Galactic power to restart asset replacement injection equity plunge

Galaxy Power (000519, closing price of 20.16 Yuan) today announced the resumption of the previously stalled asset replacement program. But the assets have shrunk sharply compared to the last time, and have given up the plan.　　That means the company's restructuring mentality has changed a lot, and it remains to be seen how the next step will go. The announcement revealed today that September 27, the company and the holding shareholder Jiangnan Group signed the asset replacement agreement.　　The company intends to hold the Chengdu Jiang Yin Electromechanical Co., Ltd. (hereinafter referred to as Jiang Yin electromechanical) 100% of the equity, Hunan Huatian Aluminum Co., Ltd. (hereinafter referred to aluminum) 28.24% of the Stake and Jiangnan Group held Xiangtan Jiangnan Industrial Co., Ltd. (hereinafter referred to as Jiangnan industry) 11% of the equity exchange. It is reported that Jiang Yin electromechanical is the new Galaxy dynamic set up a wholly-owned subsidiary, has not carried out business activities. Galaxy Power holding Jiang Yin electromechanical 100% Equity evaluation value of 56.9485 million yuan, and the aluminum industry in recent years, the loss of business, the Galactic Power holding 28.24% of the evaluation value of 6.8721 million yuan. Two items of assets total $63.8206 million. The valuation value of the net assets of Jiangnan industry is 595 million yuan, and the corresponding value of 11% equity is 65.4239 million yuan.　　Placed assets beyond the set assets of 1.6033 million yuan, but due to the Jiang Ban Mechanical and electrical to the galactic power of the due amount of 1.5859 million yuan by Jiangnan group to repay, the galactic power only to the Jiangnan group to pay cash 17,400 yuan. Public information shows that Jiangnan industry was founded on February 22, 2010, is Jiangnan group to fulfill the Galactic Power announced at the end of 2009, a wholly-owned subsidiary of the asset replacement plan, after Jiangnan group will be placed into the Galaxy Dynamic net book value of 467 million yuan of assets free transfer to Jiangnan industry. Jiangnan industry mainly engaged in the production of military products, providing technical services and military research, trial production, industrial professional equipment (excluding special equipment), general equipment, metal processing equipment and general parts manufacturing and sales.　　Galaxy Power 2009 years of asset placement program because of the particularity of military assets, Jiangnan Industrial Establishment time later, in a relatively short period of time to complete the company's audit, evaluation and other work, both sides had to suspend the plan. According to the original plan, Galaxy Power will be all operating assets and liabilities of the package set up Chengdu Yinhe Power Co., Ltd. (hereinafter referred to as the Milky Way Limited), Jiangnan group to be audited by the military type of business assets and liabilities to establish Jiangnan industry, with the Galaxy limited 100% equity and Jiangnan industry about 69% Equity to replace, Jiangnan industry's remaining about 31% of the shares by the Galactic power to the Jiangnan group issued no more than 18 million shares to pay. This time only involved Jiangnan industry 11% Equity, 65.4239 million Yuan asset injection is clearly a sharp contraction.