After listing in February 2021, Chase Science Co.Ltd(300941) (300941) offered a restructuring plan in November of that year and planned to participate in the public transfer auction of 60% equity of Beijing Jiewen Technology Co., Ltd. (hereinafter referred to as “Jiewen technology”), which is also the first restructuring planned by the company after listing. However, on February 23, Chase Science Co.Ltd(300941) disclosed that the company decided to terminate the reorganization because the current public transfer bidding reserve price of the subject equity exceeded the acceptable price range of the company. Regarding the termination of the reorganization, Chase Science Co.Ltd(300941) Board Secretary Peng Hongyi said in an interview with the Beijing Business Daily that according to the information disclosed by the Shanghai United equity exchange, the overall valuation of Jiewen technology is more than 800 million, the price of 60% equity is about 480 million yuan, and the bidding is the highest price. The company still thinks the price is slightly higher. In the future, It is not ruled out that it will continue to seek relevant mergers and acquisitions.
In addition, it is worth mentioning that the reporter of Beijing business daily noted that Jiewen technology, the bidding object, did not appear in the A-share market for the first time. It was favored by the listed company Sgsg Science&Technology Co.Ltd.Zhuhai(300561) in 2018, but it was also unsuccessful in the end.
Chase Science Co.Ltd(300941) termination of reorganization
After more than three months of planning, the restructuring plan of Chase Science Co.Ltd(300941) still pressed the “termination key”.
On January 23, the company announced that it had decided to participate in the public auction of 30060% of the assets of Jiewen, which was planned to be transferred. It is understood that on November 1, 2021, Chase Science Co.Ltd(300941) disclosed the suggestive announcement on the proposed participation in equity bidding and major asset restructuring, and planned to participate in the public transfer auction of Aisino Corporation(600271) (hereinafter referred to as ” Aisino Corporation(600271) “) holding 60% equity of Jiewen technology by paying cash. It is expected that this transaction will constitute a major asset restructuring.
For the reasons for the termination of the reorganization, Chase Science Co.Ltd(300941) said that the company considered that the current public transfer bidding reserve price of the subject equity exceeded the price range acceptable to the company and decided to terminate the above matters. On February 23, Peng Hongyi said in an interview with the Beijing Business Daily that the overall valuation of Jiewen technology is more than 800 million yuan, the price of 60% equity is about 480 million yuan, and the 60% equity held by Aisino Corporation(600271) will participate in the bidding. This price will not be reduced in a short time, and the bidding is also the one with the highest price. The company will finally consider terminating the bidding.
As for whether the company will continue to seek extended M & A in the future, Peng Hongyi told reporters that within the scope specified by the Shenzhen Stock Exchange, the company will not rule out continuing to seek M & A in the future.
Wang Chikun, an independent economist, told the Beijing Business Daily that for listed companies, the termination of restructuring is not an absolute negative factor. “If investors have high expectations of the company’s restructuring, the termination of the restructuring will have an impact on the company’s secondary market share price, so we need to analyze the specific situation.” Wang Chikun said.
In the secondary market, as of the closing on February 23, Chase Science Co.Ltd(300941) share price reported 44.39 yuan / share, with a total market value of 6.059 billion yuan.
The subject matter of has been acquired unsuccessfully
The reporter of Beijing business daily noted that this is not the first time that the subject Jiewen technology appeared in the A-share capital market. In 2018, the listed company Sgsg Science&Technology Co.Ltd.Zhuhai(300561) also planned to acquire Jiewen technology, but failed in the end.
Specifically, on May 25, 2018, Sgsg Science&Technology Co.Ltd.Zhuhai(300561) disclosed the reorganization suspension announcement. The company plans to purchase 100% equity of Jiewen technology by issuing shares and paying cash.
However, in September of that year, Sgsg Science&Technology Co.Ltd.Zhuhai(300561) said that the trading party terminated the original intended trading scheme according to the relevant systems and regulations of the disposal of state-owned property rights, and 60% of the equity of the subject company was publicly listed and transferred in Shanghai United equity exchange. The result of the public transfer is still uncertain. The company plans to continue to promote this major asset restructuring and find multi-party financing channels, Actively communicate with all counterparties about the follow-up feasible transaction plan.
However, after planning for nearly half a year, Sgsg Science&Technology Co.Ltd.Zhuhai(300561) disclosed the announcement of terminating the reorganization on November 17, 2018, saying that since planning the major asset reorganization, the company and relevant parties have actively promoted the relevant work of this major asset reorganization. One of the counterparties Aisino Corporation(600271) of this transaction is in accordance with the relevant provisions on the disposal of state-owned property rights, In September 2018, the company terminated the original intention plan and entered the Shanghai United equity exchange to publicly sell 60% equity of Jiewen technology, which makes the company’s planned acquisition of 100% equity of the target company need to be traded separately, increasing the uncertainty of the completion of this transaction.
At the same time, Sgsg Science&Technology Co.Ltd.Zhuhai(300561) said that because the company and other counterparties of the transaction could not reach an agreement on some terms, there was a high risk of uncertainty in continuing to promote the restructuring under the current conditions. After careful study by the board of directors of the company and consultation with the counterparty, the board of directors of the company decided to terminate this major asset restructuring.
is the first reorganization after listing
The reporter of Beijing business daily noted that the above reorganization is also the first time after Chase Science Co.Ltd(300941) was listed.
According to the data, Chase Science Co.Ltd(300941) landed in A-Shares on February 9, 2021. The company is an electronic payment it solution provider. Its products are to provide merchants and banks with software and hardware products and services related to electronic payment.
According to the financial data disclosed by Chase Science Co.Ltd(300941) , the company’s revenue and net profit fell year-on-year in the first half of 2021 and the first three quarters. In the first three quarters of 2021, Chase Science Co.Ltd(300941) achieved an operating revenue of about 253 million yuan, a year-on-year decrease of 26.28%; The corresponding attributable net profit was about 51.83 million yuan, a year-on-year decrease of 27.63%; The corresponding net profit after non deduction was about 44.5 million yuan, a year-on-year decrease of 32.95%.
For the annual performance of 2021, Chase Science Co.Ltd(300941) has not been disclosed yet. Peng Hongyi told the Beijing Business Daily that the performance of each reporting period in 2021 is mainly affected by the overall environment. Since the fluctuation of the company’s overall performance in 2021 is not within the scope of disclosure, the annual performance has not been predicted, and the relevant audit work is currently in progress.
Bunaxin, vice president of the science and technology industry investment branch of China Council for the promotion of international science and technology and executive director of the strategic investment think tank, told the Beijing Business Daily that the performance of Companies in some industries will change seasonally. Investors should pay attention to whether it is caused by industry factors or the lag in revenue recognition.
In terms of the pre IPO performance of Chase Science Co.Ltd(300941) , it is in a state of steady growth. According to the data, from 2018 to 2020, Chase Science Co.Ltd(300941) achieved operating revenue of about 407 million yuan, 542 million yuan and 614 million yuan respectively; The corresponding attributable net profits are about 66.55 million yuan, 100 million yuan and 146 million yuan respectively; The corresponding net profit after non deduction is about 62.38 million yuan, 94.61 million yuan and 139 million yuan respectively.
According to the Chase Science Co.Ltd(300941) 2020 annual report, the actual controller of the company is Zhang Gengsheng and his spouse Lin Lan. Zhang Gengsheng’s shareholding ratio is 45.56%, Lin Lan’s shareholding ratio is 2.86%, Zhang Gengsheng and Lin Lan indirectly hold 8.54% of the company’s shares through their partnership Shanghai MECA investment management Center (limited partnership), and the total direct and indirect shareholding ratio of Zhang Gengsheng and Lin Lan is 56.96%.
