Vanke meets ＂barbarians＂ again and invades insurance funds to boost the reshuffle of the property market.

Vanke, whose shares were scattered, was invaded by the barbarians at the door again. Last Friday night, Vanke announced that Qianhai Life Insurance bought 103 million shares of Vanke A through centralized bidding, accounting for 0.93% of Vanke’s total share capital. This is the second time that Qianhai Life Insurance has listed Vanke in half a month. At the same time, Shenzhen Jushenghua Co., Ltd., the concerted action person of Qianhai Life Insurance, bought 450 million shares of Vanke A shares, accounting for 4.07% of Vanke’s current total share capital. After this round of placards, Qianhai Life Insurance and its concerted actions have won 10% of Vanke’s total share capital, approaching 14.97% of Vanke’s largest shareholder, China Resources.

This news has attracted much attention from the market. Since last year, the events that Vanke, Gemdale, Financial Street, Kaisa, Huaye Group, Country Garden and other real estate enterprises have been placarded or acquired by insurance capital predators have intensified. Industry experts said in an interview with a reporter from Yangcheng Evening News that the market structure is changing under the behind-the-scenes operation of insurance capital, or it may help the property market to speed up the reshuffle.

The two holdings cost 16 billion yuan.

Vanke is not the first time to encounter a "barbarian" placard. Some securities analysts pointed out that the current real estate stocks are generally undervalued, and financial investment is an excellent opportunity. "After a round of decline, Vanke’s current price-earnings ratio is only 11.2 times, which is 60% lower than the average price-earnings ratio of 31.83 times in the real estate industry."

A few days before the brand of Qianhai Life Insurance, Vanke announced the 10 billion repurchase plan on July 6 (the repurchase price does not exceed 13.7 yuan/share), and announced that the board of directors unanimously decided to repurchase A shares, and the scale was within 10 billion yuan. If Vanke partner, one of Vanke’s shareholders, does not reduce his shareholding in the repurchase, the shareholding ratio after the repurchase will increase from 4.14% to 4.43%.

Qianhai Life Insurance, which has an unusually keen sense of investment, immediately attacked. On July 10th, Qianhai Life Insurance purchased 552 million shares of Vanke A shares through the secondary market at a cost of 8 billion yuan, accounting for 5% of Vanke’s existing total share capital, which triggered the red line of placarding. Throughout July, Qianhai Life Insurance and its concerted actions listed Vanke twice in a row, holding a total of 10% shares of Vanke as of July 24, with a total turnover of about 16 billion yuan.

Qianhai Life Insurance is a fierce and fierce enterprise, which has been constantly placarding real estate enterprises. Previously, OCT was successfully subscribed, and Qianhai Life Insurance and Ju Shenghua were ranked as the second and third largest shareholders of OCT respectively. Behind Qianhai Life Insurance and Ju Shenghua are Baoneng Group. Earlier, Baoneng Group also held placards for enterprises such as Shenzhen Zhenye A, Baocheng, Tianjian Group, etc., and finally ended in vain because of the counter-attack of the Shenzhen Municipal Government.

"Although Qianhai Life Insurance is backed by Baoneng Group, it is still an insurance company in terms of Qianhai itself." Zhang Hongwei, director of the same policy consulting research department, doesn’t seem to be worried. Zhu Yiming and Fu Yichen of Kerry Research Center also said that it is unlikely that Qianhai Life Insurance will eventually hold Vanke, because the management of Vanke has rich experience in capital operation and has been fighting against "barbarians".

Yu Liang, Tan Huajie and other Vanke executives have repeatedly said that the reason for the establishment of the "Partner Stock Ownership Plan" is that Vanke’s shareholding structure is scattered, management shares and board seats are very few, and control rights are easy to be sidelined. Increasing the shareholding ratio of Vanke’s partners can counter the hostile takeover of "barbarians".

Huatai Securities analysts also believe that the real intention of Qianhai Life Insurance is difficult to identify, but it is very likely that it will gain the right to speak through placards and seek cooperation.

23 major shareholders of housing enterprises have the shadow of insurance funds.

In fact, it’s not just today that insurance companies advertise their houses. Since last year, Vanke, Gemdale, Financial Street, Kaisa, Huaye Group, Country Garden and other real estate enterprises have attracted much attention from the market. By this year, the phenomenon of housing enterprises being placarded by insurance funds has not decreased but increased. The targets targeted by insurance funds are not only Vanke, Jindi and Financial Street, but even the traditional real estate giant "Zhaobao Wanjin" is all bought by insurance funds. The market structure is quietly changing under the behind-the-scenes operation of insurance funds.

Take Gemdale as an example. As of the end of September last year, gemdale’s largest shareholder was Sino Life, which continued to increase its holdings of gemdale to 29.9% in the third quarter of last year, approaching the tender offer line. Anbang Insurance immediately increased its holdings by 100 million shares, and its shareholding ratio also increased to 18.83%. The insurance capital led by Life Insurance and Anbang Insurance has held 55% of the shares in gemdale, which is highly controlled; On April 1st this year, China Ping An invested in Country Garden, with a total investment of HK$ 6.295 billion, holding 9.9%, becoming the second largest shareholder of Country Garden. As of July 10th this year, Qianhai Life Insurance bought 553 million shares of Vanke, accounting for 5% of Vanke’s total share capital.

In addition, according to the statistics of wind, among the 133 A-share housing enterprises, 23 have been insured into the top ten shareholders, accounting for 17%. Among them, PICC China invested in 5 housing enterprises, Anbang Insurance invested in 4, China Life Insurance invested in 3 and Sino-Life Insurance invested in 2. The market structure may change because insurance funds frequently brand housing enterprises.

"At present, the stock market has suffered a continuous plunge. Even if there is a staged rebound, the market value of housing enterprises is still in a stage of underestimation, and even some companies have low stock prices and broken the net. At this time, among the listed companies in Shanghai and Shenzhen stock markets, there are not a few real estate enterprises that meet the conditions of capital predators (the shareholding ratio of major shareholders is less than 30%, the equity is scattered, and the P/B ratio is low). " Zhang Hongwei analysis, at the same time, the real estate market four rounds of "rescue" policy, the property market is in the recovery stage, insurance funds predict that the market will definitely improve in the next 1-2 years, at this time, "bargain-hunting" housing enterprises have the purpose of making profits from direct financial investment.

It is expected that in the second half of the year, insurance funds may continue to frequently advertise real estate enterprises, which will continue to affect the pattern of China real estate market.

Accelerate the shuffling process

According to industry insiders, for these listed real estate enterprises, the placarding of insurance funds may bring some challenges to their own management, and there may even be management changes after insurance funds become major shareholders, which will affect the operating efficiency of enterprises in the short term. But from another point of view, the intervention of insurance capital will also cause changes in the market structure.

The involvement of insurance capital may make some housing enterprises have relatively abundant funds, forming a situation of "the strong will be strong and the big will be Evergrande". The market structure may be rewritten, accelerating the process of reshuffle of the current market. Reporter Zhao Yanhua