The day before, Datong Coal Industry, which was “the duck in the casserole, and the rotten meat is not badâ€, issued a clarification announcement specifically for the newspaper’s questioning report. On the second day, the company’s mine was suspended for the “evaluation of internal problemsâ€. Market participants said that the company's clarification announcement was unclear, and the company apparently denied the question, but it was already "guilty" from the action of suspending the acquisition.
Clear and unclear market vote with the feet
On June 28th, the newspaper published the article "Datong Coal Industry suspected of being "sold out" by the parent company", and announced that Datong Coal Industry announced that it plans to purchase nearly 2.186 billion yuan of the parent company's Yanzishan mine. Point to doubt, and from various aspects demonstrated the irrationality of Datong Coal Mining to acquire the parent company Yanzishan Mine at a high price.
On June 30, Datong Coal Mining Co., Ltd. issued a clarification announcement on the issues raised in this newspaper on the Shanghai Stock Exchange, indicating that the “Datong Coal Industry Suspected by the parent company†in this newspaper was falsely reported. In the clarification announcement, the newspaper calculated the calculation of the unit price of the recoverable coal mine, and the fair value of the land lease of the company and Tongmei Group and the way the company acquired the Yanzishan mine were reasonable.
However, the clarification announcement did not address the core issues mentioned in the previous report of the newspaper, such as why the Yanzishan Mine was acquired at such a high price, why did it pay land rent far above the market price after buying the mine and why it should be chosen in cash? The way to acquire the Yanzishan mine and other issues to make a positive answer. In fact, apart from the details, if Datong Coal Mining acquired Yanzishan Mine for 2.186 billion yuan and paid land rent of 34.062 million yuan per year, the acquisition may be a loss-making transaction.
It is worth noting that although the company published a clarification announcement, the share price of Datong Coal Mining Co., Ltd. fell by 18% during the four trading days in which the newspaper published the above report. “It seems that the market has chosen to vote with the feet.†A market source said that the clarification announcement of Datong Coal Industry is obviously a clear and unclear announcement. No matter how Datong Coal Industry “screamsâ€, investors are afraid of the truth of the matter. I already have my own judgment.
Suspension of the acquisition of strange crime assessment agencies
What made the market even more shocking was that on the second day after the release of the clarification announcement, Datong Coal announced the suspension of the acquisition of Yanzishan Mine on the grounds of “internal problems with the asset assessment agency that issued the asset assessment reportâ€. Analysts said that in the face of heavy pressure from public opinion, Datong Coal Industry is a bit "confident".
Datong Coal announced yesterday that according to the relevant decisions of the Ministry of Finance and the China Securities Regulatory Commission, the company’s assessment of the Yanzishan Mine’s Beijing Zhongheyi Assets Appraisal Co., Ltd. is not qualified to issue an asset assessment report. Therefore, the company's board of directors decided to cancel the review of the "Proposal on the Acquisition of Datong Coal Mine Group Co., Ltd. Yanzishan Mine and Coal Washing Plant Related Assets". Datong Coal also stated in the announcement that it will select an evaluation agency with securities qualification as soon as possible to issue a new evaluation report for this acquisition and fulfill the approval/recording procedures of the Shanxi Provincial State-owned Assets Supervision and Administration Commission.
The reporter has been trying to contact Qian Jianjun, the director of the Datong Coal Industry. However, the telephone number of the company’s secretary-general office has not been answered, and people can’t know what the company’s attitude is. The attitude of the majority of investors is very clear. In a stock website of a financial website, some investors angrily stated that it is too irresponsible for Datong Coal to release the acquisition news based on the opinions of the evaluation company without evaluation qualification.
"A discerning person knows what is going on at a glance." A brokerage analyst said to the reporter that even if the facts are really as Datong Coal said, the company suspends the acquisition because the bidding evaluation agency has not assessed the qualification, then the market value exceeds The 20 billion yuan SSE 180 constituent stock company has treated the offer price so rashly. Isn’t the company’s management should be responsible for the panic selling of the market caused by the incident, which leads to the collapse of the company’s stock price?
If you know the mistake, you will change back to the shore.
Recently, there have been many cases in which the listed companies in the coal industry in the A-share market have acquired the parent company's coal mines. The price may be a reference for Datong Coal to re-evaluate the value of the Yanzishan mine.
Comparable data on the purchase price of coal mines is that Guoyang Xinneng announced in December 2009 that it plans to acquire Xinjing Mine. According to the calculation results of Industrial Securities, the net profit of Xinjing Mine in 2009 was about 110 million yuan, and in 2010 The profit of Xinjing Mine will reach 400 million yuan. The market participants estimate that the purchase price is about 2.5 billion yuan. According to the 2009 profit calculation, the acquisition of PE is 22 times, and the acquisition of PE is only 6 times according to the estimated profit. Previously, Datong Coal's acquisition of PE for Yanzishan Mine was 87 times.
The comparable data on coal mine land rent is that the “Land Lease Agreement†signed by Hengyuan Coal Power when purchasing the coal mine of the group company stipulates that the company will pay the land lease fee of 14.403 million yuan to the group company every year. The agreement covers leased land area of ​​2,537,400 square meters, equivalent to 6.11 yuan / square meter. Prior to the Datong Coal Mine, the land lease price of Yanzishan Mine was about 21 yuan / square meter.
Qilu Securities analysts said that according to the previous commitment of the parent company, the Group's other coal mine assets, such as the other four mines in Yungang Minmetals, will continue to be injected into Datong Coal, which is for investors holding Datong Coal stocks. This is a good thing. Although the acquisition of Yanzishan Mine has experienced some twists and turns, Datong Coal and its parent company may be more cautious about future asset injection. The company can "return to the shore" this time, and it can be considered as "a mistake can be changed, and a good thing."
Clear and unclear market vote with the feet
On June 28th, the newspaper published the article "Datong Coal Industry suspected of being "sold out" by the parent company", and announced that Datong Coal Industry announced that it plans to purchase nearly 2.186 billion yuan of the parent company's Yanzishan mine. Point to doubt, and from various aspects demonstrated the irrationality of Datong Coal Mining to acquire the parent company Yanzishan Mine at a high price.
On June 30, Datong Coal Mining Co., Ltd. issued a clarification announcement on the issues raised in this newspaper on the Shanghai Stock Exchange, indicating that the “Datong Coal Industry Suspected by the parent company†in this newspaper was falsely reported. In the clarification announcement, the newspaper calculated the calculation of the unit price of the recoverable coal mine, and the fair value of the land lease of the company and Tongmei Group and the way the company acquired the Yanzishan mine were reasonable.
However, the clarification announcement did not address the core issues mentioned in the previous report of the newspaper, such as why the Yanzishan Mine was acquired at such a high price, why did it pay land rent far above the market price after buying the mine and why it should be chosen in cash? The way to acquire the Yanzishan mine and other issues to make a positive answer. In fact, apart from the details, if Datong Coal Mining acquired Yanzishan Mine for 2.186 billion yuan and paid land rent of 34.062 million yuan per year, the acquisition may be a loss-making transaction.
It is worth noting that although the company published a clarification announcement, the share price of Datong Coal Mining Co., Ltd. fell by 18% during the four trading days in which the newspaper published the above report. “It seems that the market has chosen to vote with the feet.†A market source said that the clarification announcement of Datong Coal Industry is obviously a clear and unclear announcement. No matter how Datong Coal Industry “screamsâ€, investors are afraid of the truth of the matter. I already have my own judgment.
Suspension of the acquisition of strange crime assessment agencies
What made the market even more shocking was that on the second day after the release of the clarification announcement, Datong Coal announced the suspension of the acquisition of Yanzishan Mine on the grounds of “internal problems with the asset assessment agency that issued the asset assessment reportâ€. Analysts said that in the face of heavy pressure from public opinion, Datong Coal Industry is a bit "confident".
Datong Coal announced yesterday that according to the relevant decisions of the Ministry of Finance and the China Securities Regulatory Commission, the company’s assessment of the Yanzishan Mine’s Beijing Zhongheyi Assets Appraisal Co., Ltd. is not qualified to issue an asset assessment report. Therefore, the company's board of directors decided to cancel the review of the "Proposal on the Acquisition of Datong Coal Mine Group Co., Ltd. Yanzishan Mine and Coal Washing Plant Related Assets". Datong Coal also stated in the announcement that it will select an evaluation agency with securities qualification as soon as possible to issue a new evaluation report for this acquisition and fulfill the approval/recording procedures of the Shanxi Provincial State-owned Assets Supervision and Administration Commission.
The reporter has been trying to contact Qian Jianjun, the director of the Datong Coal Industry. However, the telephone number of the company’s secretary-general office has not been answered, and people can’t know what the company’s attitude is. The attitude of the majority of investors is very clear. In a stock website of a financial website, some investors angrily stated that it is too irresponsible for Datong Coal to release the acquisition news based on the opinions of the evaluation company without evaluation qualification.
"A discerning person knows what is going on at a glance." A brokerage analyst said to the reporter that even if the facts are really as Datong Coal said, the company suspends the acquisition because the bidding evaluation agency has not assessed the qualification, then the market value exceeds The 20 billion yuan SSE 180 constituent stock company has treated the offer price so rashly. Isn’t the company’s management should be responsible for the panic selling of the market caused by the incident, which leads to the collapse of the company’s stock price?
If you know the mistake, you will change back to the shore.
Recently, there have been many cases in which the listed companies in the coal industry in the A-share market have acquired the parent company's coal mines. The price may be a reference for Datong Coal to re-evaluate the value of the Yanzishan mine.
Comparable data on the purchase price of coal mines is that Guoyang Xinneng announced in December 2009 that it plans to acquire Xinjing Mine. According to the calculation results of Industrial Securities, the net profit of Xinjing Mine in 2009 was about 110 million yuan, and in 2010 The profit of Xinjing Mine will reach 400 million yuan. The market participants estimate that the purchase price is about 2.5 billion yuan. According to the 2009 profit calculation, the acquisition of PE is 22 times, and the acquisition of PE is only 6 times according to the estimated profit. Previously, Datong Coal's acquisition of PE for Yanzishan Mine was 87 times.
The comparable data on coal mine land rent is that the “Land Lease Agreement†signed by Hengyuan Coal Power when purchasing the coal mine of the group company stipulates that the company will pay the land lease fee of 14.403 million yuan to the group company every year. The agreement covers leased land area of ​​2,537,400 square meters, equivalent to 6.11 yuan / square meter. Prior to the Datong Coal Mine, the land lease price of Yanzishan Mine was about 21 yuan / square meter.
Qilu Securities analysts said that according to the previous commitment of the parent company, the Group's other coal mine assets, such as the other four mines in Yungang Minmetals, will continue to be injected into Datong Coal, which is for investors holding Datong Coal stocks. This is a good thing. Although the acquisition of Yanzishan Mine has experienced some twists and turns, Datong Coal and its parent company may be more cautious about future asset injection. The company can "return to the shore" this time, and it can be considered as "a mistake can be changed, and a good thing."
Foshan City, Nanhai District Huidexing Stainless Steel Products LTD., , https://www.huidexing.net