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【introduction】china aoyuanofficial announcement of change of ownership, founder guo ziwen resigns

china fund news reporter yishan

after many rumors of a change of ownership, on september 20, china aoyuan finally officially announced that a middle eastern investment institution called multi gold group limited (hereinafter referred to as multi gold) will become the company's largest shareholder, and alobeidli will take over from founder guo ziwen and become the company's new chairman of the board of directors.

multi gold becomes the largest shareholder

the announcement showed that china aoyuan learned from its major shareholder ace rise profits limited (hereinafter referred to as ace rise) that after the trading hours on september 20, ace rise signed an agreement with multi gold, and ace rise agreed to transfer approximately 622 million common shares of the company to multi gold.

after the transfer, multi gold's latest shareholding ratio reached 16.48%; ace rise's shareholding was reduced to 502 million shares, with a shareholding ratio of 13.31%; guo ziwen's shareholding was 618 million shares, with a shareholding ratio of 16.38%.

china aoyuan said that after the transfer is completed, multi gold will become the company's single largest shareholder and guo ziwen will no longer serve as the company's controlling shareholder.

china aoyuan said that the board of directors believes that multi gold is likely to establish an important strategic partnership with the company for existing or future businesses, and therefore confirmed multi gold as a strategic investor.

public information shows that multi gold is a professional investment institution in the uae, focusing on project investment in the middle east and north africa. its overall investment style focuses on sustainability and social responsibility.

china aoyuan also said that multi gold's acquisition of the target shares and its becoming the company's major shareholder represents multi gold's long-term strategic investment and demonstrates multi gold's confidence in china's prospects. the transfer will not have any adverse impact on the company's overall operations and financial performance.

alobeidli becomes new chairman of the board

the announcement also shows that after the introduction of multi gold as a strategic investor, the 60-year-old group founder guo ziwen was transferred from china aoyuan's executive director to non-executive director from september 20, and will no longer serve as chairman of the board, nomination committee, etc. however, guo ziwen will continue to provide guidance on the group's development strategy. he has signed a letter of appointment with the company for a period of one year from september 20, and the term of office is automatically renewed, with an annual remuneration of hk$400,000.

at the same time, alobeidli, the sole director and ultimate beneficial owner of multi gold, has been appointed as a non-executive director and chairman of the board of directors of china aoyuan.

according to his resume, alobeidli is 45 years old and has rich learning experience. he received a bachelor's degree in management information systems from the united arab emirates university in 2001, a master's degree in project management and a master's degree in computer science from george washington university in 2008 and 2010 respectively, a master's degree in international business law from the university of paris ii in 2020, and a master's degree in data management and artificial intelligence from escp europe business school in 2022.

alobeidli also completed the mohammed bin rashid center for leadership development (mbrcld) "influential leaders program" in 2020 and is currently continuing his studies at georgetown university in the executive master of business administration program.

alobeidli has more than 20 years of experience in various fields including technology, real estate, and strategic consulting. he has served as ceo of m5 telecom and m5 consultancy. since 2023, he has served as general manager of magnuvest investment, which has been involved in several real estate projects in the uae.

china aoyuan said that looking forward to the future, alobeidli will introduce potential investors to the company and bring more development opportunities to the company.

net profit in the first half of the year exceeded 22 billion yuan

as an old guangdong-based real estate developer, china aoyuan was founded in guangzhou in 1996 and listed in hong kong in 2007.

in the early years, the company developed rapidly, with sales reaching 118 billion yuan in 2019, ranking among the top 30 in the industry; in 2020, it further increased to 133 billion yuan. however, in january 2022, china aoyuan suddenly broke out and announced that it would not redeem or pay the huge amount of us dollar debt and interest that was about to mature.

later, the company launcheddebt restructuringthe plan, which was approved in november last year and took effect in march this year, is to issue four new bonds totaling us$2.3 billion, 1.4 billion new shares, us$143 million interest-free mandatory convertible bonds, and us$1.6 billion perpetual bonds.

guo ziwen once said at the shareholders' meeting that after the completion of the overseas debt restructuring, china aoyuan's overall net assets increased by about 31.35 billion yuan.interest-bearing liabilitiesit decreased by approximately rmb 28.4 billion compared with the end of last year, and the balance sheet situation has improved.

thanks to this, china aoyuan's net profit in the first half of the year reached 22.312 billion yuan, a year-on-year increase of 857.64%. the company also said that the main reason for the profit was the completion of the overseas debt restructuring. however, excluding the restructuring income, the first half of the year was still a loss.

in addition, in the long run, china aoyuan's debt pressure is still relatively large. as of the end of june this year, the company's interest-bearing debts, including loans, preferred notes and bonds, totaled 76.2 billion yuan, of which about 53.4 billion yuan will mature within a year. at the end of the reporting period, china aoyuan's total assets were 188.634 billion yuan, and its total liabilities were 190.407 billion yuan, which is still in a state of insolvency.

from the perspective of real estate sales, data from the china index academy shows that in the first eight months of this year, china aoyuan achieved full-caliber sales of 6.3 billion yuan, a decrease of 33% compared with 9.39 billion yuan in the same period last year.

as of the close of september 20, china aoyuan's share price was hk$0.119, up 3.48%, and the company's market value was hk$450 million.

editor: captain

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