In the next year, nearly 2 billion pledged shares have expired Greenland Holding funds or are not optimistic

During the exhibition period of 500 million US dollars bonds, major shareholders pledged their shares to financing and sold their subsidiaries equity. Whether the real cash flow of Greenland Holdings would be confirmed in time.

On June 23, Greenland Holding Group Co., Ltd. (hereinafter referred to as: Greenland Holdings, 600606.SH) released the "Share Pickling Announcement", the company's largest shareholder Shanghai Greenland Investment Enterprise (Limited Partnership) below: Greenland New) New 45 million shares. It is understood that in the next year, Greenland will have nearly 2 billion pledged shares expired. These equity pledge will be the pledge guarantee provided by Greenland Holdings to bank financing.

Previously, on May 27th, Greenland Holdings stated that the company's 500 million US dollars and interest votes issued by the company in 2019 were 6.75%of the bond exhibition period. At the same time, public data shows that in recent years, Greenland Holdings has doubled.

In terms of performance, in the first quarter of 2021 and 2022, the company's net profit attributable to the company had declined; the contract sales area and contract sales amount decreased year -on -year. In response to the above situation, it was found that the interview with Greenland Holdings was found to be explained, but as of press time, Greenland Holdings did not give a reasonable explanation.

Nearly 2 billion pledged shares in the next year will expire

Public information shows that Greenland Holdings was founded in 1992. It is headquartered in Shanghai. It has listed the overall listing in China A shares and controlled a number of Hong Kong listed companies in China. The business structure is mainly based on real estate and infrastructure, and the cooperative development of industries such as finance, consumption, health, science and technology innovation.

On June 23, Greenland Holdings issued the "Share Pledge Announcement". In order to support its own production and operation, the company's largest shareholder Greenland was newly added 45 million shares, accounting for 1.3%of its shares, accounting for 0.35%of the company's total share capital. The pledgee is CITIC Bank with a pledge period for one year.

Greenland Holdings added that in the next six months, 250 million shares pledged by Greenland will expire, accounting for 7.20%of its shares, accounting for 1.96%of the company's total share capital, and the corresponding financing balance will be 779 million yuan. 1.73 billion shares will expire, accounting for 49.83%of its shares, accounting for 13.54%of the company's total share capital, and the corresponding financing balance is 3.250 billion yuan. The above equity pledge is the pledge guarantee provided by Greenland Holdings to bank financing, which does not involve its own financing arrangements.

The company's announcement shows that Greenland added a total of three new equity pledge information in 2022. Among them, the equity pledge disclosed on May 13 was also to support the financing of Greenland Holdings. As of now, coupled with the pledge shares, Greenland has pledged a total of 2.454 billion shares, accounting for 70.68%of its shares, accounting for 19.2%of the company's total share capital.

(Picture source: wind, company announcement)

It is worth noting that Greenland Holdings does not have the controlling shareholder and actual controller at present. Regarding the matters of Greenland's pledged equity financing, Greenland Holdings stated that the company has a good funding solvency and will borrow the bank due to its own or self -raised funds.

Having said that, on May 27, Greenland Holdings stated that the bonds with a previous 500 million US dollars and a rate voter of 6.75%of the previously issued bonds were on June 25, 2022. Subordinate consent. Regarding the exhibition period, the management of Greenland Holdings expressed regret and sorry in the 2021 annual performance and cash dividend instructions held.

Wind data shows that in recent years, Greenland Holdings has doubled the bills. In 2017, the bills payable were 4.411 billion yuan, which was nearly doubled in 2018 to 8.523 billion yuan. From 2019 to 2021, Greenland Holdings' payout tickets are respectively. 11.157 billion yuan, 25.579 billion yuan, and 31.451 billion yuan, respectively, increased by 2.634 billion yuan, 14.422 billion yuan, and 5.872 billion yuan, respectively.

At the same time, from 2018 to 2021, Greenland Holdings's accounts payable were 165.55 billion yuan, 199.624 billion yuan, 302.716 billion yuan, and 384.343 billion yuan, respectively. As of the first quarter of 2022, Greenland Holdings's total assets were 1404.63 billion yuan, total liabilities were 1237.01 billion yuan, and the asset -liability ratio after the pre -collection of deposits was 82.2%.

(Picture source: Wind)

Transfer the equity of the property subsidiary to improve the cash flow

In terms of performance, in 2021, Greenland Holdings achieved total operating income of 544.756 billion yuan, an increase of 19.45%year -on -year, revenue reached a new high. In the same period, the net profit attributable to mothers was 6.179 billion yuan, a year -on -year decrease of 58.8%. After 7 years, the profit of Greenland Holdings fell again year -on -year. In the first quarter of 2022, the total operating income of Greenland Holdings decreased by 27.62%year -on -year, and the net profit attributable to the mother decreased by 35.24%year -on -year.

(Picture source: Wind)

According to the 2021 annual report, Greenland Holdings realized operating income of 204.954 billion yuan in real estate and related industries in 2021, a year -on -year increase of 5.22%; operating costs were 162.188 billion yuan, a year -on -year increase of 13.12%. The revenue growth rate could not be worth the growth rate of operating costs. The gross profit margin in 2021 was 20.87%, a year -on -year decrease of 5.52 percentage points.

But the real estate industry is not the largest business of Greenland Holdings. In 2021, Greenland Holdings's construction and related industries realized revenue of 311.424 billion yuan, an increase of 33.41%year -on -year. As of December 31, 2021, the total amount of projects under construction in the company's large infrastructure sector was 1123.8 billion yuan, of which the house construction business was 755.2 billion yuan, accounting for 67%; infrastructure projects were 290 billion yuan, accounting for 26%. Greenland Holdings stated that the company's large infrastructure sector has a unique competitive advantage. Members of all members of the large infrastructure sector are leading enterprises in the province and cities or professional fields. Through the linkage with real estate, finance, construction and other industries A package service is conducive to obtaining market projects. The institutional mechanism is flexible, and it can make full use of the resources of all parties and mobilize the enthusiasm of all parties. However, in 2021, the industry brought considerable revenue to Greenland Holdings, the gross profit margin was only 4.87%, an increase of only 0.31 percentage points year -on -year.

(Picture source: annual report of 2021)

On April 30, Greenland Holdings disclosed the "Real Estate Management in the first quarter of 2022". From January to March 2022, the company completed a new start area of ​​592,000 square meters, a decrease of 89.0%from the same period last year; A square meter, a decrease of 38.6%compared with the same period last year. From January to March 2022, the company had no new real estate project reserves.

At the same time, from January to March 2022, the company's contract sales area was 2.989 million square meters, a decrease of 49.5%from the same period last year; the contract sales amount was 30.797 billion yuan, a decrease of 56.1%from the same period last year. As of the end of March 2022, the company's rental property area was 3.995 million square meters, and the rental rate was 81.9%; the number of hotel rooms was 12,554, with a occupancy rate of 47.8%. From January to March 2022, the company's rental property obtained a rental income of 370 million yuan, and the hotel obtained operating income of 370 million yuan. Just in the past quarter in 2022, Greenland Holdings's real estate business has highlighted fatigue.

(Picture source: wind, company announcement)

In recent years, the situation in the real estate industry has been unclear. Combined with its own performance and capital situation, on July 6, 2021, Greenland Holdings intends to transfer 100%equity of Shanghai Lvmin Property Management Co., Ltd. to the wholly -owned subsidiary of Shanghai Lvmin Property Management Co., Ltd. Co., Ltd. (hereinafter referred to as: Fantastic Year Holdings) subsidiaries Shenzhen Fuchang Business Service Co., Ltd., and launch a strategic cooperation with Lao Shunnian Holdings.

On November 29 of the same year, Greenland Holdings Subsidiary Greenland Real Estate Group Co., Ltd. (hereinafter referred to as: Greenland Real Estate Group) and Greenland controlling shareholder Shanghai Real Estate (Group) Co., Ltd. (hereinafter referred to as Shanghai Real Estate Group) and company shareholders Shanghai City Investment (Group) Shanghai City Investment Property Management (Group) Co., Ltd. (hereinafter referred to as: Shanghai City Investment assets) reached an agreement. Some Shanghai Real Estate Xinghong Real Estate Development Co., Ltd. 30%of each equity and a total of 60%of the equity. This transaction constitutes a connected transaction.

(Picture source: wind, company announcement)

Regardless of whether it is to make people or internal digestion, the current goal of Greenland Holdings is very clear: with cash flow management as the core, pay close attention to sales dewne, funds recovery, and completion delivery. In 2021, Greenland Holdings's operating activities of the business activities were 62.233 billion yuan, a year -on -year increase of 39.16%. By the first quarter of 2022, the net cash flow of Greenland Holdings' operating activities was 2.625 billion yuan, a year -on -year decrease of 77.89%. In this regard, industry professionals said that in terms of the current performance of the current quarter, plus the exhibition of 500 million US dollars bonds, how the current capital flow is optimized by Greenland Holdings, it takes a certain time to confirm it.

(Reporter Luo Xuefeng, financial researcher Gao Ran)

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