The acquisition project was transferred for several months and the transformation of Yangzi new material into "pump field" failed

Source: Internet
Author: User
Keywords Acquisitions Lixin net profit
Acquisition of less than one year, Yangzi new materials (market, inquiry) (002652. SZ) will be Xuzhou Fu Rui State Pump Manufacturing Co., Ltd. (hereinafter referred to as Xuzhou Fu Rui Guo Pump) transfer. August 5, Yangzi new material released the sale of assets announcement, to be held in Suzhou Fortune Pump 60% of the equity (capital contribution of 6 million yuan) in accordance with the transfer of 6 million yuan to Suzhou Exposition Material Trading Co., Ltd. (hereinafter referred to as Suzhou Exposition). It is noteworthy that the Suzhou Fu Rui National Pump was in November 2013 by Yangzi new material acquisition, the market was once because of its "pump concept" and a continuous two trading board. Today, Yangzi's shares have risen more than 30% per cent before the takeover. November 18, 2013, Yangzi New materials issued a takeover announcement, November 15, 2013, the company's second board of directors at the 14th meeting with the cash contribution of 1.8 million yuan by the Suzhou Li Tak Pump Technology Research Institute Limited (hereinafter referred to as Suzhou de-Rui, that is, the predecessor of the Suzhou Fortune Pump) 60% equity. Data show that the establishment of Suzhou de Tak on August 30, 2011, Natural Wang Dejun, Pan Xiaohui respectively holding the company 80% and 20% of the shares. Xuzhou Li Tak owned pump field has authorized a utility model patent 5, has received 5 invention patents, as well as a number of pumps in the field of self-developed research and development results. According to the Suzhou Ming-Cheng Audit report, as of September 30, 2013, Suzhou Lixin's total assets of 576,400 yuan, the total liabilities of 242600 yuan, net assets of 333,800 Yuan; 2013 1-September, operating profit is-839,000 yuan, net profit is-831,400 yuan. In accordance with the current net assets of Suzhou, the corresponding value of 60% equity should be 200,300 yuan, yangzi new material acquisition price is nearly 8 times times its premium, visible to the development of Suzhou Lixin. Guan Jianxin Securities researcher of the acquisition of the study also said that the acquisition of Yangzi New materials Xuzhou 60% equity is "to enter the field of pump technology, expand the new profit point." After the acquisition, the Yangzi new materials in accordance with the proportion of shares continue to contribute 4.2 million yuan to increase the capital of Suzhou Lixin, Suzhou Lixin increased to 10 million yuan, and renamed as the Suzhou Fu Rui Country pump. Yangzi new material Bulletin shows that, according to the Suzhou Prudential Audit Report, as of June 30, 2014, the total assets of the Suzhou Fortune Pump is 6.1442 million yuan, the total liabilities of 54,500 yuan, net assets of 6.1987 million yuan, operating profit of 789,200 yuan, net profit is-786800 yuan. The acquisition of six months later, the Suzhou Fu Rui State pump is still a loss, obviously did not meet the acquisition of the Yangzi new materials expected. However, the Suzhou fortune pump 6.1987 million yuan net assets corresponding to the 60% equity value of 3.7192 million yuan, 6 million yuan transfer price premium of 60% or so, and the original premium of nearly 8 times times the acquisition valuation difference is very far. Yangzi New Materials The second board of directors 18th meeting Resolution announced that: as of June 30, 2014, the Suzhou Company failed to achieve the scheduled operating results, and the "Equity structure adjustment and development strategy of the Framework Agreement"Seven "the obligation of the assignor", "responsible for arranging the transfer of the specific partners for the target company to provide free production and operation of the necessary conditions" has not been actually performed. In order to control the investment risk, to avoid the company's operating risk to bring losses, the company intends to hold the Suzhou Fortune pump 60% of the stake in the purchase price of 6 million yuan price transfer to the Suzhou Exposition. 6 million yuan to increase capital acquisition, 9 months after the transfer of 6 million yuan, for the Yangzi new material may not have any loss. But in the opinion of a Shanghai fund manager, the 8 times-fold premium was now sold at a premium of less than one, and "It is only the company itself that is making a profit." "Since the listing in 2012, the performance of the Yangzi new materials flat, 2012 net profit of 41.247 million yuan, a year-on-year decline of 29.66%; 2013 net profit of 36.1982 million yuan, down 12.24%; 2014 Quarterly show, Net profit of 8.0426 million yuan, down 8.4% year-on-year, and at the same time forecast 2014 1-June net profit of 17.8813 million yuan-24.1923 million yuan, the performance of the year-on-year change to 15% to 15%. According to Yangzi new material people told the 21st century Economic Report reporter, the company in search of new transformation and upgrade, "after the launch of the investment project, the future development should be better." ”
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