Large shareholder capital injection commitment changed *st or a blessing in disguise

The six-month-long suspension of the *st (000922, the former closing price of 9.10 yuan) yesterday evening announced its restructuring plan, and share reform when the big shareholder of the Harbin Electric Group commitment to the scheme compared to the proposed injection of assets have changed. The announcement showed that the Harbin Electric group changed the injection of assets mainly because the original plan to inject the automatic control related assets mainly with the HA Electric group under the shares of shares of listed companies, ha-share closely related.　　However, aside from these, the injected assets may be a better return to *st. The reorganization plan shows that *st, with all assets and liabilities as the assets, and Jiamusi Motor Factory (hereinafter referred to as the best power Plant) held by the Jiamusi Motor Co., Ltd. (hereinafter referred to as the Good Electric shares) 51.25% Equity, set out the estimated assets of about 135 million yuan, placed in the assets of 51.25% Estimated at about 1.076 billion yuan, the difference of some companies will be 8.61 yuan/share price to the good power plant non-public issue about 109 million shares as the price; meanwhile, *st to 8.61 yuan/　　The price of the unit to the Jianlong group and June industrial non-public issues about 114 million shares and 4.1 million shares as the right price, the two holders hold a stake of 47.07% and 1.68% of the good electricity, after the completion of the transaction, *ST will hold a stake in 100%. Data show that the good electric shares are the leading enterprises of special motors, is the domestic explosion-proof motor, lifting and metallurgical motor, local fan fan, shielding motor (electric pump) The founding of the factory and leading factory, products in China's man-made spacecraft, satellite, rocket launch, nuclear power plants, nuclear reactors, Gezhouba, three The Great Wall station of Antarctica and the military industry and other High-tech fields are applied.　　The company was founded in 2000, and in 2008, the introduction of strategic investor Jianlong Group for asset restructuring. Compared with the original proposed injection of assets, the company has a better quality of assets. The scheme shows that, according to the end of September 2010 accounting indicators, the net assets of the good electric shares are more than 3 times times that of the assets originally intended to be placed in the asset, and the income scale and net profit are more than 10 times times that of the latter.　　Compared with the listed motor Enterprises, the 2009 net profit of the Jinshajiang motor (002176, closing price 35.76 yuan), Ocean Motor (002249, closing price of 31.42 yuan), and Wolong Electric (600580, closing price 17.85 Yuan) flat, are 226 million yuan. In addition, the 2011 net profit of the good electric shares reached 157 million yuan, 2012 for 172 million Yuan, 2013 for 194 million Yuan, 2014 for 219 million Yuan, 2015 for 228 million yuan.　　Each Party undertakes, if the actual net profit is less than the forecast net profit, then by the good power plant, the Jianlong group and the June energy industry will compensate the listed company proportionally. The group's commitment to the change was due to the fact that the proposed injection of assets was closely related to the Kazakh shares. Harbin Electric Group's automatic control assets mainly refers to Haerbin steam Turbine Factory Limited liability company Automatic Control Engineering Branch (hereinafterHarbin Auto Automatic Control Company), the latter belongs to the core subsidiary of Harbin-Dynamic shares Harbin automobile company. Harbin Steam Company's main business for the production of steam turbines, for the steam turbine produced by the company, the need to have four core professional technology, that is, "host, auxiliary machine, oil system, regulation control", and the regulation of control technology is the Harbin Automobile Automation company engaged in the business. The bulletin said that Harbin Auto Automation branch is the only technical department in the turbine automation technology, specializing in the production of steam turbine of the necessary automation systems research, design and so on. The announcement further pointed out that "the sale of such assets will have a significant adverse impact on the integrity and competitiveness of the company and the Kazakh shares." "It is hard to imagine that this part of the asset will be injected into *st after it has been stripped of its shares." Under the circumstance that the original share reform promise is difficult to carry out, Ha Electric group then put forward this "optimization plan".