The reorganization of Xingma and Hualing commercial vehicles

Two major commercial vehicle companies in Anhui Province, Xingma Automobile and Valin Motors plan to become bigger and stronger through joint restructuring. According to the plan, Xingma Motor intends to acquire 100% equity of Hualing Automobile through a private placement and the estimated asset value is 1.68 billion yuan. If the acquisition is successful, the company's business will be expanded to a series of special vehicles, heavy-duty trucks and car chassis, etc., while the income scale and profitability will also be significantly boosted.

Over one billion acquisition of Hualing Automotive

On November 30th, Xingma Automobile (600375) issued a plan to purchase shares and purchase related assets through issuing shares. The company plans to offer Xingma Group, Provincial Investment Group, Xingma Venture Capital, Fuhua Investment, etc. at a price of RMB 8.18 per share. A total of approximately 205.379 million shares were issued for each object, and the funds raised were intended to be used for the acquisition of 100% equity of Valin Motors, which it held in aggregate. The estimated number of shares to be issued is approximately 20,537.90 million shares, which are estimated according to the income method. The estimated value of the assets to be purchased is 1.68 billion yuan. If the issuance of share purchase assets is completed, Valin Motors will become a wholly-owned subsidiary of Xingma Motor.

Xingma Automobile stated that after the transaction, the company will own the vehicle production capacity of heavy-duty vehicles through its wholly-owned holding company, which will expand the company's production and operation scope, and enable the company to have a complete set of automobile chassis, heavy-duty trucks and multi-series special vehicles. Manufacturing capacity. Xingma Automobile ranks the first in the industry in the field of domestic special vehicle manufacturing, with a market share of approximately 30%. The main business of Valin Motors includes R&D and sales of heavy trucks, automotive chassis and parts. The current annual capacity of heavy trucks is 15,000, and its market share is about 3%, ranking eighth in the industry. Based on the operating data for the first three quarters of 2009, the combined revenue of Xingma Automobile will increase by 132.75%.

Prospects for restructuring still need to be cautious

According to the announcement of the Xingma Automobile, Valin Motor’s fully diluted ROE for January-September 2009 was 24.8%, which was higher than the 10.20% return on equity of Xingma Automobile over the same period. Therefore, the restructuring helps to increase the earnings of listed companies. ability. The proposed purchase of assets in 2010 is expected to achieve rapid growth in profits, which will increase the performance of listed companies.

On the other hand, reorganization can enable Xingma Automobile and Hualing Motors to share production resources in the production of special vehicles and heavy trucks. The sharing of core components and R&D platforms can help the cost control of both parties. There are certain complementary advantages in the industry. . In addition, before the non-public issuance, the main raw material automobile chassis of Xingma Automobile was mainly purchased from Valin Motors and constituted a related party transaction. After the non-public offering is completed, it is expected to increase the company's comprehensive gross profit margin.

However, some analysts believe that there are strict differences between special-purpose vehicles and heavy-duty trucks in the market. Xingma Automobile has encountered bottlenecks in the special-purpose vehicle market. Hualing's heavy-duty truck industry has fierce competition. The company's future two-line operations still need to be treated with caution.

The market responded positively to this news of restructuring. As of December 4th, Xingma Automobile has reached five consecutive daily limit, becoming the “bright spot” in the near future. In this regard, a securities company analyst told the newspaper that the current valuation of the stock is not high, but due to the need for multiple departments to review the restructuring, there is a certain degree of uncertainty; plus the amount of tax required to pay Hualing Automobile will be paid The 2009 results have a certain impact (Foreign shareholders of Valin Auto will transfer their equity held in November 2009 to domestic natural persons, so they have to pay back the income tax concessions enjoyed in the past), and investors need to consider relevant risks when adding positions. .


Xingma Automobile

The full name of Anhui Xingma Automobile Co., Ltd., founded in 1970, is a key enterprise in the engineering automotive industry in China and was successfully listed on the Shanghai Stock Exchange in April 2003. The company has more than 1,000 employees and total assets of 1.26 billion yuan. The company has an annual production capacity of 5,000 special-purpose vehicles. The company's leading products include bulk cement trucks, concrete mixer trucks, concrete pump trucks, compressed garbage trucks, and heavy-duty dump trucks, for a total of more than 100 series of 8 specifications. Xingma Company is a “top 50 enterprise” in Anhui Province. Currently, the company ranks first in the industry of domestic special vehicle manufacturing, with a market share of approximately 30%.

Valin Automotive

The full name of Anhui Hualing Automobile Group Co., Ltd. is the holding subsidiary of Anhui Xingma Automobile Group Co., Ltd. It has net assets of 500 million yuan, fixed assets of 1 billion yuan and total assets of more than 1.5 billion yuan. The company employs 2,000 people and has now become an annual production capacity of 20,000 heavy-duty vehicles. It has become an important research and development base for heavy-duty vehicles in China. It is a national key support enterprise and has been rated by the country as 60 "Made in China, the industry has the most growth. One of its own brand enterprises.

The company's main business includes the development and sales of heavy trucks, automotive chassis and parts. It now has an annual capacity of 15,000 heavy trucks and a market share of about 3%, ranking eighth in the industry.

Flat Face Mask Machine

1, FY-16A Flat Face Mask Machine


Semi automatic flat mask production line adopts advanced design, only need to put the raw material on the feeding rack, after the completion of the modulating, the machine can realize automatic production. It only need one person to operate and fully realize the whole process of automatic production. The equipment also adopts ultrasonic welding, which is beautiful, sanitary, environmental friendly.The output is 150-200 pcs/min. The length of nose bridge bar can be adjusted. The product size error is ±1mm.


face mask, face mask machine, flat face mask machine, face mask making machine

DongGuan FeiYang Packaging Machinery Equipment Co., Ltd ,