When mergers and acquisitions gradually become "original clear source", the past case of the past case is particularly valuable.
Over the years, the quality of acquired assets has been the most important reorganization indicator for listed companies, regulators and small and medium investors. Nowadays, many listed companies will immediately “call out†if they find that the underlying assets are not up to expectations.
Since August, many listed companies such as Hualing Xingma, Western Mining, Intercontinental Oil and Gas, Aijian Group and Huasheng Tiancheng have announced the termination of major asset restructuring. According to the statistics of relevant institutions, more than 200 listed companies have terminated the restructuring during the year.
The current regulatory policy is gradually clarified. In addition to the quality of the underlying assets that are always in the first place, whether it is a cross-border merger, whether it violates the current financing policy, and whether there is uncontrollable risk, it is the key reason for the termination of the restructuring.
The CSRC recently stated that the next step will be to strengthen the supervision of M&A and restructuring performance commitments in accordance with the requirements of “legal, comprehensive and strict†supervision, maintain regulatory deterrence, find and investigate and deal with violations of laws and regulations, and effectively maintain market order and safeguard The legitimate rights and interests of investors.
According to Gaogong LED observation, since entering 2017, there have been many cases in which the listed companies have terminated mergers and acquisitions in the LED industry. Let’s take a look at what they are responsible for.
Silan Micro terminates acquisition of Leshan Radio
Silan Micro announced on the evening of August 11 that the company decided to terminate the planned acquisition of the equity of Leshan Radio Co., Ltd. (hereinafter referred to as “Le Wu Sharesâ€).
The announcement shows that since the underlying assets involved in this major asset restructuring have been in existence for more than 45 years and have a long duration, they have been listed and traded in the local property rights trading center, and the number of shareholders is relatively high. Legacy issues cannot be cleared or resolved within three months. Therefore, in order to protect the interests of all shareholders of the company, the company decided to terminate the planning of this major asset restructuring.
For this termination of the acquisition, Silan Micro said: "The company will not adversely affect the normal production and operation of the company. The company will continue to adhere to the development strategy of design and manufacturing integration (IDM), further improve the industrial layout and enhance the company's comprehensive competitiveness. To create greater value for investors."
In addition, Silan Micro received a written notice from Hangzhou Shilan Holdings Co., Ltd., the controlling shareholder, on August 11, 2017. Silan Holdings subsequently intends to contact the acquisition of part of the equity interest in Leshan Radio Co., Ltd.
Infineon terminates acquisition of Chuanglian Power
Infineon (300582) announced on the evening of August 1 that the company is planning a major asset restructuring for the acquisition of the entire share capital of Nanjing Zhonggang Power Co., Ltd. and Chuanglian Power (838918).
Now that the company and Chuanglian Power are unable to reach agreement on some of the core terms, the company terminated the acquisition of Chuanglian Power, terminated the planning of major asset restructuring, and will continue to promote the purchase of 100% equity of China-Hong Kong Power by cash.
Huacan Optoelectronics suspends the purchase of Harmony
On the evening of July 31, Huacan Optoelectronics announced that the company decided to apply to the China Securities Regulatory Commission for the suspension of the issuance of shares to purchase the equity of Harmony Corelight (Yiwu) Optoelectronics Technology Co., Ltd. (hereinafter referred to as “Standard Company†and “Harmony Optoelectronicsâ€). Review.
Up to now, the validity period of some financial data in the application documents for the issuance of shares has expired, and the company and the target company need to conduct supplementary audit. At present, the company, the target company and the audit institution are taking the time to carry out relevant audit work.
In order to effectively protect the interests of all shareholders and better protect the interests of small and medium shareholders, the company held the third meeting of the third board of directors on July 29, 2017, and reviewed and approved the “Proposal on Suspension of Major Assets Restructuringâ€. After careful study, and in consultation with the parties to the transaction, it is decided to suspend the review of the company's assets for the issuance of shares, and submit the application documents for suspension of the review to the China Securities Regulatory Commission.
Infineon purchases Career Wolfspeed terminated
Cree (CREE) announced on February 16 that it will discontinue the Wolfspeed Power and RF Division ("Wolfspeed") sale, which includes silicon carbide (FSE: IFX / OTCQX: IFNNY) power supply, substrate business for RF and gemstone applications.
Cree and Infineon were unable to determine alternatives to national security issues of concern to the US Foreign Investment Committee (CFIUS) and therefore the proposed transaction would be terminated.
The termination of this transaction with Infineon will trigger a termination fee of $12.5 million to Cree. Due to the termination of the transaction and Cree's decision to focus on running the Wolfspeed business, Wolfspeed will now be reported as a separate part of Cree's ongoing operations.
Changfang Group terminates planning for foreign investment
On May 16, 2017, the Changfang Group issued the “Announcement on Suspension of Company Stocksâ€, stating that the company is planning major issues involving foreign investment in the education industry. A month and a half later, the Changfang Group announced that it had terminated the planning of this major event.
The announcement issued by the Changfang Group on the evening of June 28 shows that this major event involves foreign investment in the education industry. The company intends to acquire 51% of the equity related to unrelated third-party education by means of equity transfer and capital increase.
Since the parties to the transaction ultimately failed to reach an agreement on some key issues, after carefully listening to the opinions of the parties and investigating the arguments, the company believes that the conditions for continuing the project are not yet mature, and the company finally decided to terminate the planning of this foreign investment. matter.
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