No data

No data


04

2022

-

03

In the short term, Huang Guangyu's status as a major shareholder of Gome will not be shaken


According to the annual report released by Gome, Huang Guangyu owns about 5.116 billion shares of Gome. According to the average price of HK$2.3 on the 18th, the shares held by Huang Guangyu are worth more than HK$10 billion. An investment bank analyst who has been tracking Gome stocks for a long time said: "Judging from the judgment, there are no conditions to force Huang Guangyu to sell stocks." Well-known analysts in the domestic retail industry also pointed out: "Huang Guangyu paid fines by selling Gome shares. It is unlikely.” Because in addition to Gome, Huang Guangyu also owns 100% of the equity in retail non-listed companies. In terms of real estate investment, there are also real estate projects such as Beijing Pengrun Investment Co., Ltd., Beijing Pengrun Building, Pengrun Home, Gome First City, and Tomorrow First City. More importantly, Gome is Huang Guangyu's base, and he probably won't easily sell his shares. "Although Huang Guangyu and his wife are in prison, it still does not affect their controlling interest in Gome." It is believed that Huang Guangyu will maintain its status as a major shareholder, and the proportion of shares held will not be significantly reduced. Long-term: Control of Gome may be diluted But a 14-year prison term and $1 billion in cash is not a small sum. A week ago, Huang Guangyu and his wife publicly seized power at the annual general meeting. They not only opposed the entry of three representatives of financial investor Bain Capital into the board of directors, but more importantly, opposed the increase of capital and shares. At that time, some analysts believed that this was because Huang Guangyu and his wife were worried about diluting their equity after the capital increase. Analysts pointed out that the 14-year sentence was a test for Huang Guangyu. With the passage of time, Huang Guangyu's personal control over Gome's operation will inevitably be weakened, and the equity may also be diluted. Gome stock price: less impact Analysts believe that the fine of Gome is only RMB 5 million, which is far lower than outside estimates and has a positive impact on the stock price. Analysts mostly believe that the current fine is not very high, and if Huang Guangyu is insufficient in cash when paying the fine, he will first choose to sell real estate assets that are easier to realize, and he believes that he will not sell Gome stocks. In the short term, the impact on Gome's stock price is small. Since Gome's first-quarter results were in line with expectations, and it has fallen by more than 1/4 from a high level, major banks have recently raised their target prices. Credit Suisse gave Gome an "outperform" rating, but the target price was slightly lowered by 4.6% to HK$3.34. Bank of America Merrill Lynch also reiterated Gome's "buy" recommendation, but the target price is only HK$2.9. Merrill Lynch believes that Gome is currently oversold.