Keda Manufacturing (600499), the “No. 1 pottery machine stock”, once again won the “ceramics industry boss” Liang Tongcan, chairman of Hongyu Group, to increase its investment.
On November 3, Keda Manufacturing announced that Liang Tongcan had increased its holdings of 3.9 million shares of Keda Manufacturing through block transactions, accounting for 0.21% of the total share capital. After the increase, the number of shares held was 379 million shares, and the shareholding ratio It increased from the previous 19.87% to 20.08%, further consolidating its position as the largest shareholder, and the equity gap with the second largest shareholder Xinhualian Holdings Co., Ltd. reached 12.47%.
As of now, in addition to Liang Tongcan, Keda Manufacturing's shareholders holding more than 5% of the shares include Xinhualian Holdings Co., Ltd. and natural persons Bian Cheng and Lu Qin. The three shareholding ratios are 7.61%, 7%, and 6.67% respectively.
“Buy” Kedak shares
Liang Tongcan’s cumulative expenditure has exceeded 1.54 billion yuan
The announcement shows that the total amount of funds paid by Liang Tongcan for this increase in shareholding is 17.004 million yuan, and the source of funds is its own funds/self-raised funds.
Liang Tongcan has been increasing his holdings since he first bought shares of Kedak in October 2018, and became the largest shareholder of Kedak Manufacturing in June this year by subscribing for non-public issuance of shares. Looking back to October 2018, Liang Tongcan bought more than 20 million shares of Keda Manufacturing for the first time, and continued to buy up to the 5% quotation line within 4 months, and promised to spend 100 million to 600 million in the next 12 months. Yuan continues to increase its holdings.
As of the end of the first quarter of 2019, Liang Tongcan's shareholding ratio further increased to 7%; in April 2019, Keda Manufacturing began to plan for a non-public issuance of shares, and Liang Tongcan immediately announced his participation in the private placement plan, and in June 2020 It subscribed for 216 million shares at 3.68 yuan/share, costing 794 million yuan, and increased its shareholding ratio to 17.27%, becoming the largest shareholder; from June to July 2020, it purchased 87.2525 million yuan and 133.3029 million yuan through block transactions twice, respectively. yuan, totaling 220.5554 million yuan, and increased its holdings of 49,020,000 shares in Keda Manufacturing, bringing its shareholding to 19.87%.
"Ceramic Information" calculated based on public information that since October 2018, Liang Tongcan bought 20.08% of Keda Manufacturing's shares, and the cumulative expenditure has exceeded 1.54 billion yuan. Among them, from October 23, 2018 to February 13, 2019, Liang Tongcan bought 788,602,03 shares of Keda for 333,123,762,180 million yuan, accounting for 5% of the total share capital;
Before February 14, 2020, Liang Tongcan won 1.765.5 billion, and increased its holdings of 31,537,749 shares of Kedak (the average price was 5.6 yuan per share), raising its holdings of Kedak shares to 7%;
On June 5, 2020, Liang Tongcan subscribed for 215,824,827 shares of Keda for 794,235,363,360 million yuan, bringing his shareholding ratio to 17.27%; from June to July 2020, he made two block transactions, with 87,252,500 yuan and 87,252,500 yuan, respectively. 133.3029 million yuan, a total of 220.5554 million yuan, and increased its holdings of 49.020000 shares of Keda Manufacturing, with the shareholding ratio reaching 19.87%.
If coupled with the increase in holdings of 3.9 million shares of Kedak Manufacturing through bulk transactions for 17.004 million yuan, Liang Tongcan's "expensive purchase" of shares in Kedak has cost more than 1.54 billion yuan, and the shareholding ratio has reached 20.08 %.
Will continue to increase holdings in the next 12 months
The shareholding ratio will increase to 20.6%-22.7%
At present, Liang Tongcan's pace of increasing his holdings has not stalled. According to the equity change report, Liang Tongcan stated that he will continue to increase his holdings in the next 12 months, with the number of shares increased to between 10 million and 50 million shares. If calculated based on Keda Manufacturing's latest closing price of 4.63 yuan per share, Liang Tongcan's subsequent increase in holdings will cost between 46.3 million and 230 million yuan, and the shareholding ratio will rise to 20.6%-22.7%.
However, Keda Manufacturing announced that the above-mentioned equity changes did not lead to changes in the controlling shareholder and actual controller. Currently, Keda Manufacturing is still in a state of no actual controller. In the "Plan for Non-Public Issuance of Stocks (Third Revised Draft)" released in April this year, Keda Manufacturing stated that shareholders holding more than 5% of the company's shares have no unanimous action agreement or agreement, and no single shareholder can control the shareholders' meeting, board of directors and daily activities. The company has absolute control over its operations, so the company has no controlling shareholder or actual controller.
Although he has not been identified as the actual controller, the linkage effect between Liang Tongcan’s industrial background and the industrial chain of Keda Manufacturing still leaves a certain amount of room for the market’s imagination.
Liang Tongcan has been deeply involved in the building materials industry for many years. He founded Hongyu Ceramics in Foshan in 1997, and later launched many brands such as Wells, Hongtao, Kamiya, and Itetao. He currently serves as the current chairman of the Foshan Ceramics Industry Association. Chairman; while Keda Manufacturing's main business is the production and sales of building materials machinery and overseas building ceramics, the former is in the upstream of the ceramics industry, and the latter is directly in the same segment as Liang Tongcan.
According to the announcement, the ceramics company under Guangdong Hongyu Group Co., Ltd. manufactures construction ceramic machinery business for KedaOne of the downstream customers, the two parties have frequent daily equipment sales and purchases. In the first 24 months, a total of 53.0704 million yuan of related transactions occurred.
Since Liang Tongcan became a shareholder, Keda Manufacturing has embarked on a development path from diversification to focusing on its main business. In 2019, Keda Manufacturing achieved total operating revenue of 6.422 billion yuan, a year-on-year increase of 5.79%; net profit attributable to the parent company was 119 million yuan; in June this year, in view of the relatively low proportion of revenue and profit from the clean energy and environmental protection business, the company changed its name from "Guangdong Keda Clean Energy Co., Ltd." was changed to "Keda Manufacturing Co., Ltd.", focusing on building materials machinery and overseas construction ceramics business.
On the evening of October 28, the third quarter 2020 performance report disclosed by Keda Manufacturing showed that Keda achieved operating income of 4.945 billion yuan and a net profit of 154 million yuan in the first three quarters. Among them, Keda achieved operating income of 1.86 billion yuan in the third quarter, a year-on-year increase of 27.73%, and net profit attributable to shareholders of listed companies was 73.1834 million yuan, a year-on-year increase of 100.55%.
(The article is reproduced from Ceramic Information)
