The transaction of Haitian (603759) holding Yichun Water Group Co., Ltd. (hereinafter referred to as "Yichun Water") has changed.PlayfreebingowinrealmoneynodepositThe shares the company planned to acquire were suddenly frozen. It is worth noting that the person who applied for property preservation before the lawsuit was another major shareholder of Yichun Water.
The transaction changes.
On the evening of May 9, Haitian shares issued an announcement and was informed by China Water Group Co., Ltd. (referred to as "China Water"). Yichun Municipal Development Co., Ltd. (referred to as "Yichun Municipal Development") applied to the people's Court of Yuanzhou District of Yichun City for pre-litigation property preservation of the 51% stake in Yichun Water held by Anfa International Co., Ltd. (referred to as "Anfa International"). The court has ordered the preservation.
The frozen 51 per cent stake in Yichun water is the final target asset that Haitian shares plan to acquire in the near future. According to the announcement disclosed by Haitian shares on March 25, the company intends to acquire 100% stake in Anfa International in cash, and its main asset is its 51% stake in Yichun Water. After the acquisition, Amfa International became a wholly owned subsidiary of the company. Amfa International held a 51% stake in Yichun Water, and Yichun Water became a holding subsidiary indirectly controlled by Haitian shares. The total price of this acquisition is 2.Playfreebingowinrealmoneynodeposit70 million yuan.
With regard to the equity freeze, Haitian shares responded that the company actively communicated with China's water industry and took the initiative to understand the specific reasons for the freeze. However, as of the date of the announcement, the specific reasons for the freeze have not been known. At the same time, the freeze may lead to lower-than-expected progress of the transaction, cancellation of the transaction and so on. The company will closely monitor the progress of this matter, actively communicate with China's water industry and its related parties, and strive to understand the relevant situation comprehensively and accurately.
Previously, in order to complete the transaction, Haitian shares paid a deposit of 54 million yuan on March 28 and applied to the relevant competent authorities for overseas investment for the record, which is still under review by the Commerce Department and the Development and Reform Commission.
In addition to the sudden equity freeze, another noteworthy situation is that Yichun Municipal Development, the applicant for property preservation before the lawsuit, is an important shareholder holding the remaining 49% stake in Yichun Water. It is worth wondering why the municipal development in Yichun suddenly broke out.
Yichun Municipal Development is a wholly state-owned enterprise. After several penetration, its major shareholder is Yichun State-owned assets Supervision and Administration Commission. Amfa International, a foreign company registered in the British Virgin Islands, acquired a 51% stake in Yichun Water from Shenzhen Fangke Investment and Development Co., Ltd. in June 2005 at a price of 23.205 million yuan. Amfa International and Shenzhen Fangke Investment and Development Co., Ltd. are controlled by the same actual controller.
Reviewing the historical evolution of Yichun Water Affairs, since the establishment of Yichun Water Affairs in June 2005, Yichun State-owned assets and Amfa International have maintained a long-term cooperative relationship, with stable ownership of 49% and 51% respectively. Until Haitian shares put forward an equity acquisition plan, it may break the balance that has been maintained for nearly 20 years.
Originally intended to seek expansion
Yichun Water is mainly engaged in water supply and drainage business, which is consistent with Haitian shares. The listed companies had planned to further increase the scale of water supply and drainage assets through this transaction.
Specifically, Yichun Water Affairs has the franchise of urban water supply in the planning area of the central city of Yichun City, and its water supply assets are the Tan Water Plant, Wenbifeng Waterworks and related assets in Yichun City, with a total water supply capacity of 160000 tons per day. The company of Yichun Water Affairs owns the franchise of Yichun sewage treatment plant, holds Yichun sewage treatment plant with a sewage treatment capacity of 140000 tons per day, and owns the franchise of Mingyueshan Wentang sewage treatment plant with a sewage treatment capacity of 20, 000 tons per day. In terms of financial indicators, in 2022, Amfa International achieved operating income of 275 million yuan and net profit of 25.3908 million yuan; in the first three quarters of 2023, operating income was 202 million yuan and net profit was 19.6838 million yuan.
By contrast, Haitian shares, which is also mainly engaged in water supply and drainage business, is a private leading enterprise in the environmental protection water industry in southwest China. In 2023, Haitian shares achieved operating income of 1.277 billion yuan and net profit of 242 million yuan. Haitian shares have said that through this transaction can achieve holding Yichun water, layout Yichun water market, and further expand the production capacity of water supply and drainage. Haitian shares expect that this transaction can effectively enhance the company's water supply and drainage assets, improve the company's profitability, in line with the company's business development plan and strategic layout.
Interbank M & An is one of the management ideas of Haitian shares in recent years. In its 2023 annual report, the company made it clear that it will continue to increase its water supply and drainage scale and market share through new construction, acquisition and reorganization, continue to expand its operation scale, and continue to provide high-quality water resources services for the local government and people. consolidate the regional market position and influence.