Aero Engine 4.1 billion purchase of aero-engines assets

Source: Internet
Author: User
Keywords Aero Engine
Air power before the suspension of 22.57 yuan/share, the price increase (23.93 yuan/share) than the close of the closing premium of about 6%.  After one months of suspension, Xi ' an Aviation Power Co., Ltd. (Aero Power, 600893) last night announced a major asset restructuring programme that had been expected for a long time, and it was proposed to issue 175 million shares to five specific targets to purchase 4.12 billion assets in relation to the aviation engine business, estimated at four yuan. It is noteworthy that the Chinese Aviation Industry Group Corporation (hereinafter referred to as AVIC Industrial group) will inject Shenyang Liming Aero-engine (Group) Co., Ltd. (hereinafter called Shenyang Liming) and Guizhou Liyang Aero-engine Company (hereinafter called Guizhou Liyang) and other high-quality engine manufacturing assets into listed companies,  But in the plan announced yesterday, no high-quality assets in Shenyang Dawn figure. Aviation power stocks resumed trading today.  Asset valuation of 4.12 billion. According to the estimated value of the underlying assets of 4.12 billion yuan and the issue price of 23.93 yuan/unit calculation, the total number of shares issued about 175 million shares.  After the release, the total amount of air power will increase to 719 million shares.  Aviation Power Bulletin said, to China Aviation industry Group, Xi ' an aero-engine (Group) Co., Ltd. (hereinafter referred to as the Western Airlines Group), Guizhou Liyang Aero-engine Company, China Huarong Asset Management company and China Oriental Asset Management company to issue shares to buy its own aviation engine business-related assets. The assets purchased are the assets and liabilities owned by the Western Airlines Group in relation to the aviation engine business, and the China Southern Aviation Industry (Group) Co., Ltd. (registered capital of 925.9 million yuan) has 100% shareholding in AVIC Group, China Finance production and Oriental assets. AVIC Group,  Liyang Company of Guizhou Liyang Aviation Power Co., Ltd. (registered capital of 500 million yuan) 100% Equity, AVIC Group Holdings of Shenzhen Trefoil Precision Machinery Co., Ltd. (registered capital and Paid-in capital of 25 million yuan) 80% equity. It is understood that the aero-power is a Chinese only engaged in aero-engine manufacturing of listed companies.  At present, the business covers three major sectors: Aero-engine and its derivative production business, aviation engine parts Foreign Trade subcontract business and non-aviation products business, 2009 three business revenue accounted for 60%, 21% and 19% respectively.  The announcement said that after the completion of the major assets reorganization, aviation power will be in the original product based on the new medium-thrust vortex-jet propulsion plant, the production capacity of helicopters, aircraft engine parts foreign trade subcontracting production business product type and scale will be further expanded.  Bulletin, the assets to be injected by the group are mainly the assets that it has in relation to the aviation engine scientific research business (including commissioning, final assembly) and technical improvement projects, including land, houses, equipment, vehicles, construction works, long-term equity investment, and liabilities related to such assets. The main profit point lies in the southern aviation industry and Guizhou Liyang. According to Liyang company 2007 years of the formulation of the "Liyang Long-term development strategy plan", is expected to achieve 2010 sales revenue of 3 billion yuan, 2015 to achieve sales revenue of 5 billion yuan development goals.  Societe Generale in the aviation power issued a reorganization notice, the asset injection of the target asset range may exceed the original market expectations, but the main profit point and performance contribution is still Zhuzhou South (331 plant) and Guizhou Liyang (460 factory). Shenyang Dawn has not been injected in fact, the aviation power asset restructuring is expected to be more clear, however, the company July 21 morning rally 6.7%, the midday release of the announcement that the company intends to plan major asset restructuring, the afternoon temporary suspension, but in the capital market set off a large spray. The market believes that a temporary suspension of trading time and immediately announced the reorganization, it really makes people suspicious.  For a time, rumours of its reorganization were leaked. Previously, the market is widely expected to Shenyang Liming and Guizhou Liyang and other high-quality engine manufacturing assets into the listed companies. It is reported that Avic Industrial group of High-quality Aero-engine assets include Shenyang Dawn (responsible for "Taihang" engine assembly) and Guizhou Liyang, Southern aero-power machinery and Xi ' an aero-engine group, of which Shenyang Liming (responsible for "Taihang" engine assembly) and Guizhou Liyang,  Xi ' An aero-engine group belong to the original one of the engine company, but only the Southwest Aero-engine subsidiary of the aviation Power is listed companies. As early as the company reorganization of the listing, its actual control of the original China Airlines has written commitment to the company as its aero-engine-related business of the only domestic market platform, and in the company needs and possible premise,  To inject the assets and business related to the bulk manufacturing of aero-engine and the subcontract production of aero-engine parts by other companies which are owned by the company, thus establishing the company as the sole platform for the operation of aviation engine business assets of AVIC Group. Also because of the above historical origins, the market has generally expected that China Airlines will Shenyang Liming and Guizhou Liyang and other high-quality engine manufacturing assets into the listed companies. Shenyang Liming is China's first aero-engine manufacturing enterprise, the main products: "Taihang", "Kunlun" aero-engine, series gas turbine and aviation subcontract products.  Societe Generale in March 2009 has published a research report, is expected in 2010 Shenyang Liming sales revenue of 7.5 billion yuan, but the Shenyang liming this part of the quality of assets has not been injected into the listed companies, for subsequent restructuring and leave space. Aviation power before the suspension closed at 22.57 yuan/share, the targeted additional price premium of about 6%.
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