Zheng Quan Zhi Xing·2025-06-27 16:48Core Viewpoint - Green Kang Bio-chemical Co., Ltd. plans to divest its stake in Green Kang (Haining) Membrane Materials Co., Ltd., necessitating an asset valuation to inform this economic decision [3][4][10]. Company Overview - The client for the asset evaluation is Green Kang Bio-chemical Co., Ltd., a publicly listed company established on June 13, 2003, with a registered capital of CNY 155,415,837 [7][10]. - The evaluated entity, Green Kang (Haining) Membrane Materials Co., Ltd., is a wholly-owned subsidiary established on January 16, 2023, with a registered capital of CNY 100 million [7][10]. Valuation Purpose and Scope - The purpose of the valuation is to provide a value reference for the divestment of the entire equity of Green Kang (Haining) Membrane Materials Co., Ltd. [4][10]. - The valuation encompasses all assets and liabilities of the evaluated entity as of the valuation benchmark date, December 31, 2024 [4][10]. Valuation Methodology - The asset-based approach was employed for the valuation, which involves assessing the value of the entity's assets and liabilities to determine the overall value [14][15]. - The valuation concluded that the market value of the entire equity as of the benchmark date is negative CNY 28.7762 million, with an equity appreciation of CNY 42.8175 million, resulting in a 59.81% appreciation rate [4][10]. Financial Performance - As of December 31, 2023, the total assets of the evaluated entity amounted to CNY 560.24 million, while total liabilities were CNY 481.71 million, leading to an owner's equity of CNY 78.54 million [9][10]. - For the year 2023, the evaluated entity reported a net loss of CNY 21.49 million, with total revenue of CNY 104.38 million and total costs of CNY 120.89 million [9][10]. Special Considerations - The valuation did not account for tax implications and the impact of a mortgage contract signed with a bank, which provides a guarantee for certain properties [5][10]. - Certain buildings have not yet obtained property rights certificates, which may affect the valuation if discrepancies arise during the certification process [5][10]. Industry Context - Green Kang (Haining) Membrane Materials Co., Ltd. is positioned in the photovoltaic industry, focusing on the research, development, and manufacturing of new membrane materials, particularly for solar module packaging [10][12]. - The company has signed an investment agreement to establish a production project with an annual capacity of 800 million square meters of photovoltaic membranes, indicating a significant growth potential in the renewable energy sector [10][12].