Why is Zheng coal machine?

Why Zheng Coal opportunity in the PE circle set off so hot buying tide?　　Several obvious concept label, let this middle area medium-sized state-owned enterprise become PE eye "fragrant pastry": one is the coal big development opportunity, give Zheng coal machine coal machinery production enterprise huge market imagination space.　　In the past June, the 2010 "BP World Energy Statistics" global launch at the Shanghai World Expo UK Pavilion, which is the 59 years of BP's World energy statistics, but it is the first time to put the global launch to China, demonstrating the current China's role in the world economy and energy. According to the 2010 survey of the BP World energy statistics, the proportion of coal in the world's energy use has also increased, and as the world's largest coal-producing country, China has accounted for 45.6% of the world's output.　　With the development of coal production and the emphasis on coal production technology, technological innovation will become a powerful impetus for the development of coal industry, mechanized coal mining is the development direction of coal industry, the coal machine market ushered in a strong development opportunity.　　As the leader of coal machine industry, Zheng Coal machine is in the coal machine industry good development prospects and its solid industry leading position under double favorable conditions, by the enthusiastic pursuit of investors, in the listing before the private equity financing, once appeared "crazy Rob" situation.　　Second, the state-owned enterprises in the early profit accumulation, relatively early to upgrade the technology, making it a relatively high technology competitiveness of enterprises, some technology in the global leading position. Zheng Coal Machine was founded in 1958, formerly known as Zhengzhou Coal Mine machinery Factory (under the coal), is the national "15" plan key projects, 1998 into the Coal industry administration of Henan Province.　　The company's 2009 annual sales revenue reached 5.16 billion, net profit of 647 million yuan, ranked top of the domestic similar enterprises.　　For half a century, Zheng coal machine has gone through a period of tepid state-owned enterprise conventional development road. But since 2000, Zheng Coal Machine "tunneling" speed began to accelerate significantly. That year, Zheng Coal machine set up Enterprise Technology Center, focus on technological innovation, and the development of new products more than 500; 2004, Shenhua ZY7600 hydraulic support localization project successfully won the bid; 2005 ZY8640 high strength hydraulic support was awarded the "Top Ten Science and Technology Achievements Award"; 2007,　　Jincheng ZY9400/28/62 electronic control hydraulic support won the first prize of coal industry Science and technology progress, then, zy10800/28/63d type large mining high support through the factory evaluation, ZY15000/30/65D hydraulic support has been successfully developed.　　At present, Zheng Coal machine and its holding subsidiaries have 63 patents (including 6 domestic invention patents), has been accepted 35 patent applications (of which the invention Patent 15). The technology of the Zheng Coal machine to achieve the total production of the world's first, bracket work resistance and maximum support height of the world's first, the industry's largest industrial product, the first stent market share, hydraulic support technology research and development and design means domesticThe first and so many breakthroughs, but also broke the German DBT, the United States Joy two world coal machine giant to China's high-end hydraulic support market monopoly. It is this series of core technology, so that Zheng coal machine turnover and net profit margin in the last few years, to enhance the future in the equity financing process added the most important bargaining weights. As its investment partner Zhou, Shanghai Joint venture director, said: "When everyone is hesitant to invest in Zheng Coal machine, its technological innovation advantage has strengthened our confidence in investment."　　"But even so, some of the controversy over the restructuring process has brought too much controversy for the company, which is supposed to be more agreeable, and may have left a reading and contrast to the game of state-owned enterprises in the process of equity restructuring and the introduction of institutional investors. "Restructuring risk" different interpretation of the enterprise restructuring problems, the risk is very large, we gave no.　　"The Shenzhen RMB Fund partner in the interview with this reporter, said," The enterprise restructuring is too fierce, but do not know how it will be.　　What is "too fierce"?　　Zheng Coal Machine prospectus mentioned, in order to standardize the ownership structure of the company, Zheng Coal machine will be employees holding company hundred shares in the overall transfer to investment institutions and corporate management. Relevant data show that in 2006, Zheng Coal Machine Co., Ltd. by the state-owned companies restructured into state-owned holding company. After checkup, asset evaluation and profits into the capital, and by the Coal authority of Henan Province to reserve the reform-related costs, the final determination of the state-owned shareholder capital contributions. At the same time, Zheng Coal Machine Company employees through the union set up a Baxter company, the company to Zheng Coal machine to increase capital, to achieve the staff through the company indirect shareholding.　　After the completion of the restructuring, Zheng Coal Machinery Co., Ltd. by the Henan Provincial People's government holds a 51% stake in the company holds 49% of the equity. The aforementioned more than 10 investment institutions were owned by the company. In the prospectus for the coal machine, the process of employee ownership and the transfer of the shares of the company to more than 10 investment institutions are not much said.　　But it is this enterprise restructuring process, has caused a part of PE investment institutions worry. According to its prospectus, at the time of the restructuring, the 49% per cent transfer price for the company was 39.55 million yuan, while the cost of the hundred shares to the investment agency was over $700 million.　　Therefore, the problems in the process of restructuring make some investment institutions think that the risk of investment in Zheng Coal machine is very high.　　But Shanghai joint venture Yong Xuan venture in charge of Zheng Coal Machine Project Partners weekly hydrology does not think so.　　According to his recollection, this project was really very hot at that time, many people in the investment market knew the project, but at the same time "many people are not clear, everyone is hesitating". Since the beginning of 2008, Shanghai joint Venture Yong-Chuang has been tracking Zheng Coal machine project, talk for several months, until the third quarter of the year before the investment reached. Although many investors were concerned about Zheng Coal machine project at that time, but a lot of people are uncertain, we have a detailed investigation of the company, that the industry prospects are very good, and very optimistic about ZhengCoal machine industry status, technical advantages, as well as management of unity, professionalism and excellent management ability, which makes us firm investment confidence.　　Zhou hydrology in the interview with the reporter said. "In addition, the company price is not low." Although it is not expensive to look at, it was difficult for many people to accept the price. At that time, the valuation referred to the two-tier market of 31 heavy Industries, Zoomlion and so on, but they have a P/e ratio of 10 times. Because at that time the stock market is also relatively depressed, so the price of Zheng Coal machine so many funds dare not enter. If you do not look at the future, investment in Zheng Coal machine also requires a lot of determination. Zhou hydrology recalls.　　It is worth mentioning that, except the last latent Zheng coal mining machine nuggets of these more than 10 investment institutions, Zheng Coal Machine prospectus also mentions a person You Meixin, this person in the process of assisting Zheng Coal machine equity financing, the gains are also very considerable. According to Zheng Coal machine prospectus, You Meixin for Henan Jin Yuan law firm lawyers, in the transfer of their shares in the company to help contact investors, for the staff shares will transfer the ownership of the company made an important contribution.　　In return for the contribution of You Meixin, the board of the staff holding Committee held a meeting to discuss the agreed by the You Meixin to be held by the staff holding the 300,000 yuan contribution, the price per yuan is 1.15 yuan, a total of 345,000 yuan. You Meixin has received investment gains after the Baxter liquidation, but "it is not appropriate to take into account the benefits of You Meixin employees by investing in employees ' shares, after consultation, You Meixin has earned all of its investment gains of 260.41　　Million returned to the staff holding shares and the members of the Board of Directors agreed to use as union funds. Dinner party According to Zheng Coal Machine prospectus, December 5, 2008, Zheng Coal Machinery Co., Ltd. shareholders will make a resolution, agreed to the existing shareholders together as a promoter, Zheng Coal Machine Co., Ltd. as a whole change set up as a limited company.　　and agreed to the audited by July 31, 2008, Zheng Coal Machinery Co., Ltd. Net assets value of 5.6258.800 million yuan, according to 1:0.995 of the proportion of shares of stock company 560 million shares, 1 yuan per share, the remaining part of 2.5808 million yuan into the company's Capital Provident Fund. December 24, 2008, the county of Henan province Sasac approved the whole change to Zheng Coal Machine Co., Ltd., approved the agreement on the registered capital, stock options, the sponsors hold shares and equity settings and other matters. March 20, 2009, Henan Sasac, "about Zhengzhou coal mining Machinery Group Co., Ltd. State-owned equity management plan" to define the state-owned capital of Henan province, Changzhou Shun-Hui Venture Capital Co., Ltd., Xi ' an Innovation Investment Co., Ltd., Shanghai Ding Feng Information Technology Co., Ltd. held shares in the state-owned shares,　　Others are social legal persons and natural persons shares. December 28, 2008, Zheng Coal Machine Company's reform and registration was formally completed, when the founder of the founding of Henan province Sasac, Shanghai celebrated Equity Investment Center (LimitedPartnership), Xi ' An Han Hi-Tech Development Co., Ltd., Hangzhou, such as Mountain Venture Capital Co., Ltd., Shanghai Ding Feng Information Technology Co., Ltd., Beijing Hung Wisdom Tong Industrial Co., Ltd., Tianjin Bo Xin Investment Center (Limited partnership), Shenzhen, China-South Growth Investment Partnership (limited Partnership), Shenzhen Innovation Investment Group Co.　　Changzhou Xin-Hui Venture Capital Co., Ltd., Zhengzhou Hundred Innovative Investment Co., Ltd., Xi ' an through-Hair Innovation Investment Co., Ltd., Shenzhen City Jia Chong Rich Investment Partnership (limited partnership), such as 13 enterprises or institutions and Gio, Shao Chunsheng and other 26 natural persons. Among them, Shanghai celebrated investment agency (LP, limited partner) for Shanghai Lian Chuang Yong Xuan Venture Investment (12.77%), Zhejiang Province to the Sea Peng Chong Investment (10.64%), Zhejiang Province to create investment (8.51%), Jiangsu Shengquan Venture (6.17%), Zhejiang Xinchang County and abundant investment (4.26%　　and Shenzhen Central European Venture (4.26%). To create a permanent mission to the Shanghai celebrated investment group has become a stake in the main force Zheng Coal machine. Zhou told reporters that the joint venture wing Xuan and its partners to invest more than 200 million yuan, and the lead and Zheng Coal machine negotiations agreed to deal with the structure of the issue, Zhejiang Business Ventures and other funds to follow up investment. "When it comes to the robbery, we have not robbed it at first, and we are all undecided until after we have decided to invest, many funds have decided to follow up."　　Zhou hydrology recalls.　　Tianjin Bo Xin Investment partner Chen Yikang revealed that the fund a total of investment coal machine 70 million or 80 million yuan, is following the joint venture Yong Xuan investment. Divided by the joint venture Wing Xuan as the representative of the Investment group, another investment is the deep Venture series, because of deep ventures and Henan Local Hundred trust cooperation with the Renminbi fund, so it has invested into the Zheng Coal machine home advantage.　　But deep venture declined to comment on the stake in the coal machine. According to its offer of interest, the company held 49% of the stake in the Zheng Coal machine and Shanghai celebrated investment and other institutions signed the price of equity transfer of the audit of the Coal Machinery Co., Ltd. October 31, 2007 4.8 times times net assets, the total transfer of 742.6993 million yuan.　　And the former Shenzhen Investment company partners and Zheng Coal machine contact, its requirements of 49% of the equity valuation of 1,276,543,100 yuan. If the share price is stated in the prospectus, the shares of Zheng Coal machinery company before issuance are 560 million shares, and its 49% share is 274.4 million shares. With 742.6993 million yuan to buy Zheng Coal machine about 274.4 million shares, the purchase price of about 2.7 yuan/share.　　According to the company's 18.6 yuan 20 yuan/share of the issue price range, the investment income of these more than 10 investments has been considerable. So far, by Shanghai Lian Chuang Yong Xuan, Zhejiang Business Venture Investment, Shenzhen Innovation, Shenzhen Gottia, Shenzhen, South China Growth Fund led by the investment group officially completed the coal machine before the IPO investment shares. Following the step of Zheng coal machine into the Shanghai Stock Exchange, these investment institutions of the dinner-style feast will usher in a happy outcome.