根据公告，本次关联交易对价为每股人民币1.9元，转让对价总额人民币236,360,000元（其中富邦财险115,816,400元、富邦银创70,908,000元、富邦金创49,635,600元)。交易结算方式为现金支付。① The transaction price for the transfer of Tengfu Bo is 1.9 yuan per share, with a total transfer price of 0.236 billion yuan; ② It is reported that in 2021, the Equity Transfer was priced at 2.61 yuan per share, so after three years, Tengfu Bo's valuation has reduced to 73%; ③ Tengfu Bo is the parent company of Tencent's Weibo, established by Tencent's subsidiary Yima Shentong and Fubon Property Insurance.
Financial Associated Press, December 20 (Reporter Zou Juntao) - This morning, Fubon Property Insurance Co., Ltd. (referred to as "Fubon Property Insurance") issued an announcement correcting the information disclosure regarding the transfer of Shenzhen Tengfu Bo Investment Co., Ltd. (referred to as "Tengfu Bo") related party transactions disclosed a few days ago.
A reporter from the Financial Associated Press noted that the corrected information disclosure announcement improved the information regarding the symbol of the Trade and the related parties, with a focus on supplementing the transaction price for the Equity Transfer.
According to the announcement, the price for this related party transaction is 1.9 yuan per share, with a total transfer price of 236,360,000 yuan (of which Fubon Property Insurance is 115,816,400 yuan, Fubon Silver Innovation is 70,908,000 yuan, and Fubon Jin Chuang is 49,635,600 yuan). The settlement method for the transaction is Cash / Money Market payment.
In addition, the announcement stated that the pricing basis is "based on the asset evaluation report of the 16.667% equity value of Shenzhen Tengfu Bo Investment Co., Ltd. issued by the Shenzhen National Consult Land Real Estate Asset Appraisal Co., Ltd. appointed by all parties of the transaction, and the self-assessment results from Fubon, negotiated by the buying and selling parties to obtain a median price, the pricing policy is reasonable, and the transaction price is fair."
According to previous reports from Financial Associated Press, on the evening of December 17, Fubon Property Insurance announced that it and Fubon Financial Holding Co., Ltd. (referred to as "Fubon Financial") subsidiary Bei Fu Yin Venture Capital Co., Ltd. (referred to as "Fubon Silver Innovation") and Fubon Financial Venture Capital Co., Ltd. (referred to as "Fubon Jin Chuang") (collectively referred to as "Fubon" for Fubon Property Insurance, Fubon Silver Innovation, and Fubon Jin Chuang) would sell the 16.667% equity they hold in Tengfu Bo to the original shareholders of Tengfu Bo, Peking Yima Shentong Information Technology Co., Ltd. (referred to as "Yima Shentong"). After this transfer is completed, Fubon will no longer hold any equity in Tengfu Bo.
The specific transaction price was not disclosed in the announcement at that time, stating in the pricing basis section that "the pricing of this related party transaction is mainly based on the asset appraisal report issued by the jointly appointed asset appraisal company by the trading parties, as well as the self-assessment results from Fubon, and was determined through fair negotiation by the buying and selling parties, the pricing policy is reasonable, and the transaction price is fair."
It is worth mentioning that in September 2021, Fubon Property Insurance announced its intention to transfer its 8.5% equity in Tengfu Bo to two related companies under Fubon Financial Holdings (the aforementioned Fubon Silver Innovation and Fubon Jin Chuang). After the transfer, the shareholding ratio of Fubon Property Insurance in Tengfu Bo was adjusted from 16.667% to 8.2%. The transaction price for this Equity Transfer was 2.61 yuan per share, with a total transfer price of 165,588,840 yuan.
According to the announcement disclosed by Fubon Property Insurance regarding the Equity Transfer Trade price, the valuation of Tengfubo has dropped to 73% after three years. Previously, Fubon Yinchuan and Fubon Jinchuang acquired 8.5% of Tengfubo's equity for approximately 0.166 billion yuan and in this sale, they collectively received about 0.121 billion yuan.
Data shows that Tengfubo is the parent company of the insurance intermediary platform Weimin Insurance Agency Co., Ltd. (i.e., 'Tencent Weibaoh'). Fubon Property Insurance, which originates from Taiwan, is the first Taiwan-funded insurance company to enter mainland China and obtain a business license following the implementation of the Cross-Strait Economic Cooperation Framework Agreement (ECFA), established on October 8, 2010 in Xiamen.
In September 2016, a company under Tencent, Yimashentong, along with Fubon Property Insurance, jointly initiated the establishment of Tengfubo, and the latter initiated the establishment of Tencent Weibaoh, conducting agency sales of insurance products and collecting insurance premiums, among other Business activities. At that time, the outside world believed that leveraging Tencent's power to expand Internet Plus-Related insurance channels would help Fubon Property Insurance develop the mainland market. However, Fubon Property Insurance has repeatedly announced that investments in Tengfubo have long-term losses that continue to drag down the company's solvency adequacy ratio.
