It was learned from the Anhui Property Rights Exchange Center that starting from March 15, 2011, Anhui Province began to publicly transfer 100% state-owned equity of Anhui Quanchai Group Co., Ltd., and the listed price was RMB 214.88 million. Quanchai Group holds a 44.39% stake in Quanchai Power (600218), a listed company.
It is reported that Anhui Quanjiao County People's Government holds 100% state-owned equity of Quanchai Group. The scope of assets for this assignment is to divestle all assets after the following assets: Quanjiao Fulian Real Estate Co., Ltd. held by Quanchai Group 26% equity; 9.84% equity held by Anhui Asia Europe Wood Industry Co., Ltd.
Quanchai Group registered capital of 158 million yuan, with an annual output of 400,000 multi-cylinder diesel engines, 50,000 tons of plastic and 200,000 sets of automotive interior parts production and marketing capabilities. According to relevant statistics, the diesel sales of the Quanchai Group has been ranked fourth in the industry. Weichai, Yuchai, and FAW Xichai are strong market competitors.
According to the appraisal report, the total assets of the entire Chai Group assessed was 2,938,758,200 yuan, the value of the total liabilities was 21,314,600 yuan, the value of the net assets was 2,186.1617 million yuan, and the net assets after deducting the assets being stripped were 2,148,885,200 yuan. Base date of assessment August 31, 2010.
Anhui has issued a series of harsh conditions for the transfer. It is reported that the intended transferee should have management experience with large group companies and listed companies with a registered capital of not less than RMB 3.5 billion; the company has been profitable for the last three consecutive years, and the accumulated net profit in the last three years is not less than RMB 1.5 billion. Colleagues, intended transferees or their affiliated group companies shall have diesel engine (medium or low speed), construction machinery and related heavy equipment manufacturing business; in the field of high speed diesel engines, they must not compete with Quanchai Group or Anhui Quanchai Power Company Limited. .
In addition, the intended transferee is required to submit a strategic development plan for Anhui Quanchai Group Co., Ltd. to ensure that Anhui Quanchai Group Co., Ltd. achieves an annual sales income of more than RMB 10 billion within three years after the success of the transfer. The intent transferee shall promise that the registered address, profit center and taxation area of ​​Anhui Quanchai Group Co., Ltd. will remain unchanged after successful transfer, and it will be in line with the overall plan for economic development of Quanjiao County. The transferee shall inherit the creditor's rights and debts of the underlying company, and shall inherit the guarantee responsibility of Anhui Quanchai Group Co., Ltd. and its subsidiaries.
The listed price is RMB 214.88 million. The deadline for listing is March 15 to April 12, 2011. The intent transferee should pay a bidding guarantee deposit of RMB 630 million during the announcement period.
Some market analysts have analyzed that Anhui has formulated a series of highly demanding conditions, and it is suspected to be tailor-made for certain enterprises. In fact, as early as early January 2010, Quanchai Power announced that the company’s actual controller, the Quanjiao County Government, has signed a “Taichai Group Cooperation Project Cooperation Agreement†with the central government China Hengtian Group Co., Ltd. The main contents are: Quanjiao County People's Government provides resources of Quanchai Group and cooperates with China Hengtian Group Co., Ltd. for strategic cooperation, and provides the most preferential policy support in terms of land, tax, etc.; China Hengtian Group Co., Ltd. makes full use of the central enterprises in capital, brand , industry, marketing network, policies and other advantages, and cooperation with Quanjiao County People's Government to jointly accelerate the development of Quanchai Group, invest 1.5 billion yuan in 3-5 years, to integrate and upgrade the engine and other industries of Quanchai Group , And strive to make Quanchai Group sales revenue of 10 billion yuan. We will work together to promote the development of automotive-related industries in Quanjiao in the automotive industry.
Quanchai Power announced that the transfer of equity and the introduction of strategic investors in Quanchai Group has a long working time span and needs to be submitted to national authorities for approval. This work involves changes in the company's actual controllers and indirect acquisitions of the company and may trigger a tender offer. Upon application of the company, the company's shares will continue to be suspended from March 16, 2011.
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