Seven wolves use nearly 40% equity pledge loan for 2 billion funds

According to the company’s latest announcement, as of June 15, 2012, Septwolves’ group pledged 128.85 million shares to banks, which accounted for 30.36% of the company's total share capital; as of June 22, 2012, Laerfu company held a total of 39,368,750 shares were pledged to banks, accounting for 9.28% of the company's total share capital. The above two sponsors pledged a total of approximately 40% of the stake in Seven Worcesters.
The company first issued short-term short-selling bonds of 600 million yuan, followed by non-public offerings of 1.798 billion yuan.

At the same time that seven wolves were tying the money, the company’s two founding shareholders, the Fujian Sephora Group and Xiamen Laerfu Co., Ltd. obtained a huge sum of money by way of pledged stakes in Septwolves.

According to the company’s latest announcement, as of June 15, 2012, Septwolves’ group pledged 128.85 million shares to banks, which accounted for 30.36% of the company's total share capital; as of June 22, 2012, Laerfu company held a total of 39,368,750 shares were pledged to banks, accounting for 9.28% of the company's total share capital. The above two sponsors pledged a total of approximately 40% of the stake in Seven Worcesters.

About 40% equity pledged

Since the tightening of monetary policy last year, the funds of various small and medium-sized enterprises have experienced tensions of varying degrees. However, since 2012, the situation of tight funding has eased. However, the two sponsors shareholders of Septwolves, Septwolves Group and Laerfu Company, did not relax the action of taking over gold, but instead intensified their equity pledges. Correspondingly, the line of credit obtained from banks was also increasing.

The Septwolves announcement stated that the company received a notice on June 22, and the major shareholder Laerfu Company pledged 5,300,000 shares of the company's shares it held to Ping An Bank Co., Ltd. in Xiamen.

As of June 21, 2012, Laifufu holds a total of 46,068,750 tradable shares of seven wolves, accounting for 10.86% of the company's total share capital. The pledged shares accounted for 1.25% of the company's total share capital, which was contributed by Laerfu Company to the bank. Apply for a one-year credit line of RMB 72 million to provide guarantee.

As of the announcement disclosure date on June 22, Laifu Company pledged 39,368,750 shares held by the company to the bank, accounting for 9.28% of the company's total share capital. Inlefu company holds a total of 10.08% of the total equity of seven wolves, so only 1.58% of the stocks are not pledged.

In addition, the seven-wolves’ major shareholder, the Septwolves Group, has also been a large pledge of seven wolves’ equity. As of June 15, 2012, the Septwolves Group held a total of 172,757,812 shares of seven wolves, accounting for 40.71% of the company's total share capital. Nowadays, the stocks pledged by Seven Wolves Group to banks are 128.85 million shares, accounting for 30.36% of the total share capital of the company.

In other words, the Septwolves Group pledged nearly 70% of its seven wolves to the bank. And nearly 70% of the equity pledges were still after the Septwolves Group lifted some equity pledges.

On June 16th, Septwolves announced that the Septwolves Group pledged to 4.2 million outstanding shares of the China Merchants Bank Co., Ltd. Quanzhou Jinjiang Sub-branch on August 18, 2010 for the loan due to be released. The 2.1 million shares delivered and tradable shares and the 1.68 million yuan cash dividend corresponding to the pledged shares were simultaneously released.

There are listed company accounting personnel to the reporter's analysis, "Generally speaking, such large groups in the bank loans do not use pledged equity, unless there is no credit line. The above equity pledge shows that the two shareholders of seven wolves are short of funds."

40% equity exchange for 2 billion funds

From the announcement, it can be seen that Lever Rich's pledge of 1.25% of Septwolves’ equity can receive a credit line guarantee of RMB 72 million for one year. It is hard to imagine how much financing will be brought by nearly 40% of the equity.

According to a banker who revealed to reporters, “Pledge of general listed companies’ equity pledges will result in a bank line of credit equivalent to approximately 40% of the company’s market value at that time. That is, multiply the average share price of the listed company by the number of pledged shares and multiply it by 40. % is the amount of credit line that can be obtained by the pledge of its stock. Usually the average stock price is the lowest of the average price of the listed company in the first 10 days and the average of the stock price in the previous 30 days."

“Since the company's pledge from the company was calculated, the 40% of the seven wolves can get a total of about RMB 1-15 billion in funds.” Another person who has been engaged in accounting research for many years estimated to reporters. So, how much money can the seven wolves, who are major shareholders, get from it?

Similarly, the reporter consulted the announcement of the company's pledge on December 24, 2011 and discovered that the Septwolves Group pledged 14 million shares of seven wolf shares it held to Xiamen International Trust Co., Ltd. to provide guarantees for obtaining 20 million yuan in trust funds.

According to the company's 115,171,875 shares held by the company, which accounted for 40.71% of the company's total capital, pledged shares of 14 million shares accounted for 4.95% of the company's total share capital. Therefore, if it is said that the Septwolves Group exchanges 4.95% of the shares for a trust fund of 200 million yuan, then 30.36% of the shares may be exchanged for about 1.2 billion yuan.

And what will this huge credit line be used for?

It is understood that the Septwolves Group itself invests in the real estate industry and has a large scale of operations. However, due to the real estate New Deal, China's real estate industry is generally in short supply of funds, then, as a promoter of the seven wolves seven wolves group is also caught in the plight of real estate companies?

Recently, the reporter called the chairman of the company Zhou Shaoxiong several times to ask this question, but as of the press release day, the other party's phone was in no answer.

According to the above-mentioned bank staff, “Generally speaking, companies that have pledged loans have no credit line, or the investment project bank is not very supportive, such as investing in real estate.”

The reporter learned from public information that Hengfu Land is a real estate group company controlled by Fujian Sephoro Group. Its main businesses include residential real estate, commercial real estate, industrial real estate, high-end hotels, and office buildings. When investing, Hengyu Land is in a period of high investment and low returns.

Among them, the Hengdu·Crown International Community Project, Hengdu·Binhai New City Project, and Wuyuanwan Project are all residential properties with a floor area of ​​approximately 1.17 million square meters. However, according to the reporter’s inspection, the above projects were all sold from the end of 2010 to 2011. However, the Hengyi·Crown International Community Project and the Hengyi·Binhai New City project can still be found on the Internet.

In addition to the commercial real estate Huijin International Center project, Hengyu Land is even more involved in this, originally the project is expected to 40% of the seven wolves for their own use, 60% for investment. Although it has been put into use, the return of funds will only be slower if the rent alone is used.

Seven wolves attract RMB 2.4 billion in February

In the announcement of the Septwolves, the reason why the two sponsors pledged their shares in the company was not clearly stated. However, from the fact that nearly 40% of the shares were pledged, it can be seen that the Seven Wolf Group and Laer Fu Company are in urgent need of funds.

In addition to the two promoters' gold-raising operations, the seven wolves that are themselves listed companies are also taking over the A-share market.

From May to now, in less than two months, the company first approved short-term financing bills of 600 million yuan; and another 1.798 billion yuan of non-public issuance of shares was approved. Seven wolves raised nearly 2.4 billion yuan in financing in the two gold-raising operations mentioned above.

On June 26, the seven wolves bulletin showed that the actual number of shares issued this time was 78.2 million shares, and the maximum number of shares issued was no more than 79.5 million shares. Finalize the issuance price of this issue is 23.00 yuan / share.

The total amount of funds raised was 1,798.60 million yuan, not exceeding the total amount of funds raised in this round of 1.8 billion yuan. The net amount of raised funds after deducting the issuance cost of 3,260.44 million yuan was 176,599.56 million yuan, which did not exceed the amount to be used for the raised capital investment project. The capital investment is 180,00 million yuan.

It is understood that seven wolves are expanding the number of self-operated stores, and therefore take the form of non-public issuance of stocks to raise funds. However, seven wolves now have more than 4,000 stores, and industry figures have pointed out that the company’s market share has been stable and there is little room for development.

Questioning this, Zhou Shaoxiong, general manager of Seven Plushs, said in his interaction with investors that in 2011, the company’s strategic consultants estimated that the company’s red, green, and blue standard series could open 5,000 stores based on the current status of the mature business district and competitive brand sales outlets. Saturation is about 70%. With the advancement of urbanization, the emerging business district will continue to mature, and open space for stores will continue to emerge.

Some people in the industry suspect that the seven wolves were selling their dog meat, called buying a store and actually buying real estate. However, today's housing prices have been pushed to a certain height and remain high. The company may have to spend a huge sum of money on whether to buy a store or property.

A person close to seven wolf suspects that the property purchased by Seven Wolves may be related to Seven Wolf Group. As a result, the group will not have to worry about losing money. In order to verify this query, the reporter called Wuxiu Qun, the secretary of the seven wolves, but his two mobile phones did not get through. As of the time of writing, the secretary did not contact the reporter.

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