Last week, Wan Liyang, who was planning to suspend major asset restructuring issues, announced the reorganization of the answer. The stock will resume trading from the opening of the market. The announcement shows that Wanliyang plans to acquire 16.33% of the shares of Shandong Linyi Lingong Auto Bridge Co., Ltd. (referred to as Shandong Lingong) held by Wansheng Auto Parts for 16.72 million yuan in cash. Together with the 37.55% stake in Shandong Lingong that the company had previously held, the company will become the controlling shareholder of Shandong Lingong with a total shareholding ratio of 53.88% after the completion of the transaction.
Wanliyang and Wansheng Auto Parts have signed the “Equity Transfer Agreement†that came into effect on October 25, 2010, but the plan must be approved by the China Securities Regulatory Commission and approved by the company’s shareholders’ meeting.
Wanliyang is a listed company specializing in the production and sales of commercial vehicle transmissions. It mainly provides support for domestic large and medium-sized commercial automobile manufacturers such as Beiqi Foton, Dongfeng Motor (600006), Chengdu Trump, Ziyang Nanjun, etc. The current production scale is approximately With an annual output of 300,000 units. According to the announcement, the market share of Wanliyang in the transmission market of China Card exceeds 60%, but the occupancy rate of light and micro cards is far lower than that of China Card.
The company said that in order to firmly seize the favorable opportunity for the development of domestic automobiles, it had planned to merge 1 to 2 companies in the same industry, expand production capacity, increase market share, and enrich product lines. Its subsidiary company, Shandong Lingong, is complementary to Wan Liyang in the transmission segment market, and therefore it has become the target of Wan Liyang's favorite merger. According to the “Buying Reportâ€, Wanliyang’s products are mainly based on China Card transmissions and light-duty trucks, while Shandong Lingong’s main production and sales of light and micro-card gearboxes have annual sales of more than 500,000 units, and its production capacity ranks among domestic peers. In the first place, the domestic market share exceeded 35%. Before the reorganization of the assets, Wanliyang held 37.55% of the shares in Shandong Lingong. After the completion of the transaction, the company will hold a total of 53.88% of the shares and become the controlling shareholder of Shandong Lingong.
According to the evaluation results of Kunyuan, the appraised value of Shandong Lingong’s shareholders’ equity on June 30, 2010 as of June 30, 2010 was RMB 10,492.69 million, which was calculated based on the 16.33% equity ratio of Wansheng Auto Parts to Shandong Lingong. The assessed value of equity was RMB 17,134.6 thousand. After negotiation, the transaction amount was finally determined to be RMB 16.72 million, representing a discount of 2.42% to the assessed value.
After the reorganization, the annual production capacity of Wanliyang will be significantly increased: 300,000 units in Wanliyang, 500,000 units in Shandong Lingong annually, and 280,000 units in the company’s listed capital raising investment project expansion. As a result, the annual transmission capacity of listed companies will exceed 1 million units, becoming the leading domestic transmission production and sales, and the market share of light-duty truck transmissions will rank first in the country.
In addition, Wanliyang also plans to carry out the business division of light truck transmission products. It will focus on accelerating the development of high-end products. Shandong Lingong will focus on the development of mid- to low-end products and micro-card transmissions.
In addition to automobile transmissions, Shandong Lingong will also bring new business such as agricultural drive axle boxes and construction machinery drive axle boxes to Wanliyang. According to the announcement, the agricultural drive axle box is mainly used for agricultural harvesters, and its market share in the domestic market exceeds 80%, and it is in an absolute monopoly position. Under the background of the country's vigorous development of agricultural mechanization, large harvesters and corn and rice harvesters are in the market. Huge development potential. Its construction machinery products are mainly supported by Foton Lovol Heavy Industry. Wan Liyang believes that this will create new profit growth points for the company.
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