Emperor Ting International lost more than 1.4 billion yuan in two years to acquire semiconductor companies to help themselves?

Author:Securities daily Time:2022.06.20

20JUN

Wen | Zhao Xueyi Li Wenshan

On June 18, Huang Ting International issued an announcement saying that the company's wholly -owned subsidiary Shenzhen Huangting Fund Management Co., Ltd. (hereinafter referred to as the "Emperor Ting Fund") recently signed an equity transfer agreement to acquire Dexing City's Italian Power Semiconductor Co., Ltd. The company (hereinafter referred to as the "Interest Power") totaling 14.43%of the equity, the price is 83 million yuan. It is understood that the Emperor Ting Fund had previously obtained an equity of about 13.38%of the amount of interest by 50 million yuan. After the above transaction was completed, the Huangting Fund will hold a total of about 27.8%of the equity of about 27.8%. In addition, the Huangting Fund signed an agreement agreement with shareholders such as Italian Investment and Investment Fund to achieve the purpose of controlling the power. Huang Ting International believes that the power of the acquisition is to promote the strategic transformation of the company and focus on the semiconductor industry around the development strategic layout of "business management+technology", which helps the company to form a new business. In the future, the company will use a variety of ways such as expanding reproduction, enriching product types, and extension of modules to improve the profitability of the intention by expanding reproduction, enriching product types, and extension of modules. Huang Ting International is a listed company with a comprehensive business of commercial real estate as its main business. The annual report of 2021 shows that during the reporting period, the company achieved operating income of 754 million yuan, and its net profit attributable to the mother was -1157 billion yuan. From the perspective of business sectors, the proportion of property management services, business operation services, financial leasing services and other company's total revenue is 40.38%, 58.4%, and 1.22%, respectively. In 2020, Huang Ting International achieved operating income of 685 million yuan, and the net profit attributable to the mother was -292 million yuan. It can be seen that the company's total losses in 2020 and 2021 were about 1.45 billion yuan. Regarding the high losses that occurred in 2021, Huang Ting International explained that: First, the loan contract dispute between the company and CITIC Trust Co., Ltd. and other creditor companies caused a liquidated cost of 758 million yuan, which was included in financial expenses, an increase of 106.75% year -on -year increased by 106.75%. Essence Second, due to the influence of national policies and economic situations, the fair value changes in the company's investment in real estate have led to a decrease of net profit in this issue by 823 million yuan. In addition, the company has a number of crisis involving multiple major lawsuits, 36 bank accounts frozen and 3.921 billion yuan overdue debt repayment. In this regard, Huang Ting International stated that the freezing situation involved in litigation cases and account funds accounted for less, and it did not affect the normal progress of the company's business. The company's shares did not touch the risk warning situation related to the "stock listing rules". "The most important thing for the cross -border mergers and investment of enterprises is to see if its investment field has a collaborative effect with its own business. In fact, the commercial leasing and semiconductor industry does not belong to the same industry chain, and there is almost no synergy effect. If the standard is measured, the above -mentioned mergers and acquisitions should be questioned. "An Guangyong, an expert of the Global M & A Credit Management Committee, told the Securities Daily reporter. On the one hand, it is the loss of performance and the debt, and on the other hand, it is a "large cross -border" acquisition of semiconductor companies. Under the current performance, Huangting International's "self -rescue" intention is obvious. According to Huang Ting International, the company's funding source of 14.43%of the equity of the company's acquisition is the sale of Shenzhen Failure Investment Co., Ltd. (the listing price of 5.62 billion yuan), Chongqing Huangting Jewelry Plaza Co., Ltd. (listing price of 765 million yuan) and Chengdu The income from the Huangting International Center (market price is about 800 million yuan), but the relevant matters are still being promoted in an orderly manner. If the company cannot raise funds required by the transaction, it may affect the smooth implementation of the transaction and future acquisition plans. Public information shows that it is mainly engaged in the design, manufacturing and sales of power semiconductor devices and intelligent power control devices, and has a production line with a 6 -inch wafer of 6 -inch wafers an annual output. The company's strategic development plan is to stabilize the existing white home appliance power semiconductor industry, and actively develop the photovoltaic power generation market, the charging pile control chip, and the electric vehicle control chip. The data shows that the total operating income of the operating industry in 2021 is about 100 million yuan, and the net profit is about -13.4 million yuan. In the first quarter of 2022, the operating income was about 31.85 million yuan, and the net profit was about -3.36 million yuan. For the acquisition, the two parties signed a relevant performance commitment document, and the power of the power promised by 2022 to 2024. The cumulative revenue of three years was 570 million yuan, and the total gross profit in 2023 and 2024 reached 80 million yuan. If the power of the above performance is not completed, the Emperor Ting Fund has the right to request the transferor to the transfer of up to 20%of the transfer of up to 20%according to the performance of the performance. "The commercial leasing track where Huangting International is located is no longer in the dividend period, and the main business growth is weak. The structure is completely different. The acquisition of semiconductor companies and extending the business into the semiconductor field may not have the best future. "Wang Chikun, an independent economist, said to reporters.