Crown Hao High-tech to swallow Yue Wah package B Cheng Tong Group consolidated paper assets

Xia Xiaober Pengli Delay three years later, the Central Enterprise China Cheng Tong Group (hereinafter referred to as Cheng Tong Group) to integrate its China Paper Investment Corporation (hereinafter referred to as the paper company) paper assets of the plan finally "faltering start." September 23, the three-month suspension of the Crown Hao High-tech (600433.SH) release of the Progress of assets Reorganization Bulletin, said the company "to absorb the merger of a domestic affiliated enterprises."　　The reporter has only learned that this is about to be included in the Crown Hao High-tech map of the affiliated enterprises, it is its brother Yue Wah package B (200986.SZ), the two sides intend to exchange shares absorption merger.　　Crown Hao Hi-tech and Yue-hua package B, Yueyang Forest paper (600963.SH) with the same paper company Holdings, as early as in September 2010 paper Company will Yueyang forest paper into the map, it was intended to Yueyang Forest paper as a platform to absorb the merger Crown Hao High-tech and Yue Hua package B. However, the final protagonist replaced the Crown Hao High-tech.　　Close to the reorganization revealed that the Crown Hao High-tech merger Yue Hua package B, the next will be plunged into the loss of the Yueyang forest paper in the bag, so that the real completion of the paper company's paper assets integration. "If the Crown Hao Hi-tech and Yue-hua package B is to share prices as a reference to the stock exchange, because the former stock price is highly frothy and the latter is relatively undervalued, the eventual merger may make Yue Wah package B shareholder interests impaired."　　"Citic Investment in Hunan Headquarters research director Liu Yahui analysis that only the reference to the Guangdong-China Package B net assets of the merger, can protect the interests of the restructuring parties."　　Main packaging business of the Guangdong-China package B in July 2000 landed in SSE-B, June 2005, Cheng-Tong Group's paper company into the Guangdong-China package B major shareholder China's new development, Yue Hua package B from the Central enterprise map. However, after the introduction of Cheng Tong Group, Yue Wah package B has been a mediocre profit for many years.　　Earnings showed that 2008-2010, the company's net profit of 42.59 million yuan, 28.87 million yuan, 120 million yuan, the year-on-year increase of 61.53%,-32.2%, 316.69%, the corresponding return on net assets of 3.36%, 2.43%, 8.43% respectively.　　Since then, Yue Hua package B net profit continued to decline, 2011, 2012, the company's net profit (after the deduction) is 110 million yuan, 51.68 million yuan, respectively, down 7.78%, 53.03%. Performance of the Flat plus in the B, Yue-wah package is marginalized, Prudential Group Hope the company returned a shares. June 2011, the paper company has planned to own and its Ka-cheng company Total holdings of China's new development 73.41% equity transfer to the Yueyang forest paper.　　At that time, China's new development is the Guangdong-China package B major shareholder, Yueyang Forest paper for the indirect holding company. "This is equivalent to by the Yueyang Forest paper Absorption merged Yue Hua package B, but later because of the complicated stock exchange, and other reasons, this program eventually aborted."　　Yueyang Lin paper personage at that time disclosed to the reporter. After a lapse of two years, Yue Hua Package B plan transiting Crown Hao High-tech return a shares. Main heat-sensitive paper and other special paper Crown Hao High-tech, in December 2009 by the paper Company directed additional 60 million shares, was incorporated into the Cheng Tong GroupCommand。 June 13, 2013, Crown Hao high-tech and Guangdong-China package B both suspension of restructuring.　　Reporter learned from the insider, Crown Hao High-tech will be replaced by the absorption of the package B, as for the specific reorganization plan, may refer to two companies before the suspension of the stock price or net assets to design. If the stock price of two companies before the suspension of shares, then Yue Wah package B shareholder benefits will undoubtedly be impaired. Crown Hao High-tech suspension before the price was stir-fry, before the suspension of the 20 daily average price of 17.91 yuan, highly frothy stock prices, and the B-B marginal market in Guangdong, China, the first 20 daily average price of 4.11 Hong Kong dollars, corresponding to about 3.288 yuan, pure stock conversion ratio of 5.44 shares of Guangdong and China package B for 1 Crown Hao High-tech.　　Even given the Guangdong-China package B to a certain premium, the ratio of exchange shares to a maximum of 5:1. "such as two companies merged into a new company, the Crown Hao high-tech original shareholders will be the shares of the original shareholder of Yue Wah package B to obtain a few times to more than 10 times times, this is undoubtedly to Yue Wah Package B original shareholders very unfair."　　Liu Yahui bluntly.　　Cheng Tong Group is in 1992 by the original Ministry of Materials directly under the material circulation Enterprises merged into a large central enterprise, mainly engaged in logistics warehousing and other business, initially its no paper assets.　　2005 and 2009 will be Yue Wah package B and Crown Hao High-tech successively into the under the company, the production, development and use of Cheng Tong Group is one of the four business sectors.　　September 2010, Cheng Tong Group defeated another central enterprise in China Metallurgical Group, through its paper company to increase the capital of 2.5 billion yuan Yueyang Lin paper taige paper, holding taige paper 55.92%, thereby indirectly holding the Yueyang forest paper. Liu Yahui guess, Crown hao High-tech Swallow Yue Hua package B, do not rule out will further acquisition of paper Company held Taige paper Equity, so as to complete the absorption of Yueyang forest paper, to achieve the overall listing of Cheng Tong Group paper Plate.