Executives cash out more than 100 million yuan crystal photoelectric "breaking" under strong push

On November 25th, Crystal Optoelectronics (002273.SZ), which was heavily watched by executives and attracted attention from the capital market, resumed trading after more than one month of suspension, and issued a non-public offering plan. The plan shows that the company intends to issue cash and issue. The company purchased 100% equity of Zhejiang Fangyuan Night Vision Reflective Material Co., Ltd. (hereinafter referred to as “Night Vision” and raised matching funds.

According to the announcement, the final consideration for the acquisition of Night Vision by Crystal Optoelectronics does not exceed 250 million yuan, of which the estimated cash is 125 million yuan, the issued shares are 6,453,300 shares, and the issue price is 19.37 yuan / share (the average of 20 trading days before the pricing benchmark date) Price); At the same time, Crystal Optoelectronics also plans to raise matching funds of no more than 833.333 million yuan, the issue price is not less than 17.44 yuan / share.

On November 25, the first day of the announcement of the plan, Crystal Photonics closed at 17.89 yuan / share, 26 shares closed at 17.88 yuan / share, less than the fixed price.

Under the "breaking"

According to the pre-assessment of the evaluation agency, the target value of the night vision assets of Crystal Optoelectronics was 265.95 million yuan, and the evaluation value-added rate was about 206.67%. As confirmed by both parties to the transaction, Night Vision's undistributed profits as of September 30, 2013 were 15 million yuan owned by the night vision shareholders. The transaction pricing will be deducted from the evaluation results issued by professional evaluation agencies with securities and futures business qualifications. The value of the above-mentioned 15 million yuan dividend will be determined within the range of up to RMB 250 million.

On October 15, Crystal Optoelectronics' stock price closed at 18.50 yuan/share, which was lower than the issue price of the fixed purchase assets. At the same time, the company's stock was suspended from the 16th. On November 25th, Crystal Optoelectronics resumed trading and issued a non-public offering plan. The company's share price closed at 17.89 yuan / share. It is worth noting that the target night vision of the transaction has two student shareholders, two students after 89 and 90 respectively hold 3% and 1.5% of the shares of Night Vision, which are locked for 12 months. Then you can circulate all.

On November 26, Crystal Optoelectronics Securities representative Wang Xiaojing told reporters that in addition to the issuance of shares, the company also acquired part of the cash. If the stock price continues to decline, it may have some impact on the company's non-public offering.

Investigated by investors

For the additional issuance of Crystal Optoelectronics, some investors are not optimistic. Some investors said that they did not expect to reorganize but bought a company that does not touch the optoelectronic film.

According to the data, Crystal Optoelectronics' main business is the development, production and sales of optical optoelectronic related products. The main products include precision optoelectronic thin film components, sapphire LED substrates and micro display optical engines.

Established in 1996, Night Vision is a high-tech enterprise specializing in R&D, production and sales of reflective materials. Its main products include reflective fabrics and reflective films of various grades and specifications.

The non-public issuance plan shows that the evaluation organization's profit forecast data for Night Vision 2013-2016 is 20.9 million yuan, 22.87 million yuan, 24.94 million yuan, and 27.25 million yuan respectively.

The announcement also shows that reflective materials in the low-light environment, through the illumination of the light, reflective materials will produce eye-catching visual effects, and thus are widely used in areas where safety protection has special requirements, night vision products are mainly used for reflective Vests, occupational safety suits, tooling, fire suits, casual sportswear, raincoats, road signage, warning signs, billboards, etc.

Some investors have questioned this. Crystal Optoelectronics is engaged in the production and research and development of electronic components, and night vision has been developing for nearly 20 years. How is its technology and products related to electronics? From the perspective of product competitiveness, although reflective materials contain some scientific and technological components, the market entry threshold is low, the homogenization competition is very serious, and the price competition is very fierce. What are the development prospects?

The announcement also shows that although there is no relationship between Crystal Optoelectronics and the other party, Zhejiang Crystal Electronics Group Co., Ltd. held a 42% stake in Xingxing Optoelectronics before January 2005 (the predecessor of the listed company, Star Group) Another 58% equity); Prior to February 2002, Zhejiang Crystal Electronics Group Co., Ltd. held Jiaojiang Glass (Group) Reflective Materials Co., Ltd. (the former name of Night Vision, changed to the current name in December 2002) 90 % equity, at present, Zhejiang Crystal Electronics Group Co., Ltd. has been disposed of due to poor management and has not actually engaged in any production and operation activities.

In this regard, some investors have questioned that Crystal Optoelectronics and Night Vision Litong are companies in Taizhou City, and they have been under the same company. The prospect of the high-priced acquisition of Crystal Optoelectronics is not ideal. ?

Wang Xiaojing said that the business direction of Crystal Optoelectronics and Night Vision is currently untouched, and there is no crossover between products, but there are some similarities in technology and technology. The development and application of new technologies in the future will also be somewhat crossed. The company mainly focuses on its risks. Control, its net assets are also nearly 90 million yuan, and the geographical location is in the city center, and not far from Crystal Optoelectronics, while the company has a stable net profit, the company can also have one more business.

Executives over 100 million yuan

Information from the Shenzhen Stock Exchange shows that since the beginning of this year, especially in July, many senior executives of Crystal Optoelectronics have concentrated their holdings.

On July 3 and 4, 6 senior executives and directors of Crystal Optoelectronics reduced their shareholdings by 5,452,900 shares through a block trade or bidding transaction, with a total cash of 107 million yuan;

On September 9th, the shareholder of Crystal Optoelectronics, Xingxing Group, reduced its holdings by 7.7 million shares through a block trade, reducing the average price by 20.44 yuan per share, and cashing in 157 million yuan;

In 2013, 11 senior executives, directors and supervisors of Crystal Optoelectronics reduced their holdings by 6,074,400 shares through bidding transactions and block transactions, and accumulated a total of RMB 121 million.

In fact, since 2009, the reduction of crystal photoelectric executives has been commonplace, reaching nearly a hundred times.

(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)

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