after he jianfeng took over gu jiajia furniture, the company suffered a loss of nearly 40%, and gu jiangsheng resigned as chairman
2024-09-24
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nine months after the change of controlling rights, gu jiajia furniture (603816.sh), the leader of the domestic soft furniture industry and the one that had ranked first in sales in the tmall "double eleven" soft furniture industry for seven consecutive years, announced a change of leadership, and the founder no longer has the power to helm.
on september 22, gu jiajia furniture issued an announcement stating that the former chairman gu jiangsheng resigned from the position of chairman and chairman of the board's strategic committee for personal reasons, but will continue to serve as a director and member of the company's strategic committee. the new chairman kuang guangxiong will succeed gu jiangsheng as chairman and chairman of the board's strategic committee, and his term of office will be the same as the fifth board of directors.
gu jiangsheng, 51, has been at the helm of gujia furniture for more than 20 years. gu jiangsheng's family has a deep connection with the home furnishing industry. his grandfather's generation has been engaged in the furniture business. gu jiangsheng, who was originally a university physical education teacher, took over the family business from his father around 2000 and renamed it "gujia craft sofa". in october 2016, gujia furniture was listed on the shanghai stock exchange and became the most popular in the soft home furnishing industry.
in 2018, gu jiangsheng proposed the goal of "reaching a market value of 100 billion yuan in five years" and launched multiple merger and acquisition plans. in 2019, on the hurun rich list, gu jiangsheng's family ranked 21st in zhejiang with a net worth of 15 billion yuan. since the gu family is a furniture family whose ancestral home is in tiantai county, zhejiang province, he is also known as the richest man in tiantai, zhejiang.
in 2023, hangzhou will host the asian games. as a local enterprise in hangzhou, gu jiajia furniture became the mattress supplier for the asian games. this was because uzbek athlete chusovitina said that the mattresses in the asian games village were so comfortable to sleep on and she wanted to "pack" them up and take them back home. this made gu jiajia furniture unexpectedly popular again.
but just over a month after the asian games ended, this leading furniture company in hangzhou suddenly announced plans to sell itself to guangdong midea's "young master" for tens of billions of yuan.
in november 2023, gu jiajia furniture stated that gu jiajia group and its joint actor tb home limited and yingfeng group co., ltd. (or its controlled entities) are planning to transfer the equity of gu jiajia furniture, which may involve a change in the control of the listed company.
subsequently, the transaction surfaced: gu jiajia furniture's controlling shareholder gu jiajia group co., ltd. and its joint actor tb home limited, as well as the company's actual controllers mr. gu jiangsheng, mr. gu yuhua and ms. wang huoxian, signed the "gu jiajia furniture co., ltd. strategic cooperation and share transfer agreement" with ningbo yingfeng ruihe investment management co., ltd. yingfeng ruihe investment acquired 242 million shares of gu jiajia furniture held by gu jiajia group and tb home through an agreement transfer, accounting for 29.42% of the total share capital of gu jiajia furniture. the transfer price was rmb 42.58 per share, and the total transfer price was rmb 10.299 billion.
just over a month later, news of a significant price cut came out for this 10 billion yuan transaction - the total transfer price was adjusted from 10.299 billion yuan to 8.88 billion yuan, and the purchase price per share was adjusted to 36.72 yuan.
after the price reduction, the equity transaction was quickly finalized. on january 10 this year, 242 million shares were officially transferred, and yingfeng ruihe investment became the controlling shareholder of gu jiajia furniture. the actual controller behind it is he jianfeng, the son of midea group founder he xiangjian and chairman of yingfeng holding group co., ltd.
at the beginning of the change of ownership of gu jiajia furniture, although gu jiangsheng had "cashed out", he did not "leave" and still served as the chairman. on february 23 this year, at the first meeting of the fifth board of directors of gu jiajia furniture, more than half of the directors still nominated gu jiangsheng to preside over the meeting and elected gu jiangsheng as the company's chairman.
but gu jiangsheng only held this position for 7 months. according to the latest announcement, gu jiangsheng has resigned as chairman of gu jiajia furniture. his successor kuang guangxiong is also a veteran of the "midea system". kuang guangxiong has served as financial manager of midea r&d group, financial manager of midea usa, financial director of midea kitchen appliances, financial director of midea central air conditioning, and financial director of midea kuka china joint venture. he has served as vice president of yingfeng group since october 2018.
after gu jiangsheng resigned as chairman, this leading home furnishing company with a market value of 19 billion yuan has been controlled by the "midea group", and managers with midea backgrounds occupy the majority of seats on the board of directors.
behind this "change of leadership" is the fact that gu jiajia furniture's recent operating performance and stock price trends have not been ideal.
in late august this year, gu jiajia furniture disclosed its 2024 semi-annual report, achieving operating income of more than 8.908 billion yuan during the period, a year-on-year increase of 0.34%; the net profit attributable to shareholders of the listed company was more than 896 million yuan, a year-on-year decrease of 2.97%.
less than a year after he jianfeng acquired the controlling stake in gujia home furnishing, he has already suffered a lot of paper losses. at the end of last year, the equity transaction between the two parties was finally settled at 36.72 yuan per share after a big price cut, but gujia home furnishing has never stopped falling since the transaction. the current share price has reached 23 yuan per share, a new low for the period, and he jianfeng has suffered a paper loss of nearly 40%.
in august this year, gujia furniture was sued for failing to pay former executives and had some of its shares frozen by the court. jin zhiguo, who served as the vice chairman of gujia furniture for six years, filed a lawsuit against gu jiangsheng and gujia group because he was owed a fixed salary of 7.2 million yuan. gujia furniture also became a joint defendant. the court took pre-litigation property preservation measures against gujia group, resulting in some of the shares of the listed company held by gujia group being frozen by the court. although the controlling rights of the listed company have been changed, this incident has once again pushed the listed company gujia furniture to the forefront of public opinion.
(this article comes from china business network)
