" extra finance and economics " civil / Yang Li
On May 24, qu Meijia is resided (603818) issue announcement, plan to combine Hua Taizi gold to pass QuMei Investment AS of condition husband company to appear on the market to Norwegian Oslo stock exchange the cash of the company stock that all partner of company Ekornes ASA issues the mark that buys its to already was issued of hold is bought want to make an appointment with.
On June 4, hand in place at this point second the financial standing of the company that buys medium financing source and mark up city firm puts forward an inquiry.
Buy financing gap big or trade the influence finish?
According to draft exposure, the Ekornes ASA of the hold of all partner place that the asset of the mark that this secondary buys about should make an appointment with to plan to accept at most the share of 100% , should buy the price to be Ke Lang of every 139 Norway about, come 4.063 billion yuan of RMBs, the capital that the way that buys financing source to issue stock collect capital, company publicly to allow through other law laws and regulations for company own reserves, blame raises, be not total of capital of collect of fair development travel to predict not to exceed 2.5 billion yuan among them.
" extra finance and economics " understanding arrives, be not the fund that distributes collect publicly is one of main source that buy fund this. End to on April 24, 2018, qu Meijia resides capital stock amount to be 484 million, closing quotation price is 13.47 yuan. According to the company this year money newspaper shows first quarter, end on March 31, capital is common accumulate remaining sum 329 million yuan, surplus is public accumulate eighty-six million two hundred and fifteen thousand yuan, not distributive profit 719 million yuan, vest in parent company is possessory rights and interests is aggregate 1.619 billion yuan.
After related to money newspaper data is compared, can see, amount of capital of collect of travel of this blame fair development is huge. Accordingly, hand in place to ask Qumei lives in the circumstance such as dimensions of combinative company share price, capital stock, superintendency policy, compensatory exposure is not the feasibility that distributes collect fund publicly this, whether to put in the risk that cannot realize established financing dimensions, have without answer measure specificly.
Additional, according to draft exposure, on September 18, 2018 23 when 59 minutes (European mid time) when or before, unfinished of condition of complete a business transaction is accomplished completely or be abandoned, should make an appointment with treaty terminable. If accordingly second collect collects money golden amount is huge and cannot finish in time, bring about trade have termination risk, accordingly, hand in a requirement to appear on the market company compensatory exposure: (1) if capital of travel of blame fair development cannot antedate to will reach the designated position on September 18, 2018, condition of the buy before whether forming what treaty stops; (2) if be not formed, explain if not issues collect publicly to capital cannot reach the designated position in time at anticipating before September 18, 2018 or anticipate please but collect capital is far under 2.5 billion yuan, whether does the company plan to continue to advance this to wait buy matters concerned; (3) if plan to continue to advance, ask a specification to raise fund plan and capital leave the country plan.
" extra finance and economics " from the company the understanding in money newspaper arrives first quarter, the total assets that Qu Meijia resides is 2.042 billion yuan, among them monetary fund 775 million yuan, receivable Zhang money 110 million yuan, goods in stock 207 million yuan, liquid assets is total 1.178 billion yuan, be not liquid assets aggregate 864 million yuan; Indebted add up to 383 million yuan. And announce according to draft, home Qumei house is made public in the blame that finish before issueing collect capital to reach the designated position, mix with own reserves other funds raised by oneself go ahead of the rest pays trade to valence, the company fundses raised by oneself origin includes shareholder borrow or lend money, bank loan to wait.
Hand in a requirement to appear on the market company union capital fund is indebted state, guaranty assures content circumstance etc adds letter measure to wait, complement reveals the plan that funds raised by oneself and source; Analyse a specification to funds raised by oneself the material effect that the plan manages to firm financial standing and production, if cannot reach the designated position to whether need to will assume risk of break a contact according to the plan,funds raised by oneself.
Excessive price 378.4% , the firm financial standing of mark meets with canvass
According to draft exposure, end on December 31, 2017, the possessory rights and interests of the company of mark is aggregate 1, ke Lang of 71.88 1 million Norway, and in trading this, buy pair of price to be Ke Lang of every 139 Norway, the 100% equity correspondence value of company of mark 5, ke Lang of 128.13 1 million Norway, accordingly, in be bought this, the asset rise in value of mark 378.4% .
Appreciation range is bigger, accordingly, the asset that hands in a company to mark, manage reach financial standing to put forward an inquiry.
According to draft exposure, the asset of mark 2016, the net interest rate 2017 is respectively 10.19% with 6.51% , net flow of management activity cash is Ke Lang of 494.81 1 million Norway and Ke Lang of 348.59 1 million Norway respectively, both all give now to slip. Hand in a requirement to appear on the market the asset of company union bid manages case of trend of whole of data, industry, competitor, the analysis explains net flow of net 2017 interest rate and management activity cash all gives the reason that glides now and rationality, and glide to whether be had durative, undertake sufficient risk hints.
In addition, " extra finance and economics " understand from inside draft, up to on December 31, 2017, the remaining sum of goods in stock of the asset of mark is Ke Lang of 522 1 million Norway, hold total assets proportion for 23% , amount of receivable Zhang money is Ke Lang of 415 1 million Norway, hold total assets proportion for 18% . Receivable Zhang money is occupied taller, and appear on the market the sale credit policy of the asset that the company did not show sign in draft and income confirm policy, accordingly, hand in a requirement to appear on the market course of study of company union person of the same trade can compare company condition, the inventory turnover that analyses the asset that shows sign and turnover rate of receivable Zhang money whether on the low side, the abidance of the capital fund that whether can affect mark gain ability.
In indebted respect, according to draft exposure, the asset of mark is put in the short-term loan of 718 million yuan of Norwegian Ke Lang and long-term loan, and agreement of relevant bank loan includes provision of the tie that retreat city, can ask the company of mark shifts to an earlier date reimbursement. The company of mark is put in particular debt risk, hand in a requirement to appear on the market whether does company compensatory exposure obtain relevant creditor to be opposite up to now the exempt opinion of afore-mentioned clauses, the capital fund that introduces bid is in obtain other the capacity that replaces financing fashion field; If afore-mentioned two all cannot be obtained, the cash of the asset that how answers mark flows pressure.
Finally, according to draft exposure, the equity of company presence employee of mark plans with long-term drive. But appear on the market the company plans without exposure equity in draft and the main content; of long-term and incentive plan hands in place to ask Qu Meijia resides compensatory specification.
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