On March 6, Haiqi Group, which was suspended due to the adjustment of the major asset restructuring plan, closed at 18$58 shares. It is reported that Haiqi Group has adjusted its restructuring plan many times, and the valuation of the underlying assets of the transaction has also been continuously reduced. The company said that the acquisition of Sea Travel Duty Free could help the company transform and improve its profitability at the same time.
"Downprice" acquisitions Valuations have plummeted
According to the announcement, on May 16, 2022, Haiqi Group threw out a restructuring plan for the first time. It said that it intends to purchase 100% of the shares of Hainan Tourism Investment and Development Hainan Tourism Investment and Development Hainan Tourism Investment and Hainan Tourism Investment Duty-free Goods held by Hainan Tourism Investment and Hainan Tourism Investment and raise matching funds. On June 21, 2022, Haiqi Group said that after preliminary estimates, the estimated range of assets to be purchased in this transaction is 5 billion yuan to 6 billion yuan.
However, due to changes in valuation, Haiqi Group later revised the restructuring plan. On April 27, 2023, Haiqi Group said that after friendly negotiation between the parties to the transaction, the transaction price of 100% equity of Hailu Duty Free was changed to 40800 million yuan. However, 40$800 million is not final**. On February 27, the company disclosed the "Announcement on the Suspension of Trading on the Proposed Adjustment of the Major Asset Restructuring Plan", and said that due to the change in industry trends in 2023, the performance of the target company was less than expected. The valuation range of the underlying assets of this transaction was adjusted to 1.8 billion yuan to 2.5 billion yuan.
The day before the resumption of trading of the company, Haiqi Group said in the announcement that the transaction price of the assets to be purchased in this transaction was 203.7 billion yuan, of which 85% of the transaction consideration was paid by issuing shares, i.e. 17$3.2 billion; 15% of the transaction consideration is paid in cash, i.e. 30.6 billion yuan.
So, in less than two years, the valuation of the target company is significantly **, and the performance does not meet expectations, why does Haiqi Group insist on acquisition? 20.Is the $3.7 billion final transaction** and will there be any changes in the future? The relevant staff of Haiqi Group told the reporter of "Volkswagen ** Daily" that although the performance of the target company did not meet expectations, it was still profitable. In addition, it is impossible to say whether this **is final** or not, and the follow-up will be subject to the announcement.
Start the road of transformation The stock price is "one word" up and down
Haiqi Group said that the transaction can help the company's transformation. Prior to the acquisition, the main business of the listed company was automobile passenger transportation, the development and operation of automobile terminals, comprehensive automobile services, and transportation and tourism. The main business of the target company of this restructuring is duty-free retail business, and this acquisition will help Haiqi Group upgrade from a traditional transportation enterprise to a comprehensive tourism listed company, and create a new business card for Hainan tourism.
In addition, in terms of performance, Haiqi Group mentioned in the "2023 Annual Results Pre-loss Announcement" that the company's net profit attributable to the owners of the parent company in 2023 is expected to be a loss of 55 million yuan to 69 million yuan. The company said that after the completion of this transaction, the listed company will hold 100% of the equity of Sea Travel Duty Free, and the net profit attributable to the owners of the parent company of the listed company will be increased, which is conducive to enhancing the profitability of the listed company and maximizing the interests of shareholders.
In terms of stock price performance, due to the hot concept of tax exemption at that time, after Haiqi Group issued its first restructuring announcement, the stock price went crazy. Flush data shows that from May 12, 2022 to June 29, 2022, Haiqi Group's share price rose by more than 300%. On March 6, after the resumption of trading, the company's "one-word" daily limit was reported at 1858 yuan shares, the main net inflow of 99680,000 yuan.
Reporter Chen Hui Intern Reporter Sun Weize.