China Ping ' an fallback safe bank future profit deep development eat reassurance

Yesterday (September 14), China Ping An and deep development both convened a board of directors, passed the "major asset purchase and related transactions and relevant issues" and other bills. More details of the transaction were disclosed by both the major asset purchase and associated transaction reports.　　Yesterday, China Ping An bulletin said, in order to solve the competition, will soon start ping ' an bank and deep development of integration work, for a year to complete the two lines of integration. In addition, the Board of the two sides also considered the adoption of "with the other party to sign a profit forecast compensation agreement and other related bills." Within 3 years after the implementation of this transaction, if according to the special audit opinion, Ping An bank in the period of any year's actual profit is lower than the corresponding profit forecast, then China peace should be in cash way to deep development pay the difference between the actual profit and the profit forecast 90.75%.　　This has ensured the contribution of Ping An to the deep development of profits. The report said that after the expansion of the deep development in the first half of 2010, the net profit was 3.847 billion yuan, up 279% before the transaction.　　The total assets of the bank after the deal is estimated to exceed 900 billion and the net profit of 2010 is expected to exceed 9 billion yuan.　　Using the income method to evaluate Ping An bank's evaluation of the equity of Ping an bank using the income method. It is said that the income law is to judge the overall profitability of the enterprise as the core, can more objectively reflect the value of the enterprise and shareholder equity value. It thinks that the enterprise value is an organic combination, the enterprise besides the individual assets can produce the value, its goodwill, the good management experience, the market channel, the customer, the brand and so on the various intangible assets which form the comprehensive factor also cannot neglect the value constituent.　　The evaluation result combines the operating characteristics of the commercial bank, the quality of the safe bank and its advantages in brand, channel and customer resources. According to the evaluation report issued by the Sino-Union Asset Assessment Limited, as at the benchmark date (June 30, 2010), Ping An bank's net assets value was estimated at $29,080,475,600, and the value of each share was about 3.37 yuan. Combined with the 2010 and 2011 earnings forecasts and commitments of Ping An bank, it is expected that ping an bank 2010 profit growth of at least 58% to 1.75 billion yuan, 2011 net profit increased to 2.3 billion yuan, 2010 expected net rate of about 1.79 times times, 2011 expected net rate of about 1.57 times times.　　The two sides of the transaction believe that the assessment results are fair, reasonable and fully reflect the high growth after the investment period of Ping An bank, and the current shareholding commercial bank and city firm average market net rate is 1.84 times times ~2.07 times similar.　　Ping also said that during the self-examination, the relevant personnel did not abnormal trading stock behavior. Consolidation challenges the deep development of the transaction report said that, according to regulatory requirements, deep development and Ping An bank should be integrated within one year. Deep development in due course can be taken, including but not limited to the absorption of the merger of Ping An bank and other applicable laws to achieve "two-line integration", the future of deep development and ping An bank may be in the asset, business, personnel and other aspects of integration. Since the integration involves many aspects of the business operation of both sides, it is necessary to fully mobilize the resources of both parties in the process of the two lines integration, which may bring influence to the daily business operation of the deep development. After the integration of the two lines, the depth of development will expand rapidly, bringing new challenges to the management of the company, which may affect the overall operating performance of the company.　　It is estimated that deep development of short-term earnings per share, net assets yield will decline. After the completion of the transaction, China Ping ' an and its affiliated parties will hold a deep development of 52.38% of the shares to achieve deep development of the absolute holding position. Ping An can exert a great influence on the appointment, removal and decision-making of the personnel in the deep development through the board of directors and shareholders ' meeting. However, for the integration of the two lines, China Peace Pledge, encourage deep development in the future of the two lines of integration process adhere to the smooth transition principle, to ensure the stability of cadres and staff, to ensure customer rights, business development and so unaffected.