2 billion asset to inject Johnson holding 6,000 taxi pricing suspense

July 8, Johnson Holdings (600662.SH) issued 600 million yuan short-term financing coupons to be approved by the Bank of China Market Traders Association, at this time, the company has been suspended for three weeks. According to the original plan, if the progress is progressing smoothly, the reorganization plan should be announced by August 2.　　Johnson Holdings Securities Representative Shan told Huaxia Times reporter. "There is almost no doubt about the fact that Shanghai has long been injected into taxi assets, and the imagined space is whether it will inject the group's logistics and cargo assets and how the taxi assets are priced." Said Zhengqingping, an analyst at the German securities market.　　One of the company's sources said: The restructuring is mainly a long time to do, the purpose is to solve the related transactions with listed companies, outside the taxi, the group's transport passenger assets may also be put in. Taxi pricing Suspense "program is still under discussion, if it goes well, then after the shareholders meeting, the SFC and so on."　　Shan to this newspaper reporter said. The big shareholder group is moving faster than the industry expects. "It is unlikely that the entire restructuring will be completed by 2010, as originally expected," he said. Guotai, an analyst who declined to be named, said, "After the injection, the company's performance growth of about 30%, mainly to see how the taxi card pricing."　　"The reporter immediately contacted the bus rental office, a woman in response to the reorganization:" Not clear, we did not hear. At present, the market price of taxi licences is close to 400,000 yuan, and most of the market people refer to the bus shares (reorganization of the taxi licence assessment price, that is, between 260,000 and 300,000 yuan).　　At present, Johnson Holdings, the major shareholder Johnson Group has 1000 vehicles taxis, Shanghai long from the original bus shares acquired 5,000 vehicles, total about 6,000, long thing only the market price of taxi assets above 2 billion. "Taxi this is how to decide, but also to see long thing evaluation results, high may not satisfied shareholders, low group will not pass." "Shan said.　　Darbond Securities Zhengqingping that: should be referred to last year to replace the value of the asset level, but the estimated price will take the income present value method, after all, before the reference prices are sporadic sales, 200,000 or 400,000, 500,000 or so, on such a large scale of asset injection pricing is not a reference. At the end of 2009, Shanghai's long affair with the 736 million repurchase of the Johnson Group's share of the company's shares in the Johnson group, to obtain absolute control, which is seen as a long-standing restructuring of Johnson's biggest obstacle to be swept away.　　Zhengqingping pointed out that the Johnson employee shareholding will be equivalent to a private organization, but it is difficult to become a shareholder, and 736 million of this price since both sides accepted, proved to be more reasonable. And as for the specific way to restructure, whether it is public or targeted additional, Shan said it is not too clear, since June 17, the suspension has made Johnson lucky to escape the continued diving market. "Since we want to do the reorganization of the two-tier market is not considered too much, the timing should be said to have beenis in the grip of the stock price is not too much of a different move. As for the future, if the two-tier market continues to fall, and we have a large departure from the premium, it will indeed be difficult to advance the reorganization.　　"Shan points out. Future growth is still limited "Johnson's growth has been relatively stable, after the asset injection will be a step, and then still stable, the company's taxi business in Shanghai to develop rail traffic in the case, it is certainly a shock, and its real estate projects to provide a limited business increase.　　"Zhengqingping points out.　　2009 operating income of 1.3 billion, net profit of 130 million, an increase of 12.24%, taxi operating gross profit margin is 23.52%, car repair, leasing and sales margin of less than 10 points, while the first quarter net profit is more than 28 million, year-on-year decrease of 20%. Johnson's real estate business in the beginning of this year's sales, there are insiders have expected to contribute 20 million yuan profit. "Our bridge project has started to sell, the project is both commercial and residential, there are hotels, the current sales situation, can only say general, and the environment also has a relationship, Xu Jing we have a piece of land is still in development, as for later will not develop new projects, or vigorously development can only be reorganized after the reorganization.　　"Shan said. This March, Johnson successfully won the bid for Expo service car 320, in the World Expo issued 2000 license plate, occupy a place. Shan said: "The World Expo won the absolute number of small, the promotion of limited performance, but for the taxi industry, can only achieve economies of scale to offset the growth of various costs, the future also intends to open up and deepen the diversification of taxi services, but the specific operation will not be completed until the reorganization, The current short-term financing voucher and restructuring is not related to, but to meet the day-to-day operation of the needs of every year. ”