A premium of 16 times times the acquisition of assets Poor company proud of the joint.

Rongzhilian the market to wait for three months of the takeover, but unexpectedly, the shares after the rebound is a continuous plunge. The analysis argues that this is related to the company's acquisition of a high premium in the event of a major concern over the operation of the underlying assets. Yesterday, the performance of the two-tier market, also seems to confirm the market for the company's acquisition of the project is not recognized attitude, opening, the shares still significantly killed, and finally closed to 19.91 yuan/shares, a decrease of 8.21%. Since May 13, the RONGZHIFA has plunged for a continuous 3rd, two days for the immeasurable fall, the decline has been up to 26%. So, what is the acquisition of assets so that rongzhifa consecutive investors with the foot vote? Data show that the RONGZHIFA is intended to be priced at 625 million yuan, a premium of 16 times times the acquisition of net assets of only 31.22 million Yuan Beijing Tai-Tong Information Technology Co., Ltd. (hereinafter referred to as "Thai Good Tong"), Tai-Tong's main business is to provide telecommunications operators network quality management technology. In the market's view, the current operating situation is not enough to support up to 16 times times the premium. One investor in the bar said, "to buy a more than 600 million of registered capital of 20 million yuan, but also into the loss of the company, which can understand the problems of discerning". In fact, many investors have the same point of view, and that rongzhifa with such a high premium to buy the loss of the Thai good tong there is doubt. However, Beijing Commercial News reporter noted that the RONGZHIFA plan to acquire the underlying assets of the Thai good Tong does exist a certain operating problems. First of all, Tae-Tong's performance does not look very stable, its 2012 years or a loss of 3.3181 million yuan, although in 2013 to turn around to achieve a net profit of 18.39 million yuan, but two months before the loss of 1.875 million yuan. Second, there is also a situation where Tai-tong is too reliant on big clients This is a hidden danger for the company's future operations: in 2012 and 2013, the company's sales of the top five customers accounted for up to 78.72% and 96.6% of the business receipts, equivalent to 2013, excluding the top five customers , basically no other customers. In fact, the main customers of Tai-tong and the telecommunications operators, such as China Unicom (market, interrogation) and China Mobile. In response to this situation, there are industry concerns, "These telecommunications giants are generally more powerful, they will not allow the technology they need to rely on a company, and other companies have mastered the same technology, Tai-Tong's gross margin and profits will be greatly affected." Beijing Commercial News reporter noted that the 2013-year gross margin of the Thai-good tong is as high as 80.28%, its performance on the gross margin of dependence is particularly obvious, once the gross profit margin, the performance is bound to fall. However, Rongzhifa is not very worried about the underlying risks, and the company's securities representative responded by phone saying, "We also disclosed the risk of high customer concentration, which in fact is related to its business characteristics, and customers will focus on the telecom operatorsIndustry. We have set up a gambling agreement, there is a profit compensation protection clause. As for why the 16 times-fold high premium to buy the company, she said, "We must be careful to refer to the results of the third party assessment, which is our future business commitment to the other side of the good." In her view, after the company's stock after the successive fall is to make up the fall. In fact, similar to the glory of the combination of mergers and acquisitions and the case of stock price collapse, but also led to the market for high premium mergers and acquisitions thinking. An investment banker in Shanghai said that "the so-called market-oriented trade, which is willing to sell on one side, will be passed by a big shareholder, and the SFC no longer approves the price is correct, but there should be another mechanism to protect investors from looting." To fear the market, respect the market participants! ”