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Xiaoshan Petrochemical Double Jester Baby Assets Pattern Listing

2010/8/25 19:16:00 48

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August 20th, China

Negotiable securities

The Commission issued the audit committee's announcement, and Rongsheng Formosa Petrochemical Co (first round) was adopted.

The Rongsheng petrochemical industry is the PTA and polyester polyester industry. The main products are PTA, polyester chips and polyester drafting wires, polyester preoriented yarn and so on.

The company's prospectus shows that Rongsheng Formosa Petrochemical Co intends to

Shenzhen Stock Exchange

Issued 56 million shares, fund-raising investment to Yanda Shenghua annual output of 1 million 200 thousand tons PTA project and Shengyuan chemical fiber annual output of 100 thousand tons of environmental health multifunctional fiber technology pformation project, after the issuance of the total share capital of 556 million shares.

Li Shuirong, the actual controller, will directly hold Rongsheng Petrochemical's 8.570% stake after the issue, and indirectly hold Rongsheng petrochemical 48.556% stake through Rongsheng holdings, holding 57.126% of the total shareholding and holding an absolute controlling position.

According to media analysis, in 2009, Rongsheng Petrochemical had a earnings per share of 1.57 yuan. If the issuance of the shares was successful, the earnings per share would be diluted to 1.41 yuan, even if the average price earnings ratio was 35 times lower than that of the Shenzhen Stock Exchange, the issue price would be no less than 49.35 yuan / share.

PTA from Hangzhou and Xiaoshan, hengxiong petrochemical and Rongsheng Petrochemical have been knocking.

capital

The door of the market.

The difference is that Heng Yi takes the lead in going back to the shell, while Rongsheng, who owns the shell resources, chooses an independent IPO.

In addition, the core assets of the two companies listed are their joint venture to set up two subsidiary companies. At present, each company has formed a pattern of "one control and one participation", and the proportion of cross shareholdings is the same, forming a "conjoined baby" asset structure.

According to the Rongsheng Petrochemical prospectus, the company achieved net profit of 575 million yuan, 782 million yuan, 91 million 150 thousand yuan and 271 million yuan in the first half of 2010, 2009, 2008 and 2007.

Its core earning assets are Zhejiang Yisheng and Dalian Yisheng two companies, and Rongsheng share 30% and 70% respectively.

And Zhejiang Yisheng and Dalian Yisheng apart from Rongsheng shareholders are Hengyi PETROCHEMICAL HOLDINGS 70% and 30% respectively.

In February 11, 2010, *ST Guanghua announced the reorganization plan, and Hengyi Petrochemical intends to backdoor listing.

According to the restructuring announcement, Hengyi Petrochemical realized net profit of 613 million yuan, -8812 million yuan and 207 million yuan in 2009, 2008 and 2007 respectively.

In 2009, Zhejiang Yisheng realized a net profit of 760 million yuan, and Dalian Yisheng realized a net profit of 470 million yuan, totaling a net profit of 1 billion 230 million yuan. In the same period, Rongsheng Petrochemical realized a net profit of 780 million yuan, while Hengyi Petrochemical realized a net profit of 610 million yuan, and realized a net profit of 1 billion 390 million yuan. That is to say, Zhejiang Yisheng and Dalian Yisheng provided 88% net profit for two listed companies.

Zhejiang Yisheng was founded in 2003, and Yisheng, Dalian, was founded in 2005. The former has 1 million 60 thousand tons of PTA design capacity, the latter is an investment company, and its holdings of 80% yishanda owns 1 million 200 thousand tons of PTA design capacity.

Comparing the data of two companies, we can see that they are very similar in asset structure, production and marketing chain, profitability and so on.

In the restructuring report of *ST Guanghua, Hengyi held 51% or 49% stake in Yisheng Zhejiang and Yisheng, Dalian.

Until June of this year, the two companies only adjusted the shareholding ratio of Zhejiang Yisheng and Dalian Yisheng, which was pferred to the Yisheng Zhejiang Yisheng 19% share pfer to Hengyi and Hengyi, and pferred 19% of Dalian's Yisheng share to Rongsheng, thus forming a shareholding structure in today's prospectus.

The two equity pfers are based on book net assets, and the adjustment effect is to pform Hengyi and Rong Sheng's shareholding structure from "common control" to "one control and one ginseng".

In view of the above "Siamese baby" asset structure, based on the introduction of Rongsheng Petrochemical prospectus and its competitor Hengyi Petrochemical Company, how to achieve cooperation and win-win results under specific historical conditions, it is demonstrated that there is no correlation between the two, while Zhejiang Yisheng and Dalian Yisheng do not have competition in the same industry.