Even Home 3.5 Billion Fixed Increase Ali, Millet Shares, "Blood" Home Giant Capital Game Intensified

The fixed increase plan of incredibly home (000785. SZ) is supported by powerful organizations.

On the evening of November 30, even home released the fixed increase results, and 23 investors, including Huaxia Fund, Xingquan fund, Ali, Xiaomi technology, Taikang asset management and gujia home, participated in the subscription.

The refinancing plan of incredibly home was launched in May this year. It plans to issue shares to no more than 35 specific investors, and raise no more than 3.595 billion yuan (after adjustment of the scheme) for store upgrading, smart retail Construction of Chinese supermarket, big data platform construction, Jingjinji smart Logistics Park (phase II) and supplementary working capital.

This fixed increase will undoubtedly have a great "blood tonic" effect on incredibly home. Affected by the new crown epidemic, a large number of offline home stores have been continuously affected, and even the home has not been spared. The third quarter of this year's financial report showed that the net profit of the family's return to its parent was 915 million yuan, down nearly 60% year-on-year.

What is worth pondering is that red star Macalline has also applied for an increase of 3.7 billion yuan a few days ago for the construction of home shopping malls, debt repayment and the construction of a new retail platform. At present, the fixed increase plan is still in the stage of answering the inquiry of the CSRC.

This time, unexpectedly home completed the fixed increase first, and obtained the shares of Alibaba software and Xiaomi technology at the same time, which may make the follow-up competition of the two home furnishing giants more interesting.

The stars are shining

There are many familiar faces in the fixed increase objects. 23 investors, including Huaxia Fund, Xingquan fund, Alibaba software, Xiaomi technology, Taikang asset management and gujia home, participated in the subscription, with a total subscription of 3.595 billion yuan, and the fixed increase price was 7.06 yuan / share.

Boosted by the fixed increase plan, on December 1, the stock price of jingzhijia rose 2.88%, and the latest closing price was 8.56 yuan. Based on this, the floating profit of 23 fixed increase parties has exceeded 20%.

According to the fixed increase report, Xingzheng Global Fund Management Co., Ltd. has used 31 asset management plans or sub funds to participate in the fixed increase, with a subscription amount of 1.035 billion yuan. Huaxia Fund Management Co., Ltd. used 45 enterprise annuity plans or pension products, with a subscription amount of 100 million yuan.

From the perspective of single subscription object, the subscription amount of Tianxin No.25 single asset management plan of Minsheng Jiayin fund is the largest, about 400 million yuan. Taikang Asset Management Co., Ltd. took the second place, about 300 million yuan.

The subscription amount of Alibaba (Chengdu) Software Technology Co., Ltd. is 200 million yuan, and Xiaomi Technology (Wuhan) Co., Ltd. is 100 million yuan. In addition, the same furniture industry home furnishings also participated in the subscription, subscription funds of 100 million yuan.

Among them, Ali, Taikang two shareholders and incredibly home origin can be traced back to the listing before. As early as 2018, jingzhijia obtained a joint investment of up to 13 billion yuan from Alibaba, Taikang group, Yunfeng fund, Jiahua Weiye capital and other investment institutions, which was the first 10 billion level heavy strategic financing cooperation in China in that year, which attracted market attention.

"This time, Ali and Taikang approved the development of the latter by increasing the size of the house again. With Ali's participation again, it is expected that the cooperation between the two sides in digital transformation will be further strengthened. In the past two years, even home has been promoting the integration of online and offline and making efforts in new retail. " A private equity person who focuses on big consumption said.

According to the announcement, the fixed amount of raised funds invested in the transformation and upgrading of stores totaled 1.94 billion yuan. By the end of 2019, the company has operated 355 stores in 29 provinces, including 92 directly operated stores and 263 franchised stores. In order to further consolidate its competitive advantage, the company is actively expanding its chain stores, and plans to decorate some of its new stores, which is part of the company's expansion strategy.

In addition, the attention of the outside world is that one billion yuan in the fixed increase plan will be used to supplement working capital. In December last year, incredibly home backed Wuhan Zhongshang to go public, and signed a gambling agreement. According to the agreement, the net profits to be realized by jingzhijia from 2019 to 2021 are 2.06 billion yuan, 2.416 billion yuan and 2.719 billion yuan, respectively. However, the third quarter performance announced recently is only 37.9% of the target net profit, so there is great pressure on gambling.

In addition, the financial report shows that the company also faces certain pressure in cash flow turnover. The epidemic situation is the main influencing factor. The company said that the company's overall performance this year was poor due to the rent reduction and rent free measures taken by the merchants. Replenishing the working capital is conducive to improving the anti risk ability.

The capital game behind the two giants

Coincidentally, red star Macalline is also applying for an increase of 3.7 billion yuan for home shopping mall construction, debt repayment and new retail platform construction.

From the start-up time, red star Macalline released the first draft on June 3, a little later than unexpectedly home. Compared with the former, the process is not smooth. The fixed increase plan has been revised twice and revised three times by the CSRC. Up to now, its latest progress is the reply to the notice of feedback on the first examination of administrative licensing projects issued by the China Securities Regulatory Commission in mid November, which is the third edition, nearly four months after receiving the feedback from the CSRC in July this year.

The results showed that the Red Star Macalline also declined due to the impact of the epidemic in the first three quarters, with a total revenue of 9.53 billion yuan and a net profit of 1.73 billion yuan, a year-on-year decrease of 54.27%, which was similar to that of yizhijia.

From the perspective of valuation, although its volume is smaller than that of Macalline, it is more recognized by the capital market. Its latest market value is 55.889 billion yuan, which is nearly 20 billion yuan higher than that of Macalline's 36.356 billion yuan. It is firmly in the leading position in the home furnishing industry.

However, Kailong is still the biggest competitor. This time, Alibaba software and millet technology at the same time increase the capital of the house, or make the competition between the two major home furnishing giants enter a more intense stage of capital game.

Behind the Red Star Macalline are Tencent and Ali. In 2018, red star Macalline announced that it had reached a strategic cooperation with Tencent, and promoted the imp platform, which connected the online and offline data of the two, and introduced the commodity, technology, content, data, media, service and other participants in the household industry to form an ecosystem. However, Tencent and red star Macalline's cooperation does not involve equity, but business level cooperation.

In May 2019, red star Macalline attracted strategic investment from Ali. Its controlling shareholder, Red Star Holdings, issued exchangeable bonds, which was fully subscribed by Alibaba with RMB 4.359.4 billion. If the exchangeable bonds are exchanged for shares, Ali will obtain a shares of about 10% of the total equity of Red Star Macalline. Meanwhile, Alibaba acquired 3.7% of Red Star Macalline in Hong Kong stock market.

Although both of them are favored by Ali, compared with the house of surprise, red star Macalline is more powerful in the new retail business. During this year's double 11, red star Macalline won the total title of "tmall double 11 carnival night", and ranked first in the industry with the transaction amount of 15.152 billion yuan in tmall digital store.

"At present, the new retail sales of both sides have their own characteristics. Macalline has consolidated its leading position in the market of the first and second tier cities through the direct marketing mode, selectively opened new home shopping malls in the core cities, and used Tencent imp platform to create an intelligent shopping environment and improve the shopping experience of customers. The new retail of incredibly home cooperates with Alibaba to promote online and offline integration, and uses the network advantages of the existing physical store platform to further introduce catering, entertainment and other consumer formats into stores, so as to realize the integration of big home and big consumption. " A securities analyst said, "Ali's share in two home furnishing brands shows its ambition for the home retail industry. The concentration of the home furnishing industry is not high at present. Only by holding the two leading companies can it have an impact on the household circulation."