These five companies are all private enterprises. Among them, * * * Dadiansheng and ST Qiu Hui did not suspend trading during the restructuring process and directly threw out the restructuring plan; ST Mei Xin also released the plan after two days of suspension, and the pace is really getting faster and faster.
"Even if there is a lock-up period, the arbitrage space of pricing issuance still exists, which gives the market the motivation for speculation." Some private equity sources said. According to the reporter's statistics, in the recent five backdoor cases, except for the obvious increase of ST Qiu Hui's share price, the share prices of several other companies remained calm. At present, the increase of ST Messing and * * * big electroacoustic is about 30%, the increase of Xiake Environmental Protection is about 5%, and Sanyang shares even have a slight break.
What do you know about "clean shells"
It is said that a good shell is hard to find. What is a good shell?
Some market participants said that the debt is light, the market value is not large, and the company's main business income is not very good. What needs blood supplement is considered as a clean shell, which can reduce the cost of the acquirer in the process of restructuring and dilute the rights and interests less.
Take the latest St. Mei Xin as an example. At present, the company's total market value is 2.285 billion yuan. In the third quarterly report of 20 18, the asset-liability ratio was 13.53%, the earnings per share was -0.0 172 yuan, and the net assets per share was 0.99 yuan. The company's total revenue in the past two years is also not ideal. The data in 20 17 and 20 18 quarterly reports are 45.92 million yuan and 278 10/0,000 yuan respectively.
Refer to ST Mei Xin, relax the conditions, and then exclude GEM companies. The total market value of the company is less than 2.5 billion yuan. In the third quarterly report of 20 18 and the annual report of 20 17, the asset-liability ratio is lower than 15%, the net assets per share is higher than that of 0.9 yuan, and the earnings per share is lower than that of 0.2 yuan. There are 13 companies.
Looking for "shell" resources
In fact, the clean shell is only a reference standard, and the future variables are still very large. However, there is another kind of company in the market that is also favored by the acquirer, that is, the concept of restructuring "make a comeback".
Some market participants said that asset restructuring has started, but it ended in failure. At the same time, it has not been punished or violated recently. Such non-state-owned companies are also easy to be captured by the acquirer.
After excluding the GEM companies, the reporter searched for a group of listed companies that have been listed for more than 3 years with a total market value of 2.5 billion yuan and reorganized within 2 years, but all ended in failure and did not receive a case investigation. The actual controller is not state-owned.
It is worth mentioning that in this range, there are companies that are reorganized for the purpose of backdoor listing, such as Tongda Power and Henderson Land.
(Article Source: shanghai securities news)
(Original title: The backdoor scheme is released, and the concept of shell-frying resources should be skillful. )