Workflow
蛇吞象式重组
icon
Search documents
“A吸并B”交易,获批
中国基金报· 2025-09-28 13:47
9月28日晚间,海联讯、杭汽轮B双双发布公告称,于2025年9月26日收到了中国证监会出具的《关于同意杭州海联讯科技股份有限公司吸 收合并杭州汽轮动力集团股份有限公司注册的批复》。 【导读】海联讯吸收合并杭汽轮B获证监会批复 中国基金报记者 吴君 又一例"A吸并B"交易即将诞生。 海联讯吸收合并杭汽轮B获批 根据最新发布的批复,证监会同意杭州海联讯科技股份有限公司以新增11.75亿股股份吸收合并杭州汽轮动力集团股份有限公司的注册申 请。该批复有效期为12个月。 证监会表示,本次吸收合并应当严格按照报送深圳证券交易所的有关申请文件进行,按照有关规定及时履行信息披露义务,办理相关手 续。 去年10月,两家公司共同宣布,海联讯拟换股吸收合并杭汽轮B,预计构成重大资产重组和关联交易。由于两家公司的实际控制人均为杭州 市国资委,且该交易或将成为A股公司换股吸收合并B股公司的新案例,还预计构成"蛇吞象"式重组,因此备受市场瞩目。 今年6月,深交所受理了相关申请,还就估值合理性、协同效应等方面发出问询函。今年9月初,相关重组上市事项过会。9月26日证监会 正式批准,标志着该交易进入实施阶段。 一笔"蛇吞象"的交易 资料显示 ...
“A吸并B”交易,获批
Zhong Guo Ji Jin Bao· 2025-09-28 13:29
又一例"A吸并B"交易即将诞生。 9月28日晚间,海联讯、杭汽轮B双双发布公告称,于2025年9月26日收到了中国证监会出具的《关于同意杭州海联讯科技股份有限公 司吸收合并杭州汽轮动力集团股份有限公司注册的批复》。 海联讯吸收合并杭汽轮B获批 根据最新发布的批复,证监会同意杭州海联讯科技股份有限公司以新增11.75亿股股份吸收合并杭州汽轮动力集团股份有限公司的注 册申请。该批复有效期为12个月。 证监会表示,本次吸收合并应当严格按照报送深圳证券交易所的有关申请文件进行,按照有关规定及时履行信息披露义务,办理相 关手续。 去年10月,两家公司共同宣布,海联讯拟换股吸收合并杭汽轮B,预计构成重大资产重组和关联交易。由于两家公司的实际控制人均 为杭州市国资委,且该交易或将成为A股公司换股吸收合并B股公司的新案例,还预计构成"蛇吞象"式重组,因此备受市场瞩目。 今年6月,深交所受理了相关申请,还就估值合理性、协同效应等方面发出问询函。今年9月初,相关重组上市事项过会。9月26日证 监会正式批准,标志着该交易进入实施阶段。 一笔"蛇吞象"的交易 资料显示,海联讯是一家从事电力信息化系统集成业务的国家高新技术企业,201 ...
光智科技“蛇吞象”并购终止 先导电科上市梦又碎
Core Viewpoint - The acquisition deal between Guangzhi Technology and Xian Dao Electronics has been terminated after nine months of negotiations due to disagreements on commercial terms and changes in the external environment, leading to significant stock price fluctuations for Guangzhi Technology [2][4][5]. Group 1: Acquisition Details - Guangzhi Technology announced the termination of the transaction to acquire 100% of Xian Dao Electronics and raise matching funds, citing changes in the external environment and lack of consensus on commercial terms with some transaction parties [2][4]. - Following the announcement of the acquisition in October 2022, Guangzhi Technology's stock price surged by over 400% within ten days, and nearly 20,000 new shareholders were added by May 2023 [2][6]. - The stock price dropped by 6.6% on June 30, 2023, after the termination of the deal, raising concerns for the new shareholders [2][6]. Group 2: Financial Performance and Valuation Concerns - The acquisition raised questions about the asset quality and high valuation of Xian Dao Electronics, especially as Guangzhi Technology's total assets were approximately 4.189 billion yuan, while its market value was around 3.1 billion yuan before the acquisition announcement [6][9]. - Xian Dao Electronics was valued at 21 billion yuan in 2024, despite a significant decline in net profit from 4.66 billion yuan in 2022 to 4.11 billion yuan in 2023, indicating a disparity between performance and valuation [8][9]. - The net profit margin for Xian Dao Electronics decreased from 21.3% in 2022 to 14.2% in 2023, despite revenue growth, highlighting concerns about the sustainability of its financial performance [8][9]. Group 3: Historical Context and Regulatory Environment - Xian Dao Electronics had previously attempted to go public but faced regulatory challenges due to uncertainties in its profitability, which contributed to skepticism regarding its valuation in the acquisition [10][11]. - The acquisition was characterized as a "quasi-backdoor listing" due to the same actual controller overseeing both companies, allowing the transaction to bypass stricter IPO standards [12]. - Guangzhi Technology's financial performance has been declining, with net profits dropping from 24 million yuan in 2020 to a loss of 241 million yuan in 2023, raising further concerns about the viability of the acquisition [12].