Xin Network Video Low selling shoplifting has a mystery

Every reporter Li Wenyi trainee reporter A "Daily economic news" recently reported Xin Network Video (600403, the closing price of 21.79 yuan sold high growth communications assets to big shareholders at 6.47 times times P/E, and the event of a 10.3 times-fold price-to-earnings ratio from the coal group to low-quality coal assets. For Xin Network video This strange "low sell buy" behavior, the outside is quite puzzled, what is the motive in the end? After investigation, the reporter found that low selling shoplifting behind, in fact, is the investment and the coal group to buy: Fu Hin investment through the sale of shell resources to become two shareholders, for the future reduction of the exit pave the way;　　But in the new boss shareholders profit, small and medium-sized shareholders have become the ultimate victim, because after trading Xin Network video not only lost the original high growth, but also bear a heavy debt burden. Mystery of the "low sell buy" April 12, Xin Network Video held a meeting of shareholders, passed a major asset reorganization plan.　　Up to now, the plan can be implemented only after the approval of relevant departments such as the SFC. Assets reorganization plan shows, Xin Network video will be 142 million yuan price, that is, the company's 2009-year performance of 6.47 times times P/E to sell all assets and liabilities, the founder is Xin Network video of the current major shareholder Fu Hin investment.　　You know, in the past three years, the net profit compound growth rate is over 60%, the asset-liability ratio is only about 20% of the quality assets, the final sale to the major shareholders of the assessment price is only more than the net book value of 104.52%. At the same time, Xin Network video to the net book value increase rate of up to 323.38% of the price from the coal group to buy the texture is not good coal assets. The asset is not only a mining right assessment price higher than the peer 90%, corresponding to 10.3 times times earnings, and this part of the assets of tons of coal profit less than 50 yuan, lower than the average profitability of listed coal companies.　　In addition, after the group's profit assets into the listed companies, but also left a lot of loss of assets, this asset stripping the listing of the practice also for the future development of the network vision buried "landmines." Xin Network Video In the main success, why choose to sell high growth assets to large shareholders, and put into growth is not optimistic about Henan coal enterprises?　　The daily economic news reporter after continuing the investigation, discovered that the rich Xin invests the superb "the Finance technology" and the coal group eagerly listed the mentality, or appears this reorganization the important reason.　　Cleverly withdrew from the 10-year earnings of Fu Hin investment more than 50 times times Fu Xin investment with 142 million yuan low price repurchase Xin network of communications assets, although to take the position of the company's second largest shareholder, but still hold 24.1395 million shares, the latest market value of 526 million yuan. "In fact, this part of the shares have been lifted, as two shareholders, Fu Hin investment can be reduced at any time, not like the first major shareholders have to reduce the restrictions." One market person told reporters. "Fu Xin investment through repurchase assets, sell Xin Network video of shell resources, even if the testTaking into account the cost of 142 million yuan repurchase, Fu Hin investment will still easily earn nearly 400 million yuan of profits, plus a high-quality communications assets, this has not included Xin Network video listing for many years of dividends. If not, the investment may forever be Xin Network video of the largest shareholder, always holding more than 20 million shares, but can not be cash. "It is understood that Fu Hin investment in 2000 years to obtain a network of interest, pay only 10.16 million yuan before and after, according to this calculation, the future if the stock will be realized, the investment in 10 will be more than 50 times times the huge gains, but also at a lower price will be Xin net video of the original assets of all into its own, there is no slightest loss, Fu Hin investment　　"Superb financial skills" is indeed breathtaking.　　In fact, the investment itself is a venture capital enterprises, but also held a ha air-conditioning (600202, closing price of 19.57 yuan), Bao Guang shares (600379, closing price of 18.40 Yuan) and other companies stock. A Shanghai brokerage researcher told the Daily Economic news reporter, Fu hin investment spent 10 years operating assets listed repurchase, earning hundreds of millions of yuan in cash empty-handed.　　After the investment repurchase this part of the asset is completed, it can be fully integrated into other assets, and then run the market again, so it will be repeated.　　In this connection, the reporter tried to interview the investment related people, but after learning the intention of the reporter, the person immediately said inconvenient to interview, hung up the phone. Avoid the integration of coal-mining group borrow shell listed in Xin Network video high growth period of choice to withdraw, if only the one-sided willingness to invest, perhaps also difficult to go, and eagerly look forward to the listing of the coal group joined, let Xin Network video of the "Exchange transfusion" restructuring hit. "I don't know how the coal-mining group would have thought of borrowing a listed company in Nanjing," he said. As far as I know, the coal group is eager to go public, lest it be consolidated. "A person familiar with the coal industry in Henan Province said to the daily economic news reporter.　　At present, Henan province in the key period of coal resources integration, in the possible integration of several major groups, the coal group does not occupy any advantage, so if not willing to be other coal consolidation mergers, then only choose to go public. A brokerage person in Nanjing said the simplest way is to consolidate the coal-mining group with Zhengzhou Coal (600121, close 11.36 yuan) big shareholder Zheng Coal Group, two annual production capacity of more than 20 million tons of large coal enterprises, the merger can be upgraded to an annual output of 50 million tons of oversize coal enterprises.　　However, is the Zheng Coal group Integration of the Coal group, or the coal group to integrate Zheng Coal group, there is no conclusion.　　The person also said that the coal group and Zheng Coal group strength is similar, but Zheng Coal group has Zhengzhou coal power this listed company platform, has a certain comparative advantage, so do not want to be integrated object of the coal group only backdoor this path. At this time just met want to sell shell exit of the rich Hin investment, then the coal group will book value of 1.942 billion yuan of assets, through the evaluation of value-added 323.38%, injected into the listed companies, successfully completed the backdoor listing. "With the listingThe company's financing platform, the coal group to expand outward also easier.　　Said the person familiar with the matter. Through this transaction, Fu Xin Investment and the coal group can be said to be what they are, to achieve a "double win" effect. But in the back of the deal, Xin Network video of the small and medium-sized shareholders have become the ultimate victim, because the company not only lost the high growth of the past, and with the injection of coal assets, will also bear billions of of the debt burden.