The website of the China Securities Regulatory Commission shows that Huanxu Electronics Co., Ltd., which is actually controlled by the Zhang Brothers, will be reviewed by the China Securities Regulatory Commission on December 23.
If Huanxu Electronics successfully passed the meeting, a case will be added to the case of overseas delisting enterprises returning to the A-share market.
Delisting from overseas to transfer to A shares
The high P/E ratio of A shares is obviously very attractive to the Zhang brothers. In order to seek the listing of Huanxu A-shares, Zhang’s brothers privatized Taiwan’s listed company, Huanlong Electric, in 2010, and withdrew from the Taiwan stock exchange market. During this period, the company’s business integration and asset restructuring were carried out by Huanlong Electric and Huanxu Electronics. In order to solve the problem of horizontal competition, its capital operation path is worth studying.
According to the prospectus, the main business of Huanxu Electronics is to provide design, manufacturing and manufacturing of communication, computer and storage electronic products for domestic and overseas brand manufacturers. This time, it is planned to land on the Shanghai Stock Exchange, issue 106.8 million shares, raise 523 million yuan, and invest in two projects such as wireless communication module technical transformation.
The predecessor of Xuxu Electronics was Huanxu Electronics Co., Ltd., which was changed into a joint stock company in 2008. The company's promoters are Huancheng Technology, Huansheng Shenzhen and Riyueguang Semiconductor. Huancheng Technology holds 99% of the company's shares, and Huansheng Shenzhen and Riyueguang Semiconductor hold 0.5% of the shares respectively. Huancheng Technology is an overseas investment company and does not engage in the production and operation of specific products. The Zhang Brothers controlled 100% of Huanxu Electronics through indirect holdings of Huancheng Technology, Huansheng Shenzhen and ASE.
From the perspective of the business structure diagram, after the overall change of the company, the main products are wireless network equipment (WP), liquid crystal panel control board (VPD) and commercial and network storage devices (Storage), which mostly coincide with the business of Huanlong Electric. At the same time, Huanxu Electronics manufactures smart handheld terminal equipment (SHD) for Huanlong Electric.
In order to solve the problem of horizontal competition, the Zhang brothers implemented the first asset restructuring and business integration from 2008 to June 2010. In the new company of Huanxu Electronics, there are three companies, namely, Honghong Shenzhen, Huanxu Taiwan and Huanxu Hong Kong, which divested the production of VPD, WP, Storage and other products from Huanlong Electric and transferred them to the above companies. After the completion of the reorganization, the main products of Huanlong Electric also have commercial sales terminal equipment (POS) and other PCBA products (mainly automotive electronics).
In November 2010, Zhang Brothers launched the second asset restructuring and continued to transfer POS and PCBA products to Huanxu Electronics. At the same time, the original sales organization of Japan, America and North America was also injected into the ring. Asahi Electronics. After the completion of the two reorganizations, Huanlong Electric transferred all assets and businesses related to electronic manufacturing services to Huanxu Electronics, becoming a holding company and no longer engaged in electronic manufacturing services. At the same time of business integration, Zhang Brothers privatized Huanlong Electric through the holding of Sun Moonlight shares and, with the approval of the Taiwan Securities Authority, terminated its listing on the Taiwan Stock Exchange on June 17, 2010.
At present, the enterprises that have successfully returned to the A-share market after exiting the market are also Nandu Power. In 2000, the main company of Nandu Power was listed on the backdoor in Singapore. It was delisted in 2005 and landed on the GEM in early 2010. Some of the overseas markets are not active, difficult to finance, and strict regulatory environment is the main reason for their delisting. Insiders pointed out that there are not a few companies that want to delist from the smaller-capacity market and seek to be listed on the active market. The reporters have sorted out the history of the company and the process of asset restructuring. The legal and financial issues involved are complicated, regardless of the ring. Whether Xu Electronics can successfully enter the A-share market is only a case study.
It is expected that the profit level will decline in 2011
The Xuxu Electronic Prospectus shows that the global electronics industry has experienced a high growth rate in 2010, and the overall industry growth rate is slowing down. Affected by the earthquake in Japan, the global electronics industry chain suffered a certain degree of impact; the financial crisis spread from the United States to Europe, leading to weak growth in demand in the European and American markets. In 2011, the growth of China's electronic information products import and export showed a trend of high and low. From January to October, the total import and export volume of China's electronic information products reached US$924 billion, a year-on-year increase of 12.9%, which was significantly lower than the growth rate of 31.2% in 2010. The slowdown in industry growth will affect the company's performance. From January to June 2011, the company realized operating income of 6,534,100,900 yuan, accounting for 47.67% of its operating income in 2010, and realized a total profit of 239,166,800 yuan, accounting for 38.11% of the total profit in 2010, which did not reach 50% of the corresponding indicators in 2010. . After the extraordinary growth in 2010, the company's 2011 profit level is expected to decline, but will still have a significant increase compared to 2009.
In addition, the company's receivables risk is also worthy of attention. As of the end of 2008, the end of 2009, the end of 2010, and the end of June 2011, the company's net accounts receivable were 229,926,700 yuan, 30,129,037 yuan, 303,903,200 yuan and 273,039,700 yuan, accounting for 36.62% of the total assets, respectively. 41.52%, 39.31% and 40.08%. According to the prospectus, in the future, with the expansion of the company's business scale and expansion of the domestic market, the size of accounts receivable will increase accordingly, and the credit risk will increase accordingly. If there is a large amount of bad debt losses, the company will be profitable. Causes adverse effects.
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