St Lekai plans to merge with Shenzhen Stock Exchange: can the target company’s predicted revenue really come true?

On the evening of November 18, St Lekai disclosed the announcement on the company’s acquisition of assets and related party transactions in cash, the proposal on Lekai new material’s integration of Lekai chemical’s equity project in the form of agreement transfer, and other announcements, intending to purchase 71.0355% equity of Baoding Lekai Chemical Co., Ltd. (hereinafter referred to as “Lekai chemical”) in cash. < / P > < p > the three parties of the above transaction are related parties to each other, and the acquisition of St lucky is identified as a related party transaction. After the completion of this transaction, St lucky will achieve financial consolidation with lucky chemical. < / P > < p > according to the public information, St Lekai was established in February 2005 as a central state-owned enterprise with its registered address in Baoding City, Hebei Province. It is a leading enterprise in the field of magnetic recording and thermal recording materials in the domestic information recording material industry. Its main products include thermal magnetic tickets, magnetic strips and magnetic cards. < / P > < p > on April 23, 2015, lucky new materials was listed on the growth enterprise market of Shenzhen Stock Exchange. On September 15 this year, the stock trading of lucky new material was implemented with other risk warning, and the abbreviation was changed to “St lucky”. As for the reason, lucky new material explained that in June this year, China Railway Group and its subordinate enterprises stopped purchasing thermal magnetic ticket products, and the company’s “thermal magnetic ticket production line” has been in a state of shutdown, and is expected to be unable to resume production within three months. The sales revenue of thermal magnetic ticket accounted for 70.59% of the operating revenue, which was the main product of lucky new material. < / P > < p > in view of this, St lucky also predicts that the operating revenue and net profit will drop sharply in 2020, of which the operating revenue is expected to achieve 71-95 million yuan, the net profit loss is 20-30 million yuan, and the company’s stock has the risk of delisting risk warning (* st). < / P > < p > one of the three solutions announced by lucky new materials is to carry out asset M & A, and the target is 71.0355% equity of lucky chemical. < / P > < p > according to the announcement, the leading product of lucky chemical is the light stabilizer UV-1084, which accounts for more than 50% of the business revenue from 2017 to 2019. The announcement also said that China is the only country producing UV-1084 light stabilizer, with a market share of more than 70%. The annual consumption of global light stabilizer products is about 500000 tons, and the new production capacity of lucky chemical light stabilizer is 1500 tons after it is put into production. < / P > < p > according to the evaluation documents released in the same period, the growth rates of operating revenue of lucky chemical in 2018 and 2019 are 2.96%, – 13.72%, and the growth rates of operating revenue from 2020 to 2024 are – 23%, 106%, 24%, 20% and 8% respectively. The total investment of the new rubber and plastic additives industrialization base project is 400 million yuan, including 120 million yuan in the first phase, which is expected to be completed by the end of 2020. < p > < p > in this regard, Shenzhen stock exchange requires st lucky sub products to supplement the composition of the operating revenue of lucky chemical in one year and one period, the main uses of related products and the level of gross profit margin; to supplement the data source of market share, whether the market share matches the existing production capacity, production and marketing situation and market capacity, and whether the relevant information disclosure is accurate and complete. At the same time, the specific situation of the existing and new production capacity of each product, the construction content, construction progress and expected production time of the new production capacity, the scale and source of funds to be invested, and whether the depreciation and amortization of the new production capacity will have a significant adverse impact on the future business performance are supplemented. < / P > < p > in addition, the reasons for the continuous decline of the business scale of lucky chemical in 2019 and 2020 are explained, combined with the development trend, market capacity, competitive advantage, customer demand, orders in hand and intention, impact and recovery of epidemic situation, trade friction and policy changes, utilization rate of existing capacity, production and marketing rate, production schedule of new capacity, etc Related factors, indicating the realizability of operating revenue growth in the forecast period, and whether there are indigestible risks in new capacity. Please check and express clear opinions. < / P > < p > in the evening of the 18th, St lucky also disclosed the “proposal on the integration of lucky chemical equity project by way of agreement transfer of lucky new materials”. In addition to the transaction plan, it also included the next work arrangement of lucky group, the controlling shareholder of St lucky, and the matters to be submitted to China Aerospace Science and Technology Group Co., Ltd. for decision-making of the transaction, and disclosed that The company “plans to complete the industrial and commercial change in mid December”. < / P > < p > the Shenzhen stock exchange requires that the deliberation procedures of the company on the proposal be supplemented, and that the investors be fully informed of the risks due to the uncertainty in the implementation of the transaction; and that the accounting treatment of the transaction and its impact on the company’s production, operation and financial situation be supplemented. < p > < p > on January 12, the regulatory department of Hebei stock exchange will make a written explanation on the above listed companies, and send a copy to the Shenzhen Securities Regulatory Bureau. < p > < p > the purpose of this article is to convey more information, and it does not represent the views and positions of our website. 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