A turmoil about the “Two-House East†and “Three-House East†of the Guangzhou International Garment Exhibition and Trade Center (FTC) has pushed Guangbai Group to the forefront. The state-owned asset commercial enterprise with listed company Guangbai (002187) has been expanding its scale through acquisition projects. However, an insider dispute has gradually opened up many scars on the expansion of Guangbai Group, and its focus is on “modernityâ€. The exhibition trade industry also frequently issued warning signs.
In the name of “state-owned assetsâ€
As a provincial key project to undertake the transformation and upgrading of Guangdong's garment manufacturing industry, Guangzhou International Garment Exhibition and Trade Center (FTC) is facing an unfinished endgame, and more than one billion investment may be lost.
A few days ago, some media reported on the inside story of the Guangfu Group’s deep involvement in FTC funds disputes. It is reported that the project's investor, Guangjiao Real Estate Co., Ltd. and one of the project's shareholders, Guangjiao Trading Co., Ltd. will directly target Guangbai Group, claiming that only 40% of the project company's equity, and the FTC's ten-year management rights, Guangbai Group, with investment The company invested more than one billion yuan to complete the project investment, and the group charged the investor a huge rent without investing a penny.
According to the investor's reflection, Guangbai Group has raised the investment side in decision-making, operation management and finance, and delayed the delivery of FTC to investors on the basis of engineering, and restricted the investors to rent and operate.
Among them, the investor put forward a detail. Under the operation of Guangbai Group, all construction and renovation projects involving 826 million yuan of FTC projects should be tendered without bidding, and the designated projects of individual leaders of Guangbai Group were as high as nearly 600 million yuan. It accounts for 70% of the total construction cost.
In this regard, Guangbai Group issued a statement to counterattack the overhead investors and control projects, saying that the operation of the project and the renovation of the venues are all controlled by the partners in accordance with the contract. There is no misconduct in Guangbai Group.
In the statement, Guangbai Group also recognized that Guangjiao Trade and Xinfang Industrial, which hold 35% and 25% of the shares respectively, have the majority advantage in the governance structure, and are the actual funders, forming the convection company (FTC project operation). The company and the actual control of the construction of the venue, Guangbai Exhibition can not control the construction of the venue in any way.
An industry insider who understands the operation of the project told reporters that according to his understanding, Zhu Guoqing, the actual controller of Guangzhou Jiaotong and Guangzhou Real Estate, is the president of Guangzhou Wenzhou Chamber of Commerce and has many successful experiences in the Guangzhou professional market. In the early days of the operation project, Bai Group hoped to use his power to drive the development of the project.
"By both parties in the honeymoon period, the two sides still recognize the concept of cooperation and the prospects of the project. After all, if the investors do not approve, they will not invest hundreds of millions of dollars." In his view, The two sides ended the honeymoon period and made a difference in cooperation. "The main reason is that the two sides have different requirements for the project, and their operating methods and management are divided. They have stepped on the minefields that many state-owned enterprises and private enterprises will encounter."
Among them, in this turmoil, the financial issue became the main point of complaints of the investors to the Guangbai Group. According to informed sources of the project, in addition to the hundreds of millions of projects operated by Guangbai Group in the operation of FTC projects, the finance of the project is controlled by Guangbai Group, which is not transparent and has become a tool for Guangbai Group to adjust its performance.
It is reported that according to the 2011 annual audit report disclosed by Guangbai Group (signed date is April 20, 2012), the net profit of Guangbai Group in 2011 (consolidated statement, the same below) was 245 million yuan, down 11.23% year-on-year. . However, operating profit increased by 50.11 million yuan to 339.6 million yuan, an increase of 17.31%.
Among them, the rental income recognized as the contribution of the FTC project is 209 million yuan, accounting for 51% of the year. It is reported that in the first three quarters of 2012, the investment direction of Guangbai Group was as high as 167 million yuan.
It can be seen that under the circumstance of poor profitability, the FTC project has become the “Golden Rooster†of Guangbai Group, which not only brings a substantial increase in operating profit to the Group, but also whitewashes the dilemma of the Group itself.
The statement issued by Guangbai Group stated: “The legitimate rights and interests of Guangbai Group are being seriously infringed due to the breach of contract by the partner. Guangbai Group will fully protect its rights according to law and ensure that state-owned assets are not damaged.â€
Modern exhibition trade smog
For the farce of Guangbai Group and the investors, some insiders believe that Guangbai Group has the suspicion of “crossing the bridge†during the expansion process, and there are also voices that this is just a common phenomenon of cooperation disharmony in shopping malls.
"Is it a 'bridge over the board', only a few of them know it, and can also find clues from the progress of the matter." Another person familiar with the project said.
It is reported that according to a "Equity Restructuring Framework Thoughts" document, Guangbai Group plans to dilute the role of investors in the reorganization framework, even the so-called "deportation" in the industry. It is reported that Guangbai Group recently sent a letter to the shareholders of the project company, plans to establish a new project company with a registered capital of 10 million yuan, to ensure that the shareholding of Guangbaifang should exceed 51% of the absolute controlling position, and propose to cancel the cooperative relationship with the investor. And the restructured operation entity directly signs a lease contract with the merchant.
Interpretation in the industry, if the restructuring of Guangbai Group is smooth, then the investment promotion work of the FTC project will be directly taken over by Guangbai Group.
"For Guangbai Group itself, it is not easy to operate an unfamiliar professional market independently." A senior person from the professional market in Sanyuanli, Guangzhou, analyzed, "After such a dispute, Guangbai Group will be In the process of expanding the development of the professional market, it may not be so easy to find investors and cooperative operators. Everyone may be afraid that 'good cakes will still be taken away', as long as the operating concepts and methods of state-owned enterprises and private enterprises are inconsistent, both sides Unwilling to give in, the running-in period between the two is still difficult to avoid."
The reason why people in the industry have such concerns is that they are not unrelated to the plans of Guangbai Group to expand the modern exhibition trade industry.
It is reported that after restructuring in 2001, Guangbai Group almost integrated and hosted most of the state-owned department stores in Guangzhou, involving department store retail, wholesale, logistics and other aspects of the business, becoming a South China business giant.
However, with the increasing pressure on the main business of department store retailing, Guangbai Group began to build a modern exhibition trade industry in recent years, hoping to use this industry to become the second aircraft carrier to increase revenue. In the process of modern exhibition trade development, the group not only built an exclusive LED international lighting exhibition city in Guangzhou, but also built Guangzhou Optical City.
However, during the investigation of Guangbai Group's Guangzhou International Commodities Exhibition and Trade City, which is mainly based on LED lighting, the reporter found that the progress of the project was not satisfactory. The scene was deserted and lacked the atmosphere of industrial wholesale. shop. Many industry insiders attributed the reason to the reporter. Under the model of “government-led, business operationâ€, the project lacks precise positioning of the audience and the market. The operation of the company is also constrained by the government. As the operator of the project, Guangbai Group's role as a layman in the lighting industry, its ability to operate alone has caused doubts among industry insiders including the project.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
In the name of “state-owned assetsâ€
As a provincial key project to undertake the transformation and upgrading of Guangdong's garment manufacturing industry, Guangzhou International Garment Exhibition and Trade Center (FTC) is facing an unfinished endgame, and more than one billion investment may be lost.
A few days ago, some media reported on the inside story of the Guangfu Group’s deep involvement in FTC funds disputes. It is reported that the project's investor, Guangjiao Real Estate Co., Ltd. and one of the project's shareholders, Guangjiao Trading Co., Ltd. will directly target Guangbai Group, claiming that only 40% of the project company's equity, and the FTC's ten-year management rights, Guangbai Group, with investment The company invested more than one billion yuan to complete the project investment, and the group charged the investor a huge rent without investing a penny.
According to the investor's reflection, Guangbai Group has raised the investment side in decision-making, operation management and finance, and delayed the delivery of FTC to investors on the basis of engineering, and restricted the investors to rent and operate.
Among them, the investor put forward a detail. Under the operation of Guangbai Group, all construction and renovation projects involving 826 million yuan of FTC projects should be tendered without bidding, and the designated projects of individual leaders of Guangbai Group were as high as nearly 600 million yuan. It accounts for 70% of the total construction cost.
In this regard, Guangbai Group issued a statement to counterattack the overhead investors and control projects, saying that the operation of the project and the renovation of the venues are all controlled by the partners in accordance with the contract. There is no misconduct in Guangbai Group.
In the statement, Guangbai Group also recognized that Guangjiao Trade and Xinfang Industrial, which hold 35% and 25% of the shares respectively, have the majority advantage in the governance structure, and are the actual funders, forming the convection company (FTC project operation). The company and the actual control of the construction of the venue, Guangbai Exhibition can not control the construction of the venue in any way.
An industry insider who understands the operation of the project told reporters that according to his understanding, Zhu Guoqing, the actual controller of Guangzhou Jiaotong and Guangzhou Real Estate, is the president of Guangzhou Wenzhou Chamber of Commerce and has many successful experiences in the Guangzhou professional market. In the early days of the operation project, Bai Group hoped to use his power to drive the development of the project.
"By both parties in the honeymoon period, the two sides still recognize the concept of cooperation and the prospects of the project. After all, if the investors do not approve, they will not invest hundreds of millions of dollars." In his view, The two sides ended the honeymoon period and made a difference in cooperation. "The main reason is that the two sides have different requirements for the project, and their operating methods and management are divided. They have stepped on the minefields that many state-owned enterprises and private enterprises will encounter."
Among them, in this turmoil, the financial issue became the main point of complaints of the investors to the Guangbai Group. According to informed sources of the project, in addition to the hundreds of millions of projects operated by Guangbai Group in the operation of FTC projects, the finance of the project is controlled by Guangbai Group, which is not transparent and has become a tool for Guangbai Group to adjust its performance.
It is reported that according to the 2011 annual audit report disclosed by Guangbai Group (signed date is April 20, 2012), the net profit of Guangbai Group in 2011 (consolidated statement, the same below) was 245 million yuan, down 11.23% year-on-year. . However, operating profit increased by 50.11 million yuan to 339.6 million yuan, an increase of 17.31%.
Among them, the rental income recognized as the contribution of the FTC project is 209 million yuan, accounting for 51% of the year. It is reported that in the first three quarters of 2012, the investment direction of Guangbai Group was as high as 167 million yuan.
It can be seen that under the circumstance of poor profitability, the FTC project has become the “Golden Rooster†of Guangbai Group, which not only brings a substantial increase in operating profit to the Group, but also whitewashes the dilemma of the Group itself.
The statement issued by Guangbai Group stated: “The legitimate rights and interests of Guangbai Group are being seriously infringed due to the breach of contract by the partner. Guangbai Group will fully protect its rights according to law and ensure that state-owned assets are not damaged.â€
Modern exhibition trade smog
For the farce of Guangbai Group and the investors, some insiders believe that Guangbai Group has the suspicion of “crossing the bridge†during the expansion process, and there are also voices that this is just a common phenomenon of cooperation disharmony in shopping malls.
"Is it a 'bridge over the board', only a few of them know it, and can also find clues from the progress of the matter." Another person familiar with the project said.
It is reported that according to a "Equity Restructuring Framework Thoughts" document, Guangbai Group plans to dilute the role of investors in the reorganization framework, even the so-called "deportation" in the industry. It is reported that Guangbai Group recently sent a letter to the shareholders of the project company, plans to establish a new project company with a registered capital of 10 million yuan, to ensure that the shareholding of Guangbaifang should exceed 51% of the absolute controlling position, and propose to cancel the cooperative relationship with the investor. And the restructured operation entity directly signs a lease contract with the merchant.
Interpretation in the industry, if the restructuring of Guangbai Group is smooth, then the investment promotion work of the FTC project will be directly taken over by Guangbai Group.
"For Guangbai Group itself, it is not easy to operate an unfamiliar professional market independently." A senior person from the professional market in Sanyuanli, Guangzhou, analyzed, "After such a dispute, Guangbai Group will be In the process of expanding the development of the professional market, it may not be so easy to find investors and cooperative operators. Everyone may be afraid that 'good cakes will still be taken away', as long as the operating concepts and methods of state-owned enterprises and private enterprises are inconsistent, both sides Unwilling to give in, the running-in period between the two is still difficult to avoid."
The reason why people in the industry have such concerns is that they are not unrelated to the plans of Guangbai Group to expand the modern exhibition trade industry.
It is reported that after restructuring in 2001, Guangbai Group almost integrated and hosted most of the state-owned department stores in Guangzhou, involving department store retail, wholesale, logistics and other aspects of the business, becoming a South China business giant.
However, with the increasing pressure on the main business of department store retailing, Guangbai Group began to build a modern exhibition trade industry in recent years, hoping to use this industry to become the second aircraft carrier to increase revenue. In the process of modern exhibition trade development, the group not only built an exclusive LED international lighting exhibition city in Guangzhou, but also built Guangzhou Optical City.
However, during the investigation of Guangbai Group's Guangzhou International Commodities Exhibition and Trade City, which is mainly based on LED lighting, the reporter found that the progress of the project was not satisfactory. The scene was deserted and lacked the atmosphere of industrial wholesale. shop. Many industry insiders attributed the reason to the reporter. Under the model of “government-led, business operationâ€, the project lacks precise positioning of the audience and the market. The operation of the company is also constrained by the government. As the operator of the project, Guangbai Group's role as a layman in the lighting industry, its ability to operate alone has caused doubts among industry insiders including the project.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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