Chengdu Jinrui mining mergers and acquisitions by regulators asked three

Chengdu Jinrui mining M & a cube by regulators "three questions" hot column capital flows thousands thousand shares rating stocks the latest rating diagnosis simulated trading client Sina Level2:A shares of sina finance: App speed Kanpan live on-line blogger to tutor Jinrui mining mergers and acquisitions Chengdu Jinrui mining supervision "three cube was asked" the reporter Wang Xueqing, editor Sun Fang many times more than a year restructuring plan, and before the spring festival took the game to play the transformation project — the latest abandoned coal. In the reorganization plan, the common problems of game asset acquisitions such as the profitability of the underlying assets, sustainability, valuation differences and transaction risks have once again become the focus of regulatory authorities. The Shanghai Stock Exchange in February 19th issued a letter of inquiry, ask the above three problems Jinrui mining. As Qinghai province’s state-owned listed platform, Rui mining is currently the main coal mining and sales. In recent years, affected by overcapacity in the coal industry, the company’s related business income and profits are showing a downward trend, 2015 net loss of 36 million 260 thousand yuan, restructuring and restructuring is also the general trend. In the reorganization, Rui mining intends to green investment group to sell 100% stake in West coal, at the same time to the Liao Jizhi eight counterparty issue shares and pay cash to buy 100% stake in Chengdu cube. According to the disclosure, Chengdu cube was founded in 2009, mainly engaged in the game business, the 2015 and 2014 non deduction net profit was 20 million 310 thousand yuan, 9 million 580 thousand yuan, but the 2016 to 2018 Chengdu cube promised by the original shareholders forecast net profit reached 60 million, 80 million and 100 million yuan, three years accumulative actual net profit of not less than 240 million yuan. The subject company Chengdu cube expected profits surge in the Shanghai Stock Exchange in the letter of inquiry combined with the domestic and foreign market demand, market competition, product development and R & D strength failure rate, new product promotion operations, customer stability and expand, divided into gold, the proportion of main competitors and other details, business supplement the disclosure of future promise faster earnings growth, rationality. At the same time, due to the uncertainty of the future performance of the game enterprises, the Shanghai Stock Exchange has also expressed concern about the risk of restructuring failure. According to the shareholders of Chengdu Jinrui mining and magic signed the agreement, such as the first quarter of Chengdu cube by the year 2016 audited net profit is lower than the non deduction of the performance of the year commitment amount (60 million yuan) 1/4 80%, which is less than 12 million yuan, any party shall have the right to notify the other party for the right of rescission. In this regard, the Shanghai stock exchange requires supplemental disclosure of the underlying asset Jinrui mining cube Chengdu audit report results for the first quarter of this year issued by the time; such as Chengdu cube performance in the first quarter has reached 12 million yuan, listed companies whether to exercise the right to terminate and whether the parties are the corresponding responsibility for breach of contract arrangement. In addition, also agreed in Chengdu and cube Jinrui mining the original shareholders agreement, before the completion of the transfer of the underlying assets, if Jinrui mining argues that there are major adverse changes in Chengdu cube management, it has the right to terminate this agreement. On this issue, the Shanghai stock exchange requires gold as well

金瑞矿业并购成都魔方遭监管“三问” 热点栏目 资金流向 千股千评 个股诊断 最新评级 模拟交易 客户端 新浪财经Level2:A股极速看盘 新浪财经App:直播上线 博主一对一指导   金瑞矿业并购成都魔方遭监管“三问”   ⊙记者 王雪青 ○编辑 孙放   一年多来多次谋划重组的金瑞矿业,又在春节前拿出了最新的转型方案――弃煤炭玩游戏。重组计划中,关于标的资产盈利可持续性、估值差异和交易风险等游戏类资产并购的常见问题再次成为监管部门的关注重点。上交所在2月19日发出的问询函中,就上述三方面问题向金瑞矿业发问。   作为青海省国资旗下上市平台,金瑞矿业目前主营煤炭开采和销售业务。近年来,受煤炭行业产能过剩影响,公司相关业务收入和利润均呈下滑趋势,2015年度公司净亏损3626万元,重组转型也是大势所趋。在本次重组中,金瑞矿业拟向青投集团出售西海煤炭100%股权,同时向廖继志等八名交易对方发行股份并支付现金购买成都魔方100%股权。   据披露,成都魔方成立于2009年,主要从事游戏业务,其2015年、2014年的扣非净利润分别为2031万元、958万元,但是成都魔方原股东承诺的2016至2018年预测净利润分别达6000万、8000万和1亿元,三年累计实际净利润不低于2.4亿元。对于标的公司成都魔方所预期的利润激增,上交所在问询函中要求其结合境内外市场需求、市场竞争、产品研发实力及研发失败率、新产品运营推广情况、客户稳定性及拓展情况、分成金比例、主要竞争对手情况等具体细节,分业务补充披露未来承诺业绩增长较快的合理性。   同时,由于游戏类企业未来业绩的不确定性,上交所对其可能导致重组失败的风险也表示关注。根据金瑞矿业与成都魔方全体股东签署的协议,如成都魔方2016年度第一季度经审计的扣非净利润低于当年业绩承诺金额(6000万元)的四分之一的80%,即低于1200万元,任何一方均有权通知对方行使单方解除权。   对此,上交所要求金瑞矿业补充披露标的资产成都魔方今年第一季度业绩审计报告的出具时间;如成都魔方一季度业绩未达到1200万元,上市公司是否行使解除权以及各方是否存在相应的违约责任安排等。除此之外,在金瑞矿业与成都魔方原有股东的协议中还约定,在标的资产完成过户之前,如果金瑞矿业认为成都魔方经营管理发生了重大不利变化,则其有权解除本协议。对此问题,上交所同样要求金瑞矿业就上述事项可能导致交易失败的风险进行重大风险提示。   另外,标的资产成都魔方的估值在交易前后还存在大幅增长现象。预案显示,2015年5月,杭州悠可化妆品有限公司将成都魔方股权转让给青岛金王时,标的资产估值为2.3亿元;同时,2015年6月,北京紫金云投资管理有限公司将成都魔方股权转让给宁晨时,标的资产估值为2亿元;而本次交易中,成都魔方的交易价格为7.2亿元。上交所问询函提出,请金瑞矿业补充披露标的资产在短期内估值大幅上升的原因以及本次收购作价的合理性。   上交所还注意到,成都魔方旗下部分游戏尚存在未履行前置审批的风险。重组预案披露,报告期内,成都魔方存在自主运营的部分网络游戏未履行新闻出版主管部门的前置审批和文化部备案程序。对这一问题,上交所要求金瑞矿业补充披露上述未获审批和备案的游戏的营业收入、净利润等及其占比情况;前述未获审批和备案的游戏是否已补充履行相关程序,如否,仍未取得审批和备案的游戏的营业收入、净利润等及其占比情况,及对评估值的影响;如成都魔方后续受到相关处罚,后续的责任承担情况是否已有相关安排等。 进入【新浪财经股吧】讨论相关的主题文章: