#春日生活打卡季#
The shell sale transaction of Yaxia Automobile is mainly divided into three steps:
In the first step, Yaxia Automobile issued 4.69 billion shares to 11 counterparties including Li Yongxin at a price of 3.68 yuan per share, raising a total of 17.165 billion yuan.
The second step, asset replacement - Yaxia Automobile will be valued at 1.335 billion yuan (appreciation rate of 36.66%), except for the retention of part of the assets, all assets and liabilities will be undertaken by Zhou Xiayun (the original actual controller).
Then, it was replaced with 100% of the equity of Zhonggong Education held by 11 counterparties including Li Yongxin (valued at 18.5 billion yuan, with an appreciation rate of 1752.92%)
Among them, the retained assets are:
1) 18% equity of Shanghai Huibao Network Technology Co., Ltd.;
2) 7.81% shares of Anhui Ningguo Rural Commercial Bank Co., Ltd.;
3) 12 cases of state-owned land use rights, properties attached to the land, and projects under construction
The third step, equity transfer - Yaxia Industrial, the controlling shareholder of Yaxia Automobile, gave 80 million shares of Yaxia Automobile (old shares) worth 1.335 billion yuan to Zhonggong Partnership, the shareholder of Zhonggong Education, as consideration for the acquisition of assets
At the same time, Yaxia Industrial transferred 72,696,600 shares of Yaxia Automobile to Li Yongxin at a price of 1 billion yuan
After the above-mentioned transaction, Li Yongxin, Lu Zhongfang and their concerted actor Zhonggong Partnership held a total of 60.22% of the shares of Yaxia Automobile, and Li Yongxin and Lu Zhongfang became the actual controllers.
It should be noted that the original management of Yaxia Automobile is still among them, including: Zhou Xiayun, Zhou Hui, Zhou Li, the first phase of the employee stock ownership plan, and other shareholders of Yaxia Automobile before this transaction, holding a total of 12.11% of the shares
In terms of VAM, Zhonggong Education promises to deduct the net profit of non-attributable to the parent from 2018 to 2020, which will not be less than 930 million yuan, 1.3 billion yuan and 1.65 billion yuan.
On November 28, 2018, the regulator approved the transaction, which means that the listing of Zhonggong Education is imminent.
So, what is the fundamentals of Zhonggong education, what is the above valuation range, what is the level, and is it reasonable?
Zhonggong Education, founded in 2010, is a company that has been established for just 8 years. The controlling shareholder is Lu Zhongfang (Li Yongxin's mother), with a shareholding ratio of 47.7%, and the actual controllers are Li Yongxin and Lu Zhongfang
Its main business is education and training, mainly civil service examination training, accounting for 51% of its revenue. This was followed by teacher qualification training (17%), public institution training (14%), comprehensive training (11%), and online training (7%)
From 2015 to 2017, the revenue of Zhonggong Education was 2.076 billion yuan, 2.584 billion yuan and 4.031 billion yuan respectively, and the net profit was 161 million yuan, 327 million yuan and 525 million yuan respectively
The cash flow from operating activities was 553 million yuan, 1.153 billion yuan and 999 million yuan respectively, the gross profit margin was 60.18%, 59.35% and 59.58% respectively, and the net profit margin was 7.75%, 12.64% and 13.02% respectively
The compound annual growth rate of revenue was 39%, and the compound annual growth rate of net profit was 81%, especially in 2017, the revenue growth was very strong.
The year-on-year growth rate is 56%, much higher than the 24% in 2016, why?
Predict the follow-up and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market