Xu Ji Electric acquisition suspension proposed to inject assets doubt

Xu Relay (000400) SZ) Because of the reorganization of assets, the company has been suspended since September 18. The company intends to issue shares of 1.932 billion yuan to buy the holding shareholder Xu Ji Group Limited (hereinafter referred to as the "Hui Group") assets, and the subject of transactions registered capital of less than tens of millions of. Xu Relay September 18 issued a notice, due to mergers and acquisitions and asset restructuring, the company's temporary suspension of stock. Data show that the company intends to 13.20 Yuan/shares to the company holding shareholder Xu Group issued about 146 million shares to buy flexible transmission branch (hereinafter referred to as "flexible transmission") business and related assets and liabilities, Xu Relay Power Co., Ltd. (hereinafter referred to as "Xu Relay Power") 75% equity, Xuchang Xu Relay Software Technology Co., Ltd. 10% Equity (hereinafter referred to as " Xuchang Xu "), Shanghai Xu Relay Electric Co., Ltd. (hereinafter referred to as" Shanghai Xu Ji ") 50% equity. The transaction price of assets is about 1.932 billion yuan. The announcement shows that the transaction is the target of assets of 649 million yuan, the estimated value of 1.928 billion yuan, the estimate of value-added 1.279 billion yuan, value-added rate of 197.07%. Data show that the registered capital of Xu Relay power is 50 million yuan, Xuchang Xu after the registered capital of 30 million yuan, Shanghai Xu Secondary registered capital of 20 million yuan. And prior to the release of the plan, the electricity is expected to 2013 flexible transmission net profit of 135 million yuan. The main business income of flexible transmission mainly includes the sales revenue of the converter valve, the new energy generation grid-connected equipment and so on. The sales revenue of the converter valve is the main revenue source of the flexible transmission branch, accounting for more than 90% of the total income. Next is the new energy generation grid-connected equipment, starting from 2011 The business appears the obvious upward trend, is the company future profit new growth point. Visible, Xu relay the acquisition of assets of the registered capital and net profit is not high, the company more than 1.9 billion of the purchase price may be too high. This reporter called Xu Relay, but as of the press deadline has not been answered. It is noteworthy that the first half of 2013 's operating income was almost no growth, while the company's net profit rose by 53.71%, mainly due to the company's substantial cost reduction. Earnings showed that the company's sales costs, management fees, financial costs fell 11.55%, 15.48%, 38.66% respectively. September 22, Xu Relay has not yet been a duplicate.