Himfr.com reports Changhong to sell air-conditioning: either self-selling self-purchase transactions

Changhong loads

One and a half months later, Sichuan Changhong Electric Co., Ltd. announced (Sichuan Changhong, 600839.SH) the sale of its assets air, based on the program.

November 10, Sichuan Province and Investment Property Exchange Center hung the business: from the Sichuan Changhong Commission, with the hub for its holdings of listed Sichuan Changhong Air Conditioning Co., Ltd (hereinafter referred to as transmission “Changhong Air-called”) 100% of the shares ( the seller directly held 99% of the shares and the transferor subsidiary of Sichuan Changhong Innovation Investment Co., Ltd. holds 1% stake) and Zhongshan Changhong Electric Co., Ltd (hereinafter referred to as “Zhongshan Changhong”) 90% of the shares.

Guapai Jia for the transfer of 393.06 million yuan.

The news came as optimism from the industry in general, which called the transfer of Sichuan Changhong, one with a subsidiary of dissolved Hefei Meiling Co., Ltd. (hereinafter referred to as Meiling Electrical 000521.SZ) in the refrigeration business, competition within the industry questions, secondly, through this transaction clusters, Changhong removable forward again.

Changhong’s air conditioning categories of assets for the sale of Sichuan Changhong news release, the closing market price immediately on the Changhong warm response – November 12, Sichuan Changhong and Meiling Electrical Appliances both daily limit, after more than a million contracts.

Already on the day before 23 September Sichuan Changhong board meeting, announced a restructuring program.

to circumvent the Changhong for the strategic development needs to know the percent subsidiary Meiling Electrical Power Engineering of the possible existence of competition within the industry, the acquisition of Hefei Meiling Co., Ltd in order to meet these obligations if the state agreed owned Asset management company under the relevant provisions of the stock exchange is the transfer of property rights by Changhong to 100% of the shares in air-conditioned and Zhongshan Changhong to sell 90% of the shares held.

Self-selling self-purchase?

Sichuan Changhong air conditioner for the sale of assets, the industry be more inclined, this is a “self-sale purchase of over-transactions, ie get Changhong air assets for the ultimate set of Meiling Electrical Appliances.

For the industry to this speculation, this document a number of contacts, Head of Asset Management Changhong Yang Jun unsuccessful.

Now it seems that Changhong air conditioner on the market also has a good reputation in recent years, companies have a major effort to have spent the market done a lot of input, such as Changhong air conditioner in 2007 by World Brand Lab (WBL) as the TOP of the Year Award in the “market share”, “brand loyalty” and so on assessed several indicators on the top.

But that’s not quite in line with the financial statements. Sichuan Changhong, notice of the publication, Changhong air conditioner first half 2009 operating profit was almost 7 billion euros, but net profit of only 3.6 million yuan, Changhong air conditioner, the operating profit margin in the first half of 2009 even 1% is not met.

From this perspective alone, Changhong air conditioner has become an asset class as a whole Changhong Sichuan Changhong Group “tasteless” – tasteless, but wasteful to discard, but it is also exactly one unit of Meiling Electrical Appliance provides a competitive relationship with industry. Changhong eventually led, it is “fragmented” fate.

Reanalysis Zhongshan Changhong asset structure, the first half 2009 operating profit of 1.46 billion yuan, a net profit of 2.52 million yuan. Zhongshan Changhong focused on overseas markets, the performance gain of this plate is still not good, keeps Sichuan Changhong right Zhongshan Changhong 90% of the shares, while 10% by China Minmetals Group.

But the new problems have arisen to do with Sichuan Changhong air conditioner sale of assets, really, as the current analysis of the industry “self-sell from buy”? Reporters, if the time limit, Changhong there is no person came to us in this market respond to rumors.

In the trade center property, Changhong fact bidder proposed a “hard” requirements: for example, the transferee a registered capital of not less than 4 billion yuan; transferee to build more than three years 2007.2008 profitable years in a row can; transferee page only be purchased separately, not allowed joint purchasing; transferee after the signing of the contract of assignment of property rights may not, within five years, the subject of the present assignee are transmitted.

In addition, the transferee promises: Equity Transfer completed this is to maintain the air conditioning and Zhongshan Changhong Changhong principal stability and to keep the registration and payment of tax on the same, the air conditioning and Zhongshan Changhong Changhong management and staff of the essentially constant, employees in accordance with relevant provisions of the retention of the target company.

Based on the analysis of many media, Changhong air conditioner next group of assets, not Meiling nothing more than electric, but insiders said Changhong, Changhong air assets in order to transfer the listing, but also a state-owned assets management, the relevant provisions.

Some question the authenticity of the asset-related assessments Changhong’s how to do in the first half sales of 7 billion Changhong air conditioning, its net profit 3.6 million yuan is really only a few?

Meiling took on the air conditioning and Zhongshan Changhong Changhong, no doubt, in full accordance presented with all conditions of Changhong, including the maintenance of stability of staff and management, as Meiling itself is a subsidiary of the holding company Changhong, in accordance with such a low price, was no doubt a landing peach.

Meiling Electrical Appliances for air-conditioning business and competition issues in the same industry, Sichuan Changhong three-quarter earnings report, and was described as follows: “In order to compete to avoid within the industry as long as the company Meiling shares more of the controlling shareholders or substantial control about the people, the companies have agreed, in the interest of society and the Meiling shares the interests of all shareholders circumstances shares of the Company and the related integration Meiling Company. If the company once you have the possibility of competitive companies to engage, and the previous written agreement with Meiling stock is ready to participate the competition … … Meiling shares only if confirmed or not participate the competition, the company is engaged in the same industry do not do the competitive nature of business. “

The transfer by agreement or open bidding process, Changhong, for at least the transfer of the two companies, at least 4 billion euros in cash that was in the plasma, which has been investing heavily in projects in Sichuan Changhong, no doubt, is a valuable flow of funds. To raise the money for the further development of the company, this is already a long time ago, Sichuan Changhong has spent only 30 billion yuan in convertible bonds separate transactions.

However, use of air assets, determination of the burden of Sichuan Changhong is still a similar problem is that before the acquisition of Huayi Compressor Co., Ltd, Meiling Electric have a wide range of competitive relationship exists in the same industry.

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