Sino-Union Electric Repurchase "discard son" suspected correlation party benefit 3.48 times times

As a listed company has been a holding subsidiary, before the IPO was stripped, after a few rounds of equity movement into the hands of natural persons, and finally by the listed company to buy a premium, the bizarre story is in the central electric (002323. SZ) staged. The reporter has only learned that in the end of February this year, the 118 million yuan acquisition of Jiangsu Huaxing Transformer Co., Ltd. (hereinafter referred to as huaxing Transformer) is its IPO before withdrawing from the Yancheng Huaxing Transformer Co., Ltd. (hereinafter called Huaxing Transformer). In and out of the strange meal now, in the same year only need to increase the capital of 18 million yuan will be able to share 53.13% of huaxing transformers, now it is necessary to spend 118 million yuan to acquire its 100% equity, behind what mystery? Before the IPO withdrawal February 28, 2013, the China-US electric issued "on the acquisition of Jiangsu Huaxing Transformer Co., Ltd. stock rights announcement", the company intends to purchase 118 million Yuan Huaxing Transformer 100% equity. Among them, the acquisition of natural Hu Hong and Chen Biyu respectively holding 90% and 10% of the equity. For the acquisition, the China-Union Electric said it does not constitute a related transaction. In addition to the introduction of simple information, the history of Huaxing transformers, the Chinese-lian electric described very little. So, where is huaxing transformer company? Yancheng, a local personage told reporters, Huaxing Transformer is the IPO before the withdrawal of the Chinese star Transformer, "the past few years changed the name, turned a circle and sold to the listed companies, the season boss this game is very long!" "Season Boss" is Tikuyu, the person who is the real controller of the China Union Electric, and owns 29.85% of the shares of China-Union electric. China Union Electric Prospectus shows that Tiqui Yu Huffen's brother Hutch, Huffen brother-in-law General Zhu Chenghu jointly funded the establishment of Jiangsu Huaxing Investment Group Co., Ltd. (hereinafter called Huaxing Group), Huaxing Group for the Association of the Joint Electric. In March 2007, Huaxing Group was commissioned by the local government of Jiangsu Yancheng to reorganize Jiangsu Huaxing Electric Industry Co., Ltd. (hereinafter called Huaxing Electric), in view of the heavy debt burden of huaxing electric and the potential risk, Huaxing group has not adopted a debt-consolidation approach to restructure it, and has invested in the establishment of huaxing transformers, intends to inherit the original huaxing electric related business and core assets. May 9, 2007, huaxing Group through Huaxing Electric, He Shenxiang, Yu Hailong launched the establishment of Huaxing Transformers, registered capital of 15.88 million yuan, of which huaxing Electric capital of 15 million yuan, Yu Hailong, He Shenxiang respectively 580,000 yuan and 300,000 yuan, the legal representative Yu Hailong. July 13, 2007, Hua Xing Electrical changed its name to Yancheng Yadong Electric Industrial Co., Ltd. (hereinafter called Yadong Electric). In order to solve the competition problem, September 20, 2007, the fourth interim shareholder meeting of China Electric Power in 2007 passed the resolution of adding 18 million yuan to the star Transformer and holding 53.13%. However, in October 2007, Huaxing Group was informed that the main creditor of Yadong Electric was unable to carry out the expected debt reorganization because of failing to pass its internal approval procedure, which led to the inability to follow the "Yancheng huaxing Transformer Limited Company" signed with the Central Electric Company.Division of the Agreement on the agreed on schedule to the star transformer injection related assets, Huaxing Group will notify the relevant matters in the joint electric. October 19, 2007, the Sino-Union Electric Board decided to reduce capital by way of the withdrawal from huaxing Transformer 18 million yuan. When the end of the year, the China-Union electric power transformer 18 million yuan all back, the surface of the two have nothing to do. After the withdrawal of the joint electric power operation, China star Transformer shareholders are only one side of Huaxing Group, registered capital of 15.88 million yuan, the shareholding ratio of 100%. According to the China Union Electric Prospectus, in the withdrawal of the star Transformer, in order to solve the competition problem, China-Union Electric has advised Huaxing Group, as soon as possible to transfer all of its stake in China star Transformer to unrelated third parties. Huaxing transformer Industry and Commerce data show, huaxing Group January 8, 2008 decided to star Transformers 100% equity (15.88 million yuan contribution) to 13.6 million yuan transfer to Jiangsu Sifang Culture Industrial Co., Ltd. (hereinafter called the Quartet Culture). Why Huaxing Group is going to do a losing business? Yancheng People told reporters that the quartet culture is just a company, "the company is a main cultural and artistic industry in Nanjing, and transformers are not irrelevant, the purpose is to obtain more than 8% of the annual income." "May 19, 2010, the quartet culture will be huaxing Transformers 100% stake to 15.88 million yuan price to Jiangsu Red Power Industrial Co., Ltd. (hereinafter called Jiangsu Red Power). In one out, the Quartet culture profits 2.28 million yuan, according to 2 years 4 months of capital cost calculation, 13.6 million yuan cost annual yield is around 8%. Obviously, the quartet culture is not really holding the star transformer and will be bigger and stronger, but only on behalf of the holding. In the same year, June 1, Jiangsu Red Power to China star Transformer 15 million yuan, since the star Transformer registered capital of 30.88 million yuan. October 27, Jiangsu Red Power decided to star transformer 3.088 million yuan capital contribution of about 10% equity, to 3.088 million yuan to Yancheng Huaxing Electric Co., Ltd. (hereinafter called Yancheng huaxing). On the same day, huaxing Transformer changed its name to "Jiangsu Huaxing Transformer Co., Ltd.". A few days later November 1, 2010, Yancheng huaxing will just hand huaxing transformer 10% shares again back to Jiangsu Red Power. Yancheng huaxing Industry and commerce data show that the company was founded in February 26, 2009, is huaxing transformer sole investment in the establishment of a subsidiary, registered capital of 20 million yuan. Li Ming is the executive Director and manager of the company and is the legal representative of the company. Zhou Shan for company supervisor. China Union Electric Prospectus shows that Li Ming is one of the early shareholders of Huaxing Group, Zhou Shan is a staff member of Huaxing Group. At this time, huaxing Transformer is already a subsidiary of the Quartet culture, why will the establishment of Yancheng huaxing, and let Li Ming to do the legal representative? It is noteworthy that December 18, 2009, the Sino-Union Electric landed a-share market, raised 600 million yuan. March 2, 2010, huaxing Transformer will Yancheng huaxing 100% stake to 20 million yuan to Huaxing group. The same year, November 1, Yancheng huaxing all SolutionsClearing and cancellation, and this day is Yancheng huaxing just put huaxing transformer equity back to Jiangsu Red power days. "Originally is huaxing Transformer set up a subsidiary, and then incredibly become huaxing Transformer shareholders, and briefly after the withdrawal of stock, and then liquidation." "This Yancheng personage bluntly, huaxing group" What the gourd sells the medicine "only they own clearest. Jiangsu Red Force wholly-owned huaxing transformer and not idle, March 10, 2011 again to its increase of 30 million yuan, Huaxing transformer registered capital reached 60.88 million yuan. A year later, Jiangsu Red Power will huaxing transformer 54.792 million yuan to the original price sold to Hu Hong, will be another 6.088 million yuan stock price sold to Chen Jasper. Since then, huaxing Transformer has become Hu Hong and Chen Jasper shareholding company, respectively accounted for 90% and 10%. Jiangsu Red power behind but less than a year, Hu Hong and Chen Jasper will be huaxing transformers to sell to the central electric, while the Chinese-union electric cost amounted to 118 million yuan. In the past 6 years of several equity changes, the transfer price of huaxing transformers are almost all based on registered capital, to the China-Union electric acquisition, but gave a nearly one-fold premium. Since there is such a good thing, why Jiangsu Red Power does not sell directly to the central electric? What is the sacred power of Jiangsu Red? Jiangsu Red Power Industry and commerce data show, the company formerly known as Jiangsudan Industrial Co., Ltd. (hereinafter referred to as Jiangsudanli), was founded in March 12, 2010, registered capital of 20 million yuan, the legal representative is Hu Hong, the investor is Yancheng Huashan Industrial Co., Ltd. (hereinafter referred to as Huashan Industrial). Hu Hong as Jiangsu Dan Li Executive director and manager, He Shenxiang as the company supervisor, He Shenxiang is the same year with Huaxing group set up huaxing transformer. Huashan Industrial and commercial data show that its establishment in March 17, 1994, the registered capital of 5.8 million yuan, the current shareholder for Hu Hong and Chen Jasper, respectively, the contribution of 5.785 million yuan and 15,000 yuan. The same year April 8, Jiangsu Dan Force to change the equity, Huashan industrial investment 19 million yuan, accounting for more than 95%, He Shenxiang 1 million yuan, accounting for more than 5%. May 14, Jiangsu Dan Force changed its name to Jiangsu Red Power. The list of the new board of directors of Jiangsu Red Power includes Hu Hong, Yu Hailong, Zhou Shan, Hu Coxu and Veyong. According to the China Union Electric Prospectus shows that Yu Hailong and Zhou Shan are huaxing group workers, Hu Coxu was once a shareholder of Huaxing Electric. The reporter also learned that the establishment of Jiangsu Red Power Office room, is the rental of Jiangsu China Union Automobile Sales Service Co., Ltd. (hereinafter referred to as the Yancheng car) is located in the No. 655 Century Avenue House, and the Sino-Union car is huaxing Group's holding subsidiary. March 18, 2012, Huashan Industrial will Jiangsu Red Power 95% stake to 19 million yuan to Zhu Yu, He Shenxiang will 5% stake to 1 million yuan to Xu Hui. Zhu Yu become the Executive Director and manager of Jiangsu Red Power and the legal representative, Xu Hui as supervisor. It is noteworthy that August 16, 2013, Jiangsu Red Power announced the dissolution, and on the same day set up a company liquidation unit. "The company's mission has been completed, and the huaxing transformer has also been successfully shot." The Yancheng people told reporters that ZhuWei is also the deputy general manager of Huaxing Group. According to the China Union Electric Prospectus shows, huaxing Group subsidiary Jiangsu Sino-Union Real Estate Co., Ltd. (hereinafter referred to as the Sino-Union property) and Yancheng City Asset Management and Development Co., Ltd. is called the legal representative of Zhu Yu. Xu Hui is Tiqui spouse Huffen three sister. When the establishment of the Sino-Union home, one of the shareholders is called Yancheng Huashan Industrial Corporation, and the above Huashan industrial almost identical. All kinds of indications, Jiangsu Red power behind are emerging huaxing group shadow, Huaxing Group apparently did not sell huaxing transformers to independent third parties. Although the Sino-Union Electric said the acquisition of Huaxing Transformer is a unrelated transaction. However, the changes in the previous shares of Huaxing Transformers, as well as the back and the company's traces of huaxing group is hard to convince.