Axin’s parent company’s speculation in selling, the stock price is 90%, Lin Zifeng clarifies the non-acquisition, the old minister Deng Fengqun takes over
CEC International (00759) Chairman, 759 Axinwu founder Lin Weijun died on Saturday (18th) due to illness, the company lost soul characters, but instead provoked selling. The stock has been more than doubled at most, and some local peers have claimed to the media that “if the following 1 billion yuan are interested in the acquisition”, they will clarify that there is no specific intention to purchase. CEC International immediately announced that the “old courtier” Deng Fengqun was in danger and took over as chairman and managing director. The spokesman of Ashin House stressed that he would continue to do the business of the neighbourhood with the ideal and spirit of Lin Weijun and did not intend to change his business strategy and direction.
CEC International accounted for personnel changes before the market opened yesterday. Executive Director Deng Fengqun presided over the overall situation. However, the stock market continued to speculate in selling. The stock price of the stock was 124% yesterday to 1.04 yuan. The increase was slightly narrowed and the price continued to rise. 91.4%, closing at 0.89 yuan, a new high since February last year, the market value increased to 590 million yuan.
Emphasize the direction of business
A spokesman for Ashin House responded to this newspaper’s enquiry and said that it has no intention to change its positioning and strategy. It will follow Lin Weijun’s general direction and continue to fulfill his ideals. The company’s current business has not been affected because there are still many senior staff members who are helping, and the stores are also Operate as usual. The spokesman also mentioned that Lin Weijun’s family had not asked about the company’s affairs for the time being. They were busy dealing with Lin Weijun’s aftermath and would announce if further information was available.
Some local media quoted Lin Zifeng, the majority shareholder and chairman of the 360° peers yesterday. “The company has a market capitalization of about 600 million yuan. If it is less than 1 billion yuan, it will be interested (acquisition of Ashin House).” After the netizens criticized, Lin Zifeng issued a clarification statement at noon, emphasizing the 1 billion yuan mentioned in the report. It is only his personal subjective evaluation of the business and asset value of Axinwu, and does not represent any specific acquisition intention; he Lin Weijun’s death and sudden regrets mean that he appreciates Lin Weijun’s decisive and decisive style. He believes that the business practices and risks of different companies are not the same. It does not mean that there are advantages and disadvantages. If misunderstandings are caused by improper expression, deep Sorry.
Regarding the selling intentions, some local media quoted Deng Fengqun as saying last night: “The boss (Lin Weijun) regards the company as the root of life and is the second one. We will only know how to do well (Ashin House). I will be jealous.”
In fact, Premium 360° has submitted a listing application in June this year. According to its preliminary prospectus, the company has a total of 70 branches. Currently, the market share of casual food retail stores in Hong Kong is about 21.6%, ranking second; The market share of Ashin House is 37.8%.
Deng Fengqun, who took over CEC International, is 48 years old. He joined the company as early as 1993. He has served as an executive director since September 1999. He served as the vice chairman and managing director in September 2009. Before the transfer, he was responsible for the purchase of snack food business. Operational manager. Since 2010, CEC International has opened 759 Ashin House, which is mainly engaged in importing Japanese snacks. It has once expanded rapidly. Its share price was high at 4.13 yuan in 2013, with a market value of 2.7 billion yuan. At the peak of the number of stores, it reached 268. However, when the market went weaker, the competitors joined the battle group in a big way. The over-expanded Ashin House began to fall into the neck, and it will be eroded in 2016. In recent years, the size of the branch has to be reduced.
Analysis materials Lin Weijun children may not take over
In addition, CEC International also holds a number of investment properties, which have been sold in recent years; the Group’s 2016/17 annual report was reviewed. At that time, it held 7 properties, one of which was sold last year, and the remaining 6 were 3 Shops, 2 homes, and 1 office property in the Mainland.
Li Shengyang, a market strategist at DBS Vickers in China and Hong Kong, believes that Lin Weijun suddenly passed away, and that he is an important figure in the company. The market naturally estimates that the company has the opportunity to sell, and the stock price is not surprising. Independent stock evaluator Huang Zhiyang said that the current snack business is not easy to do. Lin Weijun’s children have not yet joined the CEC board of directors, reflecting that the next generation may not take over and is likely to sell, but it still depends on the decision of the board of directors.