Asset pricing 3.5 billion Skyworth digital to borrow shell China Resources Jinhua

Skyworth Digital (00751. HK) Set-top box business backdoor China Resources Jinhua (000810.SZ) 's plan to split the listing in the mainland is officially out.

According to the recent announcement of China Resources Kam Wah, China Resources Kam Wah will be to Shenzhen Skyworth Digital Technology Co., Ltd. (hereinafter referred to as "Skyworth number") of shareholders directed additional 368 million shares, once completed, Huarun Jinhua will be the digital indirect wholly-owned subsidiary Skyworth-RGB (for Skyworth color TV business operations) holding 58.52%.

And Skyworth-rgb also promise, Skyworth number 2013, 2014, 2015 net profit will be not less than 326.4 million yuan, 369.9 million yuan and 404.4 million yuan.

Skyworth number is currently China's largest digital set-top box production and distributors, in the global set-top box business ranked fourth. Skyworth figures set up in 2001, the opportunity to grasp the digital translation of China's cable television, the rapid rise, the current set-top box is sold to more than 70 countries and regions. In the last three years, the sales of Skyworth figures rose from 2.796 billion in 2010 to 3.4 billion in 2012, while net profits rose from 256 million in 2010 to 300 million in 2012.

The shell listing, the first step is to carry out asset replacement, Skyworth number 100% into China Resources Kam Wah, asset pricing of about 3.5 billion yuan; China Resources Kam Wah assets by Skyworth-rgb to undertake, the value of about 530 million yuan. The second step, the difference between the placement and placement of assets of about 2.969 billion yuan, from China Resources Kam Wah to Skyworth Digital all shareholders issued shares to buy, to issue or allot 368 million shares, each share price of 8.06 yuan.

At present, Skyworth number by Skyworth-rgb Holdings 70%, Shenzhen leading investment in 11%, Skyworth Digital trader Shi Equity participation 5%, Skyworth number of another 182 backbone shares 14%.

Once Skyworth digital backdoor China Resources Jinhua separate listing completed, Skyworth-rgb, China Resources textile (Huarun Jin Hua original major shareholder), Skyworth Digital minority shareholders and the public will hold the CRC 58.52%, 3.64%, 25.08% and 12.76% of the stake respectively.

Skyworth Digital President Yang Dongwen has told the first financial daily reporter that the Skyworth digital spin-off, is to let it get an independent capital platform, so that Skyworth set-top box business further bigger.

July 31, China Resources Jinhua's Board of directors has passed the above reorganization plan, and has signed the final agreement with Skyworth-rgb, Skyworth Digital minority shareholder and so on. However, the program still needs to be approved by the state-owned Asset management Agency, the Hong Kong Stock exchange, China Resources Kam Wah Shareholder meeting, the CSRC and the competent business authorities.