Guoxuan Gaoke Backdoor Listing Process

Dongyuan, which has been suspended for more than five months, yesterday unveiled a major asset restructuring draft. The company plans to inject 100 % equity in Guoxuan Gaoke through fixed increase, with a price of 3.35 billion yuan. Unlike many recent cases of borrowing, the reorganization plan did not take the form of asset replacement, and the company's original business remained. On the 10th, Dongyuan Electric resumed trading without limit, and Foshan Lighting, which participated in Guoxuan Gaoke, opened high and closed down by more than 3 %. Zhangwenbo, a researcher in the new energy industry at huachuang securities, said guoxuan gaoke, as a leading power battery company, would benefit fully from the explosive growth of the industry, and the market is expected to have more room for growth after the stock.

Replay word up and down

According to the announcement, the company plans to issue 490 million shares to 9 companies such as Zhuhai Guoxuan Trading Co., Ltd., Foshan Lighting, and 43 natural persons such as Fangqing and Li Chen to purchase their holdings. 100 % equity, the target asset trading price of 3.351 billion yuan. At the same time, Dongyuan Electric also plans to issue shares to four natural persons such as Lizhen, Wangjufen, Luyan, and Wuyonggang to raise supporting funds of no more than 821 million yuan. This transaction will constitute a backdoor.

After the transaction is completed, Zhuhai Guoxuan will directly hold 216 million shares of listed companies, with a shareholding ratio of 25.05 %, and will become the controlling shareholder of Dongyuan Electric. Zhuhaiguoxuan's controlling shareholder Lizhen will also become the actual controller of Dongyuan Electric.

According to the data, Guoxuan Gaoke is one of the earliest companies engaged in the independent research and development, production and sales of lithium-ion power batteries(groups) for new energy vehicles. At present, the company is the first to ship in the power lithium battery industry, with the first market share. The company's net profit exceeded 200 million yuan last year.

For future business development, Guoxuan Gaoke gave a high performance commitment. According to the assessment report, Guoxuan Gaoke's net profit of non-attributable shareholders from 2014 to 2017 is estimated to be 225 million yuan, 316 million yuan, 423 million yuan, and 468 million yuan, respectively.

The reporter noticed that with the recent rearrangement of several backdoor plans, Dongyuan Electric's original assets have not been stripped this time. According to the data, Dongyuan Electric is currently engaged in power transmission and distribution equipment business, with a series of switches, switchgear and other products.

On the 10th, after Dongyuan Electric resumed trading, the word went up and down without any suspense. At one time, more than 70 million shares were paid on the board. Under the positive influence of Guoxuan Gaoke's shell, the lithium battery plate stocks also performed on the 10th. Among them, Nanyang Technology has risen, and Tuobang shares, Tianci materials, and Keliyuan have all increased by more than 5 %.

After the market or will continue to rise

It is worth mentioning that Foshan Lighting currently holds a 14.84 % stake in Guoxuan Gaoke. After reorganization, it will receive 72.69 million shares of Dongyuan Electric and become its third largest shareholder. Its shareholding cost to Guoxuan Gaoke is only 160 million yuan. If Dongyuan Electric's stock price can reach 50 times PE, which is an estimated value of about 17.1 yuan, Foshan Lighting's floating surplus will exceed 1 billion yuan.

However, nearly 30 % since the second half of the year, Foshan Lighting opened high yesterday, trading volume greatly enlarged, closing down more than 3 %, indicating that there are funds to borrow positive shipments.

What do you think of this backdoor listing? In response, Zhangwenbo, a researcher in the new energy industry of Huachuang Securities, said: "The company has entered the dynamic lithium electricity market since the 2009 National demonstration project, has more than 5 years of mature product application experience, and the market share is leading the country. Its downstream customers include Jianghuai, Ankai, Nanjing Jinlong, SAIC Shenwo and other new energy car leaders, and micro-electric vehicle companies such as Xinyang. In the next three years, the company will accelerate the construction of new production lines and gradually realize production capacity improvement. It is expected that by the middle of 2016, the company will have a capacity scale of 400 million AH. As a leading power battery company, the company will fully benefit from the explosive growth of the industry as customers expand and capacity expands. It is expected that earnings per share from 2014 to 2016 will be 0.29 yuan, 0.41 yuan, and 0.53 yuan, giving a target price of 14.6 yuan. "

"Since Guoxuan Gaoke is a well-known lithium battery company with better performance growth, it is expected that the city will continue to rise and fall after Dongyuan Electric," Guojin Securities analyst Yangjianbo told reporters. "Foshan Lighting holds about 15 % of Guoxuan Gaoke. Equity, although it can enjoy the equity gains brought about by its big rise, but from the previous trend of Foshan Lighting, the market has already expected, so unless Dongyuan Electric's rise exceeds the market expectations, the stock may not have a good performance. "

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