Top Ten M&A Cases Selection
20 17 mergers and acquisitions of the new third board are surging, and various mergers and acquisitions emerge one after another. There are not only "snake swallowing elephant" mergers and acquisitions, but also "patchwork" mergers and acquisitions, as well as mergers and acquisitions in order to break through the restrictions on share transfer after delisting, and even "compulsory" mergers and acquisitions ruled by the court.
What are the most classic mergers and acquisitions in your mind? 20 17 top ten mergers and acquisitions of the new third board, waiting for you to vote!
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The news that Qihoo 360 returned to A-share backdoor Jiangnan Jiajie (60 13 13) has become a hot spot in today's market. After the market opened today, a number of A-share concept stocks including citic guoan (000839) and Tianye (600807) rose rapidly. When everyone is paying attention to the excitement of A shares, a new third board company named Xindatong (430596) has also tasted the sweetness.
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Thanks to the light of 360, today's increase reached 133%.
At today's close, Xindatong became the biggest gainer among the market-making stocks, soaring 133.33%, with a total turnover of 2,688,300 yuan. Before the opening, the market value of the new Datong was only over 65.438+0.6 billion, but now the market value of the company has exceeded 300 million after the closing, and the market value has doubled overnight.
Before today's surge, a few days ago,1October 30, 20 17, 10, the share price of new Datong fell to the bottom, closing at 0.73 yuan that day, the lowest point in history. At the highest contrast, it closed at 17. 15 yuan per share. New Chase, whose share price is at a low point now, should be very depressed. However, the development of things is such ups and downs. Unexpectedly, the backdoor of Qihoo 360 ushered in the turning point of the new Datong.
Things have to start with 360 privatization. 165438+1In the early morning of October 3, Jiangnan Jiajie reported that the company would be backed by 360! Prior to 2065438+July 2006, 360 listed in the United States announced the completion of the privatization transaction, and the news surrounding 360 backdoor has been hotly debated by the market. However, on March 28, 20 17, Huatai United Securities signed an initial public offering and listing counseling agreement with Sanliuling Technology Co., Ltd. on March 23, which led to the collapse of many "360 backdoor concept stocks". The exact news came out today, and A shares also ushered in a carnival. How did New Datong, a New Third Board company, join the carnival?
20/kloc-an announcement released in April, 2006 showed that Xinhongxi, a subsidiary of Cinda Tong, participated in the privatization of 360 with an investment of 1 100 million yuan. Compared with the market value of 65.438+0.6 billion yuan before the opening today, this investment of 100 million yuan may become an opportunity for the market value of New Chase to take off again.
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Innovative enterprises and financial self-service equipment manufacturers
Cindatong, which was listed on the New Third Board on June 20/KLOC-April, is a state-level high-tech enterprise with well-known financial self-service system solutions such as bank automatic teller machines (ATMs) and rail transit automatic fare collection (AFC). The first annual report after the listing of new Datong performed well, with operating income of 400 million yuan and net profit of 35.84 million yuan in 20 14.
On February 2, 20 15, the new Datong was changed into a market-making transfer, and it was successively selected as a sample stock of the three-board component index and the market-making index. Up to now, Xindatong has 10 market makers and 176 shareholders.
After listing the New Third Board for more than three years, the new Datong 1No. * * completed three fixed increases, and * * raised funds104.795 million yuan, but these three fixed increases all occurred 20 15 years ago. In 20 15, new Datong achieved an operating income of 420 million yuan and a net profit of 3722 yuan.
Because of the outstanding performance of 20 15, Xindatong was successfully selected as the innovation layer of the New Third Board. However, since 20 15, the company's performance has been declining. In 20 16, the company realized an operating income of 253 million yuan, down by 40.58% year-on-year, while the net profit decreased by 63.25%, and the net profit was only1368 million yuan. In the first half of this year, the company's revenue continued to decline by 20%, while its net profit suffered a loss, with a loss of 4.09 million yuan in the first half of this year.
Why did the performance of New Chase suddenly collapse?
This has to mention its main business. Many people may say: "Now everyone uses WeChat Alipay when they go out, and one day banks and ATMs will be replaced and disappear." Indeed, the speed of technological development is beyond imagination. Five years ago, who would have thought that it would be enough to take a mobile phone when going out? Cinda general rules of ATM industry will inevitably be abandoned by the times.
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Transformation pains, 360 will take off again.
However, the rise of the new chase may be only a matter of time. In 20 16, the growth rate of turnover of new Datong declined, but its net profit was still higher than the industry average. The decline is mainly due to the increased investment in the construction of new factories by New Datong. In this era of gradual digitalization, it is the general trend to reduce traditional industries, but many business lines can't solve it. Therefore, Xindatong strives to lay out and develop the new functions of ATM and other financial self-help systems to liberate the labor force.
According to the annual report of 20 16, the inventory value of new Datong in the current period is1.1.40 billion, a decrease of 1.7 1% compared with the previous period. The company strengthened inventory management, shortened the procurement cycle of materials and reduced the preparation of materials. Accounts receivable amounted to 250 million in the current period, compared with 297 million in the previous period. The company strengthened accounts receivable collection, with a decrease of 65,438+05.73% in the same period.
Moreover, the future income of the new Datong, which indirectly invests in Qihoo 360 billion, will be very considerable. Qihoo 360 is an Internet security company with the largest number of users in China and a leading enterprise in Internet information security in China. Qihoo 360 plans to withdraw from US stocks and return to A shares, which is the biggest return among Internet companies.
When 360 delisted from the US stock market, its market value was $654.38+00 billion, or about RMB 59.9 billion. By the end of 20 16, the net profit was 4.5 billion yuan. According to the estimated earnings per share of 2.88 yuan in 20 16 years, PE is about 16.25 times, and the valuation is about 73 billion, which is 1.2 times higher than that when it was delisted. If 360 is successfully listed, it is conservatively estimated that the PE of 360 is 30, and the profit growth of 10% is about 5 billion, then the market value of 360 after listing is estimated to be about150 billion RMB.
According to the data, CinDatong indirectly holds about 2. 1‰ of the shares of Qihoo 360, so after the listing of 360, CinDatong's income is about 3150,000. If the 360 backdoor is successful, the original investment of 100 million yuan will be more than three times that of now, and the investment vision of the new Datong is also sharp.
Text/Wang Feiqiang