Originally wanted to do something new industrial areas, only to be questioned, Guizhou Changzheng Electric Co., Ltd. (the "Long Electric", 600112.SH) may not expect this situation.
This was originally engaged in high, medium and low voltage electrical components production and sales of the company has just acquired three nickel-molybdenum mining company, but investors in the "First Financial Daily" question, there acquired all the flaws this series, or even transfer of interest .
This is the first comprehensive long march into the mining industry, electrical. Company announcement said that in recent years, the company has been actively exploring the development and direction of investment by multi-study analysis, screening demonstration project that the nickel-molybdenum mining conditions,glue stick convenient transportation, economic considerable production time is short, short payback period, line with the company's development needs. Acquisition enhances the company's future growth potential, promote sustainable development of the company, in line with corporate strategic development plan, is conducive to the interests of the Company and all shareholders.
However,glue gun investors take a closer look of the Long March electrical acquisition of the above three companies after the announcement, this series of questions and concerns raised investment.
Yesterday, the Long March, to close at 16.11 yuan Electric, up 1.07%.
Transfer of benefits?
February 14, 2011, held in Long Electric First Extraordinary General Meeting of the Board of Directors had approved, on the acquisition of Zunyi City Yufeng Mining Co., Ltd. (hereinafter referred to as "Yufeng Mining"), Hang Seng mineral investment in Zunyi City limited liability company (the "Hang Seng mineral"), Zunyi City, Dolton Mining Limited ("the pass-way mining") of 100% stake in the motion.
Mine are the three nickel-molybdenum mine, the acquisition price over 170 million yuan. Among them, the price of 6,600 mining Yufeng million. Long electrical Notice disclosure, Yufeng Mining mining region in Zunyi City, Guizhou Province Ssangyong safflower Kong Ni-Mo ore bridge, the verified reserves of mineral resources: the amount of 447,700 tons of nickel ore of molybdenum, nickel metal content of 14,960 tons.
Notice that the mining industry in 2007 by Yue Fung Wah Zhangjiajie Industry and Trade Co., Ltd. (the "Ka Wah Industrial") and 102 Zunyi City, Guizhou Province, Geological Mining Co., Ltd. (hereinafter referred to as "102 Mining") a joint venture established with a registered capital of 300 million, 1.53 million Ka Wah Industrial investment, accounting for 51% of shares; 102 mining investment 1.47 million, accounting for 49% of shares. December 18, 2010, K. Wah acquisition of 102 Mining Industry Yufeng hold 49% stake in mining has become sole shareholder of Yufeng Mining. Announcement did not disclose the acquisition of 102 Mining Industry Wah part of the shares held by the exact price, but the disclosure of view, Yufeng Mining shareholders after the equity transfer the total contribution is still 300 million, seems to conclude that price remains at the original price of 147 million.
But just one month, December 30, 2010, the Long March of Electrical and Ka Wah Yufeng Mining Industry and Trade to sign the transfer of share transfer letter of intent, intention to transfer price of 6,600 yuan. Prior to the internal transfer price is only 300 million. January 27, 2011, the two sides signed an agreement to confirm the previous intention.
With the acquisition of 102 investors Wah Mining Industry Mining shares held by the behavior of Yue Fung questioned consider that one month before the Long March electrical suddenly the company acquired 49% of the state-owned equity transfer to private companies, inevitably raises the suspicion to the subsequent The overall acquisition of the Long March to pave the way electric, there is state-owned sector review to avoid suspicion. More importantly, compared to one month after the equity transfer price, can not help but doubt - the existence of which the loss of state assets? Is there deliberate transfer of benefits?
Hang Seng mineral similar situation also exists.
Long Electric disclosure of information display, January 29, 2010, the original shareholders of the Hang Seng Ren Zhenggang mineral it holds 40% stake in the company transferred to Liu Hongying to 200,000 yuan.