Since the actual control of Shaanxi Coal Chemical Group Corporation (hereinafter referred to as “Shaanxi Coal Chemical Groupâ€) was transferred last year, the days of the construction of the former king of presses seemed to be getting better and better.
"First, last year's star picking, followed by the recent capping, followed by the fear that only the assets of the future will be injected." Shaanxi local independent analyst Yan Xin pointed out to the "China Business" reporter pointed out. It is precisely because of these comprehensive factors, especially when the asset injection is approaching expectations, on July 17th, the construction machinery “out of caps†will erupt in a blaze of “vigorousnessâ€, reporting a daily limit for two consecutive days.
However, as reported by this reporter, this company, which is mainly engaged in machinery manufacturing, is in a dilemma for its upcoming asset injection.
"Transaction" construction machinery was reduced
On July 17, construction machinery announced two good news. One is that the stock has been revoked "other special treatment of stock trading"; the other is that it is expected that the company will achieve a net profit of no less than 8 million yuan from January to December 2012.
Under the double favorable stimulus, the company's stock opened with an infinite daily limit on the same day, and on the 18th, it reported daily limit trading with a rare "days" volume in five years.
In fact, this company, which is mainly engaged in highway equipment, had been struggling on the brink of delisting until 2009, due to losses caused by years of unsatisfactory operations. In 2010, the company urgently disposed of its assets and realized a profit of more than RMB 14 million, which enabled it to remove the “Star†warning of delisting risk in 2011.
Before the industry has been rumored that its actual controller Shaan Coal Group is likely to backdoor construction machinery.
However, in July 2011, Shaanxi Coal Chemical Group confirmed the IPO proposal and transferred the entire share capital of Shaanxi Sun Construction Machinery (Group) Co., Ltd. (hereinafter referred to as “Construction Machinery Groupâ€) to Xi’an Heavy Equipment Group. .
In that year, the construction machinery realized a net profit of RMB 10.76 million after deducting non-recurring profits and losses, and the main business was restored. As a result, the company's "pick cap" application submitted on April 16 this year was approved by the Shanghai Stock Exchange and formally "capped" on July 17.
An Shaanxi Provincial State-owned Assets Supervision and Administration Commission official, who declined to be named, told reporters that after the completion of equity transfer for major shareholder of construction machinery, the provincial government once planned to rehabilitate this weak listed company and reorganize it in one step. . However, since its actual controller is still Shaanxi Coal Chemical Group (a controlling shareholder of Xi'an Heavy-duty Group, which is a controlling shareholder of the construction machinery major shareholder, is a subsidiary of Shaanxi Coal and Chemicals Group), the complicated connected transactions during this period are difficult to pass the approval of the regulatory authorities, resulting in abortion of the restructuring plan.
According to public information, as early as 2007, when the construction machinery was in danger of operating downturn, the company's actual controller, Shaanxi Construction Engineering Group Corporation, and Shaan Coal Chemical Group signed the Asset Transfer Agreement, which will build the entire assets of the machinery. All liabilities and personnel are transferred to Shaan Coalification Group.
Subsequently, in May 2010, Shaanxi Coal Chemical Group also planned to reorganize it, that is, the company will set aside all assets and liabilities, and will issue additional 100% equity interest in the purchase of construction machinery group to Shanxi Coal Chemical Group and its concerted person. The company plans to issue 767.37 million shares non-publicly at the issue price of 7.22 yuan/share, and it will be injected into the Construction Group's mine engineering construction, housing construction and other businesses. If the reorganization transaction at that time is completed, the company will own 100% of the shares of Construction Machinery Group. The company's main business will be changed from mechanical manufacturing to mining engineering construction and industrial and civil construction.
However, on the one hand, due to the construction machinery acquiring new orders under the stimulation of the previous round of infrastructure policies, and more importantly, due to the complicated associated interest relationships of the actual controllers, the “road rollers†that had once been high hopes were transformed. Had to stop suddenly.
At the same time, the orders obtained by the construction machinery made it financially better. In 2011, the company's paving machine series product revenue was 372 million yuan, stable soil mixer series product revenue was 9.9471 million yuan, dump truck series product income was 829,600 yuan, steel structure product income was 185 million yuan, rental business income was 1985.21 million yuan, and other products Revenue of 53.6 million yuan, total main business income of 642 million yuan, an increase of 17.29% year-on-year.
The construction machinery finally achieved a "star off hat." The construction machinery that has been deterred from the market since 2008 has finally relieved slightly.
"But this can ease, but directly to the company's stock that has been plunging for nearly five years has brought a day's trading volume." Hua Hui Securities analyst Zhang Hui said, "Only on the 18th turnover of 81 million yuan quotes indicate that this The transaction of a company is unusual."
Stars take off the cap
Implied asset injection expectations?
In fact, the construction machinery that just "takes off the stars and took off hats" may not be enough to trigger market funds to give attention to the "days" limit. Especially in the context of the continuous reduction of its shareholder Construction Bank in recent years and the short-term recovery of the roller industry, there must be a story to tell about the sudden heavy volume daily limit.
The director of the Office of Construction Machinery Directorate said that apart from the expected disclosure of the company’s earnings of 8 million yuan this year, there is currently no other information that stimulates stock turnover.
However, our reporter learned from an official of the company’s “big boss†Shaanxi Provincial State-owned Assets Supervision and Administration Commission that the potential benefit of construction machinery is that the restructuring plan that once caused abortion will be restarted again.
According to statistics, as of the end of 2010, the controlling shareholder of Xi'an Heavy Industry Equipment Group, the controlling shareholder of the construction machinery major shareholder, had total assets of 2.799 billion yuan and net assets of 1.26 billion yuan. The total operating revenue in 2010 was 1.285 billion yuan, the total profit was 16.39 million yuan, and the net profit was 12.46 million yuan. yuan.
Some analysts believe that Xi'an Heavy Equipment Group has a large number of assets and its main business is the production and sales of mining machines, construction machinery and its accessories such as coal mining machines, roadheaders, hydraulic supports, belt conveyors, and scraper conveyors. In particular, its related coal machinery and equipment manufacturing assets have been planned to be injected, so it is not ruled out that they will repack and inject these assets in the next one to two years. As a result, private equity professionals believe that this brings imaginable space to the share price of construction machinery.
However, the weakness in the coal-related industry since the beginning of this year has caused the relevant mining equipment industry operations to show signs of short-term uncertainty. This aspect indicates that the industry correction may bring about new mechanical equipment renewal, which will bring opportunities for coal equipment; on the other hand, temporary long-term orders will decline. This uncertainty in the industry makes the prospects for construction machinery with asset restructuring expected to be less clear. A number of analysts interviewed by the reporter believe that the shareholders of the construction machinery will not rashly restart the asset restructuring.
According to experts from the China Construction Machinery Industry Association, the effects of the country's macro-control policies on the construction machinery market have gradually emerged since last year. For the declining demand, companies in the first half of this year all felt obvious; secondly, the market was too hot in the first half of last year. And the growth rate is unprecedented in the same period of history. In contrast, the probability of a year-on-year drop is very high this year, and it is expected that the industry may experience a decline of nearly 20%. In addition, the strength of foreign brands of mechanical products, the domestic machinery industry will face many pressures.
Under this background, if the construction machinery is restarted and reorganized, it is obviously helpful for the equipment manufacturing upgrade from the “blood transfusion†in the market. However, when such a reorganization is started, it is obviously a problem that is difficult to grasp.
For large shareholders of construction machinery, whether to inject assets into construction machinery will be in a dilemma. In other words, if the current mining equipment industry is at a low ebb, asset injections may not be able to sell at a good price. On the other hand, if the construction machinery is not reorganized, its current main road rollers, etc., will be difficult to support its long-term development.
As for the restructuring issue, in July last year, Xi'an Heavy Equipment Group stated that it has not planned to increase its holdings of construction machinery in the next 12 months, nor has it planned to dispose of the shares of construction machinery within the next 12 months. At present, the agreed time in December has passed. It is not yet known whether there is indeed a resumption of restructuring motion.
"First, last year's star picking, followed by the recent capping, followed by the fear that only the assets of the future will be injected." Shaanxi local independent analyst Yan Xin pointed out to the "China Business" reporter pointed out. It is precisely because of these comprehensive factors, especially when the asset injection is approaching expectations, on July 17th, the construction machinery “out of caps†will erupt in a blaze of “vigorousnessâ€, reporting a daily limit for two consecutive days.
However, as reported by this reporter, this company, which is mainly engaged in machinery manufacturing, is in a dilemma for its upcoming asset injection.
"Transaction" construction machinery was reduced
On July 17, construction machinery announced two good news. One is that the stock has been revoked "other special treatment of stock trading"; the other is that it is expected that the company will achieve a net profit of no less than 8 million yuan from January to December 2012.
Under the double favorable stimulus, the company's stock opened with an infinite daily limit on the same day, and on the 18th, it reported daily limit trading with a rare "days" volume in five years.
In fact, this company, which is mainly engaged in highway equipment, had been struggling on the brink of delisting until 2009, due to losses caused by years of unsatisfactory operations. In 2010, the company urgently disposed of its assets and realized a profit of more than RMB 14 million, which enabled it to remove the “Star†warning of delisting risk in 2011.
Before the industry has been rumored that its actual controller Shaan Coal Group is likely to backdoor construction machinery.
However, in July 2011, Shaanxi Coal Chemical Group confirmed the IPO proposal and transferred the entire share capital of Shaanxi Sun Construction Machinery (Group) Co., Ltd. (hereinafter referred to as “Construction Machinery Groupâ€) to Xi’an Heavy Equipment Group. .
In that year, the construction machinery realized a net profit of RMB 10.76 million after deducting non-recurring profits and losses, and the main business was restored. As a result, the company's "pick cap" application submitted on April 16 this year was approved by the Shanghai Stock Exchange and formally "capped" on July 17.
An Shaanxi Provincial State-owned Assets Supervision and Administration Commission official, who declined to be named, told reporters that after the completion of equity transfer for major shareholder of construction machinery, the provincial government once planned to rehabilitate this weak listed company and reorganize it in one step. . However, since its actual controller is still Shaanxi Coal Chemical Group (a controlling shareholder of Xi'an Heavy-duty Group, which is a controlling shareholder of the construction machinery major shareholder, is a subsidiary of Shaanxi Coal and Chemicals Group), the complicated connected transactions during this period are difficult to pass the approval of the regulatory authorities, resulting in abortion of the restructuring plan.
According to public information, as early as 2007, when the construction machinery was in danger of operating downturn, the company's actual controller, Shaanxi Construction Engineering Group Corporation, and Shaan Coal Chemical Group signed the Asset Transfer Agreement, which will build the entire assets of the machinery. All liabilities and personnel are transferred to Shaan Coalification Group.
Subsequently, in May 2010, Shaanxi Coal Chemical Group also planned to reorganize it, that is, the company will set aside all assets and liabilities, and will issue additional 100% equity interest in the purchase of construction machinery group to Shanxi Coal Chemical Group and its concerted person. The company plans to issue 767.37 million shares non-publicly at the issue price of 7.22 yuan/share, and it will be injected into the Construction Group's mine engineering construction, housing construction and other businesses. If the reorganization transaction at that time is completed, the company will own 100% of the shares of Construction Machinery Group. The company's main business will be changed from mechanical manufacturing to mining engineering construction and industrial and civil construction.
However, on the one hand, due to the construction machinery acquiring new orders under the stimulation of the previous round of infrastructure policies, and more importantly, due to the complicated associated interest relationships of the actual controllers, the “road rollers†that had once been high hopes were transformed. Had to stop suddenly.
At the same time, the orders obtained by the construction machinery made it financially better. In 2011, the company's paving machine series product revenue was 372 million yuan, stable soil mixer series product revenue was 9.9471 million yuan, dump truck series product income was 829,600 yuan, steel structure product income was 185 million yuan, rental business income was 1985.21 million yuan, and other products Revenue of 53.6 million yuan, total main business income of 642 million yuan, an increase of 17.29% year-on-year.
The construction machinery finally achieved a "star off hat." The construction machinery that has been deterred from the market since 2008 has finally relieved slightly.
"But this can ease, but directly to the company's stock that has been plunging for nearly five years has brought a day's trading volume." Hua Hui Securities analyst Zhang Hui said, "Only on the 18th turnover of 81 million yuan quotes indicate that this The transaction of a company is unusual."
Stars take off the cap
Implied asset injection expectations?
In fact, the construction machinery that just "takes off the stars and took off hats" may not be enough to trigger market funds to give attention to the "days" limit. Especially in the context of the continuous reduction of its shareholder Construction Bank in recent years and the short-term recovery of the roller industry, there must be a story to tell about the sudden heavy volume daily limit.
The director of the Office of Construction Machinery Directorate said that apart from the expected disclosure of the company’s earnings of 8 million yuan this year, there is currently no other information that stimulates stock turnover.
However, our reporter learned from an official of the company’s “big boss†Shaanxi Provincial State-owned Assets Supervision and Administration Commission that the potential benefit of construction machinery is that the restructuring plan that once caused abortion will be restarted again.
According to statistics, as of the end of 2010, the controlling shareholder of Xi'an Heavy Industry Equipment Group, the controlling shareholder of the construction machinery major shareholder, had total assets of 2.799 billion yuan and net assets of 1.26 billion yuan. The total operating revenue in 2010 was 1.285 billion yuan, the total profit was 16.39 million yuan, and the net profit was 12.46 million yuan. yuan.
Some analysts believe that Xi'an Heavy Equipment Group has a large number of assets and its main business is the production and sales of mining machines, construction machinery and its accessories such as coal mining machines, roadheaders, hydraulic supports, belt conveyors, and scraper conveyors. In particular, its related coal machinery and equipment manufacturing assets have been planned to be injected, so it is not ruled out that they will repack and inject these assets in the next one to two years. As a result, private equity professionals believe that this brings imaginable space to the share price of construction machinery.
However, the weakness in the coal-related industry since the beginning of this year has caused the relevant mining equipment industry operations to show signs of short-term uncertainty. This aspect indicates that the industry correction may bring about new mechanical equipment renewal, which will bring opportunities for coal equipment; on the other hand, temporary long-term orders will decline. This uncertainty in the industry makes the prospects for construction machinery with asset restructuring expected to be less clear. A number of analysts interviewed by the reporter believe that the shareholders of the construction machinery will not rashly restart the asset restructuring.
According to experts from the China Construction Machinery Industry Association, the effects of the country's macro-control policies on the construction machinery market have gradually emerged since last year. For the declining demand, companies in the first half of this year all felt obvious; secondly, the market was too hot in the first half of last year. And the growth rate is unprecedented in the same period of history. In contrast, the probability of a year-on-year drop is very high this year, and it is expected that the industry may experience a decline of nearly 20%. In addition, the strength of foreign brands of mechanical products, the domestic machinery industry will face many pressures.
Under this background, if the construction machinery is restarted and reorganized, it is obviously helpful for the equipment manufacturing upgrade from the “blood transfusion†in the market. However, when such a reorganization is started, it is obviously a problem that is difficult to grasp.
For large shareholders of construction machinery, whether to inject assets into construction machinery will be in a dilemma. In other words, if the current mining equipment industry is at a low ebb, asset injections may not be able to sell at a good price. On the other hand, if the construction machinery is not reorganized, its current main road rollers, etc., will be difficult to support its long-term development.
As for the restructuring issue, in July last year, Xi'an Heavy Equipment Group stated that it has not planned to increase its holdings of construction machinery in the next 12 months, nor has it planned to dispose of the shares of construction machinery within the next 12 months. At present, the agreed time in December has passed. It is not yet known whether there is indeed a resumption of restructuring motion.
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