Value Added 1.5 times times Kaiyuan Holdings selling commercial Bank stakes

After the early transfer of Xi ' an commercial bank shares terminated, today Kaiyuan Holding (000516, closing price of 6.32 Yuan) again announced the XI ' an commercial bank equity transfer. Announcement, September 8, 2010, Kaiyuan Holdings and Xing billion company signed the "Equity transfer agreement", Hing billion company to 31,999,104 Yuan under the holding of Kaiyuan Holdings XI ' an firm 13,332,960 shares. The above transfer price adds 157.51% on the basis of the company's investment cost. For the reason of the substantial premium, the company explained that the main commercial Bank of Xi ' an is gradually expanding the scale of assets, operating efficiency and steadily improve, combined with the current city commercial banks market transfer prices determined.　　It is reported that Xi ' an commercial bank total assets of 62.647 billion yuan in 2009 to achieve a net profit of 716 million yuan. Kaiyuan Holdings said that at present, the company is speeding up the pace of development of chain stores, retail business asset investment gradually increased, the transfer of Xi ' an commercial bank part of the equity, can recover some of the investment funds, and for the company to develop chain stores and investment in new projects to provide funds. The company said the stake in the book investment cost of 12,426,319 yuan, is expected to achieve income of 19,572,785 yuan.　　And in the transfer of equity, the company holds 50 million shares of Xi ' an commercial bank. In fact, in order to ease the company's capital pressure, Kaiyuan Holdings in the first half of Shaanxi province to sell the three Qin Dongdong Coal Industry Co., Ltd. 45% Equity, access to investment income of 63.48 million yuan. The company achieved a net profit of 99.3238 million yuan in the first half, up 163.51% from a year earlier, as investment earnings rose sharply.　　However, the company's main business retail business profitability has not undergone significant changes, including Baoji Vientiane Shop is still in the market incubation period, the West store is still in the decoration stage, so the first half of the main industry growth from the central clock tower shop endogenous growth. CITIC Investment believes that the growth of the company's performance in the 2010 ~2011 mainly depends on the income of investments and real estate. After 2011, the company's main business began exerting force. Its biggest profit source is Baoji Vientiane shop and West slightly gate point. CITIC Investment believes that the two stores in large volume, the company uses leasing and department stores combined the way.　　As a result of higher rental margins, to hedge the new store costs, the two stores early losses will be reduced, the early 2011 after the profit is optimistic. Data show that XING billion company's business scope for the Foundation and Foundation engineering construction, building materials sales, building decoration services, as at December 31, 2009, Hing billion total assets of the company 119.43 million Yuan, Shareholder equity of 68.4916 million Yuan, 2009 annual operating income of 149.55 million yuan, net profit of 4.74 million yuan.