Unveiling Peking University Founder Battle Cast Three Rounds Of Selection: Who Will Win Zhuhai HUAFA And Taikang Life Insurance? Creditor Institutions Say "No Accident" To Be Implemented

The reorganization of Peking University Founder Group Co., Ltd. (hereinafter referred to as "founder") has made a new progress.

On May 22, the first substantive meeting of Peking University group was held.

The 21st century economic news reporter learned exclusively that at the creditors' meeting on that day, the manager of Founder group of Peking University said that at present, Zhuhai HUAFA and Ping An Group, Taikang Life Insurance and Wuhan municipal government consortium of Hubei Province had entered the final round of selection of strategic investors.

According to the reporter of the 21st century economic report, as early as April 21 this year, Peking University Founder openly recruited strategic investors from the whole society.

As the largest school enterprise group in China with assets over 300 billion, founder of Peking University also puts forward higher requirements for strategic investors, including having sufficient capital strength. In principle, the total assets audited in the latest year should not be less than 50 billion yuan or the net assets should not be less than 20 billion yuan.

"The current progress is also relatively preliminary. Strategic investors are the basis for the final settlement of restructuring matters. For debt repayment, the key is to wait for the investors to determine before a basis for follow-up consultation can be made." On October 22, a creditor institution with a public fund background told the 21st century economic reporter.

On October 22, the first creditors' meeting on the substantial merger and reorganization of five companies including founder group of Peking University was held. Visual China

The secret of war casting selection

At present, Peking University has entered the stage of recruiting investors since April.

According to the exclusive information of 21st century economic report, at first, 29 institutions signed up for strategic investors. Among them, 15 strategic investors passed the qualification examination and submitted the first round plan, and 6 of them entered the second round of selection.

The six institutions are Zhuhai HUAFA Group Co., Ltd., Taikang Life Insurance Co., Ltd., Qingdao West Coast new area integration Holding Group Co., Ltd., Zhongze Holding Group Co., Ltd., Shenzhen Zhengwei Group Co., Ltd., and Beijing Financial Holding Group Co., Ltd.

At the same time, we have submitted the second round of investment plans to the joint venture and Shenzhen Zhengfa.

Among them, Zhuhai HUAFA group plans to jointly participate in the restructuring with Ping An Group, Taikang Life Insurance Co., Ltd. and Wuhan municipal government of Hubei Province to participate in the restructuring, and Zhongze holdings intends to jointly participate in the restructuring with Aoyuan group.

After comprehensive consideration, the founder manager of Peking University finally decided that Zhuhai HUAFA and Ping An Group consortium, Taikang Life Insurance and Wuhan municipal government consortium of Hubei Province would enter the final round of selection of strategic investors.

"At present, the manager is continuing in-depth negotiations with strategic investors on the transaction structure, debt repayment plan, follow-up business plan, etc." On October 22nd, a person from an institution participating in the creditors' meeting told 21st century economic news.

According to its disclosure, the manager said that it would take preserving the restructuring value of Beijing University Founder group and other companies, protect the legitimate rights and interests of creditors, and maximize the repayment rate as the primary objective. Based on the restructuring resources provided by investors, the debt repayment scheme will be optimized, and the draft reorganization plan in line with the interests of various parties will be formulated.

Another institutional source said, "creditors are now generally concerned about the issue of strategic investors. In fact, the two selected strategic investors are also very strong. The manager also mentioned that the two war investment companies will have to carry out a round of plan modification, final selection and evaluation process. At present, the negotiations focus on the enforceability of the reorganization plan, the protection of creditors' interests, the future development of the whole group, and the protection of employees' rights and interests. "

It is worth noting that the reporters of the 21st century economic report have learned that the two battle pitches that have entered the final election at present put forward the plan of receiving or restructuring in an overall way.

"The overall progress of recruitment of Peking University Founder campaign investment is relatively smooth, but the implementation of the later plan also needs to involve many legal, policy, regulatory and other issues. The administrator also expressed the hope that the reorganization plan can be submitted to creditors for voting within the statutory time." According to the above-mentioned institutions.

Debt repayment scheme based on Game Theory

It is also a key issue for creditor institutions to formulate a settlement plan.

In fact, Peking University Founder has hundreds of billions of creditor's rights, including banks, securities, trusts, funds and many other institutions.

The reporter of 21st century economic news learned exclusively that according to the amount of temporarily determined creditor's rights disclosed at the first creditor's meeting of the substantive merger and reorganization of five companies including Peking University Founder on October 22, the amount of temporarily determined creditor's rights was 165.461 billion yuan.

As for the declaration situation, as of October 9, 638 creditors of five companies including Peking University Founder have reported 649 claims to the administrator, with a total amount of 231.167 billion yuan.

Specifically, CITIC Securities, Shenwan Hongyuan securities, Founder Securities, Tianfeng securities, Southwest Securities, Haitong Securities and many other securities companies have asset management products stepping on thunder; Northern International Trust, Minmetals trust, CITIC Trust, Zhongrong International Trust and other trusts have trust plans to step on thunder; public funds include public offering products of PICC assets, Haifutong fund and BOCOM Shiluo The asset management products of several fund companies, such as Dezhen fund, ChuangJin Hexin fund, Jinyuan Shunan fund and CAITONG fund, and Dacheng asset, Fuguo asset and Penghua asset subsidiary of Dacheng Fund, Fuguo fund and Penghua Fund, etc.

"The administrator has put forward several more detailed questions about reimbursement, so that everyone can vote and feed back their demands. As a matter of fact, some institutional creditors have already had a gap with founder of Peking University to pass the claim of debt repayment scheme. This questionnaire is aimed at all creditors of financial institutions. " A creditor of Founder institution of Peking University told 21st century economic reporter.

The 21st century economic reporter has learned that, for example, for the creditor's rights with property guarantee, you can choose to pay off in full cash in one time within the scope of the evaluation value of the collateral, and the uncovered part shall be paid according to the ordinary creditor's rights; or the creditor's rights shall be retained according to the evaluation value of the collateral, and the uncovered part shall be paid according to the ordinary creditor's rights.

For ordinary claims, it is more complicated. For the part other than cash settlement, we can choose to include debt retention or debt repayment with shares, and the combination of the two. For debt repayment with shares, there are also conditions for subdivision of the equity part, including whether there is a repurchase arrangement, and what form.

In addition, founder of Peking University also asked creditors for their intention to increase the ratio of cash settlement or comprehensive repayment, and whether they are willing to increase the proportion of repayment by extending the term of debt retention.

"This round of soliciting opinions is actually of no substantial significance. The reorganization plan will come out only after the final war investment is implemented, and then the coping strategies will be formulated," a source from a creditor institution in South China told the 21st century economic report. "At present, the strength of these two war investment companies is good, and it is also in line with market expectations."

"Taikang Insurance Group covers three core businesses: insurance, asset management and medical care. Taikang asset management may be competing in Founder Securities, a financial asset of Founder group. At the same time, Wuhan's economic development strategy has given a lot of policy support to science and technology industries. Taikang Insurance and Wuhan municipal government's bidding consortium have formed a business planning idea of focusing on finance and coordinating the development of science, technology and industry. Zhuhai HUAFA is an asset of Zhuhai state-owned assets, and its business layout covers technology, finance and other fields. Founder Group's listed assets include Founder Technology, whose core PCB business is located in Zhuhai. The introduction of Zhuhai HUAFA may bring good synergy effect to Founder Technology business development. In addition, China Ping An's participation will guarantee the business planning of Founder Group's financial assets. " According to an interview with an analyst of a securities firm in Shanghai.

"Generally speaking, the two consortia have their own emphasis on the development planning of Founder Group's assets, but both have carried out a two-way layout of Finance and industry. Both Taikang Insurance and Zhuhai HUAFA will bring good business development support to the listed companies of Founder group According to the person.