Tcl takes over deep textile desire holding

Absrtact: April 7 night, TCL Group (000100.SZ) took over the deep textile (000045.SZ) stock right finally surfaced. Deep Textile, TCL Group also issued a notice, TCL proposed to be let Shenzhen Investment Holdings Limited (hereinafter said deep investment control) to transfer the deep textile part of the equity

April 7 night, TCL Group (000100.SZ) took over the deep textile (000045.SZ) stock right finally surfaced.

Deep Textile, TCL Group also issued a notice, TCL proposed to be let Shenzhen Investment Holdings Limited (hereinafter referred to as "deep investment control") to transfer the deep textile part of the stake, has submitted the letter of intent and relevant information, and paid the deposit of the contract in full. TCL group April 8, Rose 2.33%, closed to 2.64 yuan. Deep textile continued to suspend trading.

"Two companies are in Shenzhen, are in the tablet industry chain, and Shenzhen is carrying out state-owned reform, all of which is logical, the stake is actually expected to." "A broker in the South who has long followed Tcl's household appliance industry researcher told the 21st century economic reporter.

The transfer of deep textile shares is regarded as an important step in the reform of Shenzhen state-owned capital, followed by the China-controlled seg (000068). SZ), deep Wall (000042. SZ), the Shenzhen state-funded committee will give up the actual control over the deep textile.

On the amount of the acquisition, both sides in the announcement did not disclose. It is noteworthy that from the deep textile equity publicly listed to TCL Group issued an intention, before and after less than 20 days.

"Sasac has been doing this recently, because some of the consumption of the state-funded general operation is not very good, so in the work of attracting capital, to find people to pick up the state-funded plate." This kind of enterprise, has been taken over, not have the industrial park, land resources, is priced relatively cheap. A person familiar with the reform of Shenzhen state-owned capital told reporters.

Deep textile seems to conform to the situation mentioned by the foregoing persons. The official website shows that the deep textile group main business includes three parts, the first piece is the high and new technology industry represented by the LCD polarizer; the second one is the textile and garment industry represented by overseas garment processing and high-grade seamless underwear. The third piece is located in Shenzhen Huaqiang north of the bustling business district of the building for the real estate leasing industry representative.

"The textile and clothing industry and the property leasing industry are not related to TCL, but the volume of TCL is no problem." "said the southern brokerage researcher.

Media reports, "according to the deep textile 17th, the first 30 trading days of the weighted average price of about 7.86 yuan/share, to calculate this amount of equity transactions will reach 1.037 billion to 1.155 billion yuan."

"This valuation can not be said to be cheap, may be accepted after the Shenzhen state-funded committee or Shenzhen government will give Tcl some resources." "said the person familiar with Shenzhen state-owned reform.

On the other hand, Tcl's share of the shares is considered by industry analysts as "taken for granted".

Deep textile in the announcement of March 17, "The assignee must be a single legal entity, engaged in flat-panel display related industries, continuous operation for more than three years and the last two consecutive profits, and other conditions, the proposed party if there is the intention of the assignee, and in accordance with the above conditions, should be April 4, 2014 15:30 Before and payment of RMB 110 million to the designated bank. ”

"Shenzhen can not find a second business suitable for takeover." "A brokerage fellow in the south said to reporters that under the conditions of qualified assignee, can come up with so much money, may only TCL group, rather than before the rumors of Huaxing photoelectric."

"For an unsuspecting bidder, it means making a decision to make a 1.2 billion yuan investment within 19 days." "Snowball online certification for Black Swan Asset executive director, chief investment officer Deng Lijun users also pointed out."

At present, Tcl owns Tcl Group, TCL Multimedia (01070.HK), Tcl Communications (02618.HK) three A-share H-shares listed companies. If the deep textile equity has been successful, Tcl's listing platform will increase to 4.

This time for the acquisition of Deep textile shares, TCL Group's purpose is also more obvious: directly to the polarizing film business.

"Polarizer is mainly used for LCD panel module production line, for the lack of polarizer, TCL Group, into the deep textile can complement the vertical plate industry chain, big flat industry." "said a brokerage analyst in East China.

Deep textile in recent years, "focus on the advantages of resources, the full development of polarizing film as the core of the leading industry, orderly exit from the main business, support the company transformation." Within 2013 years, TFT products have begun to huaxing photoelectric, Dragon photoelectric, deep ultra photoelectric, China Airlines photoelectric bulk Supply, Beijing Oriental, China Electric Panda product import work has also achieved a phased results.

"TCL Group's huaxing photovoltaic panel of the first production line full production, the second panel of the production line has also begun to build, do not rule out greater, the need for polarizing films will also increase." "The southern brokerage researcher said that the current domestic two major panel giants are Beijing Oriental and Huaxing photoelectric, the former in Beijing, Chengdu, Hefei, Ordos, Chongqing and other regions have 7 production lines, Huaxing photoelectric is also in the expansion.

According to the above announcement, TCL Group's Fancy "Polarizer" 2013 business income of 596 million yuan, accounted for the deep textile year total operating income proportion of 52.68%. Huaxing Photovoltaic as its second largest customer, contributed to the company's annual sales of 19.84%. But the business is not profitable. 2013 annual report showed that the company's Polarizer products 2013-year gross profit margin of 4.95%, a significant reduction of 62.49% compared with 2012.

"Now deep textile polarizer business scale is not big, short-term profit contribution is smaller." But will not use the deep textile market shell resources to carry out more capital operation is worth guessing. "The southern brokerage researcher mentioned that, for example, Tcl's holdings of deep textile shares and huaxing photovoltaic assets injected, can bring some imagination space."