Tunxiang acquisition lakala Tibet tourism tentative non backdoor bottom line-diying

Home / Tunxiang acquisition lakala Tibet tourism tentative non backdoor bottom line-diying

Tunxiang acquisition lakala Tibet tourism Tunxiang backdoor on non line merger of Tibet tourism on "non lakala backdoor" bottom line / reporter Xia Zihang, once editor Sun Fang for having heard it many times Kara, the proposed price of 11 billion yuan by Tibet tourism listed platform securitization. Not only is the valuation of the underlying assets of Tibet tourism existing asset size of nearly five times, and in triggering the actual control of listed companies to change the situation, and with the new actual controller to buy assets is the original assets 93.79% "design", and the 100% rub shoulders "backdoor red line". In the future, the regulatory authorities will audit this "non backdoor" restructuring, undoubtedly has a strong reference significance. 11 billion valuation and performance "leap forward" according to the February 6th restructuring plan disclosure, assessment agencies using the income and asset based method two lakala 100% equity assessment, and the income method to assess the results as the basis for pricing. Issued by the China Tongcheng assessment report shows that as of the base date of assessment, assessment of the value of lakala the interests of all shareholders of 11 billion 100 million yuan, compared with equity book value 1 billion 729 million yuan appreciation 9 billion 379 million yuan, value-added rate of 543.05%. Based on the above assessment results, Lacarra 100% stake at a price of 11 billion yuan. A stock market, mergers and acquisitions in the hundreds of billions of valuation is not uncommon, the focus is Kara can support such high valuations and can guarantee the future profitability. Kara was founded in 2005, after years of development and expansion, Lenovo holdings, Sun Taoran has become the core of shareholders. At present, the core business for Kara to business users and individual users with third party payment services, and to pay for the entrance to provide value-added financial services and related. In 2015, Lacarra third party payment business the proportion of total revenue in more than 70%. Financial data show that in 2014, Lacarra operating income of about 910 million yuan, a loss of about 190 million yuan; 2015 operating income of about 1 billion 588 million yuan, net profit of about 126 million yuan. Tibet tourism said, the higher the rate of value-added assessment is mainly because of the rapid development of Kara’s main business, the profit level is rising fast, the future development prospects are ideal; lakala the third party payment industry development prospects are broad, and Kara online channels and service capabilities, risk management and fund settlement system, innovation ability etc. the formation of the core competitive advantage. According to the disclosure, profit commitment, Lacarra in net profit of 2016 to 2018 the number reached 450 million, respectively 860 million and 1 billion 450 million yuan. However, as many forces compete in the field of Internet Finance and payment, the third party payment and personal payment are facing greater pressure of competition. The Kara, remains one of the challenges of uncertainty. With the "100% red lines" to avoid backdoor cases, in the reorganization of the transaction, the underlying company if the previous performance is not ideal, once the reorganization trigger backdoor listing standards, it will be difficult to pass". And even if there is no "problem", on

蛇吞象并购拉卡拉 西藏旅游试探非借壳底线   蛇吞象并购拉卡拉 西藏旅游试探“非借壳”底线   ⊙记者 夏子航 ○编辑 孙放   一度耳熟能详的拉卡拉,拟作价110亿元借助西藏旅游的上市平台实现证券化。不仅标的资产估值较西藏旅游现有资产规模大了近五倍,且在触发上市公司实际控制人变更的情况下,又凭借向新实际控制人购买资产恰为原资产93.79%的“设计安排”,与100%的“借壳红线”擦肩而过。未来,监管部门将如何审核这一“非借壳”重组,无疑具有极强的参照意义。   110亿估价与业绩“跃进”   据2月6日披露的重组方案,评估机构对拉卡拉100%股权采用收益法以及资产基础法两种方法进行评估,并以收益法评估结果作为定价依据。中通诚评估出具的评估报告显示,截至评估基准日,拉卡拉股东全部权益的评估价值为111亿元左右,较股东权益账面值17.29亿元增值93.79亿元左右,增值率543.05%。基于上述评估结果,拉卡拉100%股权作价为110亿元。   A股市场上,并购中动辄上百亿的估值并不少见,焦点在于拉卡拉能否支撑如此高估值以及能否保证未来盈利能力。   拉卡拉最早成立于2005年,经过多年发展和扩容,联想控股、孙陶然等已成其核心股东。目前,拉卡拉的核心业务为向企业用户及个人用户提供第三方支付服务,并以支付为入口提供相关的增值及金融服务。2015年,拉卡拉的第三方支付业务收入占整体收入的比重在70%以上。财务数据显示,拉卡拉2014年营业收入约为9.1亿元,亏损约1.9亿元;2015年营业收入约为15.88亿元,净利润约为1.26亿元。   西藏旅游称,本次评估增值率较高主要是因为拉卡拉主营业务发展较快,盈利水平快速上升,未来存在较为理想的发展前景;拉卡拉所处的第三方支付行业发展前景广阔,且拉卡拉在线下渠道及服务能力、风险管理及资金清算体系、创新能力等方面形成了核心竞争优势。   据披露,盈利承诺显示,拉卡拉在2016至2018年实现的净利润数分别应达4.5亿、8.6亿和14.5亿元。   不过,随着众多力量角逐互联网金融及支付领域,第三方支付以及个人支付皆面临较大竞争压力。这对拉卡拉来说,仍是一个不确定性的挑战。   贴着“100%红线”规避借壳   已有案例显示,在重组交易中,标的公司如果以往的业绩不理想,一旦重组触发借壳上市标准,将很难“过关”。而就算没有“问题”,由于借壳监管趋严,A股重组交易中能绕开借壳的自然选择绕开,久而久之,也就形成了各种规避办法。   据《上市公司重大资产重组管理办法》第十三条,借壳上市是指:自控制权发生变更之日起,上市公司向收购人及其关联人购买的资产总额,占上市公司控制权发生变更的前一个会计年度(经审计的合并财务会计报告期末)资产总额的比例达到100%(或以上)的重大资产重组行为。   在西藏旅游案例中,整体作价110亿元的拉卡拉,在体量上远超上市公司,且上市公司的实际控制权也发生了变更,孙陶然及孙浩然成为上市公司的新晋实际控制人。这两点,西藏旅游已无法回避,因此必须在“上市公司向收购人及其关联人购买”这一设定上想办法。   由于拉卡拉第一大股东为联想控股,西藏旅游收购的拉卡拉股份的大部分来自于联想控股,孙陶然为拉卡拉第二大股东,其与孙浩然更多是借助认购配套募资入主西藏旅游。   对此,西藏旅游表示,自控制权变更之日起,上市公司向孙陶然、孙浩然及其关联人购买的资产总额,即本次拟发行股份及支付现金购买资产中,孙陶然等人合计持有的拉卡拉15.802%的股权,对应交易作价为17.38亿元左右。而这占上市公司控制权发生变更的前一个会计年度期末资产总额的比例为93.79%,未达到100%,因此不构成借壳上市。   其实,此前A股市场上也有类似的“非借壳”案例,海航投资的重组方案与之有一定的相似性。2015年4月,海航投资公布重组方案,拟收购渤海信托和华安保险部分股权,以及新生医疗100%股权。海航资本当时已入主海航投资,本次重组亦面临是否触发借壳的问题。而据海航投资当时的公告,其自控制权变更以来向海航资本及其关联方购买的资产总额为88亿元左右,占易主前资产总额116.4亿元的比例为76.32%,未达到100%以上,不构成借壳重组。   以此对照,此次西藏旅游的重组其实更贴近100%这一“借壳红线”。监管部门会怎样审核这一案例,仍有待观察。 进入【新浪财经股吧】讨论相关的主题文章: