Sky-priced acquisition of Zhuhai compound 51% Equity

Glass fiber industry as a whole recovery, the skylight last year (600096, closing price of 18.70 yuan) of the glass fiber business has become the main source of profits.　　Yesterday (May 26), the Skylight announced will buy Yue Fu Hua (000507, closing price 9.96 yuan) owned Zhuhai Fuhua Composite Material Co., Ltd. (hereinafter referred to as Zhuhai compound) 51% of the equity, unavoidably let the market lenovo its adjustment of industrial structure, further expand the trend of fiberglass business.　　Parity acquisition of Zhuhai Compound stock Equity yesterday (26th), the sky and Guangdong Fuhua issued a notice, the sky to 156 million yuan to take over the Guangdong Fu Wah subsidiary of the wholly-owned Sun Zhuhai compound 51% of the equity. Zhuhai Fu Hua is a wholly-owned subsidiary of Guangdong Fuhua Company, the main business for the printed circuit board with the treatment of glass cloth (also known as electronic glass fiber cloth) production and sales.　　Is China's only printed circuit board with the processing of glass cloth production base, is a provincial-level High-tech enterprises. It is worth mentioning that the Zhuhai composite material appeared last year 44.57 million yuan loss. At the same time, according to the Asset assessment report, the skylight of the acquisition of Zhuhai compound is very cheap price. According to the asset appraisal report, the book value of the net assets of Zhuhai Composite material is 294 million yuan, the value of net assets is 305 million yuan, and the value-added rate is only 3.75%.　　According to this assessment price, Zhuhai 51% of the shares of the cloud of 156 million yuan can be bought. Why is it that the Guangdong-rich Huawei has such a modest price to sell some of its shares in Zhuhai? Yue Fu Wah said in the announcement, in order to further promote the company's strategic transformation, speed up the development of port logistics real estate development and logistics service system construction, the company decided to withdraw from the complex material business in due course.　　On the other hand, Yue Fu Hua also said that through the cooperation with the sky, will improve the current operation of the Zhuhai compound material, for its own good prospects for development. Zhuhai compound material in short supply next year or turn over on the other hand, the new "in-laws" in Zhuhai are very optimistic about this "daughter-in-law".　　The Company believes that the holding of Zhuhai compound is not only conducive to the extension of the company's product chain, expand the capacity of electronic cloth, but also conducive to the company's product sales, improve market share. According to the bulletin, the sky has been set up in Chongqing new materials company, to achieve annual production of 76 million meters of electronic cloth capacity.　　and Zhuhai compound has an annual output of 100 million meters of electronic cloth production line, through the increase in the holding of Zhuhai compound, the company's electronic cloth capacity will reach an annual output of 176 million meters. However, it is puzzling that, although the company is very optimistic about the increase in capital holdings, but the Zhuhai compound lost nearly 45 million yuan last year, how to achieve loss? Journalists tried to contact the company's chief executive and securities representative, but the staff said they were on business. The department staff told reporters that the company will provide technical, financial and other support to Zhuhai, but now there is no specific planning.　　And she also told reporters that the Zhuhai compound is still not profitable this year, it is expected to wait until 2011 to achieve profitability. CITIC Investment analyst Han Meixiang "Daily economic news" that electronic cloth mainlyFor the manufacture of copper-clad laminate (CCL), and CCL is printed circuit board (PCB) of the special base material.　　The current price of electronic fiberglass at 10,000 yuan/ton, profitability is very good. In addition, CITIC investment analyst Tiandong also told reporters that the benefit of the overall expansion of the downstream electronics industry, electronic glass fiber supply. When the reporter asked why the Zhuhai compound material why last year, this year still loss, Tiandong analysis, may be the company in technology, management, equipment and other aspects of the problem, after all, the technical content of electronic glass fiber is significantly higher than the roving.