PE Hunt Zheng Coal machine more than 10 institutions carve up more than 40% stake

Yang Yongmin "Zheng Coal Machine" IPO, will be a new record out of the water: The enterprise, the number of PE shares is almost the most of all listed companies.　　According to the prospectus information, June 2008 Zheng Coal machine share reform, shares Zheng Coal machine PE investment institutions, no less than 14.　　June 8, 2008, Shanghai celebrated Equity Investment Center (limited partnership), such as 12 enterprises/companies and Gio, such as 26 natural persons, through with the Zheng Coal machine shareholders of the 100 company signed a transfer agreement, to become Zhengzhou coal Mining Machinery Group Co., Ltd. shareholders, the total shareholding ratio of the company's total share capital of 49%. According to the tricks of the information, this part of the transfer price for the audit of Zheng Coal Machinery Co., Ltd. October 31, 2007 net assets of 4.8 times times, the transfer price of 742.6993 million yuan.　　As of October 9, 2008, the company received a full equity transfer. In accordance with the July 20 announced Zheng coal machine online purchase price of 20 yuan/share. Zheng Coal Machine This issue total not more than 140 million shares, issued after the total share capital of 700 million shares, the issue price interval of 18.6 yuan-20 yuan/share (including upper and lower limit), the corresponding P/E range is 20.98-22.56 times times.　　The more than 10 PE investors have benefited enormously.　　In fact, in 2008, Zheng Coal Machine case, has been China's PE investment sector set off a "rush" of one of the cases, despite the controversy is very large, but the Zheng coal machine or wish to be listed, but after the lockout period, PE investors ultimately benefit, also need to see future stock trend. "The hunt" said that "at the time, many investment companies were talking about the project at the project seminar, and each company was using all kinds of relationships in order to get a slice of the company before it went public." We have done a lot of work on this project, but those pure renminbi funds are more competitive.　　"said the investment manager of a foreign PE company with renminbi investment funds. Zheng Coal machine main business for coal comprehensive mining hydraulic support and its parts production, sales and service, is the domestic coal fully mechanized hydraulic support industry leading enterprises, market share for many years to stabilize the first.　　The company's products with Indina, personalized features, from research and development, design to procurement, production, sales to achieve integration. From the financial indicators, Zheng Coal machine 2008 sales revenue reached 3.722 billion yuan, more than the second and third total, net profit of nearly 490 million yuan, 2009 sales revenue is a rapid growth of 38.63%, to 5.16 billion yuan, net profit of nearly 650 million yuan.　　At the same time, due to the restructuring of state-owned enterprises, as well as technology reform, the company's net profit margin has increased year by decade, 2007, 2008, 2009, three years respectively, 9.57%, 13.16% and 12.53%, while the three-year asset-liability ratio decreased to 81.55%, 75.89% and 67.19%. Because of its unique niche market position toand has formed the size of the company, coupled with good profit, Zheng Coal machine to the listing of the news, immediately after the spread of the Chinese and foreign PE institutions to attract attention. According to a founding partner of a local investment agency in Shenzhen, the company's financing attracted a large number of foreign-funded PE institutions active in China's market, but the finalists were all domestic renminbi investment funds.　　The reason is mainly because the company for state-owned enterprise restructuring enterprises, foreign investment into the operational level is very difficult. And then shortlisted for a group of renminbi funds, there are a number of fear of its restructuring process of the hidden risks, did not dare to make the final investment decision.　　The above mentioned foreign PE institutional investment managers and RMB fund partners, are impressed by the enterprise restructuring of Zheng Coal machine. Although Zheng Coal machine restructuring process caused the majority of PE institutions worry, but there are still a large number of investors "wind up". At that time, a company focused on telecommunications and new media investment in foreign VC partner, but also interested in Zheng, but because on the one hand it is foreign investment status, on the other hand, its renminbi fund relationship is "not hard enough", moves too slow. And thus failed to "squeeze in".　　The partner told reporters that at the time, "a large gang of people in the robbery", those more related funds "has talked about the depth of the fund is not strong enough to enter into." According to the press of Zheng Coal machine prospectus rough statistics, entrenched in the coal machine shareholder level of RMB investment fund total not less than 14.　　In addition to Henan Province Sasac occupies 51% of the shares of Zheng Coal machine, Shanghai joint venture, deep venture investment and other renminbi investment institutions and enterprises and 26 of natural persons share the remaining 49% of the company's shares. Of these 49% of the shares, 26 natural persons (mainly management of the company) accounted for a total of 5.804% of the shares, the rest by more than 10 investment institutions and enterprises "Partition".