The final settlement date of the horizontal competition with Evergrande Real Estate is about to expire Previously, Xu Jiayin chose to sell 29.9% of Jiakai City and ceased to become the controlling shareholder of Jiakai City.

On the noon of June 21, Jiakai City (000918.SZ) announced that Guangzhou Kailong, the controlling shareholder of the company, has signed a “Share Transfer Framework Agreement” with Shenzhen Huajian Holdings , Intends to transfer 29.9% equity of Jiakaicheng.

Although the announcement did not disclose the specific transfer amount, it is calculated based on the total market value of Jiakai City at 8.389 billion yuan. This part of Evergrande’s sale this time The equity market value is approximately 2.508 billion yuan.

In June 2016, Kailong Real Estate became the controlling shareholder of Kakai City with 52.78% of the shares. As of today, Kailong Real Estate holds 57.75% of Kakai City Equity. If the transaction closes, Kailong Land’s equity ratio in Kakai City will be reduced to 27.85%.

At that time, Evergrande Group took over Kakai City, in order to solve the competition in the real estate business between Kakai City and Evergrande Group. Jiakai City and Xu Jiayin respectively issued the “Letter of Commitment to Avoid Horizontal Competition”, promising that within one year after the equity transfer is successful, Jiakai City’s real estate-based business model will not change, and to complete the resolution of horizontal competition within 3 years. problem. Calculated according to the time at that time, that is, Kakai City will complete the issue of horizontal competition in September 2019 at the latest.

But just as the final day to resolve competition in the real estate industry is approaching, on July 29, 2019, Kakai City announced that it will postpone two years to solve the problem with Evergrande Real Estate. Industry competition.

Regarding why it was postponed at that time, Kakai City explained in the announcement that it was mainly due to two factors. One is the real estate market regulation and price restrictions in some cities. Sales cannot be cleared in time; the second reason is that Jiakai City’s second main business theater is still in the cultivating stage, and the revenue and profit scale are relatively small. In order to ensure the operating and sustainable development capabilities of listed companies, It is not in the interest of all shareholders, especially small and medium shareholders, to clear the real estate business in the short term.

The actual controller of the takeover party is Wang Zhongming.

News (www.thepaper.cn) found out that Wang Zhongming had participated in the battle of Evergrande Automobile (00708.HK) and the sale of Evergrande Bingquan.

According to the data, Wang Zhongming is currently the chairman of Shenzhen Cuilin Investment Holding Group Co., Ltd. Cuilin Group participated in the battle investment of Evergrande Automobile under the name of Xu Jiayin. At that time, it invested 5 billion Hong Kong dollars, accounting for 1.875%.

According to information on the official website of Cuilin Investment Group, the current agricultural and animal husbandry food business under Cuilin Group includes Evergrande Agriculture and Animal Husbandry Group and Evergrande Mineral Water Group , Evergrande Dairy Group and Evergrande Grain and Oil Group. Previously at the China Evergrande (03333.HK) 2020 performance meeting, Evergrande Group President Xia Haijun stated that Evergrande currently holds 49% of the equity of Evergrande Bingquan.

On September 28, 2016, China Evergrande issued an announcement that the company’s wholly-owned subsidiary Evergrande Group Corporation and other wholly-owned subsidiaries entered into agreements with different independent third parties. The buyer sold all the interests in the Group’s grain and oil, dairy products and mineral water businesses for a total consideration of approximately 2.7 billion yuan. After the completion of the sale, the group will no longer hold any equity in the grain, oil, dairy products and mineral water businesses. According to the then Evergrande According to the announcement, Evergrande Grain and Oil was sold to Shenzhen Lailailai Industrial Co., Ltd., Evergrande Dairy was sold to Shenzhen Mingsheng Turing Trading Co., Ltd., and Evergrande Bingquan was sold to Shenzhen Sunway Turing Automobile Sales Service Co., Ltd. The actual controller of Sanwei Turin Automobile Sales & Service Co., Ltd. is Wang Zhongming.