Source: Changjiang Business Daily
Reporter Shen Yourong
Suspension of trading for one day, Huatie emergency (603300AsiapokertourThe change of ownership plan of .sh) has surfaced.
On the evening of May 21, China Railway disclosed the ownership change plan in an emergency. Hu Danfeng, the company's controlling shareholder, and his concerted actors signed an agreement with Hainan Sea Control Industry Investment Co., Ltd. (hereinafter referred to as "Hai Control Investment"). Hu Danfeng plans to transfer a total of 14.01% of the company's shares to HIC, with a total price of close to 2 billion yuan. Among them, Hu Danfeng will cash out 1.897 billion yuan.
The transfer price is 7.258 yuan per share, which is about 11% higher than the share price before the suspension.
Judging from the past business performance, Huatie's emergency profitability is stable. From 2019 to 2023, the operating income of the company and the net profit belonging to the shareholders of the parent company (hereinafter referred to as "net profit") continued to increase.
However, the emergency debt pressure of China Railway is obvious. By the end of 2023, the company's asset-liability ratio had increased to 70.54%. At the end of the period, the company's interest-bearing liabilities exceeded 4.3 billion yuan.
Recently, a paper announcement on Huatie's emergency has aroused widespread concern. The company plans to spend 1 billion yuan on cross-border computing power. In the case of insufficient funds, it still spends a lot of money across the border, and the exchange also issues this.AsiapokertourI have a letter of inquiry.
After the emergency change of ownership of Huatie, how will its financial pressure be alleviated?
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Hu Danfeng cashed out nearly 1.9 billion at one time.
Huatie emergency change of owners, the company's actual controller Hu Danfeng took advantage of the opportunity to cash in a huge amount.
According to public data, Hu Danfeng, born in March 1979, was born in Dongyang, Zhejiang Province. He took part in the work in August 2000.
According to his resume, Hu Danfeng was appointed as the business manager of Hangzhou Datong Construction Engineering Co., Ltd in 2000, the business manager of Hangzhou Zhongli Construction Machinery Co., Ltd in 2004, and the chairman and general manager of Zhejiang Huatie Emergency equipment Technology Co., Ltd in 2008. is the actual controller and chairman of the company.
By the end of 2023, Hu Danfeng directly held a 12.03% stake in China Railway Emergency. Zhejiang Huatie bumblebee holding co., Ltd. (referred to as bumblebee holding), which is 81% owned by Hu Danfeng, holds an 8.92% stake in Huatie emergency. Zhejiang Huatie Hengsheng Technology Co., Ltd. (referred to as "Huatie Hengsheng"), which is 93.31% owned by Hu Danfeng, holds a 1.40% stake in Huatie Emergency.
Hu Danfeng directly or indirectly owns 20.62% of China Railway Emergency and controls 22.35% of the company.
On May 20 this year, China Railway Emergency suddenly announced that on May 20, the company had received notice from controlling shareholder Hu Danfeng that it was planning a share transfer and intended to transfer some of its shares to the sea control production investment agreement. This transaction still needs the prior examination and approval of Hainan SASAC and other departments. If the above matters are finally reached, the controlling shareholder of the company will be changed to Marine Investment Control, and the actual controller will be changed to Hainan SASAC.
Only a day later, the change of ownership plan surfaced. On the evening of May 21, China Railway Emergency issued a reminder of the transfer of shares of the controlling shareholder and the actual controller and the proposed change of control and rights and interests. On May 21, Hu Danfeng and his co-actors Huatie Hengsheng, bumblebee Holdings, and Huang Jianxin, the company shareholder, signed the share transfer Agreement with Marine Control property Investment. It is agreed that Hu Danfeng, Huatie Hengsheng, bumblebee Holdings, and Huang Jianxin will transfer a total of 275 million shares of the listed company to the sea control industry investment agreement at a price of 7.258 yuan per share, accounting for 14.01% of the company's total share capital, with a total price of about 1.997 billion yuan.
After the completion of the transfer of this agreement, sea control industrial investment will hold 14.01% of the shares of the listed company and become the controlling shareholder of the listed company, and Hainan SASAC will acquire the actual control of the listed company.
After the completion of this equity transfer, Huantie Hengsheng and bumblebee Holdings no longer hold shares in the company, and Hu Danfeng's direct shareholding ratio dropped to 9.01%. Huang Jianxin's shareholding ratio also decreased by 0.70%, to 1.49%.
The share price of this transfer is 7.258 yuan per share, which is about 11% higher than the closing price of 6.54 yuan per share on the trading day before the suspension of trading.
Hu Danfeng will cash out 1.897 billion yuan for the transfer of equity in this agreement.
High performance growth and financial pressure coexist
Why did Hu Danfeng transfer control? This was once the focus of the market.
China Railway emergency main business is building support equipment leasing, aerial work platform and underground maintenance equipment and other engineering equipment leasing and services, belonging to the traditional business.
In recent years, the company continues to consolidate operational advantages around the core business philosophy of "channel + operation + service". By the end of 2023, the company has 274 offline outlets, serving a total of more than 160000 customers.
In 2023, the equipment management scale of the China Railway emergency aerial work platform reached 121100, an increase of 55.33% over the same period last year, with an average rental rate of 85.31%.
On the server side, the company uses the algorithm model to intelligently match the service work order with the optimal service personnel to improve the quality and efficiency of the service work.
In 2023, the company won the 35th IRN Global Leasing Top 100 list and the fourth Access50 ranking in the world.
China Railway Emergency was listed on the A-share market in 2015. Since 2019, the company's operating performance has continued to grow rapidly. From 2019 to 2023, the company's operating income was 1.154 billion yuan, 1.524 billion yuan, 2.607 billion yuan, 3.278 billion yuan and 4.444 billion yuan respectively, an increase of 29.99%, 32.11%, 71.02%, 25.75% and 35.55% over the same period last year. Net profits were 276 million yuan, 323 million yuan, 498 million yuan, 641 million yuan and 801 million yuan respectively, up 1057.66%, 17.09%, 54.31%, 28.74% and 25.19% over the same period last year.
From the perspective of net operating cash flow, the net operating cash flow from 2020 to 2023 is 538 million yuan, 1.105 billion yuan, 1.405 billion yuan and 1.945 billion yuan respectively, increasing year by year.
Although revenue and net profit continue to grow rapidly, Huatie emergency has an obvious deficiency, that is, the financial pressure is great.
By the end of 2023, the company's asset-liability ratio was 70.54%, the highest level in history. At the end of the period, the company had a book currency fund of 85 million yuan, corresponding short-term loans of 919 million yuan, non-current liabilities of 2.65 billion yuan due within one year, long-term loans of 789 million yuan, and long-term and short-term debts totaling 4.358 billion yuan. The financial expenses of the company reached 488 million yuan that year, which also reached a new high.
At the end of the first quarter of this year, the company's monetary capital was 58 million yuan, and the corresponding long-term and short-term debt was 4.411 billion yuan. The financial expenses for the first quarter were 129 million yuan.
Because of the great financial pressure, Huatie has only paid out four emergency dividends since it was listed in 2015, with a total dividend of 180 million yuan, with a dividend rate of 6.37%.
Perhaps, Huatie emergency financial pressure is the main reason for Hu Danfeng's transfer of control.
So, after the change of ownership, how can China Railway's emergency financial pressure be alleviated?
China Railway's emergency announcement stated that COIC implemented this transaction based on its optimism about the company's existing business, industry and development prospects. In the future, it will leverage its advantages in capital, credit and resources to comprehensively assist the company's strategic development., strive to build a global head equipment operator.
Whether COIC will fulfill its promise as scheduled remains to be tested. China Railway Emergency still needs to speed up the recovery of accounts receivable and improve its own blood-making capabilities.
