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关键收购,溢价超13倍!交易所抛九大问题
Zhong Guo Ji Jin Bao· 2025-06-29 04:04
Core Viewpoint - Yanggu Huatai is planning to acquire 100% equity of Bomi Technology for 1.443 billion yuan, despite Bomi currently being in a loss position, with the acquisition price reflecting a premium of over 13 times its net assets [3][5]. Group 1: Transaction Details - The acquisition involves multiple stakeholders, including Hainan Juxin and several individuals, with a total transaction price of 1.443 billion yuan [3]. - Bomi Technology specializes in high-performance polyimide materials, with its products primarily used in semiconductor manufacturing and liquid crystal display panel production [3][4]. - The reported revenue for Bomi Technology during the period was 33 million yuan and 34 million yuan, with net losses of 9 million yuan and 12 million yuan respectively [5]. Group 2: Regulatory Scrutiny - The Shenzhen Stock Exchange raised nine major questions regarding the acquisition, focusing on the necessity and compliance of the cross-industry acquisition, the fairness of transaction pricing, and the valuation of intangible assets [3][4]. - Yanggu Huatai is required to provide detailed disclosures on the technological advancements and core competitiveness of Bomi Technology, including comparisons with industry peers [4]. Group 3: Valuation Concerns - The valuation of Bomi Technology was assessed using the income approach, resulting in a value of 1.443 billion yuan, indicating a 1330.32% increase in value [7][9]. - The exchange has requested further clarification on the parameters used in the income approach valuation and the rationale behind the selection of this method over others [8][9]. - Yanggu Huatai argues that the valuation is reasonable due to Bomi's short establishment period and high R&D investments, despite its low net assets [9]. Group 4: Market Context - As of June 27, Yanggu Huatai's total market capitalization was 6.678 billion yuan [9].
关键收购,溢价超13倍!交易所抛九大问题
中国基金报· 2025-06-29 03:53
Core Viewpoint - Yanggu Huatai is acquiring 100% equity of Bomi Technology for 1.443 billion yuan, despite Bomi currently being in a loss position, raising concerns about the transaction's rationality and fairness [4][7]. Group 1: Transaction Details - The acquisition price of Bomi Technology represents a premium of over 13 times its net assets, which has prompted the Shenzhen Stock Exchange to raise nine key questions regarding the necessity and compliance of the cross-industry acquisition [4][6]. - Bomi Technology specializes in high-performance polyimide materials, with reported revenues of 33 million yuan and 34 million yuan, and net losses of 9 million yuan and 12 million yuan in the reporting period [7][9]. Group 2: Regulatory Concerns - The Shenzhen Stock Exchange has requested Yanggu Huatai to provide detailed explanations regarding the necessity and compliance of the cross-industry acquisition, including the integration and management plans for the acquired assets [6][7]. - Yanggu Huatai claims that the acquisition aligns with its strategic development into the chemical new materials sector and aims to enhance the company's development quality [7][10]. Group 3: Valuation and Fairness - The valuation of Bomi Technology using the income approach indicates a value of 1.443 billion yuan, with a staggering appreciation rate of 1330.32%, raising questions about the accuracy and objectivity of the valuation parameters used [9][10]. - Yanggu Huatai argues that the valuation is reasonable due to Bomi's short establishment period and high R&D investment, despite its low net assets [10].