Mengniu plans to increase its 5% stake in Miaokelando by nearly 800 million yuan: optimistic about development prospects and boost confidence

　　The Paper reporter Wang Qiwen

　　The controlling shareholder, Mengniu, plans to acquire 5% of the shares of Miaoke Landuo with a tender offer of 30.92 yuan per share, and its shareholding will increase to 35%.

　　On the evening of October 9, Shanghai Miaokelando Food Technology Co., Ltd. (Miaokelando, 600882.SH) released the "Summary of the Tender Offer Report" (hereinafter referred to as the "Summary"), and Inner Mongolia Mengniu Dairy (Group) Co., Ltd. The company (hereinafter referred to as "Inner Mongolia Mengniu"), in order to further increase its shareholding in Miaokelando and boost investor confidence, acquired 5% of Miaokelando's shares at an offer price of 30.92 yuan per share.

After the tender offer is completed, Inner Mongolia Mengniu will hold a maximum of about 35% of the shares of Miaokelando.

　　The summary shows that, as the controlling shareholder of Miaoke Lando, Inner Mongolia Mengniu, based on its confidence in the future development prospects of the listed company and its recognition of the value of the listed company, decided to increase its shareholding in the listed company by means of partial tender offer, in order to further increase its interest in Miaoke Lando. Lando's holdings boosted investor confidence.

The abstract stated that the purpose of the tender offer was not to terminate the listing status of Miracolando.

Inner Mongolia Mengniu holds 154,862,955 ordinary shares of the listed company, accounting for 30.00% of the total issued share capital.

　　On the evening of the same day, Miao Ke Lan Duo announced the "Indicative Announcement on Receiving the Summary of the Tender Offer Report".

According to the abstract, the tender offer price is 30.92 yuan per share, which is the arithmetic average of the daily weighted average price of Miraclelando shares (reserved two decimal places, rounded up) calculated.

　　According to the abstract, the maximum amount of capital required for the tender offer is approximately RMB 798 million.

Inner Mongolia Mengniu has deposited 159.7 million yuan (not less than 20% of the total capital required for the tender offer) into a designated account as a performance bond for the tender offer.

The summary shows that all the funds for Inner Mongolia Mengniu's tender offer came from its own funds or self-raised funds.

The duration of the tender offer is 30 natural days in total. For the specific start and end dates, please refer to the relevant content of the full text of the tender offer report in the subsequent announcement.

　　On July 15 this year, Miaokelando released a reorganization plan to purchase a 42.88% stake in Jilin Technology held by Inner Mongolia Mengniu through a non-public offering of shares.

The summary shows that as of the signing date of the summary, the relevant parties are advancing the work related to the above-mentioned reorganization transaction in an orderly manner; after the completion of the above-mentioned reorganization transaction, Inner Mongolia Mengniu's shareholding in Miaokelando will further increase.

　　In addition to the aforementioned restructuring transaction and this tender offer, the summary stated that Inner Mongolia Mengniu has no plans to continue to actively increase its holdings of Miracolando shares in the next 12 months and has obtained an external disposal plan.

　　In January and March this year, Inner Mongolia Mengniu increased its holdings of 1.53% of Miao Ke Lan Duo twice through centralized bidding transactions.

　　On the evening of October 9th, Miaokelando also announced the progress of directors and senior managers to reduce their shares through centralized bidding. Miaokelando director and senior management Guo Yonglai held 0.18% of the shares. As of the disclosure date of the announcement, the company’s shares have not been reduced. .

On May 21, 2021, Guo Yonglai planned to reduce his holdings of Miaokelando shares due to personal capital needs, but has not yet implemented the reduction.

　　The controlling shareholder of Inner Mongolia Mengniu is China Dairy (Mauritius) Limited, namely China Dairy (Mauritius) Co., Ltd., which is a wholly-owned subsidiary of Mengniu Dairy (02319.HK).

Mengniu Dairy has no actual controller. COFCO Group Co., Ltd. directly and indirectly holds 1.75% of Mengniu Dairy's shares, and COFCO Dairy Investment Co., Ltd. and its subsidiaries hold 21.40% of the shares.

　　Mengniu Dairy's 2022 interim results show that in the first half of this year, Mengniu Dairy's revenue was about 47.722 billion yuan, an increase of 4% year-on-year (compared to the same period last year); the profit attributable to the company's owners increased by 27.3% year-on-year to 3.751 billion yuan.

In its financial report, Mengniu reiterated its goal of “rebuilding a new Mengniu” by 2025. This year, it promoted the “10,000-ton milk” plan, saying that by the end of 2024, it will cooperate with upstream partners to build 43 new farms, of which 34 farms have been built or are currently under construction. seat.

　　Judging from the 2022 interim results of Miao Ke Lan Duo, the revenue in the first half of this year was about 2.594 billion yuan, a year-on-year increase of 25.48%; the net profit attributable to shareholders of listed companies was 132 million yuan, an increase of 18.03% year-on-year.

Basic earnings per share are 0.26 yuan per share.

　　It is worth mentioning that Miaokelando's share price has retraced more than 60% from the high of 84.5 yuan on May 25, 2021, but it is still up more than 103% from the beginning of 2020.

In March 2020, Mengniu planned to participate in the “miscarriage” of the Miaokelando fixed increase plan at 15.16 yuan per share. In December of the same year, Inner Mongolia Mengniu won 101 million shares of Miaokelan for 3 billion yuan, and the subscription price was 29.71 yuan / share.

After the transaction was completed, Inner Mongolia Mengniu held a 23.80% stake in Miaoke Lando and gained control over the listed company.

At the same time, Miracolando’s share price has also soared by more than 477% from 2020 to May 25, 2021.

　　Wind data shows that from August 19 to September 30, in the last 30 trading days, Miao Ke Lan Duo’s stock price has fallen by more than 12%, with the highest price of 33.69 yuan and the lowest price of 27.43 yuan.

　　As of October 7, Mengniu Dairy (02319.HK) closed down 1.99% at HK$32, with a total market value of HK$126.6 billion.

As of September 30, Miao Ke Lan Duo (600882.SH) closed down 1.69% at 29.68 yuan, with a total market value of 15.3 billion yuan.