Five years of restructuring of the net assets of 70 times times the accumulation of intellectual exchange to reproduce the magic of MBO

Famous Liquor enterprises Hebei old group reform progress, not only affect the listed companies old wine, and more about another company to be listed companies to raise the yuan and its shareholders to create a rich track. Delicately, the latter at the end of 2005 because of poor quality of assets were stripped out of the group, and by 58 senior executives to 3.0949 million yuan to achieve MBO; five years later, the company's net assets amounted to 224 million yuan, more than five years ago the price of times 70, the same period also achieve a net profit of 164 million yuan.　　But in the culture of wisdom to realize the change of the fish dragon behind, is the old in vain group restructuring of the difficult line, has not yet seen any below. The SFC announced that the Commission will consider the first application of Hebei Yuan Chi Hui Beverage Co., Ltd. on April 20. According to its prospectus, it is proposed to issue 29 million shares in the Shenzhen Stock Exchange, with a total share capital of 114.8 million shares.　　The company's main business is to walnut as the major raw materials of plant protein beverages, food research and development, production and sales. Prospectus disclosed that the predecessor of the Yuan Zhi Hui can be traced back to the establishment of the Hebei yuan-source Health Drinks Co., Ltd. since September 24, 1997, after two times the change of controlling shareholder and actual control person, respectively: September 24, 1997 to January 24, 1999, for Hengshui Power Industrial Corporation holding stage , January 25, 1999 to December 28, 2005, Hebei Hengshui Old Wine Brewing (Group) Co., Ltd. holding stage.　　From December 29, 2005 to present, the actual control stage is Yauquizhang.　　In particular, it is noteworthy that the second shareholding shareholder change, that is, the old farming group, the total transfer to Yauquizhang and other 58 executives, to achieve the privatization of State-owned assets. The prospectus details the details of the change.　　According to its statement, at that time, in the scale of the Yuan Zhi-chi in the size of the small and medium-sized state-owned enterprises, the main business in the old work of the group's overall operating system is also a subsidiary industry, and since January 25, 1999 holding, poor operating conditions, low efficiency, so the old group decided to restructure September 25, 2005, the old Hengshui to the exchange of property rights Trading Center to apply for a public transfer of its holdings of 100% of the state-owned intellectual property rights. Thereafter, only Yauquizhang registered during the notice period, only one assignee was created by public solicitation.　　December 6, 2005, the final transfer price of the state-owned property rights of the Yuan Zhi Hui was determined to be 3.0949 million yuan. However, it is notable that according to the prospectus, the net assets in the last 2008 years to 2010 are 30.8 million yuan, 94.14 million yuan and 224 million yuan, respectively, 284 million yuan, 525 million yuan and 1.077 billion yuan respectively, and the net profit is 24.0277 million Yuan respectively,　　84.6295 million yuan, 164 million yuan--that is, MBO completed only three years after the company's asset size and profitability achieved dozens of times times the explosion. And until February 8, 2010, the company to Yauquizhang, Fan Lin, Li Hongbing and other 86 specific natural persons issued new shares of 5.8 million yuan, 3 per share.5 Yuan.　　The object of the increase is mainly the company's core management, backbone staff and the company's outstanding distributors. The company said that the increase in the pricing basis, the reference company at the end of 2009 audited the value of 1.18 yuan per share of assets, estimating the company's initial public offerings before and after the level of P/E.