SVA two companies joined the Instrument Electric Group Asset integration is ready to be sent

-Reporter Wang Xiaoyu June 8, 2008, Shanghai Radio and Television Group (hereinafter referred to as "on the radio and Television Group") under the two listed companies, radio and television electronics (600802. SH), radio and television information (600637. SH) also released a new reorganization announcement.　　The announcement shows that the reorganization is divided into three parts: equity transfer, asset divestiture and business reorganization. Two companies to join the instrument of the information show that the Shanghai Radio and Television Group, respectively, holding radio and television electronics, radio and television information 353 million, 299 million shares, respectively, accounting for the company's total equity of 30.07%, 42.24%.　　And this time, the Shanghai Instrument Electric Holding (group) company will take the way of the cash to acquire the above two listed company radio and television electronic, the broadcasting and television information All equity, the acquisition total Price is 1.111 billion yuan, 1.075 billion yuan respectively. Its pricing is based on the instrument Electric Group and the radio and television Group and the signing of the agreement on the transfer of shares on June 5, the daily weighted average price of the first 30 trading days based on the arithmetic average, but the difference is that the broadcasting information is based on the market discount method to determine the transfer price of 3.59 yuan　　and radio and television electronics in addition to the above market discount law also to give a 10% discount, thus determining the transfer price of 3.15 yuan/share. Societe Generale Securities and communications industry analyst Red think: the same belongs to the SASAC group and the radio and television group, could have used the state-owned shares direct transfer form, but now using the instrument and electricity group to buy two listed companies in cash, the equivalent of the radio and television group to sell high-quality assets,　　and the instrument Electric Group upward Broadcasting group inject 2 billion to activate its core assets. After the transaction is completed, the instrument and electricity group will become the controlling shareholder of two companies. At present, Shanghai instrument and Electricity Group has 3 listed companies, respectively: Shanghai Jinling (600621). SH), The Flying Music shares (600654. SH), Flying Music Audio (600651. SH).　　The 3 companies had no more than 0.1 yuan earnings per share in 08 after deducting recurrent gains and losses. An analyst at Shanghai Securities Company, who declined to be named, said: The performance of the three companies is not outstanding, not the industry's leading enterprises.　　However, with the acquisition of the two companies, the SVA group may be able to integrate the assets of the 5 companies.　　Stripping photoelectric Company to "stop bleeding" according to the announcement, Shanghai Radio and Television Optoelectronics Co., Ltd. (hereinafter referred to as "optoelectronics Company") will be completely stripped out of the two listed companies and in cash to sell to the Shanghai radio and Television Group. At present, Optoelectronics Company's shareholding structure: Shanghai Radio and Television Group holds 62.5%, radio and television electronics, broadcasting information each holding 18.75% of the shares.　　2008, the company achieved sales revenue of 5.248 billion yuan, net profit of 1.43 billion yuan. The transaction is also a cash way, 18.75% of the proposed transfer price of 184 million yuan. And just 1 years ago May 8, 2008, Radio and television electronics group, radio and television information acquisitionIts 81.25% stake in the book value of 2.302 billion yuan, the preliminary valuation is as high as 2.648 billion yuan, but the reorganization notice shows that as of April 30, 2009, the company's net assets of only 1.026 billion yuan, the preliminary valuation is only 980 million yuan. In addition, radio and television information held 18.25% of the stock is estimated at 611 million yuan.　　In only one year, the asset shrank by 427 million yuan, shrinking by as much as 70%. For trading prices, red analysts think: because the liquid crystal industry cyclical very large, if the economic situation in the past two years to improve, and the 5th generation of production lines into the 100多个亿 also depreciation of the same, then the cost will be greatly reduced, profits will improve a lot; , worthless.　　So it's fair to shrink by 70%.　　Two listed companies business restructuring in addition to stripping Optoelectronics Company "Stop Bleeding", two listed companies in the reorganization has also been adjusted, two companies will be stripped of real estate business, radio and television will sell some of the LCD related business, radio and television information is related to the assets. Radio and television electronics will be located in Ouyang Road 196th and New Gate Road 1378 Lane 17th of the housing ownership (building area is 33395 square meters and 842 square meters) to 72 million yuan for sale to the radio and television Group; The company and its wholly-owned subsidiary Shanghai Vacuum Display Co., Ltd. will be held in Shanghai first real Estate Management Co., Ltd. 95.5% and 4.5% of the shares of 151 million yuan to sell to Shanghai radio and television Asset Management Co., Ltd. (on the radio and television Group holding its 100% stake); Will be a subsidiary of Shanghai Radio and television Real Estate Co., Ltd. 25% of the shares sold to the Shanghai Instrument Electric Property Development company (instrument and Electricity Group holding its 100%); four, will hold the Shanghai So Guang Image Co., Ltd. 10%　　Of 132 million of the price of the shares sold to radio and television information, and finally, to 533 million of the price will be held in Shanghai radio and television Fuji Optoelectronic Materials Co., Ltd. 75% of the shares sold to Optoelectronics company. Radio and television information is to the radio and television group will be transferred to Shanghai Hao Asset Management Co., Ltd. 39.22% Equity, to Shanghai Radio and television Asset Management Co., Ltd. transfer Julu Road real estate.　　And the company's assets include: on the radio and Television Group held in Shanghai Sharp Electric Co., Ltd. 30% of the Equity, Shanghai Science and Technology Network Communications Co., Ltd. 80% of the equity, radio and electronic holdings of Shanghai So Guang like Co., Ltd. 10% of the equity. Red analysts said: The adjustment of the idea is to continue the two companies in the past division of labor, interpretation of the previous management ideas. Before the integration, the two companies have a division of labor, that is, radio and television electronics engaged in Flat panel display and its upstream components production, and radio and television information production terminal consumption and other downstream products, but the business development has been intersection.