"Copy bottom" valuation soared Datong coal industry echeng "white pick up" a coal mine

What is the cost of "bottom up" assets at the beginning of the financial crisis? December 2008, Datong Coal industry to 460 million yuan to acquire 70% of Ordos mining Company, June 2010, the company sold the mining company 19% stake in the price of up to 459 million yuan.　　Only 1.5 between the two, Datong coal industry almost in vain to earn a 51% stake in Ordos Mining.　　Yesterday, Datong Coal Industry Bulletin said, April 15, 2010, the company and Inner Mongolia Erdos Investment Holding Group Co., Ltd., Zhejiang Energy Group signed the transfer of shares agreement, the company with 459.1293 million yuan will be held in Inner Mongolia with coal Erdos Mining Investment Co., Ltd. 19% share transfer to Zhejiang Energy Group. Check the company December 30, 2008 announcement, when Datong coal industry to 460.4587 million yuan to obtain 70% of the Ordos mining shares. The mining company registered capital of 30 million yuan, with the color of a minefield, its coal resources reserves 764 million tons. According to the Ministry of Land and Resources issued by the "Mineral Resources exploration Permit", the name of the exploration project for the Dongsheng coalfield, Inner Mongolia, Chaidennan mining area, the exploration area of 36.62 square kilometers.　　The prospecting right does not exist such rights as the limitation of collateral and litigation. At that time, Datong coal industry said that the investment can increase the company's coal reserves, improve the company's coal production capacity, while enhancing the company's coal business scale and profitability, but on the other hand, the most important risk of the investment is the mining company's own construction and production and operation risks.　　The company announced yesterday that the mining company is currently the capital of the mine, is still in the construction period. The transfer of the transferee to Zhejiang Energy Group, its establishment in February 2001, mainly engaged in Zhejiang provincial power generation enterprises production and investment construction, coal circulation management and the development of natural gas in the province. The transfer price includes two parts: according to the color of a well in the Department of Land and Resources record reserves of 2.9 yuan per ton calculation, the 19% equity corresponding price of 421.1293 million yuan, plus mining company registered capital of 200 million yuan, its 19% equity corresponding price of 38 million yuan.　　In addition, according to the agreement, the color of a well produced more than 50% of raw coal in accordance with market long-term agreement price supply to Zhejiang Energy Group, Ordos Holding Group is responsible for coordinating the work of railway capacity. After the transfer of the above 19% shares, Datong Coal industry still holds 51% stake in Ordos Mining, and in one out, the company is equivalent to only spend 1.3294 million yuan to obtain the mining company's controlling power. Analysts point out that this is either related to the financial crisis at the end of 2008 when buying shares.