On May 18, Zhejiang Dun’An Artificial Environment Co.Ltd(002011) announced that the company’s controlling shareholder Gree Electric Appliances Inc.Of Zhuhai(000651) (hereinafter referred to as ” Gree Electric Appliances Inc.Of Zhuhai(000651) “) terminated the planning agreement and transferred 9.71% of the company’s shares held by Dunan Holding Group Co., Ltd. (hereinafter referred to as “Dunan holding”). The company will resume trading from the morning of May 19.
The announcement shows that from May 7 to May 11, after several rounds of communication, under the condition that Gree Electric Appliances Inc.Of Zhuhai(000651) clearly informed Dunan holdings and Hangzhou branch of Zhejiang Commercial Bank that the transfer of this Agreement may trigger a comprehensive offer, obtained the support of Dunan holdings and Hangzhou branch of Zhejiang Commercial Bank on the transfer of this Agreement and the acquisition of this offer, and promised to coordinate Zijin investment ( Zijin Mining Group Company Limited(601899) subsidiaries) to agree to terminate the previous transfer of agreement, after careful consideration, Gree Electric Appliances Inc.Of Zhuhai(000651) inform Zhejiang Dun’An Artificial Environment Co.Ltd(002011) in writing that it plans to plan this agreement transfer and this tender offer.
As for the reasons for the termination of this acquisition, Zhejiang Dun’An Artificial Environment Co.Ltd(002011) said in the announcement, “Dunan holdings and Hangzhou branch of Zhejiang Commercial bank failed to effectively coordinate the parties to reach an agreement on the core terms of this agreement transfer according to the written and oral agreements and commitments made before the suspension.”
Looking back at the beginning and end of the incident, Dunan holding 9.71% of the shares became the “sweet pastry” pursued by the leader of household appliances Gree Electric Appliances Inc.Of Zhuhai(000651) and the leader of mining Zijin Mining Group Company Limited(601899) competing Gree Electric Appliances Inc.Of Zhuhai(000651) seeks to consolidate the controlling stake and help the vertical integration of the industrial chain Zijin Mining Group Company Limited(601899) is intended to increase the company’s lithium resource reserves and production.
According to the previous announcement, on April 28, on the day that Gree Electric Appliances Inc.Of Zhuhai(000651) obtained the confirmation of Zhejiang Dun’An Artificial Environment Co.Ltd(002011) 29.48% share transfer registration, Dunan holdings signed a share transfer agreement with Hangzhou branch of Zhejiang Commercial Bank and Zijin investment; On May 11, Zhejiang Dun’An Artificial Environment Co.Ltd(002011) announced that in order to consolidate the position of control, Gree Electric Appliances Inc.Of Zhuhai(000651) is planning to transfer 9.71% shares of Dunan holdings.
On May 13, Zhejiang Dun’An Artificial Environment Co.Ltd(002011) issued an announcement on delaying the resumption of trading, saying that since Dunan Holdings has signed relevant share transfer agreements with Zijin investment and China Zheshang Bank Co.Ltd(601916) Hangzhou branch on 9.71% of the company’s shares, Gree Electric Appliances Inc.Of Zhuhai(000651) and Dunan holdings still need to further negotiate with relevant parties on the transfer of this agreement, there is still uncertainty about whether the transfer of this agreement can be implemented.
According to the latest announcement, during the suspension period, Gree Electric Appliances Inc.Of Zhuhai(000651) actively promoted the transfer of this Agreement and the work related to this tender offer, and actively negotiated, repeatedly discussed and communicated with relevant parties.
Lawyer Chen Shaolan, senior partner of Baiyi intellectual property, told the reporter of Securities Daily: “At present, it is still unknown who will eventually spend 9.71% of the Zhejiang Dun’An Artificial Environment Co.Ltd(002011) shares held by Dunan holdings. The complicated matters in the process of agreement transfer and communication and the intensity of multi-party game can be seen. If Gree Electric Appliances Inc.Of Zhuhai(000651) accepts shares, it will trigger a comprehensive tender offer. From past cases, this is what the capital side has tried to avoid.”
Tian Yong, director of Guangdong Shengma law firm, said in an interview with Securities Daily: ” Gree Electric Appliances Inc.Of Zhuhai(000651) has paid a lot of human and financial resources to acquire the 9.71% shares held by Dunan holdings, which should be understood better by Dunan holdings, which is also an advanced manufacturing line. The original intention of capital intervention in Zhejiang Dun’An Artificial Environment Co.Ltd(002011) is to look forward to the future of the company. I personally tend to think that the acquisition of the shares by Gree Electric Appliances Inc.Of Zhuhai(000651) may be more in line with the positioning, prospect and further improvement of the listed company Zhejiang Dun’An Artificial Environment Co.Ltd(002011) .”
