Sino-Czech shares high premium acquisition SGSB 16 ago Advanced equipment

After nearly half a year, the Sino-Czech shares (002021, closing price of 6.89 yuan) and work SGSB (600843, closing price of 10.45 yuan) strategic cooperation is finally nearing the end. Yesterday (August 30), the Chinese and Czech shares issued a notice, the company's board of directors passed a bill, agreed to three years ago the issuance of projects- An annual output of 8200 special industrial sewing machines technical renovation project surplus of 130 million yuan, to buy the work of the shell owned part of the industrial sewing machine processing equipment GC5550 processing lines, such as three investment.　　But the daily economic news reporter found that the Sino-Czech shares of the high premium to buy GC5550 shell processing line is not as the company said to have the domestic advanced level, actually work SGSB as early as 1994 has been bought, the current production line in China is only a mid-range level. More than three years ago to raise capital not used in October 2007, the Czech shares to 16.03 yuan/share public 28 million shares, the net fund-raising 426 million yuan, is intended to invest in 8200 special machines and annual output of 1500 new machine photoelectric computer embroidery machine technology project. But so far, the two projects have been slow to achieve the expected benefits.　　As of July 31, the company still has 353 million yuan to raise funds to collect the principal and interest in the bank, accounting for 82% of the net amount of fund-raising. The use of shares in the Czech Republic and work SGSB cooperation, stop the special Machine project, and the remaining project to raise funds of 194 million yuan of 130 million yuan, used in cooperation with the work SGSB. According to the plan, China and Czech Republic of China's subsidiaries in the Czech Republic of Europe will be 8.6326 million euros at the price of SGSB wholly-owned subsidiary to work in Europe holding a 29% stake in Germany da Company, another subsidiary of Yi Machinery to 22 million yuan at the price of industrial sewing machine processing equipment GC5550 shell processing line.　　In addition, the Sino-Czech shares will also work with SGSB, Germany da Company to set up a Da Wujiang company, the Czech shares in cash 3.825 million U.S. dollars, the shareholding ratio of 51%. China-Czech shares said that the acquisition of The DA Company's 29% stake will enhance the company's strategic position in the global layout, and the purchase of the production line will resolve capacity bottlenecks. But the daily economic news reporter, after reading the bulletin and consulting the information, found that Sino-Czech shares this and work SGSB cooperation is cost-effective, but also to be time to test, but the most strange thing is that the company spent 22 million yuan to buy the GC5550 machine shell processing line is not as the company claims, with the domestic advanced level,　　In fact, the SGSB was bought in the early 90 's. Purchased 16 ago Equipment company said "advanced" according to the bulletin, work SGSB early in 1994 with the IPO to raise 173 million yuan from Japan to buy the equipment--gc5550 machine shell processing line. It consists of a total of 32 units, with an annual capacity of 150,000 chassis. But work SGSB due to the production line start-up and maintenance costs are too high, production and processing have ceased in the last year. As of March 31, 2010, GC5550 processing line and ancillary equipment of the original value of 173 million yuan, net worth of 10.2 million yuan, the value of the evaluation of 19.8555 million yuan. This means that the evaluation value of the equipment is nearly 9.66 million yuan higher than the net worth. Why is a set of 16-year-old equipment premium so much?　　The acquisition price of the Sino-Czech shares is 10% higher than the estimated price of 22 million yuan. Sino-Czech shares that the pipeline for linear rigid line, suitable for the standard type of high-speed sewing machine products shell processing, processing technology in the domestic industry in a dominant position.　　The company can solve the bottleneck of capacity after purchase. Yesterday afternoon, "Daily economic news" reporter called the Sino-Czech Securities business representative Yao Mina. She explained to reporters that the company's executives had inspected the SGSB and understood the equipment. Executives also believe that the GC5550 production line represents the most advanced level in the country at present. It is noteworthy that, although the equipment purchased in 1994, but has been better maintenance and maintenance.　　It is impossible for companies to use their money to raise funds freely. "The assessment is mainly based on a combination of factors," Yao Mina said. "There are questions about practicality and new degrees." On the one hand, because the book value of the equipment has been depreciated, resulting in low book value. But its use since 1995 to date, only the production of sewing machine shell about 500,000 units, so the new rate of evaluation is higher, it will eventually produce a corresponding premium.　　"But the industry is not optimistic about the old equipment of the company to buy the shares premium." To get a clear picture of the device, the daily economic news yesterday deliberately called the China Sewing Machinery Association, a person who declined to be named in its business department, pointing out that GC5550 equipment had been in fact a long time ago and is now obsolete.　　However, China and Czech shares in the pipeline cause of multiple equipment, not only can produce GC5550 can also produce other equipment, so currently has a certain processing capacity, belonging to the domestic mid-range level.　　Da Company Performance "Shangcuanxiatiao" In addition, the Chinese and Czech shares of the change to raise funds to buy the DA company is also quite "mysterious." According to the announcement, as at June 30, da Company's total shares of 8.2 million shares, has been listed on the German exchange.　　A wholly-owned subsidiary of the SGSB has a 94.7% per cent stake in Europe, while the remaining shareholders hold a 5.3% per cent stake. In 2009, Da company suffered huge losses. China and Czech shares disclosed that last year, DA Company to achieve operating income of 81.77 million euros, an equivalent of 801 million yuan (in accordance with the December 31, 2009 foreign exchange rate of 1 euros = 9.8 yuan estimated); net loss is as high as 21.17 million euros. In the first quarter of this year, DA company swung to achieve net profit of 48,000 euros, equivalent to RMB 439,600 yuan (according to March 31 RMB 1 euros = 9.1588 yuan RMB). However, the Sino-Czech shares in the announcement did not disclose Da Company's medium-term industry, and the reporter was surprised to find out that da Company's two-quarter results this year has seen a big increase.　　January-June, da company to achieve net profit of 7.9732 million yuan, which means that the two quarter, DA company net profit reached 7.5336 million yuan, the quarter-ring growth of 16 times times. Despite the sudden rapid growth in da Company's performance, the shares in the Czech Republic seem to be unaware. In the announcement, the Czech shares also said, "da Company 2009 annual loss of 212 million yuan, if the DA company can not turn around, 2010 years of sustained losses, in the Czech shares under the 29% stake will reduce the company's profits." "and Yao Mina yesterday to reporters that the company disclosed investment da Company Bulletin only need a quarter of data, when the reporter calls she didn't know da company semi-annual report. "You can look at the semi-annual report of the SGSB, which should be disclosed." ”