The net assets of Huayu Zhenyu, the target company acquired by ①, is 206 million yuan. According to the estimated equity valuation of 3 billion yuan, the value-added rate of the target company is 1354.05%. ② 's high-tech development, which has been suspended for more than half a month, resumed trading today, and the stock price rose by the limit.
Financial Associated Press, October 19, proposed to buy 70% of Huazheng Zhenyu shares, today's resumption of trading returned from the high-tech development limit. However, in the evening, the Shenzhen Stock Exchange issued an inquiry letter on the merger and reorganization of the company, asking to explain the development trend of the industry of the target company and the reasonableness of the estimated valuation of this transaction.
This morning, Hi-tech Development disclosed the "Chengdu Hi-Tech Development Co., Ltd. to issue shares and pay cash to buy assets and raise supporting funds and related party transactions." The company plans to buy 70% of Sichuan Huazheng Zhenyu Intelligent Technology Co., Ltd by issuing shares and paying cash.
According to the plan, the company plans to buy a 70% stake in Sichuan Huacheng Zhenyu Intelligent Technology Co., Ltd by issuing shares and paying cash. The target company was established in June 2020, and its operating income from January to September in 2021, 2022 and 2023 was 1.086 billion yuan, 3.424 billion yuan and 3.949 billion yuan respectively, and the net profit was 11 million yuan, 43 million yuan and 47 million yuan respectively.
The company is asked to explain, combined with the changes in the industry development environment and trend of the target company, industry competition pattern, product sales (sales volume, unit price, cost), business model, customer structure, profit model and gross profit margin, and compare the performance changes of comparable companies in the same industry to explain the reasons and rationality of the sharp increase in revenue scale since the establishment of the target company, and the authenticity of the performance during the reporting period.
Additional disclosure of the sales of the first five customers during the reporting period, including, but not limited to, the start time of the cooperation, sales model, sales content, credit policy, contract term, revenue recognition method, refund situation, etc., indicate whether the subject matter has a significant dependence on the major customers, the stability and sustainability of the business cooperation with the top five customers, and whether there is a business substance in the related transactions.
In addition, the "plan" shows that the estimated value of 100% equity in the underlying company does not exceed 3 billion yuan. As of September 30, 2023, the net assets of the underlying company was 206.3206 million yuan. according to the estimated value of 3 billion yuan, the estimated value-added rate of the target company was 1354.05%, the corresponding static price-to-earnings ratio was 69.11, and the static price-to-earnings ratio of the comparable company was 32.68. the static price-earnings ratio is significantly higher than that of comparable companies.
The company is required to combine the business characteristics of the underlying assets, market comparable cases, historical valuation, etc., to explain the rationality of the estimated valuation of this transaction.
On the market, Hi-Tech Development, which had been suspended for more than half a month, rose by the limit after resuming trading today, with a turnover of 13.32 million yuan throughout the day. As of the close, the stock rose by the limit of nearly 1.88 million orders.
