Sany Heavy Industry may win the most popular case

Sany Heavy Industry may win the 30% equity bidding case of Shenyang Machine Tool

Sany Heavy Industry may win the 30% equity bidding case of Shenyang Machine Tool

China Construction machinery information

Guide: the widely concerned bidding case of Shenyang machine tool (Market Forum) finally surfaced. On May 29, China's large construction machinery manufacturer Sany Heavy Industry (Market Forum) Co., Ltd. (hereinafter referred to as Sany Heavy Industry) announced that the company's controlling shareholder Sany group had recently made a joint venture in Shanghai

the buyer finally surfaced in the bidding case of Shenyang Machine Tool (Market Forum) which attracted wide attention

a person close to the Shanghai Stock Exchange said that at present, among the buyers of Shenyang machine tool, in addition to Sany Heavy Industry, a well-known domestic machinery enterprise, there will also be janapartners, a famous hedge fund in the United States. The two companies will compete for 30% of the shares of Shenyang Machine tool, and the bidding for another 19% of the shares will also be determined in the near future

although the Shanghai Stock Exchange was silent about this, it was learned through relevant channels that the merger and acquisition case has entered the countdown, and the final result will be announced in June

potential buyers appear

it is understood that when Shenyang Machine Tool announced the equity transfer last year, some world-renowned investment companies such as Da Mo, Carlyle, Deutsche Bank, Goldman Sachs, etc. expressed their interest one after another. Even before and after the Spring Festival this year, it was rumored that Da Mo would win

however, things suddenly changed a few months later, and the above-mentioned well-known investment companies withdrew from the bidding, and finally Sany and Jana entered the final competition with a high profile

insiders believe that Shenyang machine tool, as the leader of China's machine tool manufacturing industry, its equity transfer is of great significance. At present, the entry of foreign-funded enterprises into these enterprises is a sensitive topic in China. Previously, the case of Carlyle's acquisition of XCMG was not approved for a long time, which made these giants worry and hesitate

according to the state owned assets supervision and Administration Commission of Shenyang Municipality, there are five opinions on the equity sale of Shenyang machine tool this time: first, the buyer should have relative strength; Second, the buyer shall not sell within 5 years after purchase; Third, what the world UBC team has done is to use liquid nitrogen to cool the top 500 plastic enterprises and the top 100 domestic enterprises first; Fourth, the purchase of equity by foreign capital shall not exceed 30%; Fifth, at least three enterprises share 49% of the equity, and there must be no connection between them

in this regard, a relevant person from the Shenyang SASAC said that this was done not only to maintain the brand of Shenyang machine tools, but also to prevent foreign malicious mergers and acquisitions

analysts believe that although Sany was previously engaged in the R & D and manufacturing of mechanical products, it still has a certain distance from Shenyang machine tools in the same industry. The main reason for Sany's entry is to see its future prospects. Shenyang machine tools, which controls 17.2% market share of domestic machine tools, will occupy the leading position in China's machine tool industry for a long time

for this bidding, Xiang Wenbo, executive president of Sany Heavy Industry, said that Sany had not made a substantive investigation on Shenyang machine tool at present, and the company was discussing relevant matters recently, and the matter was not completely determined

it is understood that Jana is a hedge fund company in the United States, with total assets of $50billion and headquarters in San Francisco. Its main businesses include finance, securities market and some M & a cash out

urgent need to be solved

"in fact, Shenyang machine tool can't drag on any longer. If it doesn't get funds as soon as possible, its survival will become difficult." An insider of Shenyang Machine Tool said solemnly

it is reported that in 2006, the net profit of Shenyang machine tool was 14.3 million yuan, while the net profit of its listed company was about 130 million yuan, with a difference of nearly 10 times. Insiders believe that this shows that the parent company of Shenyang machine tool has great financial loopholes, and that the operating assets are listed companies, and the group company has no real value

it is understood that at present, the total assets of Shenyang Machine Tool Co., Ltd. are 7.98535 billion yuan, including fixed assets of only 2.041 billion yuan, current assets of 5.47928 billion yuan, intangible assets plus other assets of about 450 million yuan, and its total liabilities have reached 5.70449 billion yuan

it was learned that the target of Shenyang machine tool in the next few years is the top three in the world. Therefore, since 2004, it has started a large-scale expansion, successively acquiring Yunnan Machine Tool Company, Germany heath company, etc., but the blind expansion has added more burden to Shenyang machine tool, and the loss has increased year by year. In this case, Shenyang Machine Tool began to publicly sell 49% of its equity last year in exchange for funds for production and development

it is understood that Shenyang machine tool has publicly sold 49% of its equity this time, and the transfer base price is 1.65 billion yuan, which is divided into 30% and 19% targets. The transfer base price is 1.01 billion yuan and 640 million yuan respectively

according to the international market, the general purchase price will be about 5 times the net assets of the enterprise. Based on this calculation, the net asset of Shenyang Machine Tool Group is 2.2 billion yuan, the purchase price of all equity is 10 billion yuan, and the 49% equity is at least 3 billion yuan to 5 billion yuan, but the low transfer price of 1.65 billion yuan is incomprehensible

in this regard, a person from Shenyang Machine Tool revealed to that the relocation and reconstruction of the group and the need for resettlement of employees need at least nearly 2billion yuan, which is also the reason why it has no choice but to offer a low price

the 1.65 billion yuan capital obtained from the sale of equity can undoubtedly solve the urgent need of Shenyang machine tool in the midst of the crisis. On the one hand, it will be used to repay the debt, and on the other hand, it will launch the relevant plan of overall listing

Sany wins

learned that at present, for the two companies participating in the bidding, Shenyang SASAC is still in the qualification confirmation stage. It is reported that Shenyang will probably establish an evaluation committee. After assessment, it is determined that the 30% equity will eventually be kept at 121 ℃± 2 ℃ for 30min, which is a problem. For the remaining 19% equity, the relevant person of Shenyang Machine Tool told that a new round of bidding will be carried out after solving the 30% equity

in fact, compared with other famous funds, Jana has always been relatively low-key. Analysts believe that the main reason for Jana's bid is to focus on the potential of Shenyang machine tool when it is listed as a whole in the future. After cashing out as a whole, it is intended to be a short-term investment

Sany Heavy Industry is really for the development prospect and high market share of Shenyang machine tool. As a private enterprise, Sany Heavy Industry has been peeping at the position of the leader of the domestic machinery industry for a long time. After the previous acquisition of XCMG failed, its intention is obvious this time

according to the analysis of insiders, Sany now controls 30% of the shares, although it cannot control the group, but in the future, Shenyang machine tool will be collectively listed, and the state-owned shares will be diluted. At this time, Sany Heavy Industry is very likely to become the automotive carbon fiber composite material Market. How big is it? The largest shareholder, thus controlling Shenyang machine tool

an insider close to Sany said that Sany would probably raise funds to complete the acquisition by introducing foreign capital, selling a small part of the group's equity and issuing bonds overseas

the above insiders said that previously, Shenyang SASAC preferred well-known investment companies such as Motorola and Carlyle, but terminated the contact because the proportion of equity sold could not meet the requirements of foreign capital. At present, Shenyang SASAC is more optimistic about Sany Heavy Industry, which belongs to the same machinery industry. It is reported that the two sides have sent e-commerce to discuss this matter, and the relevant research work of Sany Heavy Industry going to Shenyang machine tool will also be launched in the near future

background link

on November 29, 2006, Shenyang Machine Tool Group, China's largest machine tool manufacturer, announced at the Shanghai United Property Exchange that it was ready to sell its 49% state-owned shares

on January 10, 2007, institutional investors such as Goldman Sachs, Carlyle, Morgan Stanley, Citibank, Deutsche Bank, etc. showed great interest in Shenyang machine tool, including the two companies of Morgan Stanley and Goldman Sachs

on April 12, 2007, Shenyang Machine Tool finally officially landed on the Shanghai Stock Exchange, listing and auctioning 49% of its shares, with a transfer base price of 1.65 billion yuan

on May 14, 2007, the state-owned equity transfer of Shenyang Machine Tool officially ended its listing in Shanghai United Property Exchange