Jin Fu new materials 33 million yuan acquisition of large insolvency companies

August 20 Month Notice of the planning of major issues 15 days after the suspension, Kam Fu new materials (300128. SZ) on September 4, the launch of the asset acquisition plan, plans show, Kam Fu new Materials project through the acquisition of Xuzhou Dili Escon Electric (Suzhou) Co., Ltd. (hereinafter referred to as Suzhou Imperial Ace) 97.82% Equity, involving the amount of 5.5 million U.S. dollars (RMB 33 million). For the purpose of the acquisition, Kam Fu New materials said that the value of the Suzhou Emperor ace Samsung supplier qualification and to improve the company's industrial chain opportunities. However, the acquisition is not only the extension of the expansion of the industry chain Jin-fu new material opportunities, but also to the Kam-rich new materials own operational capacity of the challenge, especially in the light of the backlight module Market competition, as well as the acquisition of the target's own problems. Scale expansion performance can be acquired insolvent enterprises in the current capital market, acquisition premium is a common phenomenon in the market, and many of the best performance enterprises, however, Kam Fu new materials to acquire the Suzhou Dili ace in recent years the operating situation is not ideal. 2011, 2012 and 2013 years ago July, the net assets of Suzhou Imperial Ace are 98.4948 million yuan, 49.8114 million yuan, 195 million yuan respectively, net profit is-258,500 yuan, 148 million yuan, 145 million yuan respectively. And, as of the benchmark date of July 31, Suzhou Emperor Ace's book net assets has been 195 million yuan, that is, Suzhou Dili ace in the insolvency situation. On the contrary, Kam Fu new material scale is highlighted, since the IPO profitability is still stable. 2013 1-June, due to the growth of domestic sales revenue, Jin Fu new materials to achieve total operating income of 91,728, 140,000 yuan, a 13.69% increase over the same period last year. But because of poor investment earnings and a drop in gross profit margins, operating profit was 6,716, 530,000 yuan, down 25.28% from a year earlier, and ultimately, the net profit of shareholders in listed companies was 4,487 250,000 yuan, down 34.73% from a year earlier. However, the overall, Kam Fu new material has been profitable for many years, the scale of the expansion of the project has also been the target, therefore, Kam Fu new materials to start acquisitions and mergers, it is also the case. Although, Suzhou Emperor Ace is an insolvent enterprise, but it is in the Jin Fu new material industry chain downstream, more importantly, Suzhou Dili ace is Samsung nearly ten years of supporting manufacturers, with Samsung display supplier list qualification, in these two conditions, Suzhou Emperor Ace became Kam fu new material eye dish. Even as of the benchmark date of assessment, July 31, the estimated net assets value of Suzhou Imperial Ace is still 177 million yuan, and 97.82% of the valuation is 0 yuan, but the purchase price of Jin Fu new material is still up to $5.5 million. For the reason that the purchase price is higher, Kam Fu new materials in the acquisition report said, Suzhou Emperor Ace is Samsung display LCD display and LCD TV display module, one of the world's major suppliers, before the two sides to achieve cooperation, the market is no lack of potential buyers of the Suzhou Emperor Ace's assets bid, resulting in higher acquisition prices. Modular giant Transformation CompetitionFierce losses and the core technology of the main production of Xuzhou Emperor Ace large size LCD module, backlight module and other display pieces. According to the acquisition plan, the current Samsung display liquid crystal display and LCD TV suppliers mainly for the strong photoelectric, Suzhou Dili, Rui Instrument photoelectric, but the world's relatively large independent backlight module manufacturers worldwide only 3, respectively, is in the strong photoelectric, Rui instrument photoelectric, large billion technology. In the first half of 2013, the backlight product revenue was about NT $22.204 billion, up 9% from a year earlier, according to the strong photovoltaic earnings. Looking to the third quarter, the third quarter TV machine species will continue to grow trend, tablet computer backlight by the new type of production driven, shipments will be greatly increased, although the monitor machine demand for weak, while notebook machine species due to the first quarter of the base period has been high, the third quarter shipments will decline, but the overall back plate shipments will still have more than 10% of the growth. And large billion technology chairman Wu Junjing pointed out that the backlight module Market 2012 weak, the first half of this year also performance is relatively depressed, large billion technology is actively transforming auto parts, reduce the operating loss of backlight module. From the statement of the two major enterprises, although the future of the backlight module is optimistic about the shipment, but the back plate and backlight module market efficiency is not as before. Some market participants believe that, overall, Kam Fu new materials to expand the industrial chain is a good thing, but the current Kam-rich new materials on the acquisition of two risks. First, the Suzhou Emperor Ace in the continuous loss of status, such as maintaining the current operating conditions, Suzhou Imperial Ace operating performance or will not be optimistic. The second is technical risk. LCD Module Market Entry threshold is not high, some domestic panels and home appliance enterprises have been involved in the industrial chain Liquid crystal module manufacturing field, some already have core technology, and even extended to the upstream LED backlight chip design field. It is noteworthy that Kam Fu new materials purchased by the Suzhou Emperor Ace has no patented technology. "Securities Daily" reporter several times September 5 to call the company public telephone, but has been no answer.