Tunnel share assets sold and then bought back: Big shareholders earn nearly 400 million

This week (April 12), the suspension of nearly three months of the tunnel shares (600820, closing price of 12.90 yuan) disclosure of the reorganization plan, the acquisition of the holding shareholder of Shanghai Urban Construction (Group) Company (hereinafter referred to as Urban Construction group) and other assets, a total of 6.3 billion yuan.　　On the day of the announcement, the tunnel shares trading.　　However, the daily economic news found that the Shanghai Urban Construction group to inject the tunnel shares in the number of assets, one of the 5 years ago, when the share-splitting reform, by the listed companies to replace to the controlling shareholder. In fact, the tunnel shares 5 years ago the Shanghai Municipal First Municipal Engineering Co., Ltd. (hereinafter referred to as the first municipal) 90.25% Equity,　　The price is 182 million yuan; now the first municipal return to the tunnel shares, the evaluation of 639 million yuan, 90.25% equity value is also up to 577 million, a large shareholder to buy a sale between the easy way to earn 395 million yuan. The proposed purchase of assets "familiar face" April 12 tunnel shares announced the reorganization plan shows that the company intends to issue about 550 million shares, the purchase of the holding shareholder under the Shanghai Urban Construction Investment company 100% Equity, the first municipal 100% equity, Field Road Company 100% Equity, first pipeline 100% equity, second pipeline 100%　　Equity, underground 100% Equity, 100% stake in the logistics company, 100% stake in Binjiang property, 54% Equity in the capital construction company, 30% stake in the gas hospital, and the Shengtai group, the investment capital of the company held respectively 36% Equity and 10% equity. Among them, Shanghai Urban Construction Group is the tunnel shares holding shareholder, currently holds 36.85% of the shares of listed companies, and, like the state-owned group, is the Shanghai Sasac under the state owned enterprises. Shengtai Investment is the Shanghai Charitable Foundation's investment platform, the Shanghai Charitable Foundation holds its 100% stake.　　After the deal is completed, the proportion of Shanghai urban construction group to the tunnel shares will rise to 53%. The reorganization plan shows that, on March 11 this year as the base day, the assets proposed to enter the tunnel shares in the estimated value of 6.322 billion yuan, the National Sheng Group and the total investment holdings of infrastructure companies 46% equity corresponding evaluation of 1.579 billion yuan; In terms of transaction prices, the reorganization has 75%　　Assets from the controlling shareholder of Shanghai Urban Construction group. But in this, "daily economic news" unexpectedly found a "familiar face." The first municipal original tunnel shares 90.25% of the holding subsidiary, in the early 2006 when the tunnel shares in the implementation of the share reform by means of asset replacement was replaced by the Shanghai Urban Construction group, bid 182 million yuan.　　Now the first municipal evaluation value of 639 million yuan, the injection of listed companies in the total assets of the estimated value of up to 13.5%. Share reform was stripped April 14, reporters on the above situation linked to the listed companies to verify. The tunnel shares securities representative Lin Lixia is not in the matter, but the company who answered the phone to reporters confirmed that the proposed additional purchase of the first municipal services, and 5 years ago when the reform was replaced to the controlling shareholder of the first municipal department of the sameCompany. October 31, 2005, the tunnel shares published a share-splitting reform manual. In this scheme of share reform, aside from the customary payment reform, it also includes asset replacement, which is the Shanghai Urban Construction Group and its wholly owned subsidiary, which will hold the Shanghai Jia Liu Expressway Construction and Development Co., Ltd. (hereinafter referred to as Jia Liu high-speed) 100% equity, transfer to the tunnel shares and its enterprises , the tunnel shares will be the hands of the first municipal 90.25% shares of 182 million yuan, transfer to the Shanghai Urban Construction group.　　The assets are priced at 177 million yuan, and the difference is made up by Shanghai Urban Construction group in cash. The stock reform instructions show that asset replacement is a consideration of "injecting quality assets, stripping non-core business and improving profitability". "Daily economic news" consulted the tunnel stock reform before the annual report, the first municipal services in 2001 ~2004 continued to profit, but in 2005 years ago 7 months, but there was a loss of 20.9357 million yuan (asset replacement audit, assessment base date of July 31, 2005).　　After the adoption of the general meeting of shareholders, January 2006, the reform plan was formally implemented. Company: Buy back to reduce the associated transaction a piece of lost assets that had been sold 5 years ago, why is the tunnel stock now opting to repurchase it again?　　April 14 reporters on this issue call the tunnel shares Dong Tian Jun, but as at the time of the telephone has been no answer, but the securities department said that this is to reduce related transactions. So did the management and profitability of the first municipal council, which spent 5 years in the hands of the controlling shareholder, change dramatically? The reorganization plan shows, 2009, 2010 two years the first municipal services income 2.34 billion yuan, 2.5 billion yuan respectively, Operating profit is-3.823 million yuan and 9.279 million yuan, the net profit attributable to the owner of the parent company is 6.533 million yuan and 21.133 million yuan respectively, and not the loss state when the company was set up 5 years ago.　　However, the past annual report of the tunnel shares shows that the first municipal net profit in each of the four years before the implementation of the 2001~2004 is 15.022 million, 15.053 million, 630,000 and 2.168 million yuan.　　As for the details of the first municipal services, the Securities department replied that it was not clear what the first municipal situation was. However, with this reorganization, the estimate the first municipal 100% equity will be priced at 639 million yuan, is 5 years ago the evaluation of 3.2 times times the value of 201 million yuan, relative to its own book net worth of the value-added rate also reached 68%, the reorganization plan for the "main Department of land Use Rights and building estimates value" : The relative land use right and the house building construction because of the early acquisition time, the initial recording cost is low, therefore the preliminary valuation is bigger than the account value value. Responsible Editor: NF045