Special forces need to look for big assets buyer's eight-year long running lawsuit will eventually be lifted

There are two major problems with special force A: first, the ratio of assets and liabilities is high, more than 70%, the second is the main business profit margin is low, only 3% financial weekly major research group Zheng Pengyuan/writing September 13, special force a Rose 5.82%, as a standard of the former Sea concept unit again by the market attention.　　Behind the rising prices, the market has been the default "restructuring expectations." The net profit of the shareholder of the listed company was 7.1463 million yuan last year, and the 2013-year report was 3.7464 million yuan, which kept the net profit growth for several consecutive reporting periods, which seems to be hard to get people to associate with the reorganization story.　　But looking closely, it is easy to see that this stems from a series of actions to sell assets, after deducting non-recurrent gains and losses, both last year and the first quarter of this year.　　The debt is large from the structure of assets and liabilities, the special force a total assets of 685 million, total liabilities 482 million, net assets 203 million, assets and liabilities ratio of 70.31%.　　If the listing of the borrowed shell is a marriage, the bride is beautiful enough but not gentle.　　Beautiful shell first Eye is the fine small market value, the current strength a market value of 1.45 billion, just in the market superior shell resources under 1.5 billion of the selection range, if the model of injecting assets through additional, can give new shareholders enough imagination space. Special Force a backdoor must be large enough to be injected into the asset valuation body if it is to obtain a guaranteed holding power. In the case of backdoor, the 50% per cent stake is to be injected with an asset valued at least 1.43 billion. This threshold blocks a large number of potential shell restructurings. But in terms of equity, a total equity of 179 million, less than 200 million share capital, is small enough for equity.　　 For buyers with greater desires, there may be ample space for the assets to be loaded. However, in addition to the gorgeous appearance, buy shell side after the attraction, the more value of the standard is "clean."　　Shell clean There are two levels of meaning, first there is no debt or risk, and then see whether the smooth implementation of stripping, at a point on the special force A and not "understanding", but let backdoor side is rather tricky. From the structure of assets and liabilities, a total assets of 685 million, total liabilities 482 million, net assets 203 million, assets and liabilities ratio of 70.31%.　　Although the net worth of special force A is not big, but the debt is too high. To this end, the company has been trying to restructure debt. Last year, a 8-year "long-distance running" lawsuit was finally over, December 14, 2012, special Force a issued a bulletin said that with the Agricultural Bank Shenzhen branch for more than eight years of security lawsuit officially ended.　　As a guarantee of the price, special force A and Shenzhen Agricultural Bank of the signing of the Agreement on the exemption of security liability, the final payment of special force a 66.4013 million yuan. "If only the problem on the table, the problem is not serious."　　"An investment banker in Shanghai told the weekly newspaper reporter that there is very limited access to public information, often by means of audit or legal due diligence to verify real debt." Slimming Shang from annual report data, Special Force a leasing service mainThe business profit margin is 48%, while the profit margin of the auto trade business is only 3%.　　From the book, the annual Report and the Chinese report this year to maintain a continuous net profit growth seems to be difficult to get people to Lenovo restructuring of the story, but carefully examined, it is not difficult to find this stems from a series of sales of assets. In the first quarter of this year, the net profit attributable to the shareholders of the listed companies is about 4.5 million yuan, which is equivalent to 0.02 yuan per share, and a loss of 2.21 million yuan in the same period last year.　　The company's profit is attributable to the sale of 9 sets of 8 floors 801, 802 and 804-810 of Dongfeng Tower by the Shenzhen Auto Industrial Trade Corporation, which is credited with the related disposal proceeds. At present, the main business is car sales, complete commercial model including 4S shop, comprehensive large-scale maintenance, fast repair beauty chain, special maintenance, special maintenance, automotive testing, and other subsidiaries of China-Japan Toyota Motor Sales Co., Ltd. Although the overall size is small, but occupy a special force a business income of about 70%.　　But due to the overall decline in the auto market in the past two years, the company's profit level slipped. Another big expectation of special force A is on the property lease. In the previous report, the company also said that the rental rate will improve the level of the company's development to provide a stable cash flow support, and is committed to revitalizing the stock of assets, orderly exit can not be a dominant position to develop independently, low income property and market prospects are not good, inefficient projects.　　From the annual report data, the Special Force A2011 annual rental service income of 93.74 million yuan, the main business profit margin of 48%, and the largest revenue of the car trade business, the main operating profit margin is only 3%. However, in the near future, a 32.1716 million yuan price will be sold to the related property assets which have been in the rental state, resulting in a profit of about 24 million yuan. The company's choice to sell "main business" and its own performance is not related to the poor, and the former has been through the sale of assets to make the performance of the "profit" precedent.　　Special Force A2012 Annual net profit is 7.1463 million Yuan, 2013 year first quarter is 4.5338 million yuan, but after deducting the non-recurrent profit and loss, last year and this year the first quarter net profit is the loss.　　From the perspective of the shareholding structure, the special force a major shareholder for the background of the national capital of the group, the holding ratio of more than 66.22%, the relationship is clearly visible. There were rumours in June 2012 that the group would carry out major asset restructurings. However, the group later denied that it had "no plans to carry out equity transfers, asset restructurings and other matters that have a significant impact on special force a".　　In the past year, the company's largest action is located in Luohu District, Shenzhen Industrial Park, the existing old factory renovation, the construction of special power group water shellfish Jewelry Industry Park. According to the plan, the renovation project will be carried out in three phases, the total investment is expected to be 267 million yuan. The company is currently in a positive transition, this January, the company plans to be located in the Trigi Gold Jewelry Industrial Park, part of the existing old industrial plant renovation, the construction of "special Strength Water Bay Jewelry Building" project, is expected to castThe capital amount is 413.64 million yuan, the plan is completed at the end of 2015, the Planning examination and approval, the EIA approval and the project record.　　The purpose of the investment is to seize the opportunity of upgrading the old industrial zone in Shenzhen, especially the water shellfish gold jewellery industry agglomeration base, and realize the strategic transformation of the company's main business development. If the investment cannot change the low profitability of special force A, restructuring is imperative. Because of the special group of special Strength A, special information, such as two listed companies, the two companies in the main business there is a certain duplication, the market people judge, the relevant resources may be integrated into one company, the other as a shell resources.