On December 29, Qumei Home Furnishings Group Co.Ltd(603818) released a heavy news: Zhuhai hilling Deyou Investment Management Co., Ltd. (hereinafter referred to as hilling investment) plans to invest 200 million yuan in the company’s wholly-owned subsidiary.
It should be noted that Hillhouse investment is not a direct investment in Qumei Home Furnishings Group Co.Ltd(603818) , but a wholly-owned subsidiary of Qumei Home Furnishings Group Co.Ltd(603818) , and this subsidiary also has a great background, claiming to have “the most comfortable chair in the world”.
What company does like?
On December 29, Qumei Home Furnishings Group Co.Ltd(603818) announced that Hillhouse investment and Yinti consulting plan to invest 200 million yuan and 25 million US dollars respectively by increasing capital or transferring old shares to Qumei runto, a wholly-owned subsidiary.
Source: Announcement
The announcement shows that Qumei runto is actually a Qumei Home Furnishings Group Co.Ltd(603818) special purpose company previously established for the acquisition of ekonres as, that is to say, Hillhouse investment is actually interested in ekonres as.
What kind of company is ekonres as?
It is understood that ekones as is a Norwegian company acquired by Qumei Home Furnishings Group Co.Ltd(603818) in 2018. After several acquisitions, the most recent one was in July this year, Qumei Home Furnishings Group Co.Ltd(603818) acquired the last 9.5% of the company’s shares for about RMB 548 million. At present, ekones as is a three-level wholly-owned subsidiary of Qumei Home Furnishings Group Co.Ltd(603818) .
According to the previous announcement, ekonres as is a global furniture manufacturing and sales enterprise headquartered in ikornnes, Norway Ekonres as mainly develops and manufactures furniture and mattresses, and sells its products through direct sales and retailers. Its brands mainly include stressless, IMG and svane. Stressless and svane are famous furniture brands in Europe. Img was acquired by ekonres as in 2014 and has high popularity in Australia and the United States.
Among them, stressless, for example, is a high-end furniture brand. In the previous announcement of Qumei Home Furnishings Group Co.Ltd(603818) , stressless is famous all over the world for its brand image of “the most comfortable chair in the world”. A shopping website shows that the price of a chair of stressless brand ranges from thousands of yuan to tens of thousands of yuan.
Source: a shopping website
Qumei Home Furnishings Group Co.Ltd(603818) in the acquisition announcement in July this year, the company said that since the company obtained the controlling stake of Ekornes as, the company has actively promoted the business innovation of Ekornes as, improved and upgraded the corporate governance structure and management system, and the operating revenue and net profit of Ekornes as have increased steadily. By the end of 2020, the company’s operating revenue had a compound growth rate of 4.18% compared with the year before the acquisition, The compound growth rate of net profit was 24.07%.
In addition, according to the announcement, Qumei Home Furnishings Group Co.Ltd(603818) the valuation (EV) of Ekornes as corresponding to the transactions of Hillhouse investment and Yinti consulting is RMB 6.045 billion, a small premium over the valuation (RMB 5.768 billion) at the time of the transaction in July this year.
several core figures from Hillhouse appeared
Among the shareholders of Hillhouse investment of Ekornes as under Qumei Home Furnishings Group Co.Ltd(603818) , many are the core figures of the well-known Hillhouse group.
Tianyancha data show that the legal representative of Hillhouse investment is Ma Cuifang, who is a veteran of Hillhouse and joined Hillhouse in 2005. At present, the shareholders of Hillhouse investment are 6 natural persons, of which ma Cuifang holds 15%, Zhang Haiyan holds 55%, Li Liang and Cao Wei hold 10% respectively, and Cao Fei and Ji Yuanlong hold 5% respectively.
Source: tianyancha
In fact, in some verifiable public activities, Ma Cuifang was a partner and chief operating officer of Hillhouse capital, and Li Liang and Cao Wei also appeared as partners of Hillhouse capital. In the activity record of the intended investor meeting released in Gree Electric Appliances Inc.Of Zhuhai(000651) 2019, Ji Yuanlong attended as hilling Capital Management Co., Ltd.
Source: Gree Electric Appliances Inc.Of Zhuhai(000651) announcement
In addition, also taking Gree Electric Appliances Inc.Of Zhuhai(000651) as an example, the main body used by Hillhouse in its previous acquisition of Gree Electric Appliances Inc.Of Zhuhai(000651) shares was “Zhuhai Mingjun investment partnership (limited partnership)”. Tianyancha showed that after penetrating the ownership structure of the company layer by layer, information from Ma Cuifang, Cao Wei, Li Liang and others also appeared. In many previous capital operations, Hillhouse realized it through some partnerships and investment management companies.
Source: tianyancha
(China Securities Journal)
