Capital construction assets was growing last year and fasten move to bring about heavy classification, debt of 57.7 billion HK dollar is listed to show alone; Li Zeju grows after carry on and first annals is oppugned
This, GMT Research of buy empty orgnaization pointed to spearhead Li Jiacheng the company below the banner grows and, li Jiacheng is emeritus, li Zeju grows eldest son after carry on and first annals is oppugned namely.
On May 14, GMT was released in its official net mix about growing (00001.HK) research report. In the report, GMT expresses, the annual report that grow and issues recently shows, li Jiacheng grows subordinately and conceal debt of 57.7 billion HK dollar. To this, grow and on May 14 the late night is urgent release announcement to clarify, those who say the board of directors denies hearsay place strongly to contain is suggestive.
On May 15, grow and early dish leave high 0.25% , sign up for 79 HK dollar. After open quotation, grow to give now to drop with share price, up to closing quotation, grow to sign up for 78.45 HK dollar with share price / , relatively before one trade day drops 0.44% .
GMT buy sky grows and weigh its to conceal debt of 57.7 billion HK dollar
Grow to show with annals, grow and net profit rose compared to the same period 2018 11% to 39 billion HK dollar, be present double digit to grow first since 2013. Nevertheless, grow mixed cash flow meter to issue multinomial course to appear however negative growth, if invest an activity,cash shedding reduces fifty-nine billion and seventy-nine million HK dollar. In addition, grow and fifty-five billion seven hundred and thirty-four million HK dollar is in the cash flow of management activity, compared to the same period amplitude is less than 4% .
Current, grow and the management of diversity undertakes in 50 many countries, employee exceeds 300 thousand person. Grew to involve haven, retail, capital construction, the sources of energy, telecommunications to wait with business. 2018, grow to grow 9% to come compared to the same period with company income four hundred and fifty-three billion two hundred and thirty million HK dollar, benefit of the excessive after duty reachs forty-six billion seven hundred and eighty-two million HK dollar.
Grow and be pointed to continuously by buy empty orgnaization " battalion use cash flows all the time under profit of the cash after duty " . GMT releases buy sky to report on its official net, say grow and annals showed 2018, the company suffers the leftover influence that will recombine from 2015 and the relevant accountant that Wind Tre of Italian telegraphic tycoon buys when 2018 to adjust, grow and 2018 money year profit is done much 13.2 billion HK dollar.
GMT will grow mixed blame cash project (depreciation, amortize, give delay income tax, asset to deal with accrual and project of other blame cash) addition, the cash profit 2018 should be 62.9 billion HK dollar, battalion is equivalent to carrying cash flows roughly outside the change of eliminate working capital. However, grow to carry with the battalion 2018 cash flows to be 54.7 billion HK dollar only, differ with 62.9 billion HK dollar 8.2 billion HK dollar.
GMT thinks, grow and 2018 money year battalion use cash flowed to appear the balance of 8.2 billion HK dollar basically depends on be not cash project to adjust, deal with accrual and interest of other blame cash are adjusted. In addition, GMT says, grow mixed capital expenditure all the time prep above depreciation and amortize, because depreciation and amortize charge are probable,be on certain level the depress that be.
GMT expresses, through regarding partial capital as for sale asset, grow and concealed the debt of the 57.7 billion HK dollar related to for sale asset possibly. According to GMT speculation, operation of this kind of accountant is being grown and use provide higher market grade and lower line of credit.
This to GMT buy sky reports, grow and that day the late night issues clear report, say " what the board of directors denies hearsay place strongly to contain is suggestive " . Grow and express, forms for reporting statistics of finance affairs of group classics examine and verify observes norm of report of finance affairs of applicable Hong Kong strictly. Carry the matters concerned that narrates a group to report gain is concerned to already all was in according to applicable accounting standard with introduction place the forms for reporting statistics of finance affairs of classics examine and verify of the group makes comprehensive and transparent exposure. As to buy sky the report carries the matters concerned that narrates the debt related to for sale asset not to have comprehensive enter an item in an account, this also likewise comprehensive the requirement according to applicable accounting standard, already discussed with credit grade orgnaization.
Grow and think, introduction is shown alternative, contain bias and serious misdirect. Its point out project of blame cash gain only, alone is had no allude to also all have according to applicable report criterion at relevant during the blame cash deficit that report. Its are carried narrate and do not have Yu Changhe financial 2018 forms for reporting statistics is comprehensive the debt of enter an item in an account, just have no because of,allude period the debt that adduction buys an activity and wants a row to show in the balance sheet.
Conceal debt disturbance or concern with move of asset of the capital construction below the banner
Notable is, grow and express in annals, what capital construction branch bought the annual contribution that business brings 2017, add what at buying Wind Tre in September 2018 the rest of 50% rights and interests bring is new increase profit, all make gain and cash flow to grow somewhat.
Capital construction, all the time since it is to grow one of mixed key business. The basis grows and money signed up for 2018, the equity that the capital construction business of the group includes group of capital construction of the Yangtse River and capital construction of the Yangtse River embrace the rights and interests of asset of some 6 capital construction jointly.
The basis grows and money signed up for 2018, in the earnings range of the company, capital construction proceeds totals 64.72 billion HK dollar, occupy 14% what compare gross income, relatively 2017 year grow 8% compared to the same period.
Notable is, number of such capital construction outstanding achievement, it is the number after grow and be being adjusted into travel accountant. Grow and express in money newspaper, money signs up for the data such as medium income amount to had been adjusted, believe the outstanding achievement that hold in the palm in order to unless controlling stakes place is occupied,be cast aside with the mouth that write down harbor, and reflective group departed in October 2018 after the profit of 90% direct economy that has capital construction investment jointly with group of capital construction of the Yangtse River, what take the outstanding achievement of the rest of 10% direct rights and interests.
Capital construction of the Yangtse River is to grow to bear the weight of with department subordinate the main company of capital construction business. Before this in October 2018, grow to wait with capital construction of as industrial as the Yangtse River group, the Yangtse River sign economic gains agreement, with cash price 21.6 billion HK dollar, the direct rights and interests that the cent that finish owns capital construction property 6 times jointly from its closes in all the economic gains of 90% , your excessive benefit is contributed relatively decreased somewhat 2017. And in the annals in capital construction of the Yangtse River, this belongs to correlation to trade, this also is meant is capital construction assets is growing and the banner leaves the move sth to make room between the company.
On December 31, 2018, these 6 new classification that have capital construction asset to already looked with respect to bursary jointly are " oppose for sale offer combination " .
So, how is this part content to be affected after all grow mixed financial data?
Annals shows, up to by 2018, net specified number of company integrated debt is two hundred and seven billion nine hundred and sixty-five million HK dollar, relatively photograph of the beginning of the year compares growth 26% . Grow and point out, liabilities of afore-mentioned capital construction assets that show in the row in amalgamative forms for reporting statistics before this are clean the sells combination accountant headings in an account book that the forehead is reached to oppose for sale by new classification, list alone namely show come out, and agree with common financial forms for reporting statistics, "Oppose for sale offer combination " also divide in the project reach capital fund to be in debt.
According to grow and be being announced, fasten in this groups in, "Indebted " the project is included " bank etc debt " course, amount of this one course is fifty-seven billion seven hundred and seven million HK dollar, the amount that with buy sky the orgnaization oppugns is consistent.
According to group of capital construction of the Yangtse River money signed up for 2018, company year business income 7.377 billion HK dollar, grow 18.83% compared to the same period; Net profit is 1.044 billion HK dollar, grow 1.82% compared to the same period.
In addition, grow and mention in money newspaper buy Italian telecommunications business the rest of 50% rights and interests bring Wind Tre to increase profit newly, all make gain and cash flow to grow somewhat. Annals shows, in the telecommunications department earnings that Wind Tre is in, 3 groups are seventy-eight billion four hundred and eleven million HK dollar in business income of Europe, grow 11% compared to the same period.
Public data shows, 2016, the Yangtse River and the trade of European telegraphic operation that record a banner to fall " 3 companies of Italian " with the Wind telecommunication with Russia VimpelCom subordinate group the company incorporates. After this, equity of half of new company of hold of the Yangtse River. In July 2018, grow and announce denounce endowment 2.45 billion euro (add up to 19 billion yuan about) , buy equity of Wind Tre odd half.
Wind Tre2018 year the money that will announce in November signs up for data to show, this company was 178 million euro on average to the depreciation during August and amortize charge in January 2018. However, the lunar cost September already fell it seems that to 94 million euro, saved 84 million euro every months. GMT thinks, mixed adjustment grows during 1-8 month, and between 9-12 month the adjustment of Wind Tre, the likelihood makes grew to increase about 835 million euro with group profit (add up to 7.7 billion HK dollar about) .
GMT thinks, grow to be planted with this " radical " accounting method, be being grown and use obtain the credit with higher market grade and lower cost.
Long two years with share price accumulative total drops 25% grade are reduced repeatedly
But from grow mixed share price to go in light of situation, nearly two old had dropped to lowest from left and right sides of 104 HK dollar with share price 72.8 HK dollar, the biggest drop had exceeded 25% .
New capital signs up for a reporter to notice, this is not to grow to be sung with first time any more empty. Lucky Yin Huabao was released on March 22 grind the newspaper says, grow and net profit rose compared to the same period 2018 11% to 39 billion HK dollar, be record so that two-step counts growth first since 2013, should say all right, company outstanding achievement accords with the 38.2 billion HK dollar that the market anticipates roughly, but should anticipate all right relatively low 5% , main reason suffers 3 groups be a burden on. Should maintain all right grow and " buy " grade, but target price falls by 111 HK dollar to 107 HK dollar.
Beautiful Lin Meiyin also is released grind the newspaper expresses, maintain grow and buy grade, but target price is reduced by 102 HK dollar to 100 HK dollar, in order to reflect inferior He Siji price. Should think all right, england takes off Europe block sluggish to still exist.
Actually, be in early last year in August, letter Lyons is released in grind the newspaper was reduced grow mixed grade. Should call group retail trade Wu all right the effort that turns at the number is encouraging. Although metaphase ceases to rise compared to the same period 12% to every 0.87 HK dollar, but group interest rate keeps balance compared to the same period disappointing. Accordingly, lyons will grow and 2018 to gain was forecasted 2020 reduce 2%-4% , in order to reflect pair of telegraphic business every user average income (ARPU) and load quantity anticipate descendent element, target price falls by 102 HK dollar to 95 HK dollar, grade by " buy " fall to " run win grail " .
This year March, lyons is released again grind the newspaper says, to grow and be being maintained " run win grail " grade.
Domestic landed project exposes to the sun again sell a year come move is ceaseless
On May 14, report of news of the intermediary outside having says, the Yangtse River is industrial selling area of Shanghai general Tuo is located in below the banner " exalted domain " project of commercial real estate, at present appraise is worth nearly 20 billion yuan of RMBs, cause attention, cause once more right " Li Jiacheng withdraws " discuss.
On May 15, new capital signs up for to the Yangtse River industrial understanding is relevant circumstance, tang Huici of class of chief inspector of work of long real company expresses: "The company often has receive different bid proposal, but the proposal is not accepted on behalf of the company reach can sell an item. But the proposal is not accepted on behalf of the company reach can sell an item..
The Yangtse River is industrial and dynamic the backside of attention getting a person, was May 2018, li Zeju of Li Jiacheng cornstalk replaces position of Li Jiacheng of patriarch of group of the Yangtse River. In Li Zeju guide below, grow and fasten the capital below the banner to run ceaseless.
2018 year first half of the year, the Yangtse River and write down the joint ventures was comprised in March with group of ant banking service, flow of joint management AlipayHK pays a service, and within year first degrees pass through technology of area piece catenary, enlightened real time crosses remit money of condition electron purse to come Philippine. Second half of the year, the Yangtse River and write down buy Wind Tre total equity, wholy-owned own business of telecommunications of this Italy main flow.
In addition, grow and fasten what the banner falls to appear on the market general director real group finished center of the annulus in the commercial large building that sells the ring in be located in May 2018, evaluate 40.2 billion HK dollar; Will buy property of British London 5 Broadgate in June, trade evaluate 1 billion pound.
In January 2019, grow and fasten group of capital construction of the Yangtse River below the banner to match carry out electric energy with every 52.93 HK dollar industrial 43.8 million, experience endowment restrains 2.318 billion HK dollar, sell share occupies electric energy to already issued capital stock about 2.05% , trade after finishing, capital construction of the Yangtse River is right of electric energy hold fall to about 35.96% .
New capital signs up for Zhang Zeyan of reporter Li Yunqi
