main business is under pressure and seeking new directions. It is normal for A-share listed companies. However, Xinguang Yuancheng, which has been suspended for nearly half a year, has launched a 10 billion acquisition plan with less than 200 million yuan in cash in hand, and the acquisition mainly relies on its own funds and self-raised funds. This reminds people of Zhao Wei, who has been banned from the China Securities Regulatory Commission for 5 years after leveraging 3 billion. However, regardless of whether the acquisition plan is successful, Xinguangyuan Chengdu will resume trading in in the near future. It is worth noting that Xinguangyuancheng's top ten circulating shareholders are either asset management plans or trust plans, and the pledge ratio of major shareholders reaches 99%. Previously, the company was asked by the China Securities Regulatory Commission to disclose the plan and resume trading as soon as possible. This makes people doubt that under the pressure of making up for the decline, Xinguangyuancheng's acquisition plan seems to be suspected of surrounding Wei to save Zhao.
On the evening of July 1, Xinguang Yuancheng, which had been suspended for nearly half a year on the grounds of major asset restructuring, announced its asset restructuring plan.
According to Xinguang Yuancheng, the company plans to acquire shares in China High Speed Transmission (0658.HK) held by Five Seasons. accounts for approximately 51.00%-73.91% of the issued share capital of China Transmission. The agreement proposes the acquisition price corresponding to the total price of 100% of China Transmission shares, which is approximately RMB 16.3 billion to approximately RMB 18.4 billion. Therefore, Xinguang Yuancheng will need to realize the acquisition at a total price of 8.3 billion to 13.6 billion yuan.
It is worth noting that Shin Kong Yuancheng said, "The payment method of this transaction is a cash transaction and does not involve the issuance of shares." The source of the acquisition funds of are owned funds and self-raised funds.
But Xinguang Yuancheng's cash flow seems not very optimistic recently.
According to Xinguang Yuancheng's first quarter report, its cash capital was only about 191 million yuan, a significant decrease of more than 600 million yuan from the beginning of the period, a year-on-year decrease of 76.07%. The number of is far from the amount required for this transaction. The scale of funds raised by Xinguang Yuancheng is relatively large.
" limit down " fear?
In fact, Xinguang Yuancheng has been suspended due to restructuring and acquisition since late January 2018. The stock price on the last trading day before the suspension was 14.76 yuan per share, with a total market value of 26.982 billion yuan.
Five months later, in late June, Xinguang Yuancheng received an inquiry letter from the Management Department of the SME Board of the Shenzhen Stock Exchange, and was asked to disclose the progress of the relevant documents before July 2 and apply for resumption of trading.
July 2, while Xinguang Yuancheng disclosed the above restructuring plan, it still stated that it will not resume trading for the time being, and announced that " will continue to be suspended from July 2, 2018. In principle, it will not exceed 10 trading days. After obtaining the results of the Shenzhen Stock Exchange's post-audit review, it will be notified to resume trading separately. "
During the period when Xinguang Yuancheng's suspension, many changes have occurred in the capital market, from the fall of A-shares below 3,000 points to the frequent defaults in bond markets, and the flash crash of asset management plans and trust heavy holdings.
In fact, looking through the circulating shareholders' form of Xinguang Yuancheng, you may be able to see the reasons why it insists on this acquisition plan.
According to Oriental Wealth information, as of March 31, Xinguang Yuancheng's top ten mobile shareholders were covered by the fund asset management plan and trust plan. Among them, the Asset Management Plan holds a total of about 220 million shares, and the trust Plan holds a total of about 60 million shares, accounting for 52.43% of the total circulating shareholding.
In addition, Xinguang Yuancheng's liquidity is not ideal. Data shows that since the second half of 2017, its turnover rate has been mostly concentrated at around 1%, of which the turnover rate in December is even lower than 0.5% most of the time.
Xinguang Yuancheng's turnover rate improved slightly in the 12 trading days in January 2018, but there were still 7 trading days with turnover rate below 1% . At the same time, the trading volume of is usually less than 50,000 lots.
In this case, after Xinguang Yuancheng resumes trading, if the asset management plan and trust plan are stamped out, the stock price may hit the limit.
It is worth mentioning that Xinguang Group , as the controlling shareholder of Xinguang Yuancheng, is also a member of the "Equity Pledge Club".
According to the listed company's disclosure, as of June 28, Xinguang Group held 1,134,239,907 shares of the company with limited sales, accounting for 62.0455% of the company's total share capital, and has pledged 1,110,201,934 shares of the company's limited sales, and accounted for 97.8807% of the company's shares.
, and equity pledge has become an irregular time bomb that A-share investors avoid.
In fact, Xinguang Yuancheng, which has "avoided" the decline of the A-share market by stopping trading, is also a high probability event to resume trading and make up for the decline. From this point of view, Xinguang Yuancheng has launched such a large asset restructuring plan, which may be aimed at releasing good news or may continue to maintain a suspension.
performance commitment of about 1.2 billion
However, from the perspective of business development, Xinguang Yuan has become a major driving force for this large-scale acquisition, perhaps due to the pressure of the extremely high performance commitment promised when it was listed through backdoor listing, and has transformed and increased revenue.
In the first half of 2016, the listed company Fangyuan Cheng (later renamed "Xinguang Yuancheng") issued shares to Xinguang Group and Yuyunxin to purchase 100% of the equity of Wanxia Real Estate and Xinguang Building Materials City. As a result, Xinguang Group became the controlling shareholder of the listed company, and Zhou Xiaoguang and Yu Yunxin were the actual controllers.
Since then, Xinguangyuan has started a dual-main business model with real estate development as the main and rotary bearing as the auxiliary machinery manufacturing.
, who went public through a backdoor listing as he wished, was quite happy. He once publicly stated: "'Xinguang' has 40 billion yuan in assets, but because it does not have a capital operation platform, it is often constrained in resource integration. This time, it finally got what it wants, and listing will give wings to the development of 'Xinguang'." Unfortunately, things didn't go as expected. Due to the promotion of the policy of leveraging , the real estate industry has shown a state of squeeze out bubbles in recent years, and the industry concentration has continued to increase, and the living space of small and medium-sized real estate companies has been further compressed. In fact, Xinguang Yuancheng's real estate sector revenue is also showing a continuous downward trend.
According to Xinguang Yuancheng's 2017 annual report, the revenue of the real estate business reached about 3.6 billion yuan in 2016; in 2017, the revenue of the real estate business was only 1.656 billion yuan, a significant decrease of 53.47% year-on-year.
is affected by the real estate business, and Xinguang Yuancheng's revenue and net profit in 2017 fell by 46.26% and 11.24% year-on-year respectively. The decline in
continued until the first quarter of this year. Xinguang Yuancheng's first quarter report shows that during the reporting period, the company's achieved revenue of 303 million yuan, a year-on-year decrease of 27.26%, and the net profit attributable to shareholders of listed companies was -68.846 million yuan, a year-on-year decrease of 409.30%. The net profit after deducting non-operating items was -77.383 million yuan, a decrease of 439.67%.
However, Xinguang Yuancheng expects the net profit attributable to shareholders of listed companies from January to June 2018 to be RMB 42 million to RMB 56 million.
It is worth mentioning that during the previous backdoor listing, Xinguang Group and Yu Yunxin promised that Wanxia Real Estate and Xinguang Building Materials City's net profit in 2016 will not be less than 1.4 billion yuan, and the cumulative net profit in 2016 and 2017 will not be less than 2.7 billion yuan; the cumulative net profit from 2016 to 2018 will not be less than 4 billion yuan.
According to Xinguang Yuancheng announcement, the cumulative performance commitments of Wanxia Real Estate and Xinguang Building Materials City in 2016 and 2017 were 105.54%. This also means that Xinguang Yuancheng still needs to achieve a net profit of about 1.2 billion yuan in 2018. Xinguang Yuancheng's net profit of about 50 million in half a year is still difficult to fulfill its performance commitment in 2018.
This may be one of the key factors for Xinguangyuancheng to acquire China's high-speed transmission.
However, although it is a leading company in the wind power gear transmission equipment industry, China's high-speed transmission has developed in the past two years and is difficult to say smoothly. Data shows that China High Speed Transmission's revenue and net profit in 2017 were 8.292 billion yuan and 452 million yuan, down 8.23% and 59.27% year-on-year.
