Liu Hua shares in the "peer competition" suspicion into chemical or injection

Recently, Liu Chemical group acquired the main hydrogen peroxide in Guangdong in the chemical industry, the reporter found that the assets and the listed companies have some overlap of the shares of the company, the acquisition may lead to Willow Group and Liu-shares (600423, closing price of 13.49 Yuan) of the competition, but so far the major shareholder Willow Group has not made a statement on this matter.　　To this end, the daily economic news reporter after a careful investigation, trying to uncover its mysterious "veil."　　Recently, Liu Chemical group acquired the main hydrogen peroxide in Guangdong in the chemical industry, the reporter found that the assets and the listed companies have some overlap of the shares of the company, the acquisition may lead to Willow Group and Liu-shares (600423, closing price of 13.49 Yuan) of the competition, but so far the major shareholder Willow Group has not made a statement on this matter.　　To this end, the daily economic news reporter after a careful investigation, trying to uncover its mysterious "veil." The two companies constitute the competition in the New Year's day before and after, media reports Liuzhou Group and in the chemical industry, Hunan Zhi-Cheng Chemical Co., Ltd. (hereinafter referred to as Hunan Zhi Cheng), Hunan Chemical Company (hereinafter referred to as Hunan) to achieve strong alliances. According to Common sense, the group will be incorporated into the chemical industry under the company, this is an ordinary purchase case.　　But when the reporter further understanding of the company, found in the chemical and Willow Group's listed companies in the product structure of the company, has a strong similarity, especially the hydrogen peroxide business. According to the introduction of the chemical site, Hunan Zhi Cheng, Hunan as its holding subsidiary. The company's main products are hydrogen peroxide, insurance powder, other products also include urea, soda ash and so on. and the subsidiary company of Liuzhou Shengjiang Chemical Co., Ltd. (hereinafter referred to as Sheng-strengthening workers) is the main product of hydrogen peroxide.　　They overlap in the hydrogen peroxide business. From the production capacity of hydrogen peroxide business, China into the chemical industry is the largest production of hydrogen peroxide manufacturers, with 600,000 tons of hydrogen peroxide capacity (in the chemical 200,000 tons, Hunan wisdom into 400,000 tons).　　And with the Shengjiang chemical hydrogen peroxide Two project completed, the current LiuGong shares have 240,000 tons of hydrogen peroxide capacity. "From the scope of sales, in the chemical and Willow group are radiation in Guangxi, Guangdong, Hunan, Hainan and other regional markets." The main sales area in Guangdong, Hunan, Liu-chemical shares are mainly in Guangxi local sales.　　"Shing Securities analyst, said to the daily economic news." In addition, the reporter also as a purchaser to the sales manager of Willow Group, he confirmed that Willow Group does have hydrogen peroxide business in South China.　　According to this view, the LiuGong shares and the chemical industry has the same hydrogen peroxide business, and the sales range is very close, it is likely to have a competitive relationship. "Peer competition" means that the main business of a listed company is the same or similar as that of the controlling shareholder, which constitutes or may constitute a direct or indirect competitive relationship. Li Libin, a lawyer at Shanghai Kunlun Law Firm, explained the concept of peer competition to the daily economic news. According to its introduction, although competition is the soul of the market economy, but the peerCompetition between listed companies and their controlling shareholders is limited by the special relationship, it is very difficult to open up the full public. On the issue of the Li Libin and the chemical industry, the company made it clear that the products of the chemical industry and the LiuGong shares overlap, and the sales area is similar, there is a conflict of interest, which constitutes the competition relationship. "The SFC is prohibited from competing in the competition in order to prevent the controlling shareholder from taking advantage of the holding position and damaging the interests of the listed company in the competition, thereby damaging the interests of the minority shareholders."　　"Li Libin said. At the same time, Hebei Kung-Cheng law firm Shihong Lawyers also expressed the same view: "The competition is mainly in the business overlap, but not limited to the division of the region."　　"He believes that two companies have formed a competitive relationship.　　In the chemical industry or injected into the Willow shares since the LiuGong shares and the chemical industry has formed a competitive relationship between the group and the company should be how to solve this problem? Because the company did not issue a bulletin on the incident, it was unable to learn from the public information.　　Reporters have been trying to call the company and the group, but as of press, no answer. On the other hand, the daily economic news reporter consulted lawyers on the general situation to solve the competition in the reference program.　　In combination with Li Libin lawyers and Shihong lawyers, there are currently three main solutions. The first is to inject the assets of unlisted companies into listed companies. This approach is divided into partial injection and overall injection: First, the listed companies will be in the chemical industry and the same kind of assets to absorb the merger, or to the whole of the chemical into the listed companies to the company's shares; the second way is to sell the group into the chemical assets, so as to avoid its competitors with the listed companies. The third option is for listed companies to peel off the business assets of hydrogen peroxide.　　In general, the second and third options do not seem to be feasible.　　From the second option, the company announced the acquisition of the middle-chemical in the January 1 of this year, and in the short term it is perverse to sell it. What about the third option? The reporter learned that the willow stock was last December only to fully control the Sheng strengthening workers. A paper announcement of December 26, 2009 shows that the company has acquired a 39% stake in Rongsheng from the LiuGong group, which holds a 99% stake in the strengthening workers. And the enrichment of hydrogen peroxide business is obviously a profit growth point of the company. According to the 2009 annual report of the company, Shengjiang Chemical Industry achieved a net profit of 22.0488 million yuan last year, which is higher than the net profit of the whole year.　　Obviously, it is not justified to divest a piece of assets with strong profitability. Therefore, the integration of the above plan, will be the assets of the chemical sector or the overall injection to solve the competition, it is most appropriate.　　If the chemical injection into the listed companies, will affect the company? According to Huatai joint researcher Xiao Hui, LiuGong shares and the chemical industry occupies 3/4 of hydrogen peroxide capacity in South China, gross margin of 30%, the annual contribution of more than 30 million yuan net profit,Contribution EPS0.12 yuan/share.　　In addition, this year, the company uses the technology of chemical industry to extend the oxygen to 300,000 tons. "If the chemical injection into the company's shares, it must be a good forecast for its performance." "Hua an Securities analyst Zhang Zhaowei said," Hydrogen peroxide is mainly used in papermaking, textile and so on, and Guangxi is China's paper-making province, with the future years of gold and Stranso paper Project production, the demand for hydrogen peroxide in South China will be further expanded.　　"Analysts reluctantly said that because of the lack of the group's statement, there is no more sophisticated chemical data, and therefore can not make accurate predictions of future performance." News link Executive vigorously overweight the chairman of the company to take out 8 years salary although it is not possible to predict the future of the group will be how to deal with the work, whether with the shares of Salix related assets integration.　　But, on the other hand, the executives of the company seem to be full of confidence in the firm's performance. The company issued a notice on May 17, said that 10 senior executives in May 13, May 14 cumulative increase in the total stock of the company 668,400 shares, increased holdings of about 6.61 million yuan.　　And the chairman Liao Nen into buying the company 162,100 shares, costing about 2.07 million yuan, according to last year he received from the company 254,700 Yuan to calculate, equivalent to his 8 years of wages combined. At the same time, the company also said that in the 6 months after the increase, the above-mentioned personnel will continue to increase the company's shares.　　If according to the company, the above executives will be combined to increase their holdings of 1.15 million shares. Liu Hua, a member of the management, told the Daily economic news that senior executives were bullish on their future growth, but the specifics were unclear.　　Journalists have been trying to contact the company's chief executive, but Mr Dong's phone has been unanswered. In addition, it is puzzling that reporters and brokerage analysts are from the media reports that the group acquired into the chemical industry, listed companies did not in the group acquisition of the chemical in the issue of the relevant announcement. "Logically speaking, the group has acquired a company that overlaps with the listed company's business, and the listed companies should issue announcements."　　Shanghai Kunlun law firm Li Libin said. Industry Authority analysts also believe that controlling shareholders should disclose the purpose of their acquisition of this asset, how to solve the problem of competition, whether the listed companies have influence. Instead of letting investors guess like this, it's unclear.