Himfr.com reports Changhong to sell air-conditioning: either self-selling self-purchase transactions

Changhong burdens

One and a half months later, Sichuan Changhong Electric Co., Ltd. (Sichuan Changhong, 600839.SH) announced the sale of its air assets, related to the program.

November 10, Sichuan Province and Investment Property Exchange Center hung out the deal: by the Sichuan Changhong commission, trading center to transfer its holdings of publicly listed Sichuan Changhong Air Conditioning Co., Ltd. (hereinafter referred to as "Changhong air-conditioning") 100% equity interest ( with the transferor directly held 99% of the equity and the transferor owned subsidiary of Sichuan Changhong Innovation Investment Co., Ltd. holds 1% stake), and Zhongshan Changhong Electric Co., Ltd. (hereinafter referred to as "Zhongshan Changhong") 90% stake.

Guapai Jia for the transfer of 393.06 million yuan.

The news came out, the industry generally optimistic about the transfer of Sichuan Changhong, one resolved itself with owned subsidiary of Hefei Meiling Co., Ltd. (hereinafter referred to as Meiling Electrical 000521.SZ) in the refrigeration business, intra-industry competition issues; second is through this pile transaction, Changhong removable re-forward.

Changhong's air-conditioning categories of assets up for sale by Sichuan Changhong news announcement, the market price immediately on the Changhong with warm response - November 12, Sichuan Changhong and Meiling Electrical Appliances both daily limit, closing down more than one-million contracts.

As early as Day before the September 23, Sichuan Changhong board meeting, announced a restructuring program.

That Changhong for strategic development needs, in order to circumvent with the white-owned subsidiary Meiling Electrical power industry of the potential existence of intra-industry competition, acquisition of Hefei Meiling Co., Ltd. to fulfill the commitments made when agreed to the state-owned asset management company under the relevant provisions of Stock Exchange means the transfer of property rights held by Changhong to sell 100% stake in air-conditioned and Zhongshan Changhong 90% stake.

Self-selling self-purchase?

Sichuan Changhong air conditioner for the sale of assets, the industry is more inclined to this is a "self-sell from buy" over-market transactions, that is, Changhong air assets for the ultimate pick set by Meiling Electrical Appliances.

For the industry to this speculation, this paper a number of contacts, Head of Asset Management Changhong Yang Jun unsuccessful.

Now it seems that Changhong air conditioner in the market is also a good reputation in recent years, companies have spent great efforts to the market has done a lot of input, such as Changhong air conditioner in 2007 by World Brand Lab (WBL) as TOP of the Year Award, In the "market share", "brand loyalty" and so on several indicators assessed on the forefront.

But this is not quite commensurate with the financial statements. Sichuan Changhong, according to the disclosure notice, Changhong air conditioner first half of 2009 operating income of nearly 7 billion, but net profit of only 3.6 million yuan, Changhong air conditioner's operating profit margin in the first half of 2009, even 1% were not met.

From this point of view alone, Changhong air conditioner has become an asset class as a whole Changhong Sichuan Changhong Group's "tasteless" - tasteless but wasteful to discard, but it is also precisely constitutes a unit of Meiling Electrical Appliance competitive relationship with the industry. Changhong eventually led to it being "dismembered" fate.

Reanalysis Zhongshan Changhong's asset structure, the first half of 2009 operating income of 1.46 billion yuan, net profit of 2.52 million yuan. Zhongshan Changhong targeted at overseas markets, the profit performance of this plate is still not well, Sichuan Changhong right Zhongshan Changhong holding 90% stake, while 10% owned by China Minmetals Group.

However, the new problems have cropped up, Sichuan Changhong air conditioner sale of assets, really, as the current analysis of the industry "self-sell from buy" do? To reporters when the deadline, Changhong there is no person came forward to respond to this market rumors.

In the property rights trading center, Changhong indeed bidder proposed a "harsh" demands: for example, the transferee a registered capital of not less than 4 billion yuan; transferee to set up more than three years, 2007,2008 profitable years in a row; transferee side can only be purchased separately, does not allow joint purchasing; transferee after the signing of the contract of assignment of property rights may not be transferred within five years the subject of the present assignee.

In addition, the transferee must promise: in this equity transfer is completed, maintain the air-conditioning and Zhongshan Changhong Changhong main business stability, and registration and tax payment to the same; to maintain the air-conditioning and Zhongshan Changhong Changhong management and staff of the basically stable, according to relevant provisions of the continued employment of the target enterprise's employees.

Based on analysis of many media, Changhong air conditioner next set of assets, non-Meiling none other than electrical, but insiders said Changhong, Changhong air assets, the transfer of listing, but also to be a state-owned assets management of the relevant provisions.

Some people question the authenticity of Changhong's asset-related assessments, such as in the first half sales revenue of 7 billion Changhong air-conditioning, its net profit 3.6 million yuan is really only a few do?

Meiling took over the air-conditioning and Zhongshan Changhong Changhong, no doubt in full compliance with all the conditions put forward by Changhong, including maintaining the stability of staff and management, as Meiling itself is a holding subsidiary of Changhong, in accordance with such a low price, no doubt picked a landing peach.

Meiling Electrical Appliances for air-conditioning business and competition issues in the same industry, Sichuan Changhong three-quarter earnings report, and has been described as follows: "In order to avoid intra-industry competition, as long as the company continues to Meiling shares of controlling shareholders or substantial control of people, the companies have agreed to In the interests of the Company and the Meiling shares the interests of all shareholders circumstances, shares of the company and Meiling integration of related businesses. If the company Once you have the opportunity to engage in competitive business and will share the prior written consultation with Meiling is willing to engage in competitive business ... ... Meiling shares only when confirmed or deemed to not engage in competitive business, the Company will engage in the same industry do not have the competitive nature of business. "

The transfer by agreement or open bidding, Changhong, at least from the transfer of the two companies to obtain at least 4 billion in cash, which in the plasma that had been invested heavily in projects in Sichuan Changhong, no doubt, is a valuable flow of funds. In order to raise funds for the continued development of enterprises, this long ago, Sichuan Changhong has just issued a 30 billion yuan in convertible bonds separate transactions.

However, dealing with air-conditioning assets, to lay down the burden of Sichuan Changhong still face another similar problem, that is, before the acquisition of Huayi Compressor Co., Ltd., with Meiling Electric still exists a wide range of competitive relationship within the same industry.