Footwear Industry Restructuring Of Tai Asia Shares Big Pformation

More than 4 months after the suspension, Thailand shares issued "major asset replacement and issuance of shares to buy assets and related pactions report", Thailand shares will hold a 100% stake in Kai Ying network, to achieve the company's main business gorgeous turn.

According to the paction plan, the paction consists of three parts, namely, the replacement of major assets, the issuance of shares to purchase assets, and the pfer of shares, which constitute a backdoor listing.

First of all, Thailand shares will set aside 670 million yuan for assets, and replace the equivalent parts of Kai Ying network stake held by 11 trading parties, such as Wang Yue, etc., and the difference between the value of the assets in which the assets are priced beyond the set assets shall be purchased by 500 million shares from all shareholders of the Kai Ying network, and the issue price will be 11.26 yuan / share.

In addition, the controlling shareholder of Thailand

All shareholders of Kai Ying network will pfer 15 million shares according to the proportion of their holding company.

The total paction volume is as high as 6 billion 300 million yuan.

After the reorganization is completed, the real controller will be changed from Lin Songbai and Lin Shiyi to Wang Yue. The latter will hold 22.63% of Thailand's shares.

According to the announcement, Kai Ying network was founded in October 2008. It was originally an Internet game content development company. Now its business involves mobile Internet platform business, online game development and operation.

Mobile Internet platform business, mainly through its self-developed XY Apple aides platform, in China's vertical Apple third party application distribution channels, according to the average monthly number of people ranked the second only to PP assistant, the number of users is about 66 million.

In the field of online game operation, Kai Ying network currently owns two XY.COM and KINGNET.COM's own network gaming platforms, and has established good cooperative relations with other Tencent, FACEBOOK, Baidu [micro-blog], millet and other large platform operators.

The more famous products of online games include Shushan legend and fishing tycoon.

At the same time, Kai Ying network also represented the mobile network games such as defending radish 2, time hunter, MT, dragon 3D eight, legend of knives tower, and so on, such as "flame", "dragon of fire", "Wu Yi", "Three Kingdoms chaos", "Red Moon Legend" and so on.

"In fact, from game business to later issue, to platform now, apple XY has its own XY assistant (like mobile phone 360 assistant), which has become a Internet Co."

In the eyes of Xue Yuanyuan and most investors, Kai Ying network is not just a game company.

Financial data show that from 2012 to 2014 and 2015 1-2, Kai Ying network achieved operating income of 208 million yuan, 409 million yuan, 728 million yuan and 371 million yuan respectively, achieving net profit of 25 million 67 thousand and 900 yuan, 33 million 920 thousand and 700 yuan, 62 million 541 thousand and 100 yuan and 132 million yuan respectively.

The other side promised that the net profit of Kai Ying network from 2015 to 2018 was 460 million yuan, 570 million yuan, 700 million yuan and 810 million yuan respectively.

At the same time, in order to promote the smooth implementation of the restructuring, Kai Ying network also made a performance promise. The net profit after 2015, 2016 and 2017 is 460 million, 570 million and 700 million yuan respectively. The reorganization can not be completed in 2015, and the profit compensation period will be postponed to 2018. The net profit of 2018 is not less than 810 million yuan.

"The reason for the faster growth of historical performance is that, after years of efforts and accumulation, the company has successfully completed its business mode, business span, user traffic and profit mode pformation, and has formed a stable business model and strong core competitiveness, ensuring the rapid growth of future performance."

For high performance commitments, one is close.

Insiders told financial weekly reporters that the performance pledge is a prudent prediction made by Kai Ying network shareholders taking into account the industry's development prospects and business development plans.

In fact, in recent years

The rapid development in China, according to ARI consulting data, in 2014, China's game industry total revenue of 114 billion 480 million yuan, of which mobile game income over 27 billion yuan, an increase of 144%.

At the same time, Thailand shares said that through this paction, the listed company's original earning power is weak, and the shoe material production and sales business with unclear future prospects will be set aside, and at the same time, the Internet platform business with strong profitability and broad prospects will be injected into the pformation of the main business of the listed company, which will fundamentally improve the company's operating conditions, enhance the company's continued profitability and development potential, and improve the assets quality and profitability of the company, so as to maximize the interests of shareholders of listed companies.

The market sentiment was completely detonated after the announcement of the announcement of major positive news from the games.

Since the resumption of trading in April 17th to the close of April 23rd, the stock price of Tai Ya has been pulled out for 6 consecutive words, which is 77.17% higher than the 14.41 yuan / share price of December 31, 2014 closing price on the previous trading day.

"Internet platform companies are indeed a hot topic. First of all, it is in line with the development trend of national industrial policies and culture. Then the film and television industry is also in line with the M & A needs of Chinese listed companies, and its profit has come out, and its growth is relatively high."

A private investment director in Beijing said, "now more traditional industries in the market are going down the road, many companies want to pform, but there is no particularly good high profit and high growth industry, and this kind of game platform company has difficulties in listing itself, so it is also normal to concentrate on this field."

However, for another restructuring of Fang Tai Ya shares, since its listing in 2010, it has been backdoor experience 2 times, slightly embarrassed.

As early as July 2014, Thailand shares, a traditional industry, tried to pform. At that time, they turned their attention to the film and television assets, and they planned to pform the main business of the company from the production and sale of the sole into the production and distribution of the film and television industry, and from the manufacturing industry to the film and television industry.

According to the paction plan, Tai Ya shares valued at more than 2 billion 700 million yuan in the jourey century with a total assets of 845 million yuan. Because of the huge difference in total assets, the takeover by the market as "snake swallow" is just like a suspense drama. It was aborted in 3 days after the reorganization of the restructuring of the company.

In this vigorous reorganization, one of the biggest points is that both sides of the paction have avoided the backdoor through complex design, and have also been questioned by the market.

As a takeover target, the volume of Huan Rui century is much higher than that of Tai ya.

Take the total assets at the end of 2013 as an example, Thailand shares are only 845 million yuan, while the evaluation value of Huan Rui century is more than 2 billion 700 million yuan.

But contrary to it, the plan says that the paction does not constitute a backdoor listing because the actual controller has not changed.

Although the company has denied the challenge, the reality is that the restructuring has not been passed, and the delicate relationship is worth pondering.

For Tai ya, whose main business is sluggish, it has come to the stage of pformation.

The prospectus shows that the company is mainly engaged in R & D, production and sales of sports shoes soles, and has long been listed as the development partner level supplier of famous brand sports shoes enterprises such as Anta, XTEP, 31st degree, Hongxing Erke and so on.

However, due to the current situation of overexpansion of domestic sporting goods industry and poor inventory management, the results of Tai Ya's performance were poor, the growth of main business revenue was slow, and net profit dropped sharply. In 2014, the company suffered a huge loss.

In March 27th, Thailand shares released the 2014 performance report, which showed that the company achieved operating income of 335 million yuan, a decrease of 3.87% over the same period last year, and realized a total profit of -4794.01 million yuan, down 682.80% from the same period last year. The net profit attributable to shareholders of listed companies was -5278.25 million, a decrease of 1252.87% over the same period last year.

For reasons of losses, Thailand shares explained that it was mainly due to the brand "RAX" of Xiamen Rui line, which was put into operation after the listing, because of its rapid development needs, to meet the needs of fast production and warehousing, logistics and distribution efficiency of the supply chain, the company adjusted the venue of Jinjiang's Tai ya, and built a "RAX" product's small quick production line and logistics centralized distribution center, resulting in the growth rate of revenue was not as good as expected.

At the same time, Jinjiang Tai Ya old equipment cleaning also caused some losses.