Yanjing Beer 132 million share of the river curtain wall

Yanjing Beer announced today, wholly-owned subsidiary of Yanjing in Inner Mongolia to be let large shareholder Yan Beer Group held Beijing River curtain Wall company 12 million shares, accounting for 2.67% of total equity, transfer price 132 million, equivalent to 11 yuan/share. According to the bulletin, the river Wall was established in February 4, 1999, registered capital of 450 million yuan, main building curtain wall system product development, engineering design, manufacturing and installation of construction.　　At the end of 2009, total assets of about 3.96 billion, net assets of 1.39 billion, 2009 operating income 4.19 billion, achieve net profit of 293 million.　　Yanjing Beer explained the purpose of the investment, based on development needs, considering the river wall has good prospects for development, the company intends to issue shares in the territory and listing, equity participation is conducive to improve the profitability of the company. It is noteworthy that with yanjing beer 11 yuan/share of investment cost calculation, the overall value of the river wall in 4.94 billion yuan.　　Then the company last year 293 million net profit, it is obvious that the company Yanjing beer at 16.9 times times the shares, higher than the first market pre-ipo about 10 times times the average cost of PE. Or precisely based on this, yanjing group not only on the Yanjing beer investment risk fallback, but also the transfer of income to the latter. According to the relevant agreement, Yanjing Group will ensure that the Inner Mongolia yanjing does not suffer economic losses due to the river curtain wall equity. In case of economic loss, the Inner Mongolia Yanjing has the right to sell the shares to Yanjing group at the price of the purchase, or ask Yanjing group to compensate for all the losses (including the capital cost incurred).　　In addition, in order not to be transferred to the Inner Mongolia yanjing by the transfer of capital pressure, Yanjing Group has lent this equity transfer to the Inner Mongolia yanjing use, at the same time the transfer of all the costs of the shares will also be held by Yanjing Group.　　Thus, whether the river wall can be listed, and the overall valuation of the company after the listing will reach what level, is the market to judge the core proposition of the investment. It is worth mentioning that, with the river curtain wall in the same industry, and Beijing's Jia Yu curtain wall has been successfully June 29, and will be listed on the gem, but the latter at the end of 2009 total assets of 852 million, net assets of 360 million, are only the former 21%, 26%. At the same time, Jia Yu curtain wall at the end of 2009 to achieve net profit of 67.53 million, the former 23%, the company 2009 net assets yield of 18.8%, and the river Wall is 21%, profitability is higher than the former. Therefore, as far as the only public information available, this transaction is always a bit like yanjing Beer's big shareholder is in the listed companies "transport benefits."