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Huafang Textile Assets Out Of Doubt And Many Draft Data Are Not Commensurate With The Financial Reports.

2013/12/18 19:47:00 26

Huafang TextileFinancial ReportBackdoor Listing

In the history of P, Huafang group, the largest shareholder of Huafang Textile Group, tried to realize the overall listing of the cotton spinning business and assets of the group, and the 2 Intermediate restructuring plans failed in the middle of the industry due to the downturn in the industry. < /p >
Hua Fang textile, whose main business is sluggish, will be backdoor listed by a chemical company from a href= "//www.sjfzxm.com/news/list.aspx ClassID=101112107105" > IPO < /a >, which will cause strong anticipation in the market. The company's stock price will be closed for 4 consecutive trading days in December 4th. < /p >
< p > it is worth noting that there are two contradictions between the historical main revenue and the periodic reports in the past, which is puzzling. < /p >
< p > and on the evening of December 17th, the company received the decision of the Jiangsu Securities Regulatory Commission to make corrections, and found that the company had problems in independence and information disclosure. < /p >
< p > < strong > restructuring favorable to promote stock price continuous trading < /strong > < /p >
< p > Huafang Textile Co., Ltd. is located in Zhangjiagang, Jiangsu. Since its listing in June 2003, it has been mainly engaged in the production and sale of knitted textiles and textile raw materials since 2010. In 2010, new production and sales of lithium iron phosphate lithium battery were added. < /p >
The new lithium battery business, less than P, is the first time that Huafang textile has been in a loss after many years of listing. The company made a profit in 2003, but it lost 39 million 549 thousand and 500 yuan in 2009. At that time, it was an initiative of the company to find new growth in performance. < /p >
< p > for the Huafang textile industry, the contribution of the lithium battery business is very little, almost negligible. By the middle of 2013, Huafang textile battery manufacturing revenue was only 6 million 400 thousand and 300 yuan, accounting for less than one percentage point of the company's total revenue. < /p >
"P > textile business continues to languish, so that Huafang textile can not bear the dream of large shareholder Huafang group to realize the overall listing of cotton textile business and assets, and eventually become a shell resource. According to public information, Huafang Textile Co. lost 295 million yuan in 2011, and in 2012, if no disposal of illiquid assets was carried out, the company was then dealt with "delisting risk warning" for two consecutive years of loss. In the first three quarters of 2013, Huafang textile still lost 11 million 870 thousand yuan. < /p >
< p > December 3rd, Huafang textile announced that it would strive to disclose the reorganization plan or report before December 26, 2013, but the company announced the plan the next day. Affected by this, Huafang textile shares opened trading for 4 consecutive trading days, and the market expectation is that Huafang textile will set out all assets and liabilities at the same time, will also be injected into the profitable Zhejiang Jiaxing energy chemical Limited by Share Ltd (hereinafter referred to as "Jia Hua energy source") 100% stake. < /p >
< p > < strong > the added value of assets increased to 241.49% < /strong > < /p >.
< p > it is worth mentioning that when the new deal of "backdoor listing condition and IPO standard is the same", as the first single entry of the new deal, the Huafang textile and Jiaxi energy's < a href= "//www.sjfzxm.com/news/list.aspx ClassID=101112107107" > asset valuation increment < /a > there is a huge gap. < /p >
< p > December 5th, Huafang textile issued major asset replacement and issuance of shares to purchase assets and raise supporting funds and related transactions report (Draft). The company has all the assets and liabilities owned by the company and the 96 shareholders of Jiahua group Limited by Share Ltd, Zhejiang Jiahua group Limited by Share Ltd (hereinafter referred to as Jiahua group), to replace the equivalent value of < a href= "//www.sjfzxm.com/ >" Jiahua energy < /a > 100% equity. The difference between the value of the assets and the assets of the company is purchased by the company according to the proportion of the 96 shareholders of the group. < /p >
< p > draft shows that the assets are priced at 5 billion 810 million 110 thousand and 400 yuan and the assets are priced at 849 million 395 thousand yuan. Among them, the difference between the above assets replacement is 4 billion 960 million 715 thousand and 400 yuan, the company intends to 5.32 yuan / share price, to the Jiaxing group and other 96 shareholders issue a total of 932465261 shares. < /p >
At the same time, the restructuring of Huafang textile also includes plans to raise matching funds. It is planned to raise the matching funds of non-public offering shares of less than 10 specific investors with the price of 4.79 yuan / share, and raise the matching funds by 500 million yuan. All the funds raised will be used in the expansion project of the thermal power cogeneration unit of Jiaxin energy company. "P" < /p >
< p > it is worth noting that there are two days of ice and fire in the evaluation space of Hua Fang textile and Jiaxi energy sources. According to the evaluation report, taking September 30, 2013 as the base of assessment date and taking the asset based approach as the evaluation method, the book value of Huafang textile net assets is 750 million 971 thousand and 600 yuan, the net assets assessment value is 849 million 395 thousand yuan, the appreciation rate is 13.11%, and the assessment price is also the price of the assets. On the other hand, on the same assessment date, Jiaxi energy is evaluated by the assets income approach, the book value of net assets is 1 billion 701 million 398 thousand and 600 yuan, the net assets valuation value is 5 billion 810 million 110 thousand and 400 yuan, the added value is 4 billion 109 million yuan, the appreciation rate is 241.49%, and the assessment price is also the price of assets. < /p >
< p > < strong > historical sales data struggle < /strong > < /p >
< p > in addition, Huafang textile has introduced the main business of the company in recent years in the draft, and there are contradictions between two main business income data in 2011 and regular reports in the previous period. < /p >
< p > the draft shows that the income of Huafang textile in 2012 comes mainly from cotton yarn, new simulation fabrics, sewage treatment, lithium iron phosphate power battery and warehousing. The operating income is 831 million 432 thousand yuan, 475 million 742 thousand and 600 yuan, 7 million 646 thousand and 800 yuan, 20 million 896 thousand and 600 yuan and 3 million 895 thousand and 300 yuan respectively, and the data are consistent with the 2012 annual report. < /p >
< p > however, according to the draft, < a href= "//www.sjfzxm.com/news/list.aspx ClassID=101112107108" > Huafang textile < /a > in 2011, income from cotton yarn, new simulation fabric, sewage treatment, electrolyte, lithium iron phosphate power battery and warehousing is divided into 920 million 881 thousand and 400 yuan, 715 million 498 thousand yuan, 8 million 122 thousand and 200 yuan, 15 million 121 thousand and 400 yuan, 11 million 832 thousand yuan and 3 million 776 thousand and 800 yuan, while those in 2011 annual reports show 1 billion 36 million 429 thousand and 400 yuan, 599 million 950 thousand yuan, 8 million 122 thousand and 200 yuan, 8 million 122 thousand and 200 yuan, 8 million 122 thousand and 200 yuan, and Yuan Yuan. < /p >
< p > there is an inconsistency between the draft and the income data of the 2011 Annual Report on cotton yarn and new simulation fabric business. < /p >
< p > a senior financial officer said that the main revenue of a company is made up of the revenue realized by various products. It will not change abruptly in the next reporting period. Unless the merger and acquisition can lead to changes in the scope of the merger, it is necessary to adjust the financial data in the historical period. < /p >
< p > reporter read the 2012 annual report of Huafang textile found that the range of consolidated statements during the reporting period has not changed. At the same time, the audit report also showed that as of September 30, 2013, the merger scope of the company was consistent with that of 2012, and there was no change in the scope of merger. < /p >
< p >, then, at the time of Huafang textile reorganization, why would there be a fight between the draft and the 2011 Annual Report? < /p >
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