Asset valuation doubled in two years *st

Thu. January 9, 2011, the suspension of nearly 8 months of *st (600699.SH) announced the reorganization plan, previously through the *st to hold a 21.83% stake in Ningbo wins Investment Group Co., Ltd. (hereinafter referred to as "all wins group") and its concerted action, will be to *　　St-Heng injected into its auto parts assets.　　However, the small and medium investors are dissatisfied that the restructuring of the targeted additional price is set at 4 yuan/share, and the stock price before the suspension has reached 9.23 yuan.　　Previously *st had completed the bankruptcy reorganization process, listed companies before the first major shareholder Liaoyuan Finance Bureau held 50% of its stake to the group, while the rest of the shareholders also let the shares of the 18% to win the group, as the *st group restructured to win Heng's price. "4 yuan/share of the additional price we are very difficult to accept, we have taken over 18% of the equity, and the determination of the price is not in consultation with small and medium investors, we have to vote against the shareholders meeting."　　"A *st investor told reporters.　　On the other hand, there are also a lot of doubtful assets to be injected by the group, and the estimated value of the assets to be injected has risen sharply in the last two years. December 2009, the Federal Republic of Germany Gourna glass and plastic device products factory will be held by its 21.43% of the shares of the German plastic transfer to all WINS group, the value of only 22 million yuan.　　In this asset injection, the 100% equity of the plastic is evaluated as 468 million yuan, compared to 1 years ago, the transfer price of equity, 4.5 times times higher.　　and its injection of car parts and components of the growth of the sustainability of the asset is not the securities dealers are optimistic. "As you can see from the report, the fastest growing business income is functional system products, but the sustainability of this business is questionable."　　"A Shanghai brokerage's automotive industry researcher told reporters.　　January 10, reporters to call *st Heng Dong Zhou Yi and the Wang Xiaowei group in the reorganization of the draft of the contact, the former telephone no answer, the latter declined to comment.　　Two years of double asset valuation according to the reorganization of the draft, the targeted additional assets to be injected into the evaluation of 880 million yuan, corresponding to 4 yuan/share of the additional price, all WINS group and its concerted action Aetna technology and Jiangianghiang will get 220 million shares.　　Before this, all wins group already passed by the way of being let, obtained *st 40.535 million shares.　　In this calculation, once the additional completion, all WINS group and its concerted action will hold *st more than 260 million shares, to *st Heng January 10 closing price of 9.69 yuan, its market value or will exceed 2.5 billion yuan.　　The cost of all WINS group is the 214 million yuan cash that has been paid before, for the bankruptcy reorganization of *st.　　But *st shareholders pay the price, it is the former major shareholder Liaoyuan Finance Bureau to transfer its stake in 50%, a total of 11.12 million shares, and shareholders to share the shares of 18%, a total of 29.43 million shares. According to the proposed additional bill,The assets to be injected into the listed companies include all-WINS group and its concerted action person Jiangianghiang holdings of Aetna Technology and natural persons held a 75% stake in the shares, Changchun wins 100% equity, Tak Plastic 82.3% equity and Huade Ben Source 100% equity.　　The assets were assessed at 880 million yuan, and the value added rate was 145.47% compared to the net worth of the book.　　Of the assets to be injected, the top two assets, 75% of which are valued at 420 million yuan, have a value-added rate of 199.65%, and a 82.3% per cent valuation of the plastic stock of the company, with an evaluation value of 385 million.　　But the speed at which these two assets are evaluated is questionable. Among them, June 22, 2010, all wins shares to convene the temporary shareholder meeting, approves Bosen (a) to hold all wins shares 8 million shares to the Aetna technology by 8 million yuan Price, the above equity share is 10%.　　And after six months, according to the shares of the stock injection of the evaluation value of listed companies, 10% equity corresponding value of up to 56 million yuan.　　The same situation appears in the Hua de plastic. December 8, 2008, all wins group from Jinshan Development (600679. SH) by the hands of the plastic 47.29%, the valuation of 106 million yuan.　　And two years later, according to the evaluation value of 82.3% of the stock of the 385 million yuan, the value of its 47.29% equity should be about 220 million yuan.　　For two years, the valuation value of the above assets doubled.　　And all wins group from the foreign hands by let Hua Tak Plastic equity, lower the valuation.　　December 11, 2009, all wins group from the foreign side of the Federal Republic of Germany Gourna glass and plastic device products factory by the plastic 21.43%, the valuation is lower to 2.56 million euros, about 22 million yuan.　　The same assets, a year later to the listed companies, the evaluation value of more than 100 million yuan.　　The suspicion of high growth on the other hand, the assets it intends to inject are on the rise after 2008 years.　　In 2008, all of them won the operating income of 196 million yuan, 2009 suddenly increased to 380 million yuan, 2010 1-July revenue reached 325 million yuan.　　and net profit also from 2008 11.58 million Yuan grew to 2009 years of 40.09 million Yuan, 2010 1-July net profit also reached 42.08 million yuan.　　All win shares of the core products for the window washing system, outlet series, engine intake pipe series, its main customers for the Shanghai public and FAW Volkswagen. The same is true of Hua de plastics.　　The company has lost 12.37 million yuan in 2008 years, and 2009 net profit of 20.51 million Yuan, 2010 1-July net profit reached 34.26 million yuan. With the same main auto parts, also in Ningbo, the listed company Ningbo Huaxiang (002048. SZ) As a contrast, the company 2008-year operating income of 2.68 billion yuan, 200For 9 years it was 2.81 billion yuan, compared with a share that had almost doubled operating income in the same period.　　and from the net profit, Ningbo Hua Xiang 2008 net profit of 143 million yuan, 2009 for 358 million yuan, the increase is far less than all the shares. "Relatively, the automobile parts industry competition is more intense, the growth is not very optimistic."　　The securities industry researcher said to reporters. In the case of all WINS group, it will give performance commitment to the assets to be injected, in 2011, the net profit to be injected into the assets should reach $143.5 million, 2012, the net profit to be injected into the assets should reach $167.8 million.　　In 2009, the net profit of the above assets was 53.13 million yuan.　　If these performance pledges are not met, the group will compensate for the difference.　　In the case of Ningbo victory after bankruptcy reorganization, has become a net shell of *st, but encountered a 4 yuan/share of "floor additional price."　　All WINS group in the announcement, said that 4 yuan/shares of the additional price for shareholder consultation results, and *st was creditors to apply for bankruptcy reorganization Notice Day February 4, 2010 before the 20 trading days of the average price of 7.20 yuan, May 2010 before the closing price of 9.23 Yuan.　　Such low prices have been unanimously opposed by minority shareholders. "The price is half as low as the two market, and the minority shareholders are not satisfied because they think they have already paid the right price." *ST the plate is bigger, to maintain the current share price, probably need 2 billion to 3 billion of the assets in the note.　　"A senior market person who specializes in St stock in Shanghai told reporters.　　But it is not easy for small and medium shareholders to try to beat the group at the shareholders ' meeting. The market participants said that at the subsequent shareholders ' general meeting vote, the winning group currently holds 21.83% of the voting rights will remain valid, do not need to avoid voting.　　Coupled with the restructuring of the Liaoyuan Finance Bureau held 5.99% of the stake, has reached 27.82% of the holding ratio. "It's not very difficult for them to get some big spenders, plus the chips they collect in the two market, and a two-thirds vote at the shareholders ' meeting."　　January 25, *st shareholders meeting, will become the day of confrontation between the two sides. "The positive for small and medium shareholders is that the general meeting will take the form of online voting." The senior market Personage told the reporter.