Tianhai Investment

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Tianhai Investment
Formerly called
 Tianjin Marine Shipping
Publicly
Traded as
SSE: 600751 (A share)
SSE: 900938 (B share)
HeadquartersTianjin, China
Increase2.svg CN¥ 000322 million (2016)
Total assets Increase2.svg CN¥117.966  billion  (2016)
Total equity Increase2.svg CN¥012.770 billion (2016)
Owner
HNA Group (20.76% via investment vehicle HNA Technology Group) [1]
Guohua Life (14.33% as equity fund manager)
Grand China Logistics Holdings(9.19%; affiliate of HNA Group)
Subsidiaries Ingram Micro
Chinese name
Simplified Chinese 天津天海投资发展股份有限公司
Literal meaning Tianjin Tianhai Investment [&] Development Co., Ltd. by Shares
Chinese short name
Simplified Chinese 天海投资
Literal meaning Tianhai Investment
Historical Chinese name
Simplified Chinese 天津海运
Website www.tianhaiinvestment.com
Footnotes /references
in consolidated financial statement [2]

Tianjin Tianhai Investment Co., Ltd. is a Chinese holding company which was specialize in marine transportation services. However, in recent year it was most known as the investment vehicle of HNA Group to acquire American company Ingram Micro. [3] The shares of Tianhai Investment, A share and B share (Chinese stock terminology) were both listed in the Shanghai Stock Exchange.

HNA Group Co., Ltd., is a Chinese conglomerate headquartered in Haikou, Hainan, China. Founded in 2000, it is involved in numerous industries including aviation, real estate, financial services, tourism, logistics, and more. It is a part owner of Grand China Air, and owns 25% of Hilton Worldwide. In July 2017, HNA Group ranked No. 170 in 2017 Fortune Global 500 list with a revenue of $53.335 billion. It is one of the most active investment companies in the world, acquiring numerous assets under its name.

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The Shanghai Stock Exchange (SSE) is a stock exchange that is based in the city of Shanghai, China. It is one of the two stock exchanges operating independently in the People's Republic of China, the other being the Shenzhen Stock Exchange. Shanghai Stock Exchange is the world's 4th largest stock market by market capitalization at US$5.5 trillion as of April 2018. Unlike the Hong Kong Stock Exchange, the Shanghai Stock Exchange is still not entirely open to foreign investors and often manipulated by the decisions of the central government. This is due to tight capital account controls exercised by the Chinese mainland authorities.

Contents

The company was fined by China Securities Regulatory Commission in 2003 for delay to publish 2002 Annual Report. [4]

China Securities Regulatory Commission government agency

The China Securities Regulatory Commission (CSRC) is an institution of the State Council of the People's Republic of China (PRC), with ministry-level rank. It is the main regulator of the securities industry in China.

History

In 2015 Tianjin Marine Shipping was renamed to Tianhai Investment. [5]

In 2016, Tianhai Investment acquired Ingram Micro in a leveraged buyout, which the company borrowed a huge sum from the Agricultural Bank of China. [6]

Leveraged buyout

A leveraged buyout (LBO) is a financial transaction in which a company is purchased with a combination of equity and debt, such that the company's cash flow is the collateral used to secure and repay the borrowed money. The use of debt, which normally has a lower cost of capital than equity, serves to reduce the overall cost of financing the acquisition. The cost of debt is lower inter alia because interest payments often reduce corporate income tax liability, whereas dividend payments normally do not. This reduced cost of financing allows greater gains to accrue to the equity, and, as a result, the debt serves as a lever to increase the returns to the equity.

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In November 2017, as part of a planned reverse IPO, the listed company was proposed to rename to HNA Technology, namesake of its largest shareholder HNA Technology Group. [7]

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References

  1. ↑ 关于公司前十大股东持股情况的公告 (PDF) (Press release) (in Chinese). Tianhai Investment. 25 January 2018. Retrieved 30 January 2018– via Shanghai Stock Exchange website.
  2. ↑ 2016年年度报告 [2016 Annual Report](PDF) (in Chinese). Tianhai Investment. 22 April 2017. Retrieved 31 January 2018– via Shanghai Stock Exchange website.
  3. ↑ "What do we know about Tianjin Tianhai, the company buying Ingram Micro?". ARN. IDG Communications. 18 February 2016. Retrieved 30 January 2018.
  4. ↑ 行政处罚决定书（天津海运） (Press release) (in Chinese). China Securities Regulatory Commission. 21 January 2004. Retrieved 30 January 2018.
  5. ↑ 上海航华船代客户服务中心 (3 April 2015). 天津海运更名为天海投资. 海事快讯 (in Chinese). Retrieved 28 April 2018.
  6. ↑ "Fitch: Ingram Micro's Ratings Unchanged at 'BBB-' Following Merger". Fitch Ratings. Business Wire. 6 December 2016. Retrieved 19 July 2017.
  7. ↑ 小鲨鱼 (pseudonym), ed. (27 November 2017). 天海投资:圈钱百亿造就疯狂并购路 资金用途说变就变. 市值风云 (in Chinese). Retrieved 28 April 2018– via Sina web portal.
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