subject: Shenzhen Huaqiang: Equity In Connection Guoziliushi Buy Low And Sell High [print this page] After nearly a year of deliberation, After nearly a year of deliberation,
Shenzhen
Huaqiang's reorganization plan was October 10 through mergers and acquisitions of listed companies of China Securities Regulatory Commission conditionally by the Audit Committee. For Shenzhen Huaqiang, the restructuring of a bright future seems just around the corner. It was in October 10 the same day, Shenzhen Huaqiang (000062.SZ) released third quarter results notice, notice to show its performance is expected in 2009 1 to September net profit to -1200 million, operational difficulties, making Shenzhen Huaqiang restructuring all the more urgent.
, However, to add the finishing touches on the progress in the restructuring of the time, because the media suddenly be exposed during its restructuring a few years ago the major historical issues, making Shenzhen Huaqiang deep "restructuring gate" affair. Continued to increase in the regulatory supervision of today, the emergence of the Shenzhen Huaqiang storm restructuring its restructuring plan can proceed smoothly laid uncertainties.
1.7 buy 58 million sold
Shenzhen Huaqiang
restructuring around the controversy, has not been settled on.
Shenzhen Huaqiang
notice under private placement program, Huaqiang Shenzhen Huaqiang be held in Dongguan
Sanyo
Electronic
Limited (Dongguan Sanyo) 48.67% stake
Guangdong
Huaqiang SANYO Group Co., Ltd. (hereinafter referred to Guangdong Sanyo) all 50% of the shares and Shenzhen Huaqiang Sanyo Technology Design Co., Ltd. (hereinafter referred to Sanyo design) all 10% of the share transfer to the company's major shareholder Huaqiang Group, the purchase price is 57,963,800 yuan. And it is in 5 years ago in 2004, to 170 million yuan in Shenzhen Huaqiang high prices, from the hands of Huaqiang Group purchased the assets. Between high-buy low and sell, the price difference of 112 million.
Precisely because of this dispute, many of the minority shareholders of Shenzhen Huaqiang spontaneous, organized a "against the Union", on November 28 last year, the shareholders of the General Assembly on the major restructuring of Shenzhen Huaqiang cast against it. However, because of the restructuring plan received 79% support rate, or access to the shareholders for approval.
Shenzhen Huaqiang Why would these three assets, buy low and sell high? Or from 5 years ago to buy the assets and the subsequent three years
TV
Changes in the industry to find answers.
2004 4 28, Shenzhen Huaqiang announcement that the company board of directors believes that
Flat Panel TV
Will gradually replace the traditional CRT TV's status as the future of the mainstream, and Huaqiang Sanyo AV Video Products include not only traditional CRT TVs, including high-end flat-panel TVs, the market prospect. Transferee stock three companies will help to optimize industrial structure and asset structure, the formation of the company's new profit growth point.
However, the color TV industry in rapid transition to flat panel, flat panel TVs in the lack of core competitiveness of China
Home Appliances
Collective enterprises into difficulties and Huaqiang Sanyo in flat-panel TV market appeared to be inadequate, leading to the above three companies not only failed to bring the desired benefits of Shenzhen Huaqiang, on the contrary, each year brings tens of millions of losses. One year to 118 million acquisition of Dongguan Sanyo, from 2005 to 2007 net profit of 14.06 million yuan, respectively, -5675 and -1.14 billion yuan, in 2008 January-September loss of 31.77 million yuan again. "Because there is no catch up in technological innovation, China's color TV industry in the flat-panel TV approached a few years out of date group, which is the industry's major mistake." Renowned economist Li Yining, professor pointed out sharply.
Previously general manager of Shenzhen Huaqiang Zhou Hongbin
also have to explain that: the original major shareholder Dongguan Huaqiang Sanyo Huaqiang Group into the listed companies and three companies out of the development of listed companies the sake of these three companies are now taking over the same development for the benefit of listed companies. The difference is that in four years, the environment and conditions for dramatic change is beyond the control of the individual enterprise.
However, in 2003 and 2004, all of Dongguan Huaqiang Sanyo Group have made the assessment of adverse findings, saying its net assets and income level did not match the scale of assets, net asset value assessment of the main reasons is due to assessment of value-added finished goods inventory value resulted in current assets, the construction costs. Have this negative conclusion first, and was able to sell 118 million of listed companies at high prices, do something wrong. PI Hai Chau-known stock market observers have written that a strong China, Shenzhen Huaqiang Group shareholders of one of these bad assets entered into, netted more than 1 million.
Shenzhen Huaqiang: Equity In Connection Guoziliushi Buy Low And Sell High
