Hua Xingyuan Hit The First Board To Create AB Face: Perfect Acquisition Of "Barbaric Growth" Fog Unsolved

The company's "No. 001" enterprise Huaxing yuan Chuang (688001.SH) also drinks the first taste soup: the first company to launch a merger and reorganization plan is listed in the company.

In the evening of December 6th, Hua Xing Yuan Chuang announced that it would buy 100% stake in Suzhou Auto Technology Co., Ltd. (hereinafter referred to as "Europe") through issuing shares and paying cash, and the transaction amount was 1 billion 150 million yuan.

This is only the past week since the Shanghai Stock Exchange issued the audit rules for the major asset restructuring of Listed Companies in the November 29th (hereinafter referred to as the "rules").

Subsequently, Hua Xingyuan founded in December 9th and 10, successively gained two daily limit, became the first board of the company, and drove the whole board of the Chuang Chuang board to rise. In December 11th, Hua Xingyuan created a 5.07% rise again, closing at 49 yuan / share, with a total market value of 19 billion 930 million yuan, up 51.29% from the 13 billion 173 million yuan market value in December 6th.

However, on the other side of the coin, there are still many suspicions about the merger of the target company: the net profit growth rate and net asset yield of the spike peers, the time of confusion.

"Perfect" M & A

To some extent, this is a perfect acquisition.

According to the "issuance of shares and payment of cash to purchase assets and raise matching funds and related transactions plan", Hua Xingyuan proposed to issue shares and pay cash to Li Qihua and Lu Guochu to acquire the 100% stake of the two people. The target price is 1 billion 150 million yuan, of which 70% share is paid, 30% is cash, and the issue price of share payment is 26.05 yuan / share.

According to the plan, the company was founded in February 13, 2015, and is committed to providing all kinds of automated intelligent assembly and testing equipment for customers. The products of Olto can be widely used in the consumer electronics industry represented by wearable products, such as smart watches, wireless headphones, etc., mainly using the assembly and testing links of consumer electronics terminals such as Yu Zhineng watches.

Wireless headphones are the hottest concept in the capital market, and the "leader" wanderer has harvested 5 boards.

The total assets of the company are 190 million yuan and the net assets are 167 million yuan, and the transaction price is 1 billion 150 million yuan. According to the transaction price, this restructuring premium rate is nearly 6 times.

The high premium rate also has corresponding performance commitments. The amount of net profit earned by -2021 in 2019 is not less than 330 million yuan.

If mergers and acquisitions are carried out and performance commitments are fulfilled, it will be good news for Huaxing yuan Chuang and European Union.

The first earnings report after the listing showed that the net profit of Huaxing yuan has declined in the third quarter, and its operating income in the first three quarters of this year was 994 million yuan, an increase of 22.74% over the same period last year. Net profit was 183 million yuan, down 21.66% compared to the same period last year. The third quarter net profit of 48 million 780 thousand yuan, down 60% over the same period.

While the merger and acquisition will be incorporated into Huaxing source's report, the financial performance of Europe is amazing, and the earning power is even "kill Moutai".

In just three years, its net profit has exceeded 70 million yuan. According to the plan, in 2017, 2018 and January 2019, -8 achieved operating income of 73 million 700 thousand yuan, 241 million yuan and 208 million yuan respectively, with net profit of 13 million 530 thousand yuan, 73 million 510 thousand yuan and 71 million 570 thousand yuan, and accumulated net profit of 159 million yuan.

In 2018, the net profit growth rate reached 443%, and the net assets yield reached 128%. As a contrast, the ROE before the listing was 108%, and the Guizhou Moutai ROE was 31%.

The explosive growth of the subject "fog"

As a part of the acquisition story, as a manufacturing enterprise, the development of the company is amazing.

In the short span of two years in 2017 and 2018, there was also the scale effect of the European Union.

According to Kai Xin Bao, Li Qihua and Lu Guochu set up investment in Europe. Before December 14, 2017, the registered capital was 6 million yuan, and increased to 20 million yuan on that day. In July 29th this year, it increased substantially to 100 million yuan.

According to Kai Xin Bao, another data on explosive growth in 2018 is the number of social security workers. According to Kai Xin Bao, the number of social security in 2016 was 75, which was 104 in 2017 and 1543 in 2018.

However, it is worth noting that for the establishment time of the company, according to the twenty-first Century economic report reporter, there are 3 different establishment times in different information channels.

According to the preplan and industrial and commercial data, the establishment date of the European Union was February 13, 2015. According to the official website of the English language, the company was founded in 2010. Wind and Zhaopin recruitment company profiles said that it was founded in 2005.

Qixin Bao shows that another company named Li Qihua, a founder of one of the European companies, was founded in 2009, Suzhou Fukushima automation equipment Co., Ltd., which covers the production and sales of automation equipment, test instruments and other products. It basically coincides with that of Europe and only canceling it in June 2019.

Obviously, if the company does not write off, it will encounter competition in mergers and acquisitions.

Some market participants said that Suzhou Fukushima is probably the "past life" of the European Union. Before and after 2017, the real controller transferred the business from Suzhou Fukushima to Europe to achieve the rapid growth of Europe.

The statement of "pre existence" by olton seems to be supported by an information.

Qixin Bao "enterprise credit risk" prompted that in January 1, 2015, the construction of "illegal construction" was not completed before the completion date was set for December 2, 2016. According to the industrial and commercial information, it was registered in February 13, 2015.

"The business of this company should be to undertake the business of the company that it originally cancelled, otherwise it will be difficult to develop so fast in three years. The former company was cancelled, and a new company was established to undertake its business and then be merged. There may be a story in it. In December 11th, a large brokerage investment bank in Shanghai pointed out to reporters.

"Companies like them are mainly testing mobile wearable devices, and many supply chains are imported, so their own fixed assets should not be large. If it only undertakes business, assets will not necessarily come over, if it does not constitute a reorganization, there is no need to fulfill the corresponding letter obligation. The investment bankers added.

As for the merger and the related situation of the European Union, as of press time, the reporter has not obtained relevant information from Huaxing yuan Chuang and Europe link.