Its net assets are only 300 million yuan guaranteed to invest 2.8 billion yuan in 5 years
The actual controller of Lianchuang Optoelectronics has changed hands. The company has been replacing the Jiangxi Provincial State-owned Assets Supervision and Administration Commission (SASAC) as the actual controller of the company. Can Lianchuang Optoelectronics make a system change through actual controller changes, and then “gloriously turn around�
èµ£ è”åˆ 9.8 billion to take over
Recently, Lianchuang Optoelectronics disclosed the “Equity Change Report†on the actual controller change. The announcement shows that on November 5, the Jiangxi Provincial State-owned Assets Supervision and Administration Commission and the merchants jointly signed a transfer contract for the 100% equity of Jiangxi Electronic Group Co., Ltd. (hereinafter referred to as “Jiangxi Electronicsâ€) after the divestiture, and the equity transfer price was 98,267,100 yuan. After the completion of the acquisition, the company will indirectly hold 20.41% of the shares of Lianchuang Optoelectronics through Jiangxi Electronics and become the indirect controlling shareholder of the company.
It should be noted that Jiangxi Electronics holds 75,692,100 shares of Lianchuang Optoelectronics. According to the closing price on Friday, the market value exceeds 1 billion. Only this asset exceeds the equity transfer price.
In addition to the transaction price, the company has also made relevant commitments and guarantees: the control of Jiangxi Electronics and Lianchuang Optoelectronics will not be allowed for at least 10 years after the transfer of the equity; within 5 years after the acquisition of control, the guarantee will be through different financing. The funds needed to raise key projects for the development of Jiangxi's major electronic sectors are more than 2.8 billion yuan, of which the first three years have invested more than 1 billion yuan in Jiangxi's electronic LED, cable and special communication projects, and the sales revenue of Jiangxi Electronics has reached 100 in 5 years. More than 100 million yuan.
èµ£ è”åˆ joint continuous loss
What is the sacred union of the merchants and can make such a big commitment?
According to public information, the company was established in February 2009 with a registered capital of Shanghai and a registered capital of 350 million yuan. The legal representative Deng Kaiyuan is the actual controller of the company. It indirectly controls 34% of the shares of the company through Shanghai Kaitian Industrial Investment Co., Ltd. and Shanghai Kaiyi Economic and Trade Co., Ltd. (19% and 15% respectively). Relative holding position. Deng currently serves as the president of the Shanghai Jiangxi Chamber of Commerce, the Standing Committee of the Shanghai Youth Federation, and the Deputy Secretary-General of the Shanghai Medical and Health Youth Federation.
What is incredible is that the joint business scope of the merchants is involved in industrial investment, real estate development and operation, domestic trade, etc., and has nothing to do with the related industries mentioned by Jiangxi Electronics. It is called “outside the Hanâ€.
What is even more remarkable is that the joint venture has been losing money continuously: the net profit in 2009 was -5 million yuan; the loss in January-August 2010 was 1,863,200 yuan. As of August 31, 2010, the company's net assets were approximately 343 million yuan. The above two periods of data are audited financial data.
Why can the alliance of the merchants be in place?
“The actual controller is easy to master and slightly subtle. The market consensus is that the new controller is a company engaged in related fields. From the existing assets of the company, there is no relevant assets, and the non-LED related fields are slightly lower. In the market expectation." Hong Kong Securities analyst Yan Jian has been tracking the changes in the actual controller of Lianchuang Optoelectronics.
It is understood that the data of the continuous loss of the company is real data, it is an investment company, and we do not know what the specific situation is. A staff member of the company's securities department said: "No matter what kind of company enters, the preconditions for the transfer of equity by the SASAC must be promised."
"The listing price of Jiangxi Electronic Equity is only 780 million yuan, which is obviously undervalued and profitable. Therefore, the bidding process is fierce. The merger of the merchants is relatively early to know that the equity listing is also carefully planned. The final bid is to follow Deng Kaiyuan's Jiangxi. The geographical background and personal connections have a great relationship.†A person who touched the equity transfer said: “The hard conditions for equity transfer must be observed, and the ambiguous soft constraints depend on the situation after the transfer. The hard conditions for girls to propose, dowry and bride price are sure to be given, and as for the situation after marriage, it is another matter."
It is worth mentioning that the transfer of equity needs to be approved by the Jiangxi Provincial Government and the State-owned Assets Supervision and Administration Commission of the State Council.
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