Kang Yue technology related parties lightning admission benefit cross border

Polaris solar PV net news: ban of innovative companies, as the first new a-share listed companies, Kang Yue technology (300391) early adopters are still tough to advance.

15th, the company released for review of the SFC respond to notices disclosed the offer further yiheng technology (835560) for details. Economic review reporter noted, while Kang Yue stressed in the reply yiheng science and technology future profitability and the positive impact of this acquisition for their own development, but from yiheng technology in updated materials, you can still clearly see the receivables soar, industry competition and other risks.

More concern is that there are undercurrents of interest behind this acquisition. Yiheng technology acquisitions announced before the rights issue, introducing Beijing xingyuan investment management limited liability company (hereinafter “the source”), Shenzhen hairuiqi limited both before and, if ultimately successful, the principal of the two institutions will receive a double benefit.

Economic review reporter access to information discovered, XING Yuan investment, Chairman and General Manager Wang Nan, in fashion as a Director of Kang Yue technology acquisition agreement is signed. In this regard, industry analysts say, xingyuan admission time to invest, such as too much coincidence, these related subjects or insider trading, to the larger effects of the programme, this risk to be vigilant.

Related party benefit lightning admission

Kang Yue announced merger plans of science and technology show, the company intends to buy yiheng 900 million Yuan science and technology 34 shareholder all shares, with 16.28 yuan per unit price of sold 31.511 million shares to trading parties (Exchange price of 513 million yuan), 387 million Yuan paid in cash.

Statistics, yiheng landed on January 18 this year, the new Board of science and technology, the company is mainly engaged in the PV module production equipment, are a number of well-known domestic PV industry suppliers, its business and Kang Yue technology of main engine turbocharger manufacturing no commonality.

In addition, yiheng in June this year has just been included in the innovation of science and technology, and therefore deal would also be the new Board’s first innovative deals.

“Cross-border mergers and acquisitions”, “first”, Kang Yue technology then so is the capital market concern. Keen market economic Herald reporters that related parties before announcing the acquisition plans for the lightning stakes yiheng technology, questionable.

Announcement, on the eve of Kang Yue publishing acquisition plan of science and technology (a difference of less than 3 months), yiheng technology to 4.02 Yuan/share price to XING Yuan investment, the former hairuiqi management of Riverstone Fund issued 3.7313 million shares and 8.7064 million shares. At the time, XING Yuan Wang Nan is still serving as Kang Yue, General Manager of investment Director of science and technology, so the increase relating to related party transactions.

Economic review reporter learned that Wang left in 2009 Bank business, has served as Kang Yue Director of science and technology during the August 2010 to August 2016 remains XING Yuan, Board Chairman and General Manager of the investment.

Kang Yue technology acquisition yiheng technology a year before Wang Nan XING Yuan investment has on many occasions, individual and shareholder yiheng technology, with XING Yuan shares the largest amount of investment, in March of this year, reaching 14.9998 million Yuan. Kang Yue technology trading plan calculation, only XING Yuan investment, the shares can be traded at 26.9708 million Yuan on price floating profit 179.81%.

More market players noted that XING Yuan investment hold yiheng 5.4313 million shares in technology, access to deals on consideration of 16.8812 million yuan in cash and Kang Yue technology 1.3745 million shares in trading after the plan was released, Kang Yue technology shares, currently maintains high at about 26 Yuan, far exceeding the rights issue price, which means that potential benefits of XING Yuan investment higher.

However, the brokerage concern, the above related party transactions, or to the acquisition plan will bring risks. “Shares traded close to the plans published on some, counterparties are more sensitive. Regulators have recently been strengthening m insider trading investigation, once a problem is found, it may suspend or direct veto plans. ”

Acquisition is the subject of future earnings worry-saving

Equity trading in “flawed” when the earnings prospects for the merger is unknown, also brought worries to Kang Yue technology of cross-border mergers and acquisitions.

Kang Yue 15th announcements of science and technology, Commission departments had plans for mergers and acquisitions review gives feedback raised on 27 issues, involving yiheng technology acquisition price corresponds to the high valuations, earnings uncertainty does not cover all transactions, performance compensation commitments on price, and so on.

While Kang Yue technology to this question gives back, and published updated trading plans. However, some investors pointed out that, after watching the company’s interpretation of the new plan, more concerns about the acquisition.

“For example, yiheng technology accounts receivable has been rising rapidly against this interpretation, also known in the actual business is not strictly in accordance with the contract progress payment, did not hold a customer for breach of contract. This is operating in mines, once the market boom of the slowdown, to a standstill, the company’s funding will be a lot of pressure. “Kang Yue said a small shareholder, science and technology.

Economic review reporter also noted that yiheng technology in 2014, 2015 and 2016 accounts receivable balances were 58.7592 million in the first half, and 82.7863 million, 148 million Yuan, showing rapid growth, its share of net assets, the ratio rose from 20% to 40%, but at the same time, provision for bad debts of the company 3 years did not change much.

In addition, a brokerage who asked not to be named said yiheng technology book net assets of 245 million Yuan, the purchase price of 900 million yuan from its value-added rate of 267.54%, yiheng technology suspension price calculation, more than 44 times times earnings, are at a higher level. And the reason why there is such a level, with the hottest market in the last year of the photovoltaic industry a greater relationship. However, with the influx of new capacity, subsidies decline, the industry Outlook is worrying.

Economic review reporter noted, this report also pointed out that, if fluctuations in the solar photovoltaic industry or industries of the future new changes in policy, yiheng technology will face business risks. It even says, for example, if the United States significantly reduce the subsidy policies of photovoltaic products, yiheng technology subsidiaries in the United States SunSpark faced customers reduce or even cancel the order or issue, significant adverse implications for the company.

More noteworthy is that though yiheng technologies is given in 2016, 2017 and 2018 non-net profit after deduction of not less than 50 million yuan of performance commitments, 67 million and 88 million Yuan, but its stake doesn’t cover performance compensation, there is a risk of a payment default.

Original title: Kang Yue technology cross-border mergers and acquisitions will be variable

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