Stock Market Information
On the last trading day before the National Day, the two listed companies, Yitong Technology and Henghua Technology , a total of nearly 30,000 shareholders, both received a daily limit, and behind this is the blueprint for improvement in performance and valuation under capital operations.
html opened on September 30, and Yitong Technology , which had been suspended for 10 trading days, resumed the daily limit. Although a small gap was opened during the trading session, it was soon blocked at the daily limit and finally closed at 8.37 yuan per share, with a turnover rate of 6.84%.
Henghua Technology directly hit the daily limit on the same day, and finally closed at 15.04 yuan per share, with a trading volume of only 2.03%.
Henghua Technology "changed ownership" SASAC
7th July Henghua Technology finally hit the daily limit. Previously, the range of Henghua Technology fell by more than 20% from July to September.
Henghua Technology's daily limit hit was mainly stimulated by an equity transfer agreement. After the transfer was completed, China Communications Communications Information took over Henghua Technology and the State-owned Assets Supervision and Administration Commission became the actual controller. A research report said that this will enable the company's positioning to achieve a leapfrog improvement, and the growth and valuation space will be opened at the same time.
announcement shows that the company's actual controllers Jiang Chunhua, Fang Wen, Luo Xinwei, Chen Xianlong and others reached an agreement with China Communications Information, a subsidiary of the State-owned Assets Supervision and Administration Commission of the State Council. After the first share transfer, the voting rights are abandoned, the transferor terminates the joint action relationship and the board of directors is completed according to the transaction arrangement, China Communications Information will become the controlling shareholder of the company and the State-owned Assets Supervision and Administration Commission of the State Council will become the actual controller of the company.
Jiang Chunhua and other transferors hold a total of 54.02% of the company's equity. According to the arrangement, 81.8156 million shares were transferred for the first time, accounting for 13.5% of the company's total share capital, with a transfer price of 14.27 yuan per share, and a total transfer price of 1.168 billion yuan.
After that, China Communications Communications Information will acquire 61.3617 million shares of the company held by Jiang Chunhua and other transferors based on the secondary market conditions, accounting for 10.13% of the company's total share capital. After the initial share transfer and the completion of the above transaction, China Communications Communications Information and its joint actors will also choose the opportunity to continue to expand their shareholding ratio in the company by subscribing to the company's private placement of shares.
financial data shows that China Communications Information's revenue from 2016 to 2018 was RMB 200 million, RMB 303 million and RMB 313 million, respectively; net profits were RMB 6.802 million, RMB 5.74 million and RMB 21.2273 million, respectively.
Guosheng Securities Research Report stated that the company's ability to undertake projects has been greatly improved, from a leading private enterprise in the information technology products in the power field to a state-owned asset holding platform in the field of BIM and infrastructure information technology management. China Communications Communications Information and China Communications Communications Group will rely on its overseas resources and experience to accumulate strong cooperation to help the company go overseas. In the future, as the proportion of company's information software and platform revenue continues to increase, there is also a lot of room for improvement in the company's valuation level.
Yitong Technology restructuring "bet" performance improvement
Yitong Technology , which is dedicated to "extended mergers and acquisitions to seek development", finally announced its restructuring plan and acquires 100% of the equity of Huawang Information.
According to the announcement of Yitong Technology , Yitong Technology plans to purchase 100% of the equity of Huawang Information held by Wu Hejun and 13 shareholders including Wu Hejun through issuing shares and paying cash; at the same time, the company plans to issue shares privately to no more than 5 specific targets that meet the conditions to raise supporting funds. After the completion of this transaction, the controlling shareholder of the listed company remains unchanged and remains Wang Zhenhong.
. Two weeks ago, the restructuring suspension announcement was still a conservative statement that "purchased no less than 51% of the equity in China.com information."
However, given that the appraisal value and proposed price of the subject matter of this transaction have not been determined, the proportion and quantity of shares and cash payments to the counterparty in this transaction have not been determined, the two parties to the transaction will negotiate and determine after the audit and evaluation of the subject matter of this transaction are completed, and will disclose it in the restructuring report. The specific consideration payment situation will also be determined by the parties signing a supplementary agreement after the final transaction price is determined.
data shows that Yitong Technology's existing business is mainly the research and development, production and sales of radio and television equipment, and the undertaking of intelligent video surveillance engineering services.
The net profit of the target company is 18 times that of Yitong
The daily limit is behind the market's imagination of the future profit margin of Yitong Technology . After all, the profit of the acquired Huawang Information is far greater than that of Yitong Technology .
Yitong Technology , which was listed in 2011, has always had a worrying performance. Since 2014, the company's net profit has been below 20 million yuan. In the first half of 2019, Ytong Technology achieved a total operating income of approximately RMB 51.7669 million, a decrease of 26.17% over the same period last year; net profit attributable to shareholders of listed companies was approximately RMB 2.4698 million, an increase of 21.86% over the same period last year.
View the performance of the acquisition target Huawang Information. The net profit in 2017 was 70.84 million yuan, and the net profit in 2018 reached 92.14 million yuan, 18 times that of listed companies in the same period, and it was on the rise.
Yitong Technology stated that after the completion of this acquisition, China Net Information will be included in the consolidated financial statements of listed companies, which will help optimize the financial status of listed companies, enhance the sustainable profitability and risk resistance of listed companies, and provide new profit growth points for listed companies.
Huawang Information official website shows that its core businesses include big data platform, education cloud platform, education cloud desktop, server virtualization, education cloud computing center, etc. Huawang Information has a high market reputation in the field of smart education solutions. The announcement shows that China.com Information cooperated with Alibaba Cloud Computing in 2018 and has been recognized by Alibaba Cloud Computing Company in the field of cloud computing and has become Alibaba Cloud's partner in cloud desktop.
Although it seems that the target company has a promising prospect, some industry insiders are not optimistic, believing that Yitong Technology's performance has been sluggish for many years, and it is not easy to reverse performance through mergers and acquisitions. In the future, the management of subsidiaries and the continuous profitability of their respective companies will be tests that they have to face.
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