The mergers and acquisitions of listed companies to three new board company with hot enquiry of regu 塔里木大学图书馆

The mergers and acquisitions of listed companies to three new board company with hot enquiry of sina finance regulatory trends App: Live on-line blogger to listen to expert guidance on forest stock selection Jiepan Niugu tournament / reporter Joe Xiang, editor Sun Fang according to statistics, since May this year, A shares of listed companies for three new board listed company mergers and acquisitions heat was rapidly warming potential. Among them, only about ten listed companies disclosed plans to acquire the target companies from the new third board last month. Some acquisitions even exceed the size of 5 billion yuan, higher than the market value of many A shares. However, in this "listed shortcut", there are three new board companies to achieve "Longmen leap", but also accidentally touched the "reef" case. And combined with the recent regulatory departments on the frequent mergers and acquisitions of listed companies issued by the new three board company issued a number of letters of inquiry, the reorganization plan constitutes a backdoor, the selected target is reasonable valuation, etc., are the focus of attention. And related cases, some of the new three board company listed only a few months, and then put into the A shares of the company’s embrace, but also reflects such mergers and acquisitions in the hidden interests of ecological circle. It is worth exploring that, in the new three board company acquired by listed companies is its "best point at the moment" argument, the restructuring of the participants and regulators in the future, how to enhance the standardization of such frequent mergers and acquisitions? Listing only a few months "commitment" A shares of the company in addition to the common merger and reorganization of the high performance is expected to overestimate the value of + "phenomenon, listing some new board soon into the A shares of the company’s embrace of the phenomenon, also caused the parties concerned. As of the end of May this year to mark intelligent, listed in the new board, in mid July will appear in the planned merger Chutian speed. According to Chutian high-speed announcement, it intends to issue 190 million shares per share price of 4.64 yuan, while paying 378 million yuan in cash, the acquisition of Miki intelligence 100% stake. The announcement showed that the Miki intelligence was valued at 1 billion 260 million yuan, with an estimated value of 1 billion 285 million yuan, compared with its net book value of March 31, 2016 (parent company caliber), and the appreciation rate was 358.41%. Financial data, the announcement showed that Miki intelligence in 2014, 2015 and 2016 first quarter, respectively, operating income of 1 billion 573 million yuan, 1 billion 230 million yuan, 221 million yuan, net profit of 72 million 580 thousand and 900 yuan, 52 million 962 thousand and 100 yuan, 14 million 83 thousand yuan. At the same time, it is expected that Miki smart car networking products from April 2016 to December, 2017 to 2020 sales revenue will reach 77 million yuan, 90 million 550 thousand yuan, 121 million yuan, 160 million yuan, 174 million yuan. However, Miki intelligence in 2014, 2015 and the first quarter of 2016 car networking related products sales revenue totaled only 27 million 265 thousand and 300 yuan, 25 million 973 thousand and 100 yuan, 11 million 124 thousand and 300 yuan. The "jumping" performance prediction has attracted the attention of the regulatory authorities. On the basis of the Shanghai stock exchange requirements, the relevant aspects show the feasibility of the forecast, and require to explain the reasonableness of the increase in the valuation of the transaction. On the other hand, on

上市公司并购新三板公司渐热 问询函透出监管动向 新浪财经App:直播上线 博主一对一指导 听牛人解盘选牛股 上股林争霸赛   ⊙记者 乔翔 ○编辑 孙放   据统计,自今年5月以来,A股上市公司对新三板挂牌公司的并购热度呈迅速升温之势。其中,仅上月便有约十家上市公司披露拟收购来自新三板的标的公司。一些收购案的规模甚至超过了50亿元,高于不少A股公司的市值水平。   不过,在这条“上市捷径”中,既有新三板公司实现“龙门一跃”,也有不小心触碰“暗礁”的案例。而结合近期监管部门就上市公司频繁并购新三板公司所出具的多份问询函来看,重组计划是否构成借壳、所选标的是否估值合理等均是关注重点。且相关个案中,一些新三板公司挂牌才几个月,便又投入A股公司怀抱,也折射出此类并购重组中的隐秘的利益生态圈。   值得探究的是,在新三板公司被上市公司收购是其“现阶段最好归宿”的论调下,重组参与方与监管者未来又该如何提升此类日渐频繁的并购的规范性?   挂牌仅数月即“委身”A股公司   除了并购重组中常见的“高业绩预期+高估值”现象,一些新三板公司挂牌不久即投入A股公司怀抱的现象,也引起了各方关注。   如三木智能,今年5月底才在新三板挂牌,7月中旬就出现在楚天高速的并购计划之中。据楚天高速公告,其拟以每股4.64元的价格定向发行1.9亿股,同时支付3.78亿元现金,收购三木智能100%股权。公告显示,三木智能的作价为12.6亿元,评估值12.85亿元,相比其2016年3月31日账面净资产(母公司口径),评估增值率358.41%。   财务数据方面,公告显示,三木智能2014年、2015年及2016年一季度分别实现营业收入15.73亿元、12.3亿元、2.21亿元,净利润分别为7258.09万元、5296.21万元、1408.3万元。同时,据预计,三木智能车联网产品2016年4月至12月、2017年至2020年的销售收入将分别达到7700万元、9055万元、1.21亿元、1.6亿元、1.74亿元。不过,三木智能2014年、2015年及2016年一季度的车联网相关产品销售收入合计仅为2726.53万元、2597.31万元、1112.43万元。   如此“跳跃式”的业绩预估,引起了监管部门的重点关注。上交所据此要求相关方面说明该预测的可实现性,并要求解释本次交易估值增幅较大的合理性。   另外,对于三木智能挂牌新三板不久即成为A股公司的并购标的,有业内人士指出,这使得三木智能挂牌新三板有些“画蛇添足”,但也有一种可能是,三木智能意在借助新三板挂牌公司的身份自提“身价”。   无独有偶,A股公司南极电商与新三板互联网营销公司时间互联的并购案也因类似问题引起关注。查阅公告,南极电商停牌宣布筹划重大事项并确认所筹划事项为重大资产重组的时间点是今年5月底,距离时间互联正式挂牌新三板(4月22日)仅隔一个月。此外,从预案中描述的南极电商以今年4月30日为评估基准日来看,该项并购计划或在此之前就已有“腹稿”。   此次,南极电商拟初步作价9.56亿元收购时间互联,标的资产净资产(合并财务报表口径未审)为2921.30万元,预估增值率为3172.52%。对重组预案,深交所第一时间列出十一项问题,其中,该项交易的估值合理性成为关注重点。问询函要求公司结合行业情况、标的公司业务特点、核心竞争力等说明高增值率的合理性。   从财务数据来看,时间互联2013至2015年实现的净利润分别为58.88万元、-41.29万元和1103.75万元,盈利波动较大。而其2016年至2018年的承诺扣非净利润分别达6800万元、9000万元和1.17亿元。深交所据此要求说明标的公司上述承诺业绩与历史业绩存在较大差异的原因。   是否规避重组上市?   除“双高”问题外,记者梳理相关问询函发现,较受监管部门关注的还有相关交易是否构成重组上市(即借壳)。   南洋股份即属此类案例。回溯公告,南洋股份8月初公布拟通过“股份+现金”的方式,作价57亿元购买天融信100%股权;同时,向鸿晟汇等九家机构定增募集配套资金。据公司公告,发行股份购买资产和募集配套资金共同构成此次交易“不可分割”的组成部分。   数据显示,2015年末,南洋股份账上货币资金尚不足4亿元,显然必须通过募集配套资金来解决现金支付问题。然而,按照重组新规(征求意见)的相关规定,如果被认定为重组上市,将不允许募集配套资金。   由此,交易完成后上市公司的控制权认定成为关键。据南洋股份公告,交易完成后,郑钟南的持股比例将由54.63%变成24.3%,仍为公司实际控制人;而天融信控股股东明泰资本则以13.98%的股权占比成为第二大股东。但由于除此之外并没有更详细的信息,所以也无法确切证明明泰资本是否与配套募资认购方或标的公司其他原股东间存在一致行动关系。   基于此,深交所也在问询函中要求上市公司首先对此进行说明:“本次重组各交易对方之间是否存在一致行动关系,是否存在导致你公司控制权不稳定的风险。”   而根据公司的回复来看,其控制权仍将保持不变。南洋股份称,配套募资认购方朴真投资和方圆资管构成一致行动人(未来合计持股比例为4.23%)。同时,认购方之一鸿晟汇是郑钟南的一致行动人(未来合并持股比例为26.1%)。公司据此表示,“郑钟南仍为上市公司的控股股东及实际控制人。”   南洋股份的案例并非孤例。某上市公司对新三板公司的并购方案也因是否有意规避重组上市遭监管部门问询。对此,该公司坚称本次重组并未导致其实际控制人变更,因此不构成重组上市。但在监管部门看来,该公司的相关表述则有些论据不足。   据重组方案,重组完成后,该公司实际控制人及其一致行动人合计持有的上市公司股份相较其他股东(二股东)差距不是很大,上交所据此指出,若包括“二股东”在内的其他股东之间存在一致行动关系、关联关系,则上市公司实际控制人或将发生变更。   对此,上交所还列举了相关事实,意在证明“其他股东”之间曾有过密切往来。同时,要求该上市公司补充说明这些曾有过密切往来的股东是否构成一致行动关系;如不构成,也需要上市公司列出相反证据。 进入【新三板主题吧】讨论相关的主题文章: