The net assets are only 225.929 million yuan, and the company's operating conditions in recent years have been purchased for a company with a sustained loss status of 100 million yuan. Zhaochi shares (002429.SZ) issued such an announcement on December 4, becoming a market. One of the focus topics discussed.
The underlying asset has a year-on-year loss
Zhaochi announced that the company decided to acquire 100% equity of Zhejiang Feiyue Digital Technology Co., Ltd. (hereinafter referred to as “Zhejiang Feiyueâ€) with its own funds, and the purchase price is 100 million yuan. Zhejiang Feiyue actual controller promised that the company's sales revenue will not be less than 450 million yuan in the next three years. According to this year's financial data, it means that sales revenue needs to increase tenfold.
According to the data, Zhejiang Feiyue was established in 2004. It is a company mainly engaged in the manufacture and sales of digital TV front-end equipment, digital set-top boxes, network equipment and amplifier equipment, with a registered capital of 30 million yuan. Currently held by He Mingyao, a single natural person shareholder. According to the announcement of Zhaochi, the price of the company's acquisition of Zhejiang Feiyue is as high as 100 million yuan.
The performance commitment of the acquisition plan of Zhaochi is different from the common performance commitment of listed companies. The standard adopted is operating income rather than net profit. According to Zhaochi, He Mingyao promised that Zhejiang Feiyue's audited TV sales revenue in 2014 will be no less than RMB 300 million, and the sales revenue of set-top box will be no less than RMB 150 million. In 2015, the sales revenue of the two businesses will not be less than RMB 550 million. In 2016, it is no less than 650 million yuan.
He Mingyao promised that the gross profit margin of Zhejiang Feiyue sales set-top box will be no less than 20% from 2014 to 2016. Both parties agree that if the sales revenue of the set-top box exceeds the promised income, the gross profit margin of the set-top box will be allowed to fall in proportion to the proportion of revenue exceeding the proportion; if the market price of the set-top box falls , the purchase price of the set-top box is allowed to be adjusted accordingly, and the two parties will negotiate separately. If the gross profit margin of Zhejiang Feiyue sales set-top box does not reach the promised value, the company will not pay the equity transfer price agreed in the equity transfer agreement.
In fact, judging from the financial data of Zhejiang Feiyue disclosed by Zhaochi, it seems that it is not easy to complete the above performance commitment. According to the data, Zhejiang Feiyue achieved an operating income of 38.306 million yuan in 2012 and a loss of 825,600 yuan in the same year. In the first eight months of this year, the operating income was only 320.636 million yuan, while the net profit was a loss of 5,258,200 yuan. According to this calculation, if He Mingyao wants to complete its performance commitment, it means that Zhejiang Feiyue's sales revenue will increase by more than ten times. "For a company, it is not easy to achieve sales growth of about ten times in a short period of time. Of course, it does not rule out that it will be difficult to achieve through outreach mergers or other methods." Some listed companies told reporters that .
Premium four times acquisition
The acquisition plan is within the scope of the board of directors, and Zhaochi shares do not need to be discussed by the shareholders meeting. But why should we buy a loss-making company at such a high premium? Zhaochi explained that it is to promote the transformation of the company's domestic market business and transform its operating model.
As of the end of August this year, Zhejiang Feiyue's total assets were 89.586 million yuan, while its total liabilities reached 669.932 million yuan, and its net assets were only 2,592,900 yuan. According to this calculation, its asset-liability ratio reached 74.78%, and the purchase price of 100 million yuan was nearly four times that of its net asset appreciation.
Zhaochi shares explained that because Zhejiang Feiyue is a light asset company, it can only reflect its value based on the asset pricing. The company investigates, analyzes and demonstrates the feasibility of the project, and comprehensively considers the technical strength of Zhejiang Feiyue in the integration of the three networks. Advantages in marketing experience, sales channels, business teams, and growth expectations for future performance. After full negotiation between the two parties, the target equity transfer price paid by the first phase of the company was 60 million yuan, mainly for Zhejiang Feiyue in the integration of the three networks. The technical value associated with the operator, the subsequent 40 million yuan equity transfer payment is paid according to the specific implementation of the performance commitment.
The premium acquisition is for the purpose of promoting the transformation of the company's domestic market business and changing the operating model for the company. According to Zhaochi, the company belongs to the consumer electronics manufacturing industry in the electronics and communication equipment industry. Under the current "three networks integration" background, domestic Internet companies have been involved in TV, set-top boxes and other fields, and traditional TV manufacturers are actively seeking Transformation, market competition is very intense. In order to grasp more independent pricing power and improve the profitability of consumer electronic products, the company actively seeks domestic business transformation and expands operators and e-commerce channels.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
The underlying asset has a year-on-year loss
Zhaochi announced that the company decided to acquire 100% equity of Zhejiang Feiyue Digital Technology Co., Ltd. (hereinafter referred to as “Zhejiang Feiyueâ€) with its own funds, and the purchase price is 100 million yuan. Zhejiang Feiyue actual controller promised that the company's sales revenue will not be less than 450 million yuan in the next three years. According to this year's financial data, it means that sales revenue needs to increase tenfold.
According to the data, Zhejiang Feiyue was established in 2004. It is a company mainly engaged in the manufacture and sales of digital TV front-end equipment, digital set-top boxes, network equipment and amplifier equipment, with a registered capital of 30 million yuan. Currently held by He Mingyao, a single natural person shareholder. According to the announcement of Zhaochi, the price of the company's acquisition of Zhejiang Feiyue is as high as 100 million yuan.
The performance commitment of the acquisition plan of Zhaochi is different from the common performance commitment of listed companies. The standard adopted is operating income rather than net profit. According to Zhaochi, He Mingyao promised that Zhejiang Feiyue's audited TV sales revenue in 2014 will be no less than RMB 300 million, and the sales revenue of set-top box will be no less than RMB 150 million. In 2015, the sales revenue of the two businesses will not be less than RMB 550 million. In 2016, it is no less than 650 million yuan.
He Mingyao promised that the gross profit margin of Zhejiang Feiyue sales set-top box will be no less than 20% from 2014 to 2016. Both parties agree that if the sales revenue of the set-top box exceeds the promised income, the gross profit margin of the set-top box will be allowed to fall in proportion to the proportion of revenue exceeding the proportion; if the market price of the set-top box falls , the purchase price of the set-top box is allowed to be adjusted accordingly, and the two parties will negotiate separately. If the gross profit margin of Zhejiang Feiyue sales set-top box does not reach the promised value, the company will not pay the equity transfer price agreed in the equity transfer agreement.
In fact, judging from the financial data of Zhejiang Feiyue disclosed by Zhaochi, it seems that it is not easy to complete the above performance commitment. According to the data, Zhejiang Feiyue achieved an operating income of 38.306 million yuan in 2012 and a loss of 825,600 yuan in the same year. In the first eight months of this year, the operating income was only 320.636 million yuan, while the net profit was a loss of 5,258,200 yuan. According to this calculation, if He Mingyao wants to complete its performance commitment, it means that Zhejiang Feiyue's sales revenue will increase by more than ten times. "For a company, it is not easy to achieve sales growth of about ten times in a short period of time. Of course, it does not rule out that it will be difficult to achieve through outreach mergers or other methods." Some listed companies told reporters that .
Premium four times acquisition
The acquisition plan is within the scope of the board of directors, and Zhaochi shares do not need to be discussed by the shareholders meeting. But why should we buy a loss-making company at such a high premium? Zhaochi explained that it is to promote the transformation of the company's domestic market business and transform its operating model.
As of the end of August this year, Zhejiang Feiyue's total assets were 89.586 million yuan, while its total liabilities reached 669.932 million yuan, and its net assets were only 2,592,900 yuan. According to this calculation, its asset-liability ratio reached 74.78%, and the purchase price of 100 million yuan was nearly four times that of its net asset appreciation.
Zhaochi shares explained that because Zhejiang Feiyue is a light asset company, it can only reflect its value based on the asset pricing. The company investigates, analyzes and demonstrates the feasibility of the project, and comprehensively considers the technical strength of Zhejiang Feiyue in the integration of the three networks. Advantages in marketing experience, sales channels, business teams, and growth expectations for future performance. After full negotiation between the two parties, the target equity transfer price paid by the first phase of the company was 60 million yuan, mainly for Zhejiang Feiyue in the integration of the three networks. The technical value associated with the operator, the subsequent 40 million yuan equity transfer payment is paid according to the specific implementation of the performance commitment.
The premium acquisition is for the purpose of promoting the transformation of the company's domestic market business and changing the operating model for the company. According to Zhaochi, the company belongs to the consumer electronics manufacturing industry in the electronics and communication equipment industry. Under the current "three networks integration" background, domestic Internet companies have been involved in TV, set-top boxes and other fields, and traditional TV manufacturers are actively seeking Transformation, market competition is very intense. In order to grasp more independent pricing power and improve the profitability of consumer electronic products, the company actively seeks domestic business transformation and expands operators and e-commerce channels.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
1U Network Server,1U Rackmount Industrial Pc,1U Network Appliance,1U Rackmount Server
Shenzhen Innovative Cloud Computer Co., Ltd. , https://www.xcypc.com