3 months valuation rose 6 times, Broadcom mergers and acquisitions by the Shanghai Stock Exchange st-manbetx.cc

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3 months rose 6 times the valuation of shares of Broadcom merger was the Shanghai Stock Exchange "Yan asked" Sina Level2:A shares of sina finance client speed Kanpan: the most profitable investors in 3 months rose 6 times the valuation of shares of Broadcom merger was the Shanghai Stock Exchange "Yan asked" the reporter Nie, editor Quanze source products Broadcom shares 10 days ago the disclosure of the merger was yesterday the Shanghai Stock Exchange inquiry. Interestingly, this single transaction is not the amount of mergers actually provoke regulators as many as four items total 18 items of professional questioning. From the order of inquiries, the regulatory authorities focus on the fair value of the acquisition bid transaction, high profitability commitments, single customer dependent risks and other issues. In January 22nd, Broadcom shares issued a reorganization plan, the company intends to issue shares and to pay cash to buy Liu Xin, Xue Linqiang and Zhao Guoan, Fengning Ning Nanjing xinchuanhui together hold 100% equity, the transaction price of 350 million yuan; Hao collar lock price issue shares to raise matching funds 330 million yuan to Xi’an at the same time, for the payment of cash investment projects the offering price and etc.. The core business of Nanjing core exchange company is avionics information system software and technology solutions, Internet of things application products and solutions, involving avionics, information and Internet of things in two areas. It is worth noting that the underlying assets of Nanjing xinchuanhui had occurred two times, two times the transfer of equity capital during the reporting period, increase the equity transfer price of the underlying asset valuation corresponds to a maximum of about 50 million yuan, while the return of assets subject by the estimated value of 350 million yuan, value-added rate of up to 2321.72%. At the same time, many investors quit before the transaction, and Zhao Guoan, the controlling shareholder of the underlying assets, pays interest fees to some of the shareholders who withdraw from the transaction. The Shanghai stock exchange requires the company to increase the equity transfer price and the basis of pricing in the reporting period, so as to explain the fairness and rationality of the transaction price. Due to the difference between the exit price and the transaction price, it is necessary to explain the reasons and the rationality of the withdrawal of several shareholders before the transaction. Look back at the end of September 2015, after the plan can be seen, Zhang Zhidong, Zhang Li, Yong Song, Wu Xuefeng, Yu Zhaojian, Luo Yonggang, Zhu Benzheng, Hong Li investment will be held by the Nanjing xinchuanhui the capital transfer to Zhao Guoan, the transfer of shares held by Zhao Guoan from the previous 52.97% jumped to 93.77%. Among them, Zhu Benzheng and Hong Yuan investment transfer prices are 530 thousand yuan, 10 million 130 thousand yuan. The announcement said that Zhu Benzheng, Hong Li investment increased capital Nanjing core remittance, the development of the enterprise did not meet expectations, 2013, 2014 Nanjing core remittance performance is negative, not ideal, so at the end of 2014, and Zhao Guoan to negotiate repurchase matters and signed the "equity transfer agreement". "When he exited, he considered the cost of investment and Zhu Benzheng’s capital, that is, the interest rate of 6.6% was paid for two years (the investment cost was 10 million yuan and 10 million 660 thousand yuan was dropped)." The announcement has explained why Zhao Guoan paid interest fees to some shareholders who withdraw from the stock market. But a little comparison found that hung investment and Zhu Benzheng negotiated withdrawal to equity delivery, the interval was 9 months. At the end of September 2015 of the two shareholders of the real

3个月估值升6倍 博通股份并购案遭上交所“严问” 新浪财经Level2:A股极速看盘 新浪财经客户端:最赚钱的投资者都在用   3个月估值升6倍 博通股份并购案遭上交所“严问”   ⊙记者 聂品 ○编辑 全泽源   博通股份10天前披露的并购预案昨日被上交所问询。有意思的是,此单交易金额不大的并购案竟招来监管层多达四大项合计18小项的专业追问。从问询次序来看,监管部门重点关注此次并购标的交易作价公允性、高盈利承诺、单一客户依赖风险等问题。   1月22日,博通股份发布重组并购预案,公司拟以发行股份及支付现金的方式购买赵国安、刘昕、薛琳强及丰宁宁合计持有的南京芯传汇100%股权,交易作价3.5亿元;同时向西安领浩锁价发行股份募集配套资金3.3亿元,用于支付现金对价及募投项目等。标的公司南京芯传汇主营业务为航空电子信息系统软件及技术解决方案、物联网应用产品及解决方案,涉及航空电子信息以及物联网两大领域。   值得注意的是,标的资产南京芯传汇报告期内曾发生两次增资、两次股权转让,增资 股权转让价格对应的标的资产估值最高约5000万元,而标的资产收益法预估值为3.5亿元,增值率高达2321.72%。同时,多名投资者在本次交易前退出,且标的资产控股股东赵国安向部分退出股东支付利息费用。上交所要求公司结合报告期内的增资 股权转让价格及作价依据等,说明本次交易作价的公允性及合理性。由于退出价格与本次交易作价相差较大,还需说明本次交易前多名股东退出的原因及合理性等。   回看预案可见,2015年9月底,张至栋、张莉、雍嵩、吴雪峰、余兆建、罗永刚、褚本正、鸿立投资等将其所持南京芯传汇的出资额转让给赵国安,转让之后,赵国安所持股权从此前的52.97%跃升至93.77%。其中褚本正与鸿立投资转让价格分别是53 万元、1013万元。公告称,褚本正、鸿立投资增资南京芯传汇后,企业的发展并未达到预期,2013年、2014年南京芯传汇的业绩为负,并不理想,故2014年底即与赵国安商议回购事宜并签署了《股权转让协议》。“且退出时考虑了鸿立投资及褚本正的资金成本,即两年给了6.6%的利息费用(投资成本1000万元,退出1066万元)。”公告曾如此解释赵国安向部分退出股东支付利息费用问题。   但是稍作对比即可发现,鸿立投资及褚本正从商议退出到股权交割,间隔了9个月。在2015年9月底这两个股东真正转让股权时,南京芯传汇整体估值仅为4800万元,至2016年1月份并购预案出炉时,标的资产估值飙升至3.5亿元。短短3个多月里,估值飙升6倍多。   更有意思的是,上述两位获利息补偿的退出股东,其退出理由是企业业绩不理想。但在此次并购预案里,并购交易对方却作出了大胆的业绩承诺。   南京芯传汇2014年和2015年的净利润分别为-166.44万元和955.31万元。而但交易对方承诺,2016、2017及2018年扣非后净利润分别为2200万元、3300万元和4500万元。对此交易所给予了高度关注,要求公司结合标的资产历史盈利情况、目前行业情况及经营状况、盈利模式等,分析标的资产业绩承诺的可实现性,盈利能力的可持续性,并要求中介机构就业绩预测提供专项报告。   除估值及业绩预测外,博通股份的交易方案设计与一般交易方案存在一定差异。根据公司披露,本次交易用于支付现金对价部分的募集配套资金与本次发行股份及支付现金购买资产互为前提条件、同时实施,均为本次交易不可分割的组成部分。这就意味着募集配套资金的缩减或失败可能导致整个重组方案终止。上交所要求公司说明募集资金认购对象西安领浩私募投资基金的备案程序进展情况,披露西安领浩各出资人是否已实际出资、出资来源,并结合前述情况,具体分析配套募集资金不成功或者规模缩减的风险,及可能导致本次重大资产重组终止的可能性。   此外,由于南京芯传汇的航空电子信息系统配套软件研发业务的客户主要为中国航空无线电电子研究所,且公司创始人及核心团队成员均来自南京航空航天大学。上交所认为标的资产存在单一客户依赖风险,要求公司补充披露标的资产主要客户与其股东之间的关系,并结合订单与协议签订情况分析本次交易对标的资产原有客户稳定性的影响,并作重大风险提示。 进入【新浪财经股吧】讨论相关的主题文章:

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