According to sources, the ongoing reorganization of Xingma Automobile involved a related party, Hualing Heavy Trucks, and Hualing Heavy Truck's chassis assets are expected to be injected into the listed company.
Xingma Automobile announced a few days ago that its controlling shareholder Maanshan Huashen Building Material Industry Co., Ltd. is planning a major asset reorganization for the listed company Xingma Automobile. The company's shares will be suspended from October 22. The company plans to hold a board of directors within 30 days after the publication of the announcement. Consideration of major asset restructuring plans.
At present, there is an expectation in the market that the company will serve as an integrated platform for special vehicles in Anhui Province and merge and reorganize other companies. However, the Aijian Securities Research Report pointed out that the company's choice of integrated targets is relatively limited, and the new construction is better than the historical burden of the merged companies after the merger and acquisition process. The company has no internal incentive to merge and expand for the time being.
The market is also rumored that Hualing heavy truck is expected to inject into the Xingma car. In response, sources said that the more likely option is to inject chassis assets into listed companies. The injection of assets will solve the long-standing problem of related-party transactions and reduce the acquisition costs of the chassis of Xingma Automobile. In 2008, Xingma Automobile's purchase of automobile chassis from Hualing heavy truck amounted to RMB 880,609,900, which accounted for 70% of the company's chassis purchase amount. The entire automobile chassis purchase cost accounted for approximately 67% of the company's main operating cost.
Analysts said that because the purchase price of the chassis in the related transaction is not high, the related assets, even if injected into the Xingma car, the cost savings are relatively limited. The greater significance is that the main business of Xingma Automobile will increase a heavy truck chassis, and the company's EPS is expected to expand by more than 50%.
Sources also pointed out that due to the hurried suspension of the Xingma Automobile suspension, it is still suspenseful whether the restructuring plan can be smoothly taken out during the suspension period and approved by the board of directors. According to the announcement, if the company fails to convene the board of directors to review the assets reorganization plan within the time limit, the company's stock will resume trading on November 23, and will no longer plan major asset reorganization within 3 months.
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