SMM Network News: Huaming equipment temporary suspension of trading in the morning of July 13, and issued a suspension notice of planning major asset restructuring at noon. According to the announcement, the company plans to purchase the equity of Linyi Xinhai New Materials Co., Ltd. (referred to as "Xinhai New Materials") through asset replacement and issuing shares to purchase assets. After the completion of this transaction, except for part of the currency cash and part of the assets and liabilities retained by the listed company, the listed company strips out all its assets, liabilities and business held in accordance with the law. It will be undertaken by Shanghai Huaming, the company's controlling shareholder, or a third party designated by Shanghai Huaming, while 100% equity of Xinhai New Materials will be injected into the listed company.
As early as 2018, Xinhaixin material had planned to reorganize with listed company Taigang stainless Steel (3.730 0.11 million 3.04%) until June 20 this year, TISCO stainless said that in view of the large differences between the parties to the transaction on the valuation of the transaction and the scope of assets, and taking into account the current situation of cooperation between the target company and the listed company, as well as the other party's follow-up arrangements for the nickel power business, decided to terminate the acquisition.
Data show that the main business of Xinhai New Materials is the production and sales of nickel alloys and the development, utilization and transfer of related technologies. The company is located in Junan County, Linyi City, with convenient land and sea transportation, which provides favorable conditions for importing laterite nickel ore and maintaining low transportation costs. In addition, the company's production electricity is provided by the holding subsidiary Junan Liyuan Electric heating Co., Ltd., agreed on preferential prices for power supply, providing a guarantee for the company to reduce power costs and maintain profitability. According to the previous follow-up rating report issued by Dagong International Credit Evaluation Co., Ltd., Xinhai New Materials' business income in 2017 was 5.907 billion yuan, an increase of 292.23% over the same period last year, and the net profit was 411 million yuan, an increase of 1966.37% over the same period last year. From January to September 2018 (unaudited) operating income and net profit were 5.652 billion yuan and 825 million yuan respectively. According to the 2019 annual report of Huaming equipment, the company achieved an operating income of 1.203 billion yuan in 2019, belonging to the parent company's net profit of 151 million yuan. If the backdoor is successful, the size and profitability of listed companies will be significantly improved.
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