Xinwanzer shares high price of Shenzhen Hongji "outcast" asset pricing suspense

Two listed companies in a retreat, involving a series of asset pricing suspense. August 24, Xinwanzer shares (000534, closing price of 6.91 Yuan) announced that the company intends to invest 210 million yuan to acquire Sianhong Investment and Development Co., Ltd. (hereinafter referred to as XI ' an new Hong) 50% equity, trading object for Shenzhen Puixing Investment Development Co., Ltd. (hereinafter referred to as Shenzhen Puixing),　　The corresponding overall evaluation value of Xi ' an new Hong industry is 420 million yuan. Information shows that this part of the stake in Shenzhen Puixing on July 22 this year, from Shenzhen Investment Development Co., Ltd. (hereinafter referred to as the Cylon) department purchased. Interestingly, March 31 this year, Sun Hung Kai (000040, close to 6.51 yuan) has announced that the price of 158 million yuan, the Shian industry 66.5% share sale to the company.　　According to the price of the Sun Hung Kai, the overall value of the Shian industry was only $205 million.　　Less than half a year, the same asset valuation unexpectedly is more than one times, whether it is Xinwanzer shares "shoplifting", or the Sun Hung Kai "Sale"? However, no matter what kind of situation, low selling is the loss of listed companies, shoplifting is also listed companies suffer, is the public investors really become "tang"?　　Xinwanzer shares high premium of the stock market it is understood that Xi ' an new Hong industry was founded in 2003, registered capital of 200 million yuan, mainly engaged in real estate development and sales, currently has XI ' an affordable housing "Hongji New Town" project two land use rights.　　Based on the evaluation of the new century assets for the acquisition, Xi ' An, the total shareholder's equity audit book value of 135 million yuan, the evaluation value of 420 million yuan, value-added 285 million yuan, value-added rate of 210.54%, its 50% equity corresponding valuation of 210 million yuan. After the transfer of equity, the ownership structure of Xi ' an new-hung industry changed into Xinwanzer shares accounted for 50%, Shenzhen Puixing accounted for 1%, and Isaiah accounted for 49%.　　Xinwanzer shares said that the report would not be merged, as no actual control had been obtained. For the purpose of acquisition, Xinwanzer shares are mainly to enhance the Company's sustainable development capacity, bigger and stronger real estate business.　　The company also said it would increase the company's land reserves and help develop the market and enhance brand influence in the XI ' an region.　　But the daily economic news reporter found that the same is XI ' an new Hong industry's stake, its evaluation of six months before the value is far lower than the present. The announcement showed that March 31 this year, Saidlon to 158 million yuan at the price, from the Sun Hung Kai office to buy XI ' an new Hong 66.5% stake in XI ' an, thus holding a 100% stake in the new Hong industry. Subsequently, the company also changed hands to 210 million yuan price, will be 51% of the shares sold to Shenzhen Puixing. The asset valuation data disclosed by Sun Hung Kai Show that the net assets of Xi ' an are 158 million yuan, the valuation is 205 million yuan, and the value-added rate is only 29.45%.　　The estimate is less than half the Xinwanzer stake. Two of the same block of assets pricing in less than six months, why the valuation of the Shian industry will be a grandA change in the cover?　　The asset assessment report issued by Kaiyuan assets shows that the benchmark date for the acquisition was July 31, 2010, with the final selection of market value as the value type of the assessment conclusion, and the cost method was used to evaluate it.　　In addition to the assessment base date of December 31, 2009, the method used in the asset assessment report of the Sun Hung Kai is the same as that of the assessment.　　So is it going to be a big change in the asset situation in Xi ' an, between the two benchmark days?　　The daily economic news reporter noted that for the reason of the huge value added, Xinwanzer shares said that the main assessment includes the certificate project development profits. Data show that Xi ' an new Hong industry currently holds two land use permits, including the number of October 12, 2007 issued by the West Goose Country Use (2007) The No. 826 "land use license"; and November 23, 2009 issued the number for the West Goose Country Use (2009) No. 483, "Land use right card",　　respectively corresponding to the "Hongji New Town" Project 26#, 20# plots.　　But in fact, in the report on the assets assessment disclosed by the Shenzhen Hongji, the land use certificate held by Xi ' an is also two. According to the relevant accounting standards, the value of the land use certificate is mainly expressed as the inventory account under the current assets.　　In the asset assessment report on the disclosure of Sun Hung Kai, the assessment value of the subject was only $44.8725 million, with an evaluation value added of 8%, while the Xinwanzer shares did not specify the subject of current assets in the asset assessment report, but were generally summed up in the liquidity, with an increase of up to 290 million yuan.　　To assess the reasons for the high value added, Xinwanzer shares Dong Huangmanhua in the "Daily economic news" reporter interviewed, said the company is mainly in favor of "Hongji City" project profit space, the project has been in the pre-sale, the current XI ' an new Hong industry only the pre-sale payment of 500 million yuan.　　According to the Daily economic news reporter found that the XI ' an new Hong industry holdings of real estate pre-sale certificates were issued before December 31, 2009, that is, the benchmark date of the asset assessment report disclosed by the Shenzhen Hongji. "It is very strange, since the assessment of certificate and pre-sale certificates are the same, why two of developers to the project profit margin of the judgment will appear so much difference?"　　"A senior private equity insider in Shenzhen said bluntly. Huangmanhua said it was not convenient to evaluate the transfer of Sun Hung Kai.　　Yesterday afternoon, the daily economic news reporter has repeatedly called the Sun Hung Kai, but as at the time of press no answer. "The problem now is very simple, not that Sun Hung Kai is selling out the asset is Xinwanzer shares are outrageous."　　"The private equity person said. So who is making a mistake?