Baosteel Group Co., Ltd. plans to transfer 35% of the shares of Nanjing Nanmo Mould and Equipment Co., Ltd. it holds, and the listing price is 128 million yuan. The SAIC Group, the old shareholders of the target company, and Donghua Automobile Industry did not give up the exercise of the right of first refusal.
The target company was established on April 6, 2001 with a registered capital of 153 million yuan and 486 employees. According to the company’s official website, the target company is committed to the design/development/manufacture of automotive molds and extends to automotive parts processing and automotive stamping parts business. In recent years, the company has designed and manufactured a large number of molds and inspection tools for GM, Shanghai Volkswagen, Guangzhou Honda and other automobile plants. The molds are also exported to the United Kingdom, Japan, Iran, Israel and other countries.
The equity structure shows that Shanghai Automotive (14.29, 0.19, 1.35%) Group Co., Ltd. and Baosteel Group Co., Ltd. respectively hold 35% of the shares of the target company, and Donghua Automobile Industry Co., Ltd. holds another 30%.
According to financial data, in 2010, the target company realized operating revenue of 260 million yuan and net profit of 3,076,500 yuan; in 2011, the target company realized operating income of 322 million yuan and net profit of 133.7793 million yuan; as of April 30 this year, the target The company achieved operating income of 95.934 million yuan and net profit loss of 616,600 yuan.
As assessed by China Assets Appraisal Co., Ltd., on December 31, 2011, the book value of the company’s total assets was 536 million yuan, and the assessed value was 625 million yuan; the book value of net assets was 274 million yuan, and the assessed value was 3.65 yuan. Billion; the corresponding assessment value of the transfer target is 128 million yuan.
The transferor requires that the intended assignee should be an independent legal person registered and existing in China. It should be a large-scale enterprise with good financial status and ability to pay in the auto industry. It should have good reputation, no fraud, and bad business records.
SAIC Group has the right to speak of the company Nanhua Mould. SAIC Motor Corporation holds 75% of Donghua Automobile Industrial Co., Ltd. As a result, SAIC Group actually directly holds 35% of the equity of NAC Mold and indirectly holds 30% of the equity of NAC Mold. The transferee Baosteel Group is a strategic investor introduced by the target company in 2008. As the old shareholders do not give up the exercise of limited purchase rights, it is highly probable that industry insiders have analyzed that SAIC Motor will take over.
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