上交所向昂立教育发出问询函

Group 1 - The core point of the article is that the Shanghai Stock Exchange has issued an inquiry letter to Angli Education regarding its proposed acquisition of 100% equity in Shanghai Leyou Yutu International Travel Agency, highlighting concerns over the valuation methods used and the significant premium in the transaction price [1] - The transaction involves a net asset value of -9.1295 million yuan for the target company, with a transaction price of 38 million yuan, resulting in a premium rate of 516.23% [1] - Four directors abstained from voting on the acquisition proposal, indicating potential internal dissent regarding the transaction [1] Group 2 - The valuation methods employed for the target company include the asset-based approach and the income approach, with the asset-based valuation yielding -9.1254 million yuan and the income approach yielding 38.5 million yuan, resulting in a significant difference in perceived value [1] - The final transaction price was set at 38 million yuan, with an expected goodwill of approximately 47 million yuan [1] - The Shanghai Stock Exchange has requested further clarification on the assumptions and calculations used in the income approach, including revenue, costs, cash flow, and discount rates, as well as a comparison with similar industry transactions to justify the high valuation [1]