汽车之家IPO融资$1.2亿, $3750万将用于回购

$汽车之家(ATHM)$ IPO计划最多融资1.2亿美元,当中3750万美元将用于回购West Crest Limited所持股份。

股权结构






澳大利亚电信运营商澳洲电信(Telstra Holding)是汽车之家的最大股东,澳洲电信目前持有汽车之家71.5%的股份,由于投票权超过51%,澳洲电信集团总裁及集团董事总经理陈永正(Timothy Chen) 自2012年开始出任汽车之家董事会主席;
公司CEO秦致持有股份3.2%,总裁李想持有股份5.3%;
此外,Gabrial Li 通过Orchid Asia Funds持有汽车之家12.6%的股份。

李想于2005年创办泡泡网,2008年6月澳洲电讯收购皓辰传媒及泡泡网两家公司55%股份,并将两家公司整合成盛拓传媒,由原皓辰传媒创始人王超出任CEO,王超离职后公司执行副总裁秦致接替。

盛拓传媒由皓辰传媒旗下IT168和CHE168网站及泡泡网旗下的PCPOP和汽车之家几家网站构成。2011年公司进行重组,盛拓传媒宣布按汽车和IT两条业务线拆分成两家独立公司,汽车领域的汽车之家、二手车之家组建成新公司,仍命名为汽车之家;IT领域的泡泡网和it168,新公司仍用盛拓传媒来命名。

回购West Crest Limited所持股份

招股书显示,2013年11月4日,汽车之家及大股东澳洲电信,和West Crest Limited、兰江(Mr. Jiang Lan)、及其他股东达成协议,根据协议,汽车之家及澳洲电信将分别以7500万美元和5500万美元现金回购West Crest Limited所持汽车之家3,856,564和2,828,147股普通股。现金支付将分两批完成,第一笔将支付总回购金额的50%,支付不得晚于2013年11约25日,其余金额将不晚于2014年2月4日付清。汽车之家本次IPO融得资金当中,将有3750万美元将用于回购West Crest Limited所持股份。

(注:兰江是车168创始人之一,他于2004年和宋钢一同创办车168)

回购原因

2013年10月30日,West Crest Limited及其股东Mr. Jiang Lan告知汽车之家股东,他们收到了来自汽车之家最大竞争对手的书面要约,希望以1.3亿美元收购West Crest Limited所持汽车之家6,684,711股普通股。Mr. Lan作为汽车之家的董事,持有6,684,711股普通股,占股比例为6.7%。作为一家非上市公司,汽车之家出于商业机密、及对公司战略的影响,澳洲电信及汽车之家选择回购该股东持有股份,且该提议获得股东一致通过。自协议签订之日起,Mr. Lan将不再担任公司董事。

On November 4, 2013, we and Telstra Holdings entered into a share purchase agreement with West Crest Limited, Mr. Jiang Lan and other shareholders of our company.Under the agreement, we and Telstra Holdings purchased 3,856,564 and 2,828,147 ordinary shares of our company held by West Crest Limited for US$75 million and US$55 million, respectively, in cash to be paid in two installments, with 50% to be paid no later than November 25, 2013 and the remainder to be paid no later than February 4, 2014. We plan to pay our first installment of US$37.5 million by obtaining U.S. dollar financing from a third-party lender and pledging the approximate corresponding amount of our existing RMB cash balance to the lender as collateral. We intend to use part of the proceeds from this offering to pay the remaining purchase price of US$37.5 million, although we believe our existing cash balance and expected cash from operating activities would be sufficient to fund the entire purchase price and our business operations and liquidity would not be materially adversely affected by the West Crest Share Purchase. See “Corporate History and Structure—Share Purchase from West Crest Limited.”



On October 30, 2013, West Crest Limited and its sole shareholder Mr. Jiang Lan informed our shareholders that they had received a binding written offer from one of our major competitors to purchase 6,684,711 ordinary shares of our company held by West Crest Limited for a total purchase price of US$130 million. Mr. Lan was a director of our company and 6,684,711 ordinary shares beneficially owned by Mr. Lan constituted approximately 6.7% of our then total issued and outstanding shares. Should we allow our competitor to acquire a significant stake in our company while we are a private unlisted company, we believe the competitor may obtain our confidential business information and gain influence over our corporate strategy and the right to vote on our significant matters requiring shareholder approval.

In the interest of our company, our board of directors and all of our existing shareholders unanimously approved our and Telstra’s proposed purchase of all of our shares held by West Crest Limited for US$130 million in cash, or the West Crest Share Purchase. On November 4, 2013, we and Telstra Holdings entered into a share purchase agreement with West Crest Limited, Mr. Jiang Lan and other shareholders of our company. Pursuant to the agreement, we and Telstra Holdings purchased 3,856,564 and 2,828,147 ordinary shares of our company held by West Crest Limited for US$75 million and US$55 million, respectively, in cash to be paid in two installments, with 50% to be paid no later than November 25, 2013 and the remainder to be paid no later than February 4, 2014. Mr. Lan has resigned from our board of directors upon signing of the agreement, and all other shareholders have agreed not to transfer shares of our company held by them from the date of the agreement until 180 days after the date of the final prospectus for this offering. We plan to pay our first installment of US$37.5 million by obtaining U.S. dollar financing from a third-party lender and pledging the approximate corresponding amount of our existing RMB cash balance to the lender as collateral. We intend to use part of the proceeds from this offering to pay the remaining purchase price of US$37.5 million, although we believe our existing cash balance and expected cash from operating activities would be sufficient to fund the entire purchase price and our business operations and liquidity would not be materially adversely affected by the West Crest Share Purchase.

作者:i美股资产管理/李妍
信息披露:文章发表时,本人及所在机构不持有汽车之家的股份,但是不排除未来投资汽车之家的可能性,包括IPO认购。

@刘文生 @滴水石 @sylvan @MiniSam
雪球转发:19回复:33喜欢:14

全部评论

JackMajor2013-12-07 23:31

希望如此

金刚小黄人2013-12-07 19:20

哥们 你这。。自问自答么 有个私人问题 车神开什么车?

北美攻城狮2013-12-07 17:30

哥们又看见你了,汽车之家开盘买吗?下周二开盘

巴菲斯8882013-11-30 11:46

放过SFUN这条大鱼,岂会再放过这条?

Ricky2013-11-30 11:38

澳洲电讯好不容易布局中国这么好一个产业的龙头,大幅减持欲望估计不强