"Backdoor Listing Review" Upgrade Huafang Textile Resumption Strong Trading Limit

Originally, this is not a big suspense restructuring plan, because as early as the suspension period, Huafang textile It has disclosed the relevant information that will be borrowed from Zhejiang Jiaxing energy chemical Limited by Share Ltd (hereinafter referred to as Jiahua energy). However, at the end of last week, the securities and Futures Commission announced the "upgrading" and the strict implementation of the IPO standard. Hua Fang textile announced yesterday that it had a different meaning.

　　 Audit standard upgrade after "first order"

After nearly three months of "closed door" plan, the restructuring plan of Huafang textile was finally settled. The company will replace all the assets and liabilities with the estimated value of 850 million yuan at present with the equivalent part of the 100% equity of Jiaxi energy. Since the estimated value of assets is as high as 5 billion 810 million yuan, the difference part of Huafang textile will be purchased through issuing shares.

From the price point of view, Jiaxi energy is estimated to increase by 4 billion 107 million yuan, and the value-added rate is 241.14%. The main reason is that "the target asset Jiaxing energy has good market prospects and better future revenue expectations".

Information shows that Jiaxi energy The main business is to provide steam for Jiaxing Zhapu economic development zone and surrounding enterprises, and produce and sell ortho para, fatty alcohol (acid), chlor alkali and sulphuric acid series chemical products. In 2011~2012, the net profit of the company was 231 million 418 thousand and 700 yuan and 306 million 534 thousand and 500 yuan respectively. Huafang textile said that through the injection of Jiahua energy 100% stake, it will fundamentally improve the company's operating conditions.

After the disclosure of the above plan, yesterday's resumption of Huafang textile has ushered in the "word plate" of the "no limit".

　　 The backdoor standard is equivalent to IPO.

In the notice, the SFC will transform the implementation standard of the backdoor reorganization from "IPO convergence" to "equivalent". Although there is only one word difference, the meaning of it is quite different.

Huafang textile said that according to the provisions of the twelfth regulation on the management of major assets reorganization of listed companies, the transaction constitutes a backdoor listing and will lead to the change of the company's control rights. According to the notice on improving the auditing standards for backdoor listing, the reorganization plan is in line with the five main aspects of the qualification, independence, standard operation, financial and accounting requirements stipulated in the "IPO and listing management measures".

What will be the impact of the restructuring of Huafang textile if it is audited according to the standards equivalent to IPO?

With these questions, the reporter communicated with Huafang textile. "Time points are clear to everyone." a company official told reporters that some of the announcements of the announcement were also due to what happened in the past few days. But as for the audit process, the initiative is in the hands of the SFC.

It is worth mentioning that the backdoor Hua Fang textile listed Jiaxi energy, originally intended to carry out IPO, and is in the initial stage of trial. Perhaps in order to land on the A share market faster, Jiaxi energy has chosen backdoor listing instead. However, under the strict audit equivalent to the IPO standard, is the strategy of taking back the shell of Jiaxi energy house IPO cost-effective?