in Yango Group Co.Ltd(000671) is to “look forward to the company’s long-term development opportunities in the future and obtain better income through increasing Holdings”.
(Daily Economic News)
