Shangfeng bought Yuxing Technology with 1.7 billion

Released time:2015-03-31Pageviews:30546

Seven months after the suspension, a draft restructuring of Shangfeng (000967) was issued. On March 30th, Shangfeng tech center issued a draft of the material assets reorganization, the company intends to a combination of issued shares in cash, to buy a 100% stake inYuxing science and technology, trade the price of 1.7 billion yuan, at the same time supporting raised 425 million yuan. Through this acquisition, the company has already begun to work in the field of environmental protection hardware. The company will also add the green power, and then the main fan will be upgraded to fan + environmental protection dual-wheel drive.

The revised draft showed that the price of the transaction was 1.7 billion yuan, including 77.55% of the shares and 22.45% of the cash price. If we do not consider the acquisition of 200 million yuan of capital increase, the actual value of the 100% stake in Yuxing technology is 1.5 billion yuan. The company promised to net profit of no less than 120 million yuan, 156 million yuan and 210 million yuan respectively in 2015 to 2017.

It is understood that, as the first listed company in the domestic fan industry, Shangfeng has been in a steady state of development, focusing on nuclear power, rail transit and industrial and petrochemical industries. In 2014, the company realized revenue of RMB 30.19 billion, up 11.6% year on year. Net profit was 6051.73 million yuan, up 13.94% year on year. In addition, the company has also successively launched the fan products that apply to the environmental protection fields such as desulfurization and denitrification, and actively seek opportunities to expand the new market in the environmental protection field through the way of capital transportation.

After this reorganization, Yuxing technology will become a wholly-owned subsidiary of the listed company. As the acquisition party, Yuxing technology environmental monitoring field comprehensive service leading enterprise. After years of development, it has become an industry chain service provider in the field of environmental protection and water conservancy, and has established a brand image of "monitoring, managing and operating" multi-industry applications. Yuxing technology has provided all kinds of gas, water quality and hydrological environment monitoring products to more than 7500 users. With the whole industry chain and perfect quality, stable product quality and considerate service, it has formed a strong competitive advantage in the field of environmental monitoring.

According to the draft reorganization, the operating revenue of Yuxing technology was 1.04 billion yuan and 763 million yuan from 2013 to 2014. As of December 31, 2014, Yuxing technology had a net worth of 1.695 billion yuan. In other words, it is rare to have a premium, which is based on net assets, without any premium.

Shangfeng said that the acquisition at such a low price, more is Yuxing technology shareholder confidence in Shangfeng in the development of high-tech after restructuring and development strategy of high recognition for Shangfeng future. Environmental protection is a capital intensive industry, and the controlling shareholder with the advantage of the upper section has abundant capital and capital strength, which can provide more space for the future development of Yuxing technology and guarantee the development of resources. For Yuxing technology, it would be wise to sacrifice short-term gain for long-term development. For Shangfeng, it has a high quality environmental protection platform at a relatively low price, which provides a guarantee for the implementation of the strategic planning of the wind turbine and environmental protection dual-wheel drive.

The acquisition of Yuxing is the first step in the transformation of the company into the environmental protection industry, the relevant responsible person further said. In future, the company will give full play to its own deep more green energy accumulated rich experience and advantage in capital and capital operation, and use the space star science and technology leading position in the field of environmental protection, realizing 1 + 1 is greater than 2.