Big rich technology give up Huayang microelectronics is the Big Show financial technology or investment failure?

Big rich technology, after all, still failed to cross Huayang microelectronics this hurdle. February 17, Rich technology issued a notice, the transfer of Shenzhen Huayang Microelectronics Limited ("Huayang microelectronics") 2.5% of the equity to Teng Yujie, thus losing the control of Huayang Microelectronics, three years of hard work, fleeting. Rich technology and Huayang microelectronics of the entanglement of "marriage" as the rich technology's most imaginative high-quality assets, September 2013 Rich technology has also planned to buy Huayang Microelectronics remaining 48% stake in order to put it into the ranks of wholly-owned subsidiaries, although the final acquisition failed, but did not think that less than six months to give up control , it is really confused. 2011, the listing has not yet full a year of the big rich technology began to buy Huayang microelectronics pace. August 24, 2011, the rich technology and Teng Yujie and Teng Yudong reached the transfer of shares agreement, with its own capital of 12.11 million yuan to buy Huayang microelectronics 52% of the equity, after the acquisition is completed to the Huayang microelectronics phase of the increase of more than 20 million yuan. Rich technology to this explanation as "through the acquisition of Huayang, can let the company quickly into the RFID industry, through technological innovation, management reform and market development, and quickly improve Huayang's market share and profitability, resulting in good economic benefits." At that time, Huayang microelectronics is indeed a high-quality resource. According to the disclosure of public information, 2011 1 ~ July Huayang Microelectronics revenue of 10.5709 million yuan, net profit of 1.4018 million yuan, sales net profit margin of 13.26%. and by the actual control of science and technology, the Huayang microelectronics performance is by leaps and bounds, the 2011 Annual report shows, Huayang Microelectronics 2011 revenue of 26.1064 million yuan, net profit of 7.7448 million yuan, sales net interest rate of 29.67%, not only doubled revenue, net profit is soaring 5 times times (see table 1). In 2012, Huayang Microelectronics's earnings soared, with revenues, net profits and sales margins rising 153.64%, 217.31% and 25.08%, respectively, Year-on-year. In this context, rich technology is starting to prepare for the next acquisition. September 9, 2013, the rich technology continued to purchase, to pay 75 million yuan in cash, while not more than 13.369 million shares to buy Huayang Microelectronics remaining 48% of the equity, value-added rate of 927.13%, to give such a high value-added rate, rich technology is also a certainty, " is mainly because Huayang microelectronics in recent years business development fast growth, the benefit steady rise, the future has the more ideal development prospect; At the same time, Huayang Microelectronics technology, team, brand, in the RFID industry reputation value is not fully reflected in the book. But in the Red Weekly and other media reports and queries, November 14, 2013, the rich technology terminated the reorganization plan, the official reason given was that "the parties to the transaction failed to agree on the price of the transaction", "decided to terminate the planning of major asset restructuring matters." The end of the big rich technology and will not be mergers and acquisitions Huayang microelectronics door closed,But declared "in view of the company--Shenzhen Huayang Microelectronics Co., Ltd. future good prospects for development and industry status, the company through the Huayang microelectronics of the holding shareholder status, to Huayang microelectronics to carry out capital market cultivation, in order to achieve Huayang microelectronics value maximization, protect the interests of companies and investors." "Voice is still around the beam, just 3 months later, the rich technology will personally tore up their commitment, gave up the Huayang microelectronics holding status." Transfer of 2.5% Equity, there is no imagine a simple transfer notice shows that the transfer of 2.5% Equity, the rich Technology holdings Huayang microelectronics of the proportion from 52% to 49.5%, and Teng Yujie shareholding from 48% to 50.5%. In this regard, the rich technology will be the control of Huayang Microelectronics to Teng Yujie, and Huayang Microelectronics from the holding subsidiary into a joint-stock subsidiary, excluded to the scope of the consolidated statement, which is expected to increase investment income of about 227 million yuan. The basis of science and technology is that the accounting standards for enterprises 4th and the explanatory Bulletin of disclosure of corporate information on public offering of securities, 5th, according to the document, when the enterprise loses control of the original subsidiary for the disposal of some equity investment or other reasons, in the consolidated financial statement, The residual equity should be measured in accordance with its fair value in the day of loss of control. The sum of the fair value of the right and residual equity of the disposal of the equity, minus the difference between the shares of the original subsidiaries calculated by the original shares from the date of purchase, and the return on investment in the period of loss of control. Rich Science and Technology bulletin shows that the 2.5% share of the transfer price of 13.5 million yuan, the pricing of Huayang microelectronics in the end of June 2013 for the base day of 100% equity assets of the pre-valuation of 541 million yuan. As a result, the company's remaining 49.5% per cent stake is valued at 267.8 million yuan, a move that looks like a huge benefit to the firm because of the lower cost of its previously held 52% stake. But investors in the capital markets are not buying the big tech move, in response to the move, investors have produced two judgments based on the action – "The show's financial performance has been overshadowed" and "investment failures have fled", and the Red Weekly Reporter, based on earlier analysis of the technology of the rich, found these two suspicions to be justified. Big Show financial technology to cover up performance? Some investors suspect that "for the book good-looking, rich technology to sell shares," the suspicion has its certain truth, because the big rich technology after the listing performance changed too quickly, can be seen as a result of the turn of the book faster than the model. Data show that from 2007 to 2009 before the listing, the revenue from the rich technology business increased from 311.1518 million to 585.9461 million yuan and the compound growth rate was 37.23%. Net profit increased from 37.8091 million yuan to 139.5766 million yuan, the compound growth rate reached an astonishing 92.14%. However, since the end of 2010, the rich science and technology performance but rapidly changing face: 2011, in the revenue year-on-year increase of 14.68% on the basis of the net profit from 2010 250.8111 million Yuan slipped to 187.2082 million yuan, a sharp drop of 25.36%; 2012, in the Year of revenue growth of 51.99%, net profit was down 202.12%, Loss of 174 million yuan, in the first half of 2013, the company continued to lose money, only half a year lost more than 30 million yuan. February 27 This year, the rich technology released a 2013-year performance letters, showing 2013 years to achieve net profit of 55.3833 million yuan, the success of the turnaround, to avoid the fate of *st. But the reporter found that this beautiful performance is not at all, because the big rich technology 2013 years of loss is relying on "sell son" survival. June 24, 2013, the rich technology will be held by the Italian electronic 34.52% stake to 67 million yuan to Feng Yu, 16.48% equity to the transfer of 32 million yuan to Feng Shutong (Feng Yu's father), after the transfer is completed, the company will no longer hold the interest of electronic equity, the recovery of cash 99 million yuan. If the transfer of Italian-German electronic equity to obtain 99 million yuan, in fact, the rich technology 2013 net profit will be a loss of 43.6167 million yuan, which will be "Beatles Hat", become *st stock. Although the "sell son" or let the company avoid being *st, but the poor fundamentals are still unchanged, 2014 performance still makes the company headache, how to do? Rich technology once again display gorgeous financial skills, at this time the transfer of 2.5% equity and happens to be card under the control of equity, the purpose is likely not to transfer the proceeds how much, it is most likely to use the accounting system to a "four or two", Through the acquisition of 227 million yuan in the book Investment income to help the company dress up 2014 years of performance report, means really clever! Investment failure and escape? "In investing in Huayang microelectronics, it must have been an investment failure", and some investors ' suspicions make sense. First of all, in the joint venture, the most important struggle is the struggle for the control of the enterprise, lost control, and lost the decision on the direction of development of the enterprise, so, control power can be said to be the most significant factor. Second, combined with the acquisition of Huayang microelectronics history analysis, it is clear that from 2011 to acquire 52% Equity and continue to increase capital, to 2013 to try to acquire the overall equity, the rich technology has been expanding the control of Huayang microelectronics, long-term preparation will not easily give up the holding power. In these 3 years, the investment and management of rich technology really made Huayang microelectronics seem to have made great strides. November 2013, the rich technology announced that "Huayang microelectronics in the future has a good development prospects and industry status, the company through the Huayang microelectronics of the holding shareholder status, to carry out its capital market cultivation to achieve the maximum value of Huayang microelectronics to protect the interests of companies and investors." "But since Huayang microelectronics is so good, why does the rich technology have to give up control?" is Huayang microelectronics not as beautiful as it looks? The answer may beCan be found in other investment activities before the big rich technology. August 22, 2012, the rich technology will be a wholly-owned subsidiary Zho Shen Tong Technology Co., Ltd. 100% stake in the transfer of 18 million yuan to the real control of the rich science and technology Sun Xiangshong couples share 100% of the day, given the reason is "the market environment changes, Zho Shen Pass development situation is lower than expected, The transfer of equity can eliminate the negative effect of Chao Shentong on the net profit of the shareholders of the listed company ", at that time, the transfer is only 4 months from the rich technology to buy Zhuo Sheng Generalists; June 24, 2013, also because" the development situation is lower than expected, After the transfer of shares can eliminate the Italian electronic to the listed companies in the impact of the net profit of the uncertainty "reason, big rich technology will hold only one year of Italian and German electronic price return, investment failure, dingy escape." Today, Huayang Microelectronics 2013 medium-term battalion recovery fell to 2011 before the level of acquisition, and also lost 864,400 yuan, sales net interest rate directly into negative, these in the big rich technology, it should not be good news. Combined with rich technology this time when the subsidiary "Development is less than expected, equity transfer can be attributed to the listed companies in the uncertainty of the impact of shareholder net profit" to judge the investment style, rich technology this to Huayang microelectronics investment failure to escape the suspicion is reasonable. For the big rich technology and huayang microelectronics of the entanglements between "marriage", "Securities market Red Weekly" will continue to pay attention.