After waiting for nearly five months, the restructuring plan of Guangzhou Iron and Steel (600894.SH) was finally released.
According to the “Significant Asset Replacement and Issuance of Shares to a Specific Target to Purchase Assets and Related Transactions Report (Draft)†(hereinafter referred to as the “Restructuring Reportâ€) announced by the Guangzhou Iron and Steel Company, the reorganization plan adopts the current market-wide “net shell transferâ€. "The way, that is, through the replacement of assets, the issuance of shares to a specific object to purchase assets and the transfer of shares, the original steel assets of Guangzhou Iron and Steel will be all put out, and the assets of Guangri will be placed.
Along with this restructuring report, Guangzhou Iron and Steel Co., Ltd. will become a listed company with the elevator integrated business under the control of Guangri Group.
“We are not only an elevator manufacturer, but also a wholly-owned, holding and shareholding company of Guangri Co., Ltd., involved in industries including elevators, logistics, LED, intelligent parking equipment, garbage vacuum collection systems, subway platform screen door systems, etc.†Wu Bin, deputy general manager of the company and general manager of Guangri Elevator, told reporters that the completion of the listing and the capital market, the pace of the transformation of Guangri shares from the original building service providers to urban services will be faster.
Exceeding profitability
According to the Reorganization Report, Guangzhou Iron & Steel Co., Ltd. replaced all the assets and liabilities as of December 31, 2010 with 91.91% of the shares of Guangri Group held by Guangri Group, and the difference was partially paid in cash; Guangri Group was transferred to Guangzhou Steel Group 291 million shares of Guangzhou Iron and Steel Co., Ltd. and 183 million shares of Guangzhou Iron and Steel Co., Ltd. held by Jinhao Co., Ltd., with a total consideration of 2.93 billion yuan; Guangzhou Iron and Steel Co., Ltd. was non-publicly issued to other shareholders of Guangri Co., Ltd., such as Guangzhou Via General Industrial Co., Ltd. The shares purchased 8.09% of the shares of Guangri Co., Ltd. held by these companies.
After the completion of this transaction, the listed company will be transformed into Guangri shares, which is mainly engaged in elevator comprehensive services.
"Before this (reporting the reorganization report), the profitability of Guangri shares has been questioned." Wu Bin said that in 2010, Guangri shares achieved a net profit of 240 million yuan, an increase of 28.02% over the same period of 2009. At the same time, it is expected to achieve a net profit of 313 million yuan in 2011, which will still maintain a growth of 26.68% compared with 2010. The estimated earnings per share of the listed company after restructuring is 0.4 yuan, "this exceeds the market's original expectations."
According to Freedonia Group research, global elevators will maintain an annual growth rate of 4.3% by 2013, and the output value of elevator products and services will reach 78.5 billion US dollars . This growth is mainly due to new demand from China and India, where China's new demand is expected to account for 45%, and China has become the world's largest elevator production base.
According to Wu Bin, in 2009, China surpassed the United States to become the world's largest elevator market, but mainly foreign brands. At present, Guangri Elevator and Hitachi Elevator, which has a shareholding, have a market share of around 15%, ranking second in the country, second only to Shanghai Mitsubishi. The elevators of Guangri Co., Ltd. are mainly products with high cost performance, and the second and third tier markets are Advantage market. At present, the second and third tier markets account for about 80% of the company's overall sales.
“China is the world's largest elevator manufacturing country and the largest consumer country. The best companies will be produced in the largest market.†Wu Bin said that 36 million sets of affordable housing in the “Twelfth Five-Year Plan†is currently in Guangri. The biggest business opportunity facing us, "plus the renovation of old houses, the renewal of ownership, etc., the elevator business of Guangri Co., Ltd. will maintain a stable and high-speed growth momentum for a long time to come."
Metamorphosis city service provider
"In 2010, our sales exceeded 700 million yuan, an increase of more than 20% from 500 million yuan in 2009." Wu Wenbin, deputy general manager of Guangri Co., and general manager of Guangri Electric, told reporters that Guangri Electric's LED business from 2008 Since the year of development, it has been able to achieve an annual sales of 20 million yuan. "The LED business derived from elevator lighting is a high starting point from the beginning, because the operating environment of the elevator is far more complicated than the general lighting environment."
“It is estimated that the growth will be 30% in 2011,†Wu Wenbin told reporters. In the next two weeks, Guangri Electric’s second LED production line will begin to be installed, and the expected capacity will increase by about 3 times. “The equipment comes from Yamaha, Japan, where the placement machine 1500 patches per minute, three times faster than our first production line," Wu Wenbin also revealed that Guangzhou's "Thousand Cities and Miles" project will soon be tendered, involving 50,000 LED street lights, totaling more than 500 million Yuan, Guangri Electric is also actively preparing for the bid.
"Forever only with the best cooperation" Wu Bin told reporters that the partners of Guangri Co., Ltd. are the world's top, such as the elevator track system, the partner of Guangri Co., Ltd. is the industry leader Spain Sevilla; In terms of parking equipment business, Guangri has successively introduced the world's top Japanese Xinming and “Taku Technology†and German Weir “Warehouse Technologyâ€; in the subway platform screen door system, Guangri shares partners are industry Leader Westinghouse UK; Garbage Vacuum Collection System, the partner of Guangri Co., Ltd. is also the world's leading company in the industry, Envac Group.
Not only elevator manufacturers have become the new pursuit of Guangri shares. “With regard to building equipment services, we have elevator manufacturing, parts manufacturing and logistics. At the same time, our elevator lighting has led out LED business, garbage vacuum collection system, subway platform screen door system, and Guangri has become City equipment service provider." Wu Bin said.
According to the “Significant Asset Replacement and Issuance of Shares to a Specific Target to Purchase Assets and Related Transactions Report (Draft)†(hereinafter referred to as the “Restructuring Reportâ€) announced by the Guangzhou Iron and Steel Company, the reorganization plan adopts the current market-wide “net shell transferâ€. "The way, that is, through the replacement of assets, the issuance of shares to a specific object to purchase assets and the transfer of shares, the original steel assets of Guangzhou Iron and Steel will be all put out, and the assets of Guangri will be placed.
Along with this restructuring report, Guangzhou Iron and Steel Co., Ltd. will become a listed company with the elevator integrated business under the control of Guangri Group.
“We are not only an elevator manufacturer, but also a wholly-owned, holding and shareholding company of Guangri Co., Ltd., involved in industries including elevators, logistics, LED, intelligent parking equipment, garbage vacuum collection systems, subway platform screen door systems, etc.†Wu Bin, deputy general manager of the company and general manager of Guangri Elevator, told reporters that the completion of the listing and the capital market, the pace of the transformation of Guangri shares from the original building service providers to urban services will be faster.
Exceeding profitability
According to the Reorganization Report, Guangzhou Iron & Steel Co., Ltd. replaced all the assets and liabilities as of December 31, 2010 with 91.91% of the shares of Guangri Group held by Guangri Group, and the difference was partially paid in cash; Guangri Group was transferred to Guangzhou Steel Group 291 million shares of Guangzhou Iron and Steel Co., Ltd. and 183 million shares of Guangzhou Iron and Steel Co., Ltd. held by Jinhao Co., Ltd., with a total consideration of 2.93 billion yuan; Guangzhou Iron and Steel Co., Ltd. was non-publicly issued to other shareholders of Guangri Co., Ltd., such as Guangzhou Via General Industrial Co., Ltd. The shares purchased 8.09% of the shares of Guangri Co., Ltd. held by these companies.
After the completion of this transaction, the listed company will be transformed into Guangri shares, which is mainly engaged in elevator comprehensive services.
"Before this (reporting the reorganization report), the profitability of Guangri shares has been questioned." Wu Bin said that in 2010, Guangri shares achieved a net profit of 240 million yuan, an increase of 28.02% over the same period of 2009. At the same time, it is expected to achieve a net profit of 313 million yuan in 2011, which will still maintain a growth of 26.68% compared with 2010. The estimated earnings per share of the listed company after restructuring is 0.4 yuan, "this exceeds the market's original expectations."
According to Freedonia Group research, global elevators will maintain an annual growth rate of 4.3% by 2013, and the output value of elevator products and services will reach 78.5 billion US dollars . This growth is mainly due to new demand from China and India, where China's new demand is expected to account for 45%, and China has become the world's largest elevator production base.
According to Wu Bin, in 2009, China surpassed the United States to become the world's largest elevator market, but mainly foreign brands. At present, Guangri Elevator and Hitachi Elevator, which has a shareholding, have a market share of around 15%, ranking second in the country, second only to Shanghai Mitsubishi. The elevators of Guangri Co., Ltd. are mainly products with high cost performance, and the second and third tier markets are Advantage market. At present, the second and third tier markets account for about 80% of the company's overall sales.
“China is the world's largest elevator manufacturing country and the largest consumer country. The best companies will be produced in the largest market.†Wu Bin said that 36 million sets of affordable housing in the “Twelfth Five-Year Plan†is currently in Guangri. The biggest business opportunity facing us, "plus the renovation of old houses, the renewal of ownership, etc., the elevator business of Guangri Co., Ltd. will maintain a stable and high-speed growth momentum for a long time to come."
Metamorphosis city service provider
"In 2010, our sales exceeded 700 million yuan, an increase of more than 20% from 500 million yuan in 2009." Wu Wenbin, deputy general manager of Guangri Co., and general manager of Guangri Electric, told reporters that Guangri Electric's LED business from 2008 Since the year of development, it has been able to achieve an annual sales of 20 million yuan. "The LED business derived from elevator lighting is a high starting point from the beginning, because the operating environment of the elevator is far more complicated than the general lighting environment."
“It is estimated that the growth will be 30% in 2011,†Wu Wenbin told reporters. In the next two weeks, Guangri Electric’s second LED production line will begin to be installed, and the expected capacity will increase by about 3 times. “The equipment comes from Yamaha, Japan, where the placement machine 1500 patches per minute, three times faster than our first production line," Wu Wenbin also revealed that Guangzhou's "Thousand Cities and Miles" project will soon be tendered, involving 50,000 LED street lights, totaling more than 500 million Yuan, Guangri Electric is also actively preparing for the bid.
"Forever only with the best cooperation" Wu Bin told reporters that the partners of Guangri Co., Ltd. are the world's top, such as the elevator track system, the partner of Guangri Co., Ltd. is the industry leader Spain Sevilla; In terms of parking equipment business, Guangri has successively introduced the world's top Japanese Xinming and “Taku Technology†and German Weir “Warehouse Technologyâ€; in the subway platform screen door system, Guangri shares partners are industry Leader Westinghouse UK; Garbage Vacuum Collection System, the partner of Guangri Co., Ltd. is also the world's leading company in the industry, Envac Group.
Not only elevator manufacturers have become the new pursuit of Guangri shares. “With regard to building equipment services, we have elevator manufacturing, parts manufacturing and logistics. At the same time, our elevator lighting has led out LED business, garbage vacuum collection system, subway platform screen door system, and Guangri has become City equipment service provider." Wu Bin said.
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