Xinhua light Issuance Scheme Two-tier market premium exceeding twice times

May 31, Xinhua light Time spent 1.5 of the asset injection finally see the dawn, the company issued a notice that its additional acquisitions were qualified to pass, and began to duplicate the card.　　At the end of 2009, the Xinhua light of the issuance program was rejected by the merger and Reorganization committee, there are speculation is caused by the proposed injection of assets in the dispute. It is noteworthy that, by the "Huaxia Times" reporter survey to understand that this time the approved scheme and the previous plan is not substantially different.　　One analyst said the previous plan was not because of the unstable profitability of the day's photovoltaic assets, which added to its performance pledge. After a few days after the replacement of the rise, June 4, Xinhua Light's share price has reached 21.41 yuan.　　More than 6.28 yuan in the additional price, a premium of 240%. Inject assets into the pros and cons of the assets injected Xinhua light is twists. October 9, 2008, the company issued a major asset reorganization and suspension, during which with the Western Light Group and Hongta venture, Yunnan Investment and intermediary agencies, such as communication, and signed a framework agreement on November 6. And then embarked on a long layer of approval of the road, in the Yunnan state capital and Costind after the approval of the final fold of the Securities and Futures Commission.　　December 8, 2009, its additional program by the Merger and Reorganization Committee audit failed.　　Zhejiang Business Securities report pointed out that Xinhua light directional additional will dilute the interests of small and medium-sized shareholders, and the first half of the solar PV losses in 2008, belong to the bad assets, and have hollowed out the suspicion of listed companies. "All companies were affected by the 2008 financial crisis, but it was profitable for 2009 years." "A person in the Xinhua light said.　　Starting from 2009, the company began to profit, the first half to achieve net profit of 3.36 million yuan, an increase of 208.4%, and in the year to achieve net profit of 11.529 million yuan. June 3, said the insider to reporters: "This plan has not changed in general, the price has not changed, but the details will be some fine-tuning." In fact, we just know that the result is not the same, specifically for what the SFC does not say, we are not clear. We have been trying to move forward with the restructuring, hoping to make it quick, and injecting assets into the performance drive should be more than 3 cents. "In addition to the Sky Tatsu photovoltaic, the western Light group's defense target is also to inject an important asset." Compared to the days of PV, the defense targets of the value-added rate is 96.93%, profitability is significantly stronger. However, according to the reporter understand, it in 2008 net profit has exceeded 57 million, and the Western Light Group on its performance of the "commitment" is not less than 48.93 million yuan, 2010 years not less than 4667 yuan, 2011 years not less than 44.7 million yuan, is declining year by trend. Even if the company's 46.48 million-dollar performance pledge, which was added in 2012, is equivalent to the 2006 level.　　The reporter called the West Light Group secretariat, the company's weekly secretary said the reorganization is not their main work, they are not clear. New Wakong This side of the explanation is that defense assetsThe year-on-year decline in performance is mainly due to tax factors, which have been using preferential tax rates before, and may return to 25% by 2011 or 2012 years, so strictly speaking, its income is actually increasing. The new scheme has little change. "We are now waiting for the official approval of the CSRC down, the company operations at present all normal, as for the follow-up whether there will be assets in, there is no plan.　　Said the Xinhua light personage. He also told reporters, Xinhua light has been the reorganization of the application materials have been supplemented and revised, mainly including the company increase in solar PV equity and the reasons for the impact of listed companies, non-defense assets into the transaction reasons, further improve, (a) Reduction of associated transactions and the addition of debt transfers without the consent of the creditor and a description of the compliance of the Western Light Group.　　The issuer also added a 2010-2012-year performance commitment for the solar PV, as well as extended lock-time commitments. "As regards the reduction of related transactions and the transfer of debt, they are based on the requirements of the SFC and are not meant to be a problem."　　"He revealed. When the reporter suggested that the current level two market prices and additional prices have been very far, the person said, many companies are so, the process of additional issuance is so long, the difference is very normal.　　If you want to change the price, then again to report the material again approval, that is not possible. Xinhua light of the directional additional whether the injection of non-performing assets or empty listed companies are still unknown, but in fact, in accordance with the old plan, the deal before the Western Light Group held 16.71% of the company's shares, and through the price below the market price of 71% to get more than 80 million shares, the equity will be heavily concentrated in the hands of the Western Light Group,　　It will hold 102 million shares of the total share capital after the completion of the issuance of 48.82%. At present, Xinhua light dynamic P/E has more than 200 times times, June 4, its closing price reached 21.41 yuan, according to additional prices have been more than 2.4 times times. "Stock prices are related to a lot of factors, and we don't really care about that." There are a lot of funds coming in now, but they haven't come to research. As far as I am concerned, the only hope is that the reorganization will be done quickly, but there is no timetable. "the company said.