The collapse of net assets, the stock price before suspension and the reorganization of venture capital

With Tatsu Venture is the height of a premium acquisition of assets listed. After four months of suspension, the reorganization plan was changed into a non-public offering scheme, and the same-Tatsu venture announced yesterday the plan and the recovery of cards. With the increase in the plan to surface, up to 9 times times the premium and the stock price before the suspension of the abnormal movement caused the market concern. Acquisition of the Target's net assets "bizarre" October 10, with Tatsu Venture announced a long gestation of the non-public offering a shares of the plan, in order to seek business transformation, the company intends to include controlling shareholder fidelity Investment, Hong Kong gold benefits, including seven specific objects issued 309 million shares, to raise 3.2 billion yuan capital, after deducting the issue fees are all used to acquire Beijing Video Digital TV Technology Co., Ltd. (hereinafter referred to as "digital") 100% equity. Other participants are subscribed in cash except for the HK $800 million worth of digital equity subscription. From the bottom of the issue, the increase to October 10 as the base day, in accordance with the benchmark date of 20 trading days 11.5 yuan of 90% to determine the issue price of 10.35 yuan/share. Data show that the digital video is a broadcast digital TV content security products and technical service providers to broadcast digital television conditional access system as the core business, the main revenue and profit source is the condition of receiving smart card sales. It is noteworthy that the company as at the end of 2012, the end of 2013, the net assets of 527 million yuan, 689 million yuan, and to the end of June 2014, net assets have shrunk to 323 million yuan. On June 30, 2014 as the benchmark day of assessment, the estimated value of the total equity of the digital shareholders is about 3.2 billion yuan, which is more than 9 times times higher than the value of the net Assets account. Before the suspension of the price of a strange move for the same venture to start the brewing nearly five months before the release of the proposed plan, many investors put forward a lot of questions: "The same as up to the start of business trading on the day before, and a sales office to buy more than 20 million, there is insider trading." "The naked benefit of conveying it. "6,006,471 years of half time have been stopped, and constantly argumentation, repeated argument." Reporter investigation found that in the same trading day before the start of business, the stock price appeared significantly different. With Tatsu business on May 19 suspension, as May 19 is Monday, so May 16 for its last trading day before the suspension. May 16, with the start of the venture before 11 o'clock the stock price has been hovering in the low; after 11, the stock price suddenly rises, the afternoon is sealed up trading board, the day the amplitude of 12.05%. At the same time the stock price is different move, the turnover also obviously enlarges, the day deals 6.1142 million shares, is 8.79 times times of the previous session (695,800 shares). Trade data show that the Southwest securities Beijing North Third Ring Road sales department to buy a seat at 22.9786 million yuan, this transaction amount accounted for the total turnover of more than 30% of the day. Reporter further investigation found that the sales department is located in Chaoyang District, Beijing, North Third Ring Road, No. 2nd distance with the venture capital of the company's investment location, Zhongguancun South Avenue, 6th, the CLP information building is only 5.7 kilometers. With the aboveQuestions, the public Securities and financial network reporters yesterday to call with Tatsu business, the company telephone no answer.