Joy City (000031): Date of insurance capital entry strengthens capital strength

The main points of the report are described on January 2, 2020.

The price of 73 yuan / share is non-publicly issued to Taiping Life Insurance Co., Ltd. and ICBC Credit Suisse Investment Management Co., Ltd.

6 billion shares, raising matching funds 24.

US $ 2.6 billion, COFCO and its concerted parties Ming Yi’s shareholding interest was passively replaced to 69.


  The date of the event review was that insurance capital entered the market, and the assets were thickened when the supporting funds were in place.

The company’s non-public issuance of shares raised funds successfully. The benchmark date for this issue is the first day of the issue period, which is October 24, 2019, and the issue price is no less than 6.

63 yuan / share, that is not less than 90% of the average trading price of the company’s A shares in the 20 trading days before the pricing reference date, and according to relevant requirements, it should not be less than 6.

73 yuan / share.

The company’s final issue targets were Taiping Life Insurance Co., Ltd. and ICBC Credit Suisse Investment Management Co., Ltd., and the subscription price was replaced by 6.

73 yuan / share, non-public offering of shares 3.

上海夜网论坛6 billion shares (respectively issued 2.

8.3 billion shares and 7702.

550,000 shares, corresponding to a shareholding ratio of 6.

61% and 1.

80%), the subscription amount is 24.

26 trillion (corresponding to 19 respectively.

07 and 5.

180,000 yuan), the actual raised funds after deducting the issuance costs24.

0.2 million yuan, of which newly added registered capital3.

600,000 yuan, the balance of 20.

42 trillion was transferred to capital reserve, increasing the company’s total assets and net assets.

The non-public offering of shares was listed on January 6, 2020, and the lock-up period is 12 months from the listing date.

  The shareholdings of COFCO and its concerted parties were passively replaced to 69.

28%, Taiping Life Insurance holds 6.

61% equity is the second largest shareholder.

After the non-public offering of shares was listed, the company’s 苏州夜网论坛 total share capital was 39.

2.6 billion shares increased to 42.

8.6 billion shares, Mingyi Co., Ltd. holds the same number of shares (21.

1.2 billion shares), but the shareholding ratio was passively replaced to 49.

28%, the number of shares held by COFCO remains unchanged (8.

5.7 billion shares), but the shareholding ratio was passively replaced to 20.


COFCO and its concerted parties Ming Yi’s total equity interest from 75.

64% passively reduced to 69.


This change in equity will not cause changes in the company’s controlling shareholders and actual controllers.

Taiping Life Insurance holds company after non-public offering6.61% equity, becoming the second largest shareholder of the company outside COFCO.

  Investment suggestion: Leading commercial brands, dated capital to increase capital.

The company has won a good reputation through excellent investment and operation. The large-scale asset management model of commercial operations reduces capital precipitation, accelerates off-site replication, and has a large reserve under construction to ensure subsequent rental income growth.

Active residential development and sales, abundant soil storage, land acquisition advantages are prominent.

The raised funds will thicken the company’s assets and strengthen its financial strength. It is expected that the company’s performance in 2019-2021 will be 29.



85 trillion, 111% growth rate (unadjusted) / 10% / 17%, corresponding to a P / E of 9.



51 times, maintain “Buy” rating.

Risk Warning: 1.

The adjustment policy of the real estate business may have uncertainties or have an impact on the company’s operations.