BEIBEN TRUCK PLANS TO SELL ITS SUB COMPANY AT 343 MILLION RMB.
On October 14, China Securities Journal reporter learned from the North Exchange that Beiben Heavy Vehicle Group Co., Ltd. ("Beiben Heavy Duty Truck") intends to list and transfer Beiben Heavy Vehicle Chongqing Co., Ltd. ("Beiben Chongqing") 100 % equity, the transfer price is 343 million yuan. China Securities Journal reporter found that this is the third time that Beiben Heavy Truck has transferred the project, and the transfer price has dropped by 30 million yuan compared with the initial transfer price. However, the premium rate relative to net assets is still as high as 43%.
The 100% equity of Beiben Chongqing was listed and transferred in 2016. The listing time will be from November 17, 2016 to December 21, and the starting price will be 370 million yuan. At that time, the financial data showed that the net profit of the target company in 2015 and the first three quarters of 2016 was 2,834,500 yuan and 16.27 million yuan. Net assets for the first three quarters of 2016 were 293 million yuan, and the listed price was 27% higher than the net assets.
On October 11, 2018, the Beijing Stock Exchange announced that Beiben Heavy Vehicle Group Co., Ltd. transferred its 100% equity project of Beiben Chongqing (project number: G32017BJ1000353) on July 10, 2017. The Beijing Stock Exchange received the application of Beiben Heavy Vehicle Group Co., Ltd. for the termination of the project(howo parts, howo truck parts). The project is now terminated according to the relevant provisions of the Beijing Property Rights Exchange, “Rules for the Termination and Termination of Enterprise State-owned Property Rights Transfer”. This means that the project was transferred again in 2017 and still no buyers were found.
Beiben Chongqing was established in 2006 with a registered capital of 112 million yuan. The business scope is the design, development, production and sales of automobile vehicles (not allowed to operate without the nuclear preparations of the State Administration for Industry and Commerce).
Financial data shows that the underlying company's operating performance is not good. In 2017, the company's operating income was 93.618 million yuan, net profit loss was 25,382,600 yuan; assets totaled 347 million yuan, and net assets were 252 million yuan. As of August 31, 2018, the target company's operating income was 6.114 million yuan, net profit loss was 14.821 million yuan; assets totaled 355 million yuan, and net assets were 237 million yuan. The transfer price is 43% higher than the net asset.
In terms of industry, the first commercial vehicle network data shows that in the first nine months of this year, the cumulative sales of heavy truck industry was 894,000 units, a year-on-year increase of 2%. CITIC Securities expects that the sales volume of heavy trucks will remain at a high level of 1.1 million units in 2018, and the industry competition pattern will become better.
In 2018, Beiben Heavy Truck set a sales target of 18,000 units and 20,000 units, of which the domestic sales target was 15,000 units and the foreign trade market sales target was 3,000 units. Relevant statistics show that in the first eight months of 2018, Beiben Heavy Duty Truck did not appear in the top ten companies in the heavy truck sales, and the tenth Xugong Automobile heavy truck sales volume was 11,400.
Regarding the reason for the continued transfer, the industry said that Beiben Heavy Duty has rationally allocated assets and transferred relevant equity, which will help it to be lightly loaded and better developed in its main business. Previously, Beiben Heavy Duty(howo parts) had signed a 100% stake in Chongqing Beiben Transmission Technology Co., Ltd. with the transfer price of 133 million yuan in April 2017.
According to public information, Beiben Heavy Trucks was established in 1996 in Baotou City, Inner Mongolia. It has a registered capital of 1.85 billion yuan and a total of 7 shareholders. The central enterprise China Ordnance Industry Group Co., Ltd. holds 987 million yuan, accounting for 53.36%. Beiben Heavy Duty Truck owns two heavy truck platforms, “Bei Ben” and “Tie Ma”. The “Bei Ben” trademark is a well-known trademark in China.
The transfer does not impose too many restrictions on the qualifications of the transferee. It only requires that the intended transferee should be a legal person registered and validly existing in China, with good financial status and ability to pay, good business reputation, and Other conditions stipulated by national laws and administrative regulations. In addition, it is necessary to agree to all the contents of Beiben Chongqing's “employee resettlement” plan, and be responsible for the relevant resettlement work. Before participating in the transfer, it is required to pay a deposit of 100 million yuan.
The 100% equity of Beiben Chongqing was listed and transferred in 2016. The listing time will be from November 17, 2016 to December 21, and the starting price will be 370 million yuan. At that time, the financial data showed that the net profit of the target company in 2015 and the first three quarters of 2016 was 2,834,500 yuan and 16.27 million yuan. Net assets for the first three quarters of 2016 were 293 million yuan, and the listed price was 27% higher than the net assets.
On October 11, 2018, the Beijing Stock Exchange announced that Beiben Heavy Vehicle Group Co., Ltd. transferred its 100% equity project of Beiben Chongqing (project number: G32017BJ1000353) on July 10, 2017. The Beijing Stock Exchange received the application of Beiben Heavy Vehicle Group Co., Ltd. for the termination of the project(howo parts, howo truck parts). The project is now terminated according to the relevant provisions of the Beijing Property Rights Exchange, “Rules for the Termination and Termination of Enterprise State-owned Property Rights Transfer”. This means that the project was transferred again in 2017 and still no buyers were found.
Beiben Chongqing was established in 2006 with a registered capital of 112 million yuan. The business scope is the design, development, production and sales of automobile vehicles (not allowed to operate without the nuclear preparations of the State Administration for Industry and Commerce).
Financial data shows that the underlying company's operating performance is not good. In 2017, the company's operating income was 93.618 million yuan, net profit loss was 25,382,600 yuan; assets totaled 347 million yuan, and net assets were 252 million yuan. As of August 31, 2018, the target company's operating income was 6.114 million yuan, net profit loss was 14.821 million yuan; assets totaled 355 million yuan, and net assets were 237 million yuan. The transfer price is 43% higher than the net asset.
In terms of industry, the first commercial vehicle network data shows that in the first nine months of this year, the cumulative sales of heavy truck industry was 894,000 units, a year-on-year increase of 2%. CITIC Securities expects that the sales volume of heavy trucks will remain at a high level of 1.1 million units in 2018, and the industry competition pattern will become better.
In 2018, Beiben Heavy Truck set a sales target of 18,000 units and 20,000 units, of which the domestic sales target was 15,000 units and the foreign trade market sales target was 3,000 units. Relevant statistics show that in the first eight months of 2018, Beiben Heavy Duty Truck did not appear in the top ten companies in the heavy truck sales, and the tenth Xugong Automobile heavy truck sales volume was 11,400.
Regarding the reason for the continued transfer, the industry said that Beiben Heavy Duty has rationally allocated assets and transferred relevant equity, which will help it to be lightly loaded and better developed in its main business. Previously, Beiben Heavy Duty(howo parts) had signed a 100% stake in Chongqing Beiben Transmission Technology Co., Ltd. with the transfer price of 133 million yuan in April 2017.
According to public information, Beiben Heavy Trucks was established in 1996 in Baotou City, Inner Mongolia. It has a registered capital of 1.85 billion yuan and a total of 7 shareholders. The central enterprise China Ordnance Industry Group Co., Ltd. holds 987 million yuan, accounting for 53.36%. Beiben Heavy Duty Truck owns two heavy truck platforms, “Bei Ben” and “Tie Ma”. The “Bei Ben” trademark is a well-known trademark in China.
The transfer does not impose too many restrictions on the qualifications of the transferee. It only requires that the intended transferee should be a legal person registered and validly existing in China, with good financial status and ability to pay, good business reputation, and Other conditions stipulated by national laws and administrative regulations. In addition, it is necessary to agree to all the contents of Beiben Chongqing's “employee resettlement” plan, and be responsible for the relevant resettlement work. Before participating in the transfer, it is required to pay a deposit of 100 million yuan.
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