Bain Capital ambiguous attitude or lose additional chips Chen.

<P> From 9.28 Jinyu 11, Gome (0493.HK) battle for control, the situation suddenly swerved. .Clearly the two confront the original camp, and now has become ambiguous. .</ P> <P> This stems from the cuckoo After his release, put the country the United States and the Council of the situation. .Newspaper reporter in September 16 confirmed through multiple channels, Gome Huang Guangyu camp, "when the family," cuckoo, Bain Capital has already met several times. .</ P> <P> earlier in the day before the September 15, quiet, Managing Director Zhu Jia Foreign Bain, said the company aims to implement debt-equity swap, is not "stand in" with the party not to "make .struggle ". .Zhu Jia confront the statement that the original shareholders of the situation suddenly dispelled. .</ P> <P> "and" beyond that "war." .</ P> <P> now adhere to the "war" standoff between the camps, but also family and Chen Huang suddenly become a direct hand combat. .Chen camp is for, once a trump card in hand - 20% of the additional, but after conversion at Bain, a legislator of the cards. .</ P> <P> for Bain, its special status is also embroiled in a debate. .</ P> <P> 9 17, sponsored by the China Brand Research Center, the "States United States share what it means to struggle," seminar, National School of Administration, Vice President of Public Relations Society of China Xingguo said Gome .established as a national brand in China, must be noted that "international capital is the interest on their point of view the implementation of rules of the game." .</ P> <P> Huang Chen's cards </ P> <P> Bain Capital choose watching behind the interests of their choice facing. .Jonathan Zhu said the future will certainly be out Gome Bain, but the premise is to protect the return on investment. .When Bain made after 5 negative vote, in fact, has authorized the issuance of new shares with master Chen Xiao as the representative of the board, cut off the necessary link. .</ P> <P> This makes the hand of non-listed Gome stores in one of its major shareholders is full of temptation. .Thus, one major shareholder of Bain and Gome has entered "and the War of the Council." .</ P> <P> in the battle for control of the hedge fighting games, there are always two sides of the cards, one Zhang Xiangming, one to the dark. .</ P> <P> Chen as the representative of the board of directors for a party, 20% of additional shares of its right hand, if the additional implementation of one major shareholder of Gome shares will be lower than 30%, while he and Bain .Alliance Capital and other stake in about 30%. .</ P> <P> However, Bain does not support the issuance of voting to make comments, the Board of Directors as the representative of a party to Chen, the use of additional means to win the chance is gone. .According to Gome's announcement on September 8, September 22 Gome after the transfer of shares will be suspended. .It is now September 22, there are three working days. .Need to offer additional shares for the subscription, and 3 days to complete the formalities and so on. .</ P> <P> reporter news from multiple sources shows that Chen's Board of Directors as the representative party may have infinitely close to the issuance, and such issuance may be funded to find another company under the house. .It is understood that, in accordance with the agreed time, Chen was a party on behalf of the board of directors had hoped that the strength of private enterprises under the jurisdiction of the new investment agency won 10% of the shares, the remaining 10% by Bain digestion. .</ P> <P> At that time, the companies have conducted more detailed financial analysis, etc., with Chen as the representative of a party to contact the Board more than 10 days after the final decision of the private enterprise, because "things are too complicated internal Gome ."give up intention to accept the issuance of the decision. .</ P> <P> contrast, one major shareholder of Gome shadow army began to appear overseas. .</ P> <P> 17 From Hong Kong, sources said, there are large Chinese-funded mysterious hand in the recent month-old sweep goods, from the original position of 1 million shares to 3.5 billion shares radical, according to Sept. 15 closing price .2.34 per meter, the market value of more than 800 million yuan, more than 2% stake, beyond the 1.25% stake Chen. .</ P> <P> The big mystery in the capital named Zheng Jianming, quite well known in the property market for the holdings of United States stocks, Zheng Jianming said the country the United States because of promising prospects and large sweep hand goods. .The source said Zheng Jianming will be held on 28th of this month a special general meeting of shareholders to support the motion put forward by major shareholders. .</ P> <P> the country's long-term tracking analyst told this reporter that the United States, in accordance with the ownership terms, Gome to the EGM will be about 80% rate, which is based on the general meeting shareholders over the years Gome .high value of the scene. .</ P> <P> who is close to the family of Huang said Chen had done the round of canvassing, Gome will reach 85% of the shareholding ratio of the scene, while the major shareholder of Gome's strategy is one .may be self-sustaining about 35% of the shares at the same time, to obtain the support of some of its friendly people, and get the support of some investors, this will be relatively high due to hold shares in, and eventually won. .</ P> <P> It is understood that after the conversion Bain, Gome Huang Guangyu family owns 32.76% of the shares, while a spokesman Zou Xiaochun Huang family is told this reporter that large shareholders have the right to 2% of the holdings .and, very likely will not give up holdings of opportunity. .</ P> <P> revaluation of non-listed stores </ P> <P> non-listed Gome stores in strategic significance has been ignored. .</ P> <P> Previously, Gome large shareholders control the financial position of non-listed stores are focus of debate. .Beijing Gome Gome investment itself and all the stores, there are now 40 billion yuan of total assets, a further 30 billion yuan of funds may be "borrowed" form or to do low-profit moved directly into the Eagle system. .The various types of bank loans and suppliers should have reached 60 billion down payment. .</ P> <P> this less than ideal financial situation, and each listed company paid management fees of around 230 million yuan, it seems to Gome is concerned, is indeed negligible. .</ P> <P> retail commercial enterprises in the early stage of development most of the assets of the expansion path of light in use. .According to previously published data show that the first half of 2010, Gome stores in non-listed part of a total of 372, achieved sales of 9.617 billion yuan; States United States listed the number of stores to 740 in the first half sales of 24.9 billion. .</ P> <P> nominated as a major shareholder of Gome, the directors-elect, Zou Xiaochun that "from the location point of view, these stores concentrated in Shanghai, Jiangsu, Fujian, Henan, Hebei, are of great consumption potential .areas. from the current management point of view, is hosted by the listed companies, listed companies and all cases are equal. "</ P> <P> leverage of non-listed stores are hidden behind the debate in the financial situation. .</ P> <P> "To my colleagues in an open letter country the United States shareholder" has been officially confirmed, if the big shareholders related to the proposal by the EGM, will discuss the non-listed public company stores in order to facilitate the way into the Gome. .In this regard, Gome spokesman's comments that "one would rather the idea of major shareholders." </ P> <P> However, industry analysts said, "regardless of the assets of non-listed stores status, when it really can .into the listed companies, major shareholders as the sole shareholder of an unlisted company, is as a platform to benefit segmentation. " .</ P> <P> Bain on both sides </ P> <P> the leverage of non-listed stores, Bain Capital will also be pushed to the crossroads. .Huang is the largest shareholder family of nearly 400 hands of existing stores into the listed company to make rapid growth in the number of Gome stores, or to support Chen pushing new five-year plan - the next five years 700 new stores? < ./ P> <P> 16 days, a spokesman for Chen camp sent to the reporter's statement said, "Bain support the States United States Board of Directors and management, they are difficult period in the company's outstanding performance. debt-equity swap is completed, .We will September 28 resolution of the Extraordinary General Assembly voted in favor of management, on the first, second, three voted in favor of the fourth to eight vote. "</ P> <P> It is understood that .Extraordinary General Meeting to vote on the resolution will be a total of eight, including the election of Mr. Zhu Jia non-executive directors; re-election of Mr. Ian Andrew Reynolds as a non-executive directors; re-election of Miss Wang Lihong as non-executive directors; instant .revocation of the Company in May 11, 2010 annual general meeting adopted to allot, issue and trading of shares of the Company general authorization. .</ P> <P> However, this does not explain the profit-driven behavior of Bain Capital. .Bain Capital as a creditor if the opt-out, its about 16 billion investment, will be recoverable 2.4 billion, revenue was 50%. .The Sept. 15, at Bain Capital, after the implementation of debt-equity swap, according to Gome's closing price the day of 2.34 Hong Kong dollars / per share calculation, Bain Capital's investment rate of return as high as 137%. .</ P> <P> in accordance with the wishes of China Brand Research Center, the event co-liang anatomy, present, Gome battle for control has gone through 17 rounds of debate. .However, Bain Capital's shift had just begun. .</ P> <P> Bain placed in front of a seat can touch, you can also choose not to touch the feast. .Securities analysts said, "Bain conversion should be prepared to do the hands, a case can be a gamble and won a major shareholder, instead; a situation is a major shareholder for more practical interest to .. " .</ P> <P> Zou Xiaochun comments contact with Bain Capital that "the shareholders in general meeting be easier to level, the more likely the board of directors reached the level of cooperation in a constructive shareholder. As we all know ., End of shares after the transfer, in fact, is the same boat you were and continue to go to conflict, it would only make the boat stalled. "</ P>.