Vinriyan 16.72 million yuan in Shandong temporary workers 16% Equity

Today, Vinriyan (002434, the former closing price of 30.10 yuan) restructuring of the suspension of the issue finally released! The company intends to buy 16.72 million yuan in cash for Shandong temporary workers 16.33% equity.　　After the completion of the transaction, the company holds the Shandong temporary workers will rise to 53.88%, and transmission capacity will be more than 1 million units, become the domestic transmission production and sales leader, light truck transmission market share will be ranked first in the country. The shareholding rose to 53.88%-week-long wait, today Vinriyan finally announced a major asset purchase plan. The announcement shows, Vinriyan and Wansheng auto parts signed a transfer agreement, to cash 16.72 million yuan to buy Wansheng Auto owned Shandong temporary workers 16.33% equity.　　Since the company has 37.55% stake in Shandong temporary workers, after the completion of the transaction, the company will be the total possession of 53.88% of Shandong temporary workers, become the controlling shareholder of Shandong temporary workers. The transaction is based on June 30, 2010 for the evaluation of the benchmark day, confirmed the value of the net assets of Shandong temporary workers of 104.9269 million yuan, according to the Wansheng auto parts of Shandong owned by the proportion of equity, its corresponding equity evaluation value of 17.1346 million yuan.　　After the two sides negotiated, the transaction amount was finally determined to 16.72 million yuan, compared to the evaluation value of 2.42% discount.　　Data show that the Shandong Pro is a light, micro-card gearbox production and sales of large-scale machinery manufacturing enterprises, annual production and marketing of light, micro-card gearbox more than 500,000 units, the production capacity ranked first in the domestic industry, the domestic market share of more than 35%.　　Vinriyan said that after becoming the controlling shareholder of Shandong temporary workers, the company's technology, management advantages and the production scale advantages of Shandong temporary workers will be combined, which is conducive to the company's rapid expansion of production capacity and increase market share, enhance profitability and create greater value for shareholders. 600 million yuan investment in the transmission project in recent years, Shandong Pro-industrial production and sales of major products are maintained in more than 90%, and the car gearbox production volume increased year by year.　　2009 Shandong temporary workers to realize the operating income of 687.8184 million yuan, over the same period of time to realize the operating income of 727.1008 million yuan, Shandong temporary workers 2009 years of operating income of the same period of business income ratio of 94.6%. Although the operating income is close to Vinriyan, Shandong Pro is the gearbox roughing enterprise, the gross profit margin is only about 15%, in addition the company management ability is weak, the period expense is high, the high cost expense causes its net profit margin has been low.　　In 2008, the net profit of Shandong temporary workers was only 4.1271 million yuan and 17.8506 million yuan in 2009 respectively. However, Vinriyan said that after the acquisition of the company on the one hand, through the supply of raw materials, control procurement costs and other ways to improve its product gross profit margin, on the other hand will play its own cost management advantages, reduce the period costs, improve the profitability of Shandong temporary workers. In addition, Vinriyan also said that Shandong pro-peasant-driven bridge box in the domestic market share of more than 80%, in the absolute monopoly position, and its construction machinery products also have a good prospect, these two new business will create newProfit growth point. In addition to the takeover announcement, Vinriyan also announced that it is proposed to invest in a new "annual output of 500,000 passenger car transmission project", the project planning total investment of 622 million yuan. The project is expected to complete the postpartum, can achieve new annual sales income of 1.95 billion yuan, the total profit of 282 million yuan.