Due to the audit and evaluation of Jiangsu Luxun and other target companies have not been completed, the final transaction of Hasen shares has not yet been determined.
Punctuation financial researcher Dolma.
On January 16, 2024, the veteran leather shoe manufacturer Hasen Trading (China) Co., Ltd. *** hereinafter referred to as Hasen Co., Ltd., 603958SH) finally ushered in the first trading day of the new year. The company not only harvested the daily limit on the same day, but also continued to increase the price limit for 7 consecutive trading days. However, then, the company directly ushered in three down limits and walked out of a wave of roller coasters**. This may be related to a major asset restructuring transaction planned by the company.
According to the transaction plan released by Hasen shares, the company intends to purchase 90% of the equity of Jiangsu Luxun Industrial Intelligent Equipment, 45% of the equity of Suzhou Lunx Precision Hardware (hereinafter referred to as Suzhou Lunx) and Suzhou Yeyu Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as Suzhou Yeyu) 230769% share. Combined with the subsequent announcement of Hasen shares, it can be seen that Jiangsu Luxun and Suzhou Lunx are both "fruit chain" enterprises, that is, through this transaction, Hasen shares will also be involved in the apple industry chain.
Punctuation financial researchers noticed that in recent years, Hasen shares have performed poorly. Past financial reports show that from 2020 to 2022, Hasen shares will achieve operating income of 89.2 billion yuan, 99 billion and 76.6 billion yuan, and the net profit attributable to the parent company was -04.4 billion yuan, -02 billion and -15.6 billion yuan. According to the 2023 performance announcement of Hasen shares, the company is expected to achieve a net profit attributable to the parent company of -2.5 million yuan to -5 million yuan for the whole year, and a net profit of -20.16 million yuan to -22.66 million yuan for the whole year. If the company's annual report audit is approved, the company will lose money for four consecutive years.
Under the pressure of performance, Hasen shares also regarded the transaction as "self-help". The company said in the transaction plan that the company's existing main business market growth has slowed down, and the future business growth pressure is greater, and the company is actively seeking new development opportunities and profit growth points. This transaction will enable the company to enter the consumer electronics market and automation equipment market with broad market space, establish new business growth points, diversify operational risks and improve profitability on the premise of digging deep into the development potential of the original main business.
In response to the above-mentioned transaction plan, the Shanghai Stock Exchange issued an inquiry letter containing 9 questions to Hasen shares, requiring the company to explain whether there was an early disclosure of insider information. On January 29, Hasen shares fell to the limit, and the stock price closed at 129 yuan shares, the current total market capitalization is 285.2 billion yuan.
The stock price trend of Hassen shares since 2023(Yuan).
Data**: wind
Half a month after the suspension of trading, the purchase of assets was announced
On January 2, the first day of the new year, Hasen shares did not open for trading as usual. After the market on the same day, Hasen shares issued a suspension announcement, saying that the company has been suspended from the opening of the market on January 2, and the suspension is expected to last no more than 10 trading days.
According to the announcement, the suspension of Hasen shares is because the company is planning a major asset restructuring transaction - to purchase 90% of the equity of Jiangsu Luxun, 45% of the equity of Suzhou Lunx and Suzhou Yeyu 23 by issuing shares and paying cash0769% of the shares, and at the same time plans to issue shares to raise matching funds.
After the completion of this transaction, Hasen shares will directly hold 100% of the equity of Jiangsu Luxun, directly and indirectly hold a total of 100% of the shares of Suzhou Yeyu, and directly and indirectly hold a total of 58% of the equity of Suzhou Lunx.
After 10 trading days, Hasen shares issued 19 announcements on the transaction in one breath on the same day, and announced that the company will resume trading from the opening of the market the next day.
According to the transaction plan released by Hasen shares, the transaction includes two parts: issuing shares and paying cash to purchase assets and raising matching funds. Among them, Hasen shares plan to purchase 90% of the shares of Jiangsu Luxun and Suzhou Yeyu 23 held by the counterparty through the issuance of shares and the payment of cash0769% of the capital contribution and 45% of the equity of Suzhou Ranks, about 70% of the consideration of the transaction is paid by issuing shares, and the issue ** is 7$3 shares, and the remaining approximately 30% of the consideration will be paid in cash.
At the same time, Hasen shares also intend to issue shares to no more than 35 specific investors to raise matching funds, the total amount of funds raised does not exceed 100% of the transaction in the transaction of purchasing assets by issuing shares, and the number of shares issued does not exceed 30% of the company's total share capital before the transaction, the funds raised will be used to pay for the cash consideration in the transaction, intermediary fees and the construction of the underlying asset project, the specific purpose and amount will be disclosed in the restructuring report.
However, due to the audit and evaluation of Jiangsu Luxun and other target companies have not yet been completed, the final transaction of Hasen shares has not yet been determined.
The poor performance has been in the red for three consecutive years
Hasen Co., Ltd. is mainly engaged in the brand operation and product design of high-end leather shoes, and has its own brands such as Harson, Kadina, Harson Business, etc., as well as products of overseas well-known brands such as Pikolinos, and the main sales areas of the products are shopping mall counters, shopping centers and online channels in first, second and third-tier cities across the country.
Jiangsu Lucent is mainly engaged in the research and development, production and sales of automation equipment, and its products are widely used in consumer electronics, automobiles, medical treatment, new energy and many other fields.
Suzhou Ranks is mainly engaged in the research and development, production and sales of precision metal structural parts made of titanium aluminum alloy, with product research and development, mold research and development and process design as the core, based on precision forging, precision CNC machining, welding and other manufacturing technologies, to provide consumer electronics customers with precision structural parts and other products, the main customers are the first chain manufacturers of Company A.
Punctuation financial researchers noticed that the performance of Hasen shares has been poor in recent years.
Previous financial reports show that from 2020 to 2022 and the first three quarters of 2023, Hasen shares achieved operating income of 89.2 billion yuan, 99 billion yuan, 76.6 billion and 57.3 billion yuan, a year-on-year increase. 93%、-22.64% and 611%；In the same period, the net profit attributable to the parent company was -04.4 billion yuan, -02 billion yuan, -15.6 billion and -48710,000 yuan, a year-on-year increase. 84%、-677.20% and 9953%。
Hasen shares are also aware of this. The company said in the transaction plan that the company's existing main business market growth has slowed down, and the future business growth pressure is greater, and the company is actively seeking new development opportunities and profit growth points.
In fact, Hasen shares may see the transaction as "self-help". The company said that the transaction will enable the company to enter the consumer electronics market and automation equipment market with a broad market space, and form a diversified layout of "mid-to-high-end women's shoe brand, design and sales business + R&D, production and sales of precision metal structural parts and automation equipment", and establish new business growth points, diversify business risks and improve profitability under the premise of digging deep into the development potential of the original main business.
After the completion of the reorganization, the target company will become a subsidiary of Hasen shares, and its operating performance will be included in the scope of the consolidated financial statements of the listed company, and the business scale and profitability of Hasen shares may be significantly improved.
The performance of Hasen shares in recent years
Data**: wind
Or it will become a "fruit chain" enterprise
Punctuation financial researchers noticed that Hasen shares did not clearly point out which company A was in the transaction plan. Even so, after the resumption of trading, Hasen shares rose for 7 consecutive trading days from January 16 to January 24, with a dynamic P/E ratio of -602202, the company has also issued many announcements on transaction risk warnings and abnormal fluctuations in transactions.
It was not until January 19 that Hasen shares mentioned for the first time in the announcement of abnormal fluctuations in the ** transaction issued on the same day that Suzhou Lunx mainly provides entrusted processing services for structural parts such as mobile phone frames for Apple industry chain manufacturers, while Jiangsu Luxun mainly sells iPad and laptop assembly equipment to Apple industry chain manufacturers.
Combined with the previously released transaction plan, the "A company" mentioned by Hasen shares is the American Apple Inc. (AAPL.).o）。That is to say, through this transaction, Hasen shares will also become an enterprise in the Apple industry chain.
However, Hasen shares also mentioned that Suzhou Ranks has a significant dependence on the Apple industry chain, and the revenue of the Apple industry chain in 2022 and 2023 will account for 96% and 89% of its total revenue, respectively.
Jiangsu Lucent is also highly dependent on the Apple industry chain, with the revenue of the Apple industry chain accounting for 90% and 40% of its total revenue in 2022 and 2023, respectively, while the decline in the proportion in 2023 is due to the change in upstream customer procurement.
As of the end of September 2023, the asset-liability ratio of Hasen shares was 1774%, Jiangsu Lucent and Suzhou Lunx have asset-liability ratios of 49 as of the end of December 202394% and 5967%, which is higher than that of listed companies.
On January 24, Hasen also released an announcement on the pre-loss of 2023 results. According to the announcement, Hasen shares expect the company to lose money in 2023, and the net profit attributable to the parent company for the whole year will be -2.5 million yuan - 5 million yuan, compared with -1 in the same period last year5.6 billion yuan. The net profit deducted from non-attributable to the parent company for the whole year was -20.16 million yuan to -22.66 million yuan, compared with -1 in the same period last year7.1 billion yuan, and the impact of non-recurring gains and losses in 2023 will be about 17.66 million yuan. In this case, it is worth paying attention to what changes can be brought to Hasen shares by entering the Apple industry chain.