December 28th.
Pengrun Building.
This month, Gome's employees had frequent meetings and meetings.
Li Dong, Huang Guangyu, Cheng Xiao, and the various organizations …
Every few days, they would come here for a meeting.
Today, early in the morning, these people locked themselves in the small meeting room, attracting the attention of the internal and external parties.
… …
In the meeting room.
This was not a big meeting, but a small meeting. There were only a few directors and shareholders, and there were less than 20 people.
But the atmosphere was not as relaxed as the previous shareholders' meeting.
From the moment Li Dong wanted to convert his shares, Huang Guangyu attacked fiercely. "We had an agreement with the various organizations that we can convert our shares, but we had to convert the share price! At that time, the share price was 4 HKD! You want to convert your shares? Sure. 2 billion bonds for 500 million shares. I have no objections! "
Li Dong sneered and said, "Do you think I don't know that?
But there was a supplementary agreement. Based on Gome's performance, the conversion will be based on the average closing price in the past five days before the conversion.
Now that Gome has suspended trading, the conversion will be based on the closing price in the past five days!
4 HKD is a joke. Before Gome was suspended, the closing price was only around 1.05 HKD.
If we want to convert our shares, we must do it according to this!
Director Huang, it's pointless to pretend that you don't understand.
Even if this matter is brought to court, the supplementary agreement will still be valid. I don't want to go to that stage. What do you think? "
Wang Yue also said indifferently, "Director Huang, there's no point in fighting over this matter now that things have come to this. Convertible bonds can be converted into shares. This is the right. The share price is only a reference and not a specific rule. All the shareholders and directors should know this. What Director Huang needs to do now is to discuss the details of the conversion. "
Huang Guangyu sighed and said. "Even if we don't convert our shares according to the agreement, we cannot convert them according to the closing price before the suspension.
I agree with the supplementary agreement. But the supplementary agreement states that the share price will fluctuate by 20%.
General Manager Li will not deny this, right?
As for 1.05 HKD, that's the impact of Gome's share price.
Now, I'm asking for a 20% premium for the conversion. This is in line with the agreement.
General Manager Li wants to convert his shares to HK $1.26 per share.
This isn't just about me, it's about the interests of all the shareholders!
If it wasn't for Gome being hit, General Manager Li wouldn't have been able to convert the share price to HKD $1.26.
If you don't pay a premium, we won't agree to this transfer! "
2 billion HKD bonds, converted to shares at 1.05 HKD, will be 1.9 billion shares.
At 1.26 HKD, that's less than 1.6 billion shares!
A difference of 300 million shares was definitely not a small number!
Old Huang might seem petty to be fussing over a few tenths of HKD, but it was not without reason.
At this time, the value of 300 million shares was much higher than the true value of 300 million shares!
Li Dong shook his head and said, "Since you said 20% up or down, can't I go down by 20%? At this moment, I felt that Gome was in grave danger, even worse than before. After all, there were people creating obstacles everywhere. I can't afford to pay 1.26 HKD. It's impossible. "
The shareholders' attitude towards Feng Yu changed again.
It was the same as before. The shareholders only care about their own interests.
Huang Guangyu's request for the highest premium was beneficial to everyone, and there was no reason not to agree.
Since Li Dong wants to convert his shares to HK $1.26 HKD, he must do it.
No one said a word to Li Dong's rebuttal. This meant they disagreed with Li Dong.
Li Dong also knew it was useless to get JPMorgan Chase involved.
In the past, Feng Yu had used their interests to suppress Old Huang. Now, Old Huang was the one controlling Feng Yu.
As for Li Dong, what he needed was speed. He could not be bothered to continue arguing as it would not have much of an effect. After some consideration, Li Dong said, "1.25. A difference of 0.01 would be easier to calculate with an integer. It would be pointless to haggle over such a small difference in price. I will not say anything. I have decided to convert my shares to HK $1.26 HKD. But it is meaningless to have a small difference. "
The difference of 0.01 HKD after the conversion is only 16 million HKD. Everyone will get a few hundred thousand HKD.
Everyone was not really stingy. Since Li Dong was willing to pay a premium, no one had any objections to the small difference.
Old Huang did not retort. Just now, there was a difference of 300 million shares, and now, there was a difference of more than 10 million shares. Gome had a total of tens of billions of shares, and others will look down on him if he continues to argue.
After Li Dong finished, everyone nodded. "Then we will convert the shares to HK $1.25 HKD per share. The new shares will be 1.6 billion, and there is no need to issue bonds. It will be approved by the company and the Hong Kong Stock Exchange. "
Li Dong laughed. "This way, I will own 9.6 billion shares. The total shares will be 24.6 billion shares, and I will own more than 39% of the shares. Director Huang, after the conversion, I will be the major shareholder. From now on, there are some things that you can't interfere with without my permission. "
The Huang family had obtained Baoneng's 400 million shares, and they own 9 billion shares. This is lower than Li Dong's 9.6 billion shares.
At this point, from the beginning until now, in 12 days, Li Dong had completed a complete reversal and became the largest shareholder.
Everyone in the meeting room looked at him strangely.
What should the Huang family do?
At this time, there was no other choice but to inject Yi Wei.
Without the conversion of bonds, they cannot buy back other people's shares. After the first injection, the company has 3 billion HKD in their accounts, and they cannot inject any more.
Trading will stop, and they cannot issue more shares.
After thinking about it, they can only inject Yi Wei.
If they inject Yi Wei now, there might be some changes. Will Li Dong still agree?
Or, if they do not inject, JP Morgan, CRMC, and other smaller shareholders will support the Huang family. If not, the Huang family will be eliminated soon.
Ever since Li Dong announced the equity transfer, Huang Guangyu actually knew that this would happen today.
Looking at Li Dong, Huang Guangyu said, "General Manager Li, why are you in such a hurry?
As for whether to inject Yi Wei or not, no one will say anything.
General Manager Li's goal is to complete Gome. I understand what you mean.
Since you have this idea, and I have reached a dead end, I will not let General Manager Li have it so easy!
Or, I will choose to sell to Suning!
Or, General Manager Li will agree to my new plan.
Of course, I will not make it difficult for other shareholders, and I will not let everyone suffer losses with someone else.
Issue 4 billion shares, 1 billion HKD, and 2 billion shares of warrants.
If everyone agrees, I will inject Yi Wei. If not, fine. I will negotiate with Suning. "
Everyone's face changed. 4 billion shares. Based on Li Dong's conversion price, it will be 5 billion HKD.
1 billion RMB, converted to HKD, is about 1.18 billion HKD.
The warrants mean that when the new shares are issued, the other party has the right to subscribe in advance without going through the secondary market.
Two billion shares of stock warrants. This was also money, and the value was not low.
The total value of these three warrants is at least 6.5 billion HKD.
Compared to the previous offer of 10 billion HKD, the difference is not small. But 6.5 billion HKD is not a small amount to Yi Wei.
Based on Li Dong's previous proposal, 4 billion HKD is enough.
Now, 6.5 billion is beyond everyone's expectations.
After Huang Guangyu finished, everyone looks at Li Dong. Li Dong said calmly. "3 billion shares, 1.5 billion HKD. No warrants. That's all.
If you can agree, then agree.
If he couldn't agree to it, President Huang could go to Su Ning.
I want to see how much they are willing to invest.
More than 5 billion HKD. Are Suning willing to invest?
I had said that Gome's brand value is not worth that much now.
Only 300 branches. Dazhong High School was acquired earlier, and they also have a lot of branches. Their profits are much higher than yours.
But how much is Dazhong High School worth?
Now, we are offering 5.25 billion HKD. This is not a small amount.
This offer is in line with all shareholders' interests.
If you think it is not enough, then do whatever you want. After this share transfer, I will apply to resume trading immediately. This is the end of Gome's restructuring. "
As the major shareholder, Li Dong has the right to say this.
Huang Guangyu's face is gloomy. After a while, he said. "3 billion shares, 2 billion HKD! This is my bottom line. If you can't agree to this, then this is the end. "Li Dong, now that things have come to this, let's talk openly. There's no need to bargain anymore. You don't have to provoke me. You know better than me if Gome's brand value is worth that much. "
As the first electronics chain in China, Gome will not be suppressed by Suning a few years later. Although it is suppressed now, Gome is still the number one electronics chain in China.
Li Dong said Gome's brand is worthless and cannot be taken seriously.
Even if they change the brand Far Away, in everyone's eyes, Far Away is the supermarket, and Gome is selling electronics.
5.75 billion HKD is still a lot.
But at this moment, Old Huang is very firm. If he does not agree to this, then they can just go their separate ways.
At most, he will sell the shares to Suning!
Even Gome is gone, and if he can get more money, he will do it. It is better than nothing.
Li Dong looked at Cheng Xiao, CRMC, and the rest of the companies. After a while, he asked. "What do you all think?"
There is no need to check the company's status for Yiwei's investment.
This is because Gome is in charge of the company, and everyone in the room knows the company's finances and operations better than Yiwei's people.
That's why everyone knows if Gome is worth this price.
Yiwei's annual revenue is 20 billion, and it owns Gome's brand. Yiwei's 358 outlets are less than 6 billion HKD. Overall, it is worth it.
Cheng Xiao thought for a while and said. "General Manager Li has no objections, and I have no objections too."
What Cheng Xiao means is simple. You decide.
Since you are the major shareholder, you will be the one sharing the profits, and the rest will not be affected.
Also, Gome's value will rise if they invest in Gome. Their shares will not change, and they will still be the ones making money.
Most importantly, the 3 billion shares will affect the market structure.
If Li Dong agrees, the Huang Family will own 12 billion shares, and they will exceed Li Dong by a large margin.
Li Dong knocked on the table and said. "Since CEO Huang insists, and no one has any objections, I have no objections too. Of course, since CEO Huang wants to invest in Gome, there is no need to hold another meeting. I still have 1.7 billion HKD bonds with me. Let's convert them into shares. "
Cough! Cough!
Many people started coughing. Damn! This fellow still has trump cards!
3.7 billion worth of convertible bonds, and there are only slightly more than 4 billion in the market. This fellow had almost bought all of them!
Now, even Old Huang could not remain calm.
He knew Li Dong had 2 billion worth of bonds, and it might be slightly more, but it should not exceed 3 billion.
Unexpectedly, he really didn't expect Li Gui to have 3.7 billion!
1.7 billion worth of bonds will be converted into 1.36 billion shares.
After the conversion, Li Dong will own 10.36 billion shares.
The Huang Family has 12 billion shares.
JPMorgan Chase has 1.6 billion shares.
Once Li Dong completes the transaction with JPMorgan Chase, the difference between him and the Huang Family will be only 40 million shares, which is almost negligible.
Both parties will be back to the same level.
Li Dong continued. "I will add another 100 million. The new shares should be in round numbers. I have 3.7 billion worth of bonds, and I will add another 100 million in cash for 3 billion shares. It will be the same as CEO Huang's shares. What do you all think? "
100 million cash for 40 million shares. This is more than double the market price, and the impact is not significant. No one has any objections.
Even Huang Guangyu does not care about this.
After that, everyone had nothing else to say. They began to discuss the transfer of shares and capital injection.
After the 6 billion shares, Gome's total shares will reach 29 billion shares.
Compared to before, Gome has 9 billion more shares.
But Gome's strength had also increased by a lot. It has 358 more retail stores and the Gome brand. Other than the 2 billion HKD that Huang Guangyu had paid, the 3 billion RMB that Huang Guangyu and Li Dong had added another 100 million.
If converted to RMB, the new cash flow will be about 1.4 billion RMB.
This Gome is much stronger than before.
Once the restructuring is completed, Gome's value will increase by a lot.
After the restructuring is completed, the Huang family owns 12 billion shares, Li Dong owns 10.4 billion shares, JP Morgan owns 1.6 billion shares, and CRMC owns 1 billion shares.
These four companies own 25 billion shares.
The Euphoria Group held less than 1.5 billion shares, and the other small investment banks held about the same amount.
The remaining 1 billion shares are still in the hands of individual investors.
It could be said that Gome was about to complete its privatization.
Both parties want to complete the restructuring as soon as possible, issue new shares, and start the war in the secondary market.
After all, the shares that need to be converted had been converted, and the capital injection had been completed.
At this time, Gome has no choice but to acquire the other shareholders' shares or issue new shares to expand its advantage.
The gap between the top and bottom is very small, and the remaining small shareholders are not clear about their stance.
Whether it was Li Dong or Huang Guangyu, neither of them was willing to hand over the decision completely to them.
Since that's the case, they will quickly restructure and issue new shares to start the war in the secondary market. At that time, it will all depend on their own strength and will not rely on external factors.
This is the choice Li Dong and Old Huang made.
After discussing for a while, Li Dong said. "This restructuring is not complicated. We are in charge of Yiwei, and we have all the necessary materials. The application for resumption of trading will be submitted to the Hong Kong Stock Exchange for review. Mr. Huang and I will put in some effort. Today is the 28th, and there are four more days until the end of the month. New Year's Day is on Thursday, and the market will not be closed. We will try our best to resume trading on New Year's Day! "
Everyone looked at each other. They had seen anxious people, but they have never seen someone so anxious!
This is a restructuring and listing!
Four days, plus today? Are you trying to tire us to death?!
Even Old Huang was stunned. Li Dong is too impatient. Is he so confident to resume trading on New Year's Day?
One must know that the secondary market depends on one's strength.
Old Huang knows Li Dong's capital.
Also, Li Dong's shares are 1.6 billion lower than him, and Old Huang will get 2 billion HKD soon. It will not be easy for Li Dong to overtake him.
This time, if Li Dong does not spend at least 20 billion, it will be hard for him to overtake Old Huang.
Far Away had gotten a 5 billion loan from China Merchants Bank, and Jiangsu had raised 3 billion to support him. Li Dong still needs to raise more than 10 billion.
Is this guy a bottomless pit?
Far Away had only been established for a few years, and he is so powerful?
Old Huang is feeling uneasy. But now, it's better to settle this as soon as possible.
Dong Xuebing is only on bail and not on parole.
The trial is still ongoing, and once the trial is over, Dong Xuebing will still have to go to jail.
Also, no one knows how long this fight for the shares will last.
Without Dong Xuebing around, Du Juan will not be able to win against Li Dong. Also, the Chao businessmen might not be willing to lend them money.
While he still had time, it was in line with his plan to finish the final battle with Li Dong.
Old Huang thought of this and said. "Listen to General Manager Li. Everyone, work overtime to review the restructuring documents. I will negotiate with Hong Kong Stock Exchange. The earlier the trading resumes, the better. Perhaps 2009 will bring about a new and different situation. "
Old Huang looked at Li Dong when he said this. No matter who wins or loses, Gome will not be the same Gome anymore.
Li Dong and Dong Xuebing looked at each other and smiled. It's rare for them to reach an agreement.
But this is considered the final peaceful stage. After the trading resumes and issuance of new shares, it will be a life-and-death battle.
Once the trading resumes and listing is completed, both sides will have no way out.
It's not like now, where they can still inject some capital. At that time, Gome will be operating well, and without the capital injection, it will not be able to pass the internal restructuring.
It's also impossible to suspend the issuing of new shares.
After the restructuring is completed, issuing a new share is in line with the requirements. After all, there are too few shares in the market, and it does not meet the requirements of a listed company.
Next, without any major changes, there will not be this opportunity.
Dong Xuebing and Dong Xuebing smiled and left with their men.
The final battle will be in the next few days.
Not long after both parties left, Gome announced the latest restructuring plan.
At this stage, many people are paying attention to the changes in Gome. The battle between Huang and Li is heated, and there's no need to hide it.
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