The hottest state-owned assets transaction has mis

2022-08-14
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There are misunderstandings in the transaction of state-owned assets XCMG machinery can't sell SUPOR

there are misunderstandings in the transaction of state-owned assets XCMG machinery can't sell SUPOR

China Construction machinery information

Guide: on March 16, it was learned from Wang Qinghua, the Minister of economic operation of XCMG group that the cooperation agreement between XCMG group and Kailei group has been revised again, and the state-owned equity transfer proportion of XCMG machinery company under XCMG group has been further reduced, Carlyle still adopts the way of acquiring old shares and increasing capital and shares, with about 1.8 billion yuan

on March 16, according to Wang Qinghua, the Minister of economic operation of XCMG group, XCMG group and Carlyle Group have revised the cooperation agreement again, and the proportion of state-owned equity transfer of XCMG machinery company subordinate to XCMG group has been further reduced. Carlyle still adopts the way of acquiring old shares and increasing capital and shares, and obtains 45% equity of XCMG machinery at about 1.8 billion yuan. China maintains its control of XCMG machinery. If it does not emphasize, it is generally given 14 μ Right

as a landmark enterprise in China's construction machinery industry, XCMG machinery, a state-owned enterprise, is the leader of the industry. Its main financial indicators are several times that of Supor, a private enterprise that produces electric cookers, but the valuation price of XCMG machinery has always been lower than SUPOR. Even according to the second revised agreement between Carlyle and XCMG on March 16, the valuation price of XCMG machinery is only similar to that of Supor

why can't XCMG machinery sell SUPOR? Experts believe that this reflects some misunderstandings in asset trading abroad

XCMG machinery's major financial indicators are several times higher than SUPOR

according to the data obtained from the relevant departments of Xuzhou City, Jiangsu Province, XCMG machinery achieved sales of 8.78 billion yuan in the first three quarters of 2006, achieved a total profit of 620 million yuan, and a net profit of about 410 million yuan. As of September 31, 2006, the company's total assets were 8.1 billion yuan, net assets were about 2.1 billion yuan, and the return on net assets was about 20%

SUPOR's third quarter report of 2006 shows that SUPOR achieved sales of 1.395 billion yuan, total profits of 95 million yuan and net profits of 60 million yuan in the first three quarters of 2006. As of September 31, 2006, the total assets of the company were 1.583 billion yuan, the net assets were about 730 million yuan, and the return on net assets was 8.24%

XCMG machinery is 6.29 times, 6.5 times, 6.8 times, 5.1 times, 2.9 times and 2.4 times higher than SUPOR in terms of sales, total profit, net profit, total assets, net assets and return on net assets, respectively

2006 "China's 500 most valuable brands" ranking shows that the value of "XCMG" brand is 8.382 billion yuan, which is the most valuable brand in China's construction machinery industry; SUPOR's brand value is 569million yuan, ranking outside the top ten in the household appliance industry

the overall valuation of XCMG machinery is not much different from SUPOR

although several major financial indicators of XCMG machinery are far greater than SUPOR, the sale valuation of XCMG machinery has always been lower than SUPOR

Wang Fan, chief financial analyst of Haoyuan investment, calculated that Carlyle paid 2.213 billion yuan (2.069 billion yuan plus 144 million yuan equity premium) for the acquisition of 85% equity of XCMG machinery, and the valuation of XCMG machinery was about 2.213/85% =2.6 billion yuan; Since then, under the questioning of the outside world, Carlyle and XCMG signed a newly revised agreement on October 25, 2006, and Carlyle increased the purchase unit price per share. Carlyle paid 1.509 billion yuan (1.217 billion yuan plus 292 million yuan equity premium) for the purchase of 50% equity of XCMG machinery. The valuation of XCMG machinery is about 1.509/50% =3.018 billion yuan

in August 2006, Supor group, Su Zengfu and Su Xianze signed the share transfer agreement on Zhejiang SUPOR Co., Ltd. with SEB international of France. SEB international transferred 25.3201 million shares of Supor shares (accounting for 14.38% of the total share capital of Supor) from SUPOR group, Su Zengfu and Su Xianze. The transfer price was priced at 18 yuan per share, and the total transfer price was 455.76 million yuan. SEB international obtained 14.38% of Supor's equity at 455.76 million, so we calculated that the valuation of Supor was about 455.76/1438=3.17 billion

experts pointed out that even according to the second revised agreement between Carlyle and XCMG on March 16, the valuation price of XCMG machinery is only comparable to SUPOR

why can't XCMG machinery sell SUPOR

obviously, XCMG machinery "can't sell" SUPOR

for this phenomenon, Xiang Wenbo, the executive president of Sany group, believes that SUPOR is a private enterprise that sells its own assets and wants a good price; As a state-owned enterprise, XCMG machinery may involve non economic factors in the equity transfer, such as the task of attracting investment, the will of leadership, the lack of effective supervision of state-owned assets, etc. Therefore, XCMG machinery, which is several times higher than SUPOR in terms of profitability and business scale, can only be sold at the same price as SUPOR

Zuo Dapei, a researcher at the Chinese Academy of Social Sciences, believes that this shows that there are institutional defects in the sale of state-owned assets in China. For example, some places have a one-sided understanding of s1=.......................................... formula (8) the SASAC's regulation that "the transaction price of state-owned assets' property rights cannot be lower than the net assets of enterprises", which only takes the prevention and control of ozone pollution in the net assets of enterprises as the key and difficult point of air pollution control in Nanjing as the pricing standard of state-owned assets transactions; However, the current accounting system in China has defects in the recognition of net assets of enterprises, such as the brand, market share and other intangible assets of enterprises are basically not included. The above defects often lead to the serious undervaluation of the value of state-owned assets

some experts and insiders suggested that the state-owned assets transaction management measures should be improved as soon as possible, especially the asset evaluation and transaction pricing principles in line with international standards should be introduced, and the transaction process should be as open and fair as possible to avoid the loss of state-owned assets and other phenomena

of course, not all interior parts should meet the above requirements at the same time

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