After the listing in February 2021, Chuangzhi Technology (300941) proposed a restructuring plan in November of that year to participate in the public transfer auction of 60% of the equity of Beijing Jiewen Technology Co., Ltd. (hereinafter referred to as "Jiewen Technology"), which is also the first restructuring planned by the company after listing. However, on the evening of February 23, Chuangzhi Technology disclosed that the company decided to terminate the restructuring because the current public transfer bid reserve price of the target equity exceeded the acceptable price range of the company. For the termination of the restructuring, Peng Hongyi, secretary of the board of directors of Chuangzhi Technology, said in an interview with the Beijing Business Daily reporter that according to the situation disclosed by the Shanghai United Property Rights Exchange, the overall valuation of Jiewen Technology is more than 800 million, and the price of 60% of the equity is about 480 million yuan, and the auction is the highest price, the company still feels that the price is slightly higher, and in the future, it is not ruled out that it will continue to seek relevant mergers and acquisitions. In addition, it is worth mentioning that the Beijing Business Daily reporter noted that the bidding target Jiewen Technology did not debut in the A-share market, and was once photographed by the listed company Huijin Technology in 2018, but it was ultimately unsuccessful.
Chuangzhi Technology terminated the restructuring
After more than 3 months of planning, the restructuring plan of Chuangzhi Technology still pressed the "termination button".
On the evening of February 23, Chuangzhi Technology disclosed that the company decided to terminate the planning of major asset restructuring, that is, to participate in the public transfer auction of 60% of the equity of Jiewen Technology. It is understood that on November 1, 2021, Chuangzhi Technology disclosed the "Indicative Announcement on the Proposed Participation in the Bidding for Equity and Major Asset Restructuring", and intends to participate in the public transfer auction of 60% of the equity of Jiewen Technology held by Aerospace Information Co., Ltd. (hereinafter referred to as "Aerospace Information") by paying cash, and it is expected that this transaction will constitute a major asset restructuring.
As for the reasons for the termination of the restructuring, Chuangzhi Technology said that the company believes that the current public transfer bid reserve price of the target equity exceeds the acceptable price range of the company, and decided to terminate the above matters. On the evening of February 23, Peng Hongyi said in an interview with the Beijing Business Daily reporter that the overall valuation of Jiewen Technology is more than 800 million, the price of 60% of the equity is about 480 million yuan, and the participation in the auction is the 60% equity held by Aerospace Information, this price will not be lowered in a short period of time, and the auction is also the highest price, and the company finally considered terminating participation in the auction.
As for the question of whether the company will continue to seek epitaxial mergers and acquisitions in the future, Peng Hongyi told reporters that within the scope of the regulations of the Shenzhen Stock Exchange, the company does not rule out that it will continue to seek mergers and acquisitions in the future.
Wang Chikun, an independent economist, told the Beijing Business Daily reporter that for listed companies, the termination of restructuring is no longer an absolute negative factor. "If the investor's expectations for the company's restructuring are high, etc., the termination of the restructuring will have an impact on the company's secondary market share price, so it is necessary to analyze it on a case-by-case basis." Wang Chikun said.
In the secondary market, as of the close of trading on February 23, the stock price of Chuangzhi Technology was reported at 44.39 yuan per share, with a total market value of 6.059 billion yuan.
The subject was unsuccessfully acquired
Beijing Business Daily reporter noted that this is not the target of Jiewen Technology for the first time appeared in the A-share capital market, in 2018, the listed company Huijin Technology also planned to acquire Jiewen Technology, but ultimately failed.
Specifically, on May 25, 2018, Huijin Technology disclosed the announcement of restructuring and suspension of trading, and the company intends to purchase 100% of the equity of Jiewen Technology by issuing shares and paying cash.
However, in September of that year, Huijin Technology said that the transaction party terminated the original intention to trade in accordance with the relevant system provisions of the disposal of state-owned property rights, and the 60% equity of the target company was publicly listed and transferred on the Shanghai United Property Rights Exchange, and the results of the public transfer were still uncertain, and the company intended to continue to promote this major asset restructuring matter, find multi-party financing channels, and actively communicate with the counterparties for follow-up feasible transaction plans.
However, after nearly half a year of planning, Huijin Technology disclosed the announcement of termination of the restructuring on November 17, 2018, saying that since the planning of major asset restructuring, the company and relevant parties have actively promoted the relevant work of this major asset restructuring, and one of the counterparties to the transaction, Aerospace Information, in accordance with the relevant provisions of the disposal of state-owned property rights, terminated the original intention plan in September 2018 and entered the Shanghai United Property Rights Exchange to publicly transfer 60% of the equity of Jiewen Technology, making the company plan to acquire 100% of the target company. The equity needs to be traded separately, adding to the uncertainty of the completion of the transaction.
At the same time, Huijin Technology said that because the company and other counterparties to this transaction cannot reach an agreement on some terms, there is a high risk of uncertainty in continuing to promote this restructuring under the current conditions. After careful study by the Board of Directors of the Company and consultation with the counterparty, the Board of Directors of the Company decided to terminate the material asset restructuring.
It is the first restructuring after listing
The Beijing Business Daily reporter noted that the above restructuring is also the first time after the listing of Chuangzhi Technology.
According to the data, Chuangzhi Technology landed on A shares on February 9, 2021, the company is an electronic payment IT solution provider, the company's products are to provide merchants and banks with software and hardware products and services involved in electronic payment.
According to the financial data disclosed by Chuangzhi Technology, the company's revenue and net profit in the first half of 2021 and the first three quarters are in a state of year-on-year decline. Among them, in the first three quarters of 2021, Chuangzhi Technology achieved operating income of about 253 million yuan, down 26.28% year-on-year; corresponding to the realization of attributable net profit of about 51.83 million yuan, down 27.63% year-on-year; corresponding to the realization of non-deduction after attributable net profit of about 44.5 million yuan, down 32.95% year-on-year.
For the annual performance of 2021, Chuangzhi Technology has not yet disclosed. Peng Hongyi told the Beijing Business Daily reporter that the performance of each reporting period in 2021 is mainly affected by the overall environment, because the company's overall performance fluctuations in 2021 are not within the scope of disclosure, so the annual performance has not been predicted, and the relevant audit work is currently underway.
Bu Naxin, vice president of the Science and Technology Industry Investment Branch of the China International Association for the Promotion of Science and Technology and executive director of the Strategic Investment Think Tank, told the Beijing Business Daily reporter that the performance of companies in some industries will change seasonally, and investors should pay attention to the reason for the lag in revenue recognition caused by industry factors.
In terms of the pre-listing performance of Chuangzhi Technology, it is in a state of steady growth. According to the data, from 2018 to 2020, the operating income of Chuangzhi Technology was about 407 million yuan, 542 million yuan and 614 million yuan, respectively; the corresponding attributable net profit was about 66.55 million yuan, 100 million yuan and 146 million yuan, respectively; and the corresponding net profit attributable to non-deduction was about 62.38 million yuan, 94.61 million yuan and 139 million yuan, respectively.
According to the 2020 annual report of Chuangzhi Technology, the actual controller of the company is Zhang Gengsheng and his spouse Lin Lan, Zhang Gengsheng holds 45.56% of the shares, Lin Lan holds 2.86%, Zhang Gengsheng and Lin Lan indirectly hold 8.54% of the company's shares through the partnership Shanghai Mojia Investment Management Center (Limited Partnership), and the total direct and indirect shareholding ratio of Zhang Gengsheng and Lin Lan is 56.96%.