GOME non-listed stores assets overall performance Super suning 40 billion

A few days, is overwhelming. Was in the shareholder side just tough "Chen must go" after one week, GOME issued a public notice that the parties have reached a memorandum of agreement of the Board of Directors, GOME large shareholders nominate Zou xiaochun and huangyan Rainbow two representatives to serve as Executive Director of the former and the latter as non-executive directors, Board members will be from 11 to 13.

In simple text has been published, does not mention the injection of non-listed locations.

Huang Chen sides and not willing to disclose non-listed shop talks progress to "present just a approval procedure question" to answer times weekly reporter, and prepared the terms many non-disclosure agreement to address the concerns of the outside world.

GOME one internal to the interpretation of that era weekly reporter, so long as there is no split, in fact currently the overall size of the United States and the integral development of the company is good; Bain Capital (Asia) Managing Director Jonathan also hinted to times weekly reporter Huang at the Board's right to speak is sufficient.

However for the CSA, through the heat exchanger unit of non-listed equity injection, Huang holds a substantial increase in shareholding inevitably, status and the right of speech will also be more consolidation.

Visible, Huang guangyu and Chen on non-listed stores into demand difference remains the indispensable factors.

"Approval of difficulty is greater than the consensus the two sides," said Associate Professor CAI rongxin zhongshandaxuelingnanxueyuan, shareholder-owned assets and public companies exist competition, regulatory authorities, it also wished to eliminate such conflicts of interest, because it can protect investors interests. This means, how to integrate listed and unlisted store, this issue will become Behn HUANG Chen including focus next contest.

Overall performance of hyper-SUNY

November 15, located on Queen's Road Central, Hong Kong/61, the center of the GOME Holdings Limited, was low-key and peace, and security guards at the gate almost defiant attitude was in sharp contrast.

That afternoon, GOME (0493.HK) issued shares after 100 days for the first quarter. Data show that in the first nine months of the GOME achieve business income 372.7 billion, an increase of 18.58%, net profit of about $ 14.4 billion, an increase of 49.22 per cent.

GOME Chairman Chen is obviously on this set of data is quite satisfactory.

GOME bulletin reference to his words, although the company has experienced everything, but the first 9 months performance remain outstanding, the company's strategic plan is to promote and implement successful, the Board of Directors pleased to have a stable environment gradually, allowing management to focus to be brought down to business development and management.

10 days ago, suning appliance (002024.SZ) announced its results for the third quarter.

The first three quarters of revenue 543 billion yuan, an increase of 30.61 percent; net profit 28.28 billion yuan, an increase of 43.58 per cent, the total number of stores reached 1235. According to this calculation, GOME in the first three quarters of revenues to SUNY 68.6 per cent, while net profit only 56 per cent for SUNY, about half of the SUNY.

Perhaps the GOME management also took note of the comparative figures, so after this year's third quarter report, GOME publishes non-listed part of the assets, which in the past, the publication of the results for the first time in.

GOME said GOME listed companies, large and medium-sized appliances, triple trading companies and the parent group total income 583 billion, total number of stores reached 1255.

By contrast, the first three quarters of this year than the total revenues of $ 543 SUNY up whole 40 billion yuan, the store number more than 20 SUNY.

"The reason why this part of the announcement, I believe that in order to prove that poor guomeibing not more than others, and in order to enable investors and consumers ' confidence in the United States," a GOME insiders on times weekly reporter said, "we do not say no, we do not represent the indisputable does not mean we give up.

Home appliance chain industry leader's position should not unilaterally to compare it to a conclusion, GOME listing part and is not listed in part a of the whole. ”

In the third quarter, GOME has undergone one of the most important special general meeting of shareholders, Huang guangyu and Chen conflicts considered to some extent, have an impact on company performance.

Compared to the second quarter, GOME revenue cycles than 5.3%, net profit ratio decrease Central 24.17%.

"From 2009, 2009, the first and second quarter sales were affected by the overall macro-economic and the company itself, the impact of the crisis, the year-over-year basis, to the third quarter of 2009, when the overall macroeconomic has begun to rebound, and at the same time, the company is also a relatively stable trend, this year's sales greater than the growth rings; in sales rebound to normal levels, the contribution of the third quarter is not so great; in addition the ' 11 ' golden week of sales in the fourth quarter as well as most of the new store to open in late September, this part of the performance of the contributions to be reflected in the fourth quarter.

"GOME a high tube times weekly reporter.

Huang guangyu party earlier on the performance of strong accusations, has a rather awkward tool.

Yellow wife cuckoo long ago also said that the past year, GOME operations is not up to the expectations and responsibilities vested in Chen.

"If the founding shareholder to participate in, there will be a GOME better development and industry competitiveness and scale, as well as in industry-leading status can be more consolidation.

Founding shareholder from my own experience, resources, and so in a constructive manner to enhance communication and cooperation of listed companies, with this kind of communication and cooperation, we believe that the United States will better. "Huang guangyu, spokesman is the comment three quarterly bulletin.

Today, the party seems to be the default capture GOME incumbent management in times of the assault.

But the data are sufficient to allow Chen and his management team whether relief, GOME can continue to become the leader in home appliances retail business?

Non-listed shop controversy

The United States as of the third quarter of this year a total of

Have a listing of stores, as projected 787 non-listed companies for 468 stores, store 37.3 per cent achieved operating income was $ 210.3 billion in total revenue of 36.1 per cent. Sources told the times weekly reporter, unlisted part in GOME management and shareholder struggle a lot of heated discussions during the period, and today both hands, the unlisted part really play its role.

Although both WONG Chen on non-listed earlier are high-quality debate stores of gunpowder, however GOME management attitudes towards seems to speed up the part of the assets into the listed companies foreshadow negotiating buried.

On the morning of November 11, GOME founding shareholders Huang guangyu party issued a statement that called the founding shareholders, glad GOME agreed to convene an extraordinary general meeting of shareholders, to expand the Board of Directors and the appointment of two directors nominated.

The core of the Declaration is that the two sides agreed on increased while the Board representation, Huang guangyu first makes clear that no longer split non-listed locations.

The injection of non-market stores certain technical threshold.

Hong Kong-listed GOME is a company registered in the Cayman Islands, the CSA's stores are full of Beijing guomei all domestic capital. Will be prepared by the assets of a capital injection of listed companies, must follow a series of complex programs. Sources told the times weekly reporter pointed out that, if the non-listed companies into public companies is actually a transfer domestic assets, this requires regulatory approval. The parties also pointed out that, even if regulators allow, also need to convene the general meeting of shareholders, investors also need non-listed shop prices.

Associate Professor at zhongshandaxuelingnanxueyuan Miss rongxin, and technical obstacles in non-listed shop into a consensus on the issue, is the core of Huang Chen game.

Differences between the two sides is listed in the acquisition by cash to purchase non-listed stores assets listed companies is not possible to come up with hard cash, NT must raise money through SEO, it inevitably lead to large shareholder stock is diluted to Chen's status will also be more stable. Of course, this is not the wish to capture, the CSA hopes that through the heat exchanger unit of non-listed equity injection, do not need to spend money, so that the CSA listed company shareholding must be substantially increased, and the right of speech will also be more consolidation.

"Investment institutions are within a certain period of time, if the profit out of such assets are injecting into high-quality, can enhance the ability of listed companies, operating results and business data will certainly be very nice, price increases, the future reduction of the rate of return on assets, injection of enthusiasm.

"CAI rongxin analysis. But at times weekly reporter asked whether the upheaval of the CSA will continue to fight for the right to speak, Bain Capital (Asia) Managing Director Jonathan Huang said: "now that you have a right to speak, but implied" in the words of the Board of Directors of the CSA to component enough.

How the integration of listed and unlisted store, this issue will become Chen Huang including Bain Capital is the focus of the next contest.

Board of Directors the power to compete in the

This time, the two sides in the external situation does not give you the fundamental changes, return to the negotiating table and to quickly reach a settlement.

So, is not surprising.

Just that counts the future GOME new Board structure, Huang guangyu family representative will be in the six executive directors occupy two seats (Zou xiaochun and Shinning Crown Holdings Inc. legal representative Ng Kin-wah), four non-executive directors in occupies two seats (huangyan Rainbow and another Huang guangyu family nomination of non-executive directors), 13 members of the Board of Directors, Huang guangyu currently recognized by the "representatives" only four, accounting for more than 30%, and Bain Capital joint Chen occupies four seats "close".

Therefore, the reality and Huang guangyu family previously always publicly insisted to regain control of the Board of Directors of "reasonable seats," Chen must leave the Board of Directors "and other goals there are gaps, Huang guangyu family if want to stay on top of the Board of Directors, but also the United States after a fight.

The test tool will also be more since then. Sometimes, even not test strategy layout and management talents, but the balance and the art of compromise.

But as investors Bain, the choice will always benefit from the maintenance of investment and, therefore, the overall situation is not necessarily always be the support tool.

Jonathan on the guarded, but he denied proposed Chen a year later left the United States, "Chen total cannot leave his own mind."

"Both sides for a high degree of coherence of interests and rational compromise, founding shareholder interests and that it represents.

Although this is not mentioned Chen stay, but there are two possible, first, the two sides did not reach agreement on Chen stay, temporary differences; the second is to have reached a consensus of Chen gradually withdraw from, I think the former is more likely. In addition, 28 ' 9? ' is the first step, now is the second step, the two sides have medium-term balance of power, the next step is when the decent leaving the tool; and finally the GOME Board seats and shareholding ratio reasonable matching issues. "GOME decision-making Committee development strategy Research Center Director Hu gang considers the original.

GOME insiders explain, Chen to leave the United States, there are two ways: first, the articles of incorporation under the GOME, unless you share more than 10 per cent and made of shareholders extraordinary general meeting held on motion for revocation of the Chairman of the Board of Directors Chen, and vote the motion; the second is because there is no specific Board Chair term, Chen can choose in this long trouble in decent revulsion.

A bit reluctant to anonymous chain industry analysts believe that investors are unlikely to accept inmates or inexperienced Zou xiaochun.

Holding GOME exceeding 2% of Regal Shanghai Jian Cheng said earlier, he was not in favour of yellow represents the new President of Zou xiaochun, that should be familiar with the household appliance industry, he believes the incumbent President Jun Wang Chau chaired more appropriate.

Contributed to this success is the ultimate opportunity may be from high

Tubes are good offices. However, once an aggressive reporting relationships, Huang guangyu, Chen and the management team also like a bowl of water so close together?

GOME a executives now reluctant to emphasize family enterprise and modern business game, think many to return to rational dialogue within the framework of the negotiations and to reach through this way to maximize the benefits of a relative, is the key to the development of the United States.

"Yellow total, after all, is the founder, to the entire industry is so large, strategically and experience is very rich, including Bain such international ideas and experience, we all feel management professional. GOME can in such a process to achieve sustainable growth, many excellent experience, coupled with the new good atmosphere, from a social point of view, we must also hope that the United States from now on be able to have a better business environment, we concentrate on the company do better to return to society. From the company's governance, new directors schema actually make the company's entire management more standardized. ”

"The United States executives are in Huang guangyu his grown Gan Jiang, and Chen was in stock, gained during his career, status, background, have no way of separating the two bosses, executives will be how to balance, not our outsider can speak clearly; executives worry about enterprise culture conflict, therefore, unlikely to choose to buy SUNY or one hundred, there is also a risk again venture.

"Hu just believe, since it did not want to talk to who torn face executives is a promotion and be ignored.