Chapter 229 [The annexation of Hengtong is less than 2 billion (3/10)]

Chapter 229 [The annexation of Hengtong is less than 2 billion (310)]

Qunxing Capital headquarters, in the CEO's office.

Fang Hong didn't care about the shocked expressions of the two, and continued: "The person who started to contact Zhongtai Capital, Qunxing took over Zhongtai's holding of Hengtong Pharmaceutical Group's equity, and wanted to complete the merger of Hengtong Pharmaceutical in a flash."

Seeing the determination shown by his immediate boss, Huayu realized that he really decided to swallow Hengtong Medicine, and Dang even said: "Hengtong Medicine's asset scale is more than 18 billion, and our existing liquidity may not be enough. Is it necessary to cash out liquidity from the capital market?"

Huayu pondered, Qunxing Capital really planned to swallow Hengtong Pharmaceutical Group, most likely because it wanted to cash out a sum of money from the peripheral capital market and return it.

Fang Hong shook his head calmly and said, "No, less than 2 billion is enough to win Hengtong."

Hearing this, Hua Yu immediately understood what he wanted to do, and planned a path like the high-tech industrial park in the northern suburbs of Nong Xincheng, establishing a subsidiary company, and then pledged 100% of the equity to financial institutions in exchange for a A small amount of cash flow, and then set up a private equity fund to raise a sum of money. In the end, Qunxing Capital paid out a small part of the money for the inferior funds.

In this way, the funds required for the merger and acquisition of Hengtong Pharmaceutical will be collected. It is true that it does not need to spend too much money. Of course, Qunxing Capital does not need to spend too much money to participate in the merger, but to spend other people's money to acquire someone else's company.

To play capital operation is to use other people's money to play, try not to use your own money.

At this time, Fang Hong thought for a moment and said: "You contact the people of Zhongtai Capital and offer to buy the 30% equity of Hengtong Medicine held by Zhongtai Capital at a price of 3.56 billion, but the money must be divided into two."

Hua Yu asked in surprise, "Split into two strokes?"

Fang Hong nodded and said, "That's right, otherwise why would Zhongtai Capital sell it to me? The net value of the 30% equity is worth 3.06 billion. Zhongtai Capital must see that it is sold to me in order to maximize the benefits."

Hua Yu immediately asked, "How to do it?"

Fang Hong said: "Let's get a shell company first, and then use this shell company to buy Zhongtai Capital's 30% stake in Hengtong Medicine for 3.06 billion, and we will buy the other 500 million from another shell company." Account, and then let Zhongtai Capital also set up a shell company, we will use the 500 million yuan to buy it or replace it with equity, and the legal risks must be well isolated.”

If the risk isolation is not done well, it will become a transfer of benefits, but it is not difficult to avoid the potential legal risks.

As soon as Huayu heard the arrangement of the big boss, he immediately understood that Zhongtai Capital would inevitably sell its 30% equity to Qunxing, because this was equivalent to earning an extra 500 million yuan.

Moreover, such a large amount of money is involved, and there are not many people who can take over it. Zhongtai Capital will definitely choose Qunxing Capital.

The purpose of dividing into two transactions is to not give a premium to the equity, because according to the terms of the series of agreements signed between Zhongtai Capital and Wang Qingxiong, the difference needs to be compensated by the proceeds from Wang Qingxiong’s sale of his shares.

From a legal perspective, these are two transactions that are not related in any way. The transfer of Zhongtai Capital’s equity in Hengtong Medicine to Qunxing Capital at a price of 3.06 billion yuan is a separate transaction. There is no act of selling assets at a low price, which is reasonable, legal and compliant.

The other 500 million is another transaction between Qunxing Capital and Zhongtai Capital. It has nothing to do with Hengtong Medicine, but Zhongtai Capital has actually earned 500 million more.

If it is not split into two transactions, if you buy the 30% equity of Hengtong Pharmaceutical Group held by Zhongtai Capital for 3.56 billion, it is equivalent to buying at a premium of 500 million, and according to the terms of its agreement, Wang Qingxiong needs to make up 4.54 billion With a difference of 100,000 yuan, Zhongtai Capital obtained 8.1 billion exits with principal and interest.

However, after removing the 500 million premium and buying Zhongtai Capital’s 30% stake in Hengtong Pharmaceutical Group for 3.06 billion yuan, according to the terms of the agreement, Wang Qingxiong needs to make up 5.04 billion yuan. Withdrew 8.6 billion and earned 500 million more.

However, in terms of process, Qunxing Capital did not directly buy the 30% stake in Hengtong Pharmaceutical Group from Zhongtai Capital.

Because according to the terms of the series of agreements signed by Zhong Tai and Wang Qingxiong, Hengtong Pharmaceutical’s dream of going public is now shattered, and it needs to repurchase the equity held by Zhongtai Capital. The company needs to pay a sky-high price of 8.1 billion to repurchase the 30% equity.

And it is absolutely impossible for Hengtong Pharmaceutical Group to spend so much money now, what should we do? The only way left for Wang Qingxiong is to sell his shares to make up the difference. At present, Wang Qingxiong holds 67% of the shares of Hengtong Pharmaceutical Group.

The company itself has to spend 3.06 billion to repurchase the 30% of the equity, but the company does not have so much liquidity and can only introduce new capital through external financing.

Here comes a new problem.

In the current environment of the financial tsunami, capital is in a shrinking cycle. Which investor is willing to finance you at this time?

What's more, you still have a lot of troubles in your body. Investors are worried that they will stay far away if they are worried about being in the mud.

This is the time for Qunxing Capital to make its debut, and Wang Qingxiong has no bargaining power at all. Qunxing Capital paid an additional 500 million yuan as a premium to Zhongtai Capital.

what to do? Suppressing the asset price of Hengtong Pharmaceutical, including suppressing the control premium, getting more equity with less money is equivalent to offsetting the premium for Zhongtai Capital. Wang Qingxiong and Hengtong Pharmaceutical Group are bound to reach the world of fish and meat.

From the moment when Hengtong Pharmaceutical's dream of going public was shattered, the fate of Wang Qingxiong and the company he founded had already been determined.

A lightning-like hunt for Hengtong Pharmaceutical started.

The plan to annex Hengtong was formulated and completed by Fang Hong on the spot, and he was handed over to Huayu in detail for execution, and then left Qunxing Capital.

As soon as the big boss left, Huayu's assistant Yue Qing couldn't help but said: "For Wang Qingxiong's hunting situation, the three-step strategy plan is so well-organized, I doubt that you, a young boss, have already formulated it. The plan to devour Hengtong Pharmaceuticals is ready. I thought he was just a genius in stock speculation, but I didn't expect that capital operation is so high-end, and he can still play like this, strong enough and ruthless."

"This merger will inevitably cause a sensation in the entire business circle. My father is right. There is indeed a big gap between me and him." Hua Yu also said with emotion, and then turned his head and glanced at Yue Qing and added: "It's not cruel enough. , not strong enough, how could Qunxing Capital reach its current scale in such a short period of time?"

After a while, Huayu ordered: "You go to arrange the schedule, and tomorrow I will go personally to talk to the head of Zhongtai Capital, and you should immediately start implementing the first step of the three-step strategy of Whale Hengtong Medicine. .”

The assistant nodded and left the office to make arrangements.

The entire three-step strategy is an exquisite game, interlocking.

This first step strategy is to prepare the required M\u0026A funds. Qunxing Capital’s valuation of Hengtong Medicine is 9.2 billion yuan, which is about 10% lower than the normal valuation, which is to suppress the valuation and start the M\u0026A.

Decided to spend 8.1 billion yuan to acquire 88% of the shares of Hengtong Pharmaceutical Group. With all the acquisition funds, a shell company called "Ruihe" was first established. As the name suggests, the shell company has nothing.

Then he pledged 100% of Ruihe's equity to financial institutions, and replaced 47% of the value at a valuation of 8.1 billion yuan, which is about 3.8 billion yuan.

Why can a shell company exchange a sky-high price of 3.8 billion?

What other financial institutions look at is not the shell company, but the credit and strength of Qunxing Capital behind the scenes.

Then Qunxing Capital paid 1.62 billion yuan in real money, and as the project’s inferior funds, it lost money from Qunxing first. Why did it lose Qunxing’s money first? Because the higher the risk, the greater the return, and the greater the benefit.

Finally, another private equity fund was launched to raise 2.68 billion yuan of funds, and all of them were priority funds, with small risks but relatively small returns.

In this way, the 1.62 billion I paid for myself, the 2.68 billion private equity, and the 3.8 billion pledged made up the 8.1 billion required for M\u0026A funds.

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