Beijing Compass Technology Development Co.Ltd(300803) total equity value of shareholders of Wangxin Securities Co., Ltd. involved in the proposed investment
Valuation Report
North Asian Affairs consultative report Zi [2022] No. 01-030
March 12, 2002
catalogue
Part I statement of valuation report 1. Part II information of the client and the appraised unit two
1、 Basic information of the client two
2、 Basic information of the appraised unit two
3、 Company history and shareholder structure eleven
4、 The company's operating and financial conditions fourteen
5、 Main information of the entrusted assets 17 Part III valuation technical ideas twenty-one
1、 Valuation purpose twenty-one
2、 Valuation base date twenty-one
3、 Choice of valuation method twenty-one
4、 Basic assumptions of valuation twenty-one
5、 Basic valuation ideas twenty-three
6、 Implementation process and situation of valuation procedures twenty-three
7、 Valuation model 24 Part IV valuation conclusion and Analysis twenty-six
1、 Valuation conclusion twenty-six
2、 Analysis of valuation results twenty-six
3、 Special risk tips 26 attachments 28 North Northking Information Technology Co.Ltd(002987) Yashi Assets Appraisal Office (special general partnership) address: block a, Fenghua Haojing, No. 6, Guangnei street, Xicheng District, Beijing
Tel: 01083557569 Fax: 01083543089 e-mail: [email protected]. Post code: 100053
Part I statement of valuation report
As Beijing Compass Technology Development Co.Ltd(300803) intends to acquire Wangxin Securities Co., Ltd., our appraisal firm accepts the entrustment of Beijing Compass Technology Development Co.Ltd(300803) and follows the general valuation method on the basis of the future business development plan of the enterprise provided by the property right holder and management of the valuation object, The investment value of all shareholders' equity of Wangxin Securities Co., Ltd. on the benchmark date of December 31, 2021 was valued.
The property right holders and management of the valuation object shall prepare and submit profit forecasts and relevant materials according to the business operation, future development planning and judgment of future development trend of the enterprise. It is its responsibility to ensure the legality and compliance of the enterprise's future operation and the authenticity, accuracy and integrity of the relevant materials provided. The valuation institution does not assume all responsibilities arising from the possible inconsistency between the profit forecast and relevant materials and the actual situation.
Our work is to check the prediction logic and calculation process of relevant major aspects involved in the profit forecast submitted by the property right holder and management of the valuation object and approved by the client, and use the common valuation model for estimation. During the valuation process, we mainly implemented the verification procedures such as inquiry, inspection, analysis and recalculation.
The analysis, judgment and conclusion in the valuation report issued by us are limited by the assumptions and limiting conditions in the valuation report. Users of the valuation report should fully consider the assumptions and limiting conditions specified in the valuation report and their impact on the valuation conclusion.
This report does not make a comprehensive analysis of the business, operation and financial status of the valuation object, nor does it express any opinions on the future financial, business or other development prospects of the valuation object. This report does not constitute a prediction of the actual future profitability of the valuation object.
This report serves specific investors Beijing Compass Technology Development Co.Ltd(300803) . The appraisers are based on the conditions suitable for specific investors in the valuation process, so the valuation of different investors will be different. The appraisal conclusion of this report is based on the proposed investment behavior conditions, and the valuation conclusion is only applicable to specific investors.
This valuation report is not written in accordance with the requirements of China's asset valuation standards. The views of the report are only based on financial analysis and do not take into account other factors such as business, legal, tax and regulatory environment.
All or part of this report shall not be provided to any other unit or individual; Any institution or individual that has not been confirmed by the valuation institution and the client will not become a user of the valuation report due to receiving the valuation report. North Northking Information Technology Co.Ltd(002987) Yashi Assets Appraisal Office (special general partnership) address: block a, Fenghua Haojing, No. 6, Guangnei street, Xicheng District, Beijing
Tel: 01083557569 Fax: 01083543089 e-mail: [email protected]. Post code: 100053
Part II valuation of the client and the client
The client of this valuation project is Beijing Compass Technology Development Co.Ltd(300803) , and the appraised unit is Wangxin Securities Co., Ltd.
1、 Basic information of the client
Full name of the company: Beijing Compass Technology Development Co.Ltd(300803)
Unified social credit Code: 911101087263410239
Type: joint stock company
Address: Room 501, unit 1, building 2, courtyard 42, Qibei Road, Beiqijia Town, Changping District, Beijing
Legal representative: Leng Xiaoxiang
Registered capital: 404999999 yuan
Date of establishment: from April 28, 2021 to no fixed term
Business scope: technology development, technical service, technical consultation and technology transfer; Computer technology training; Designing, producing, acting and publishing advertisements; Organize cultural and artistic exchange activities; Enterprise planning and design; Public relations services; Undertake exhibition activities; Conference services; Computer system services; Data processing; Basic software services and application software services; Sales of computers, software and auxiliary equipment, mechanical equipment and electronic products; Retail books, newspapers, electronic publications and audio-visual products; Securities investment consulting business; Information service business in the second category of value-added telecommunications services (only Internet information services); Operating telecommunication business; Educational consultation. (for projects approved according to law, business activities shall be carried out according to the approved contents after being approved by relevant departments)
2、 Basic information of the appraised company
(I) business license
Full name of the company: Wangxin Securities Co., Ltd. (hereinafter referred to as "Wangxin securities")
Unified social credit Code: 91210100117700692n
Type: other limited liability companies
Registered address: No. 49, Huansheng Road, Shenhe District, Shenyang (2-5 D-K 1-3 A-K 3-5 D-K)
Legal representative: Wang Yi
Registered capital: 500 million yuan North Northking Information Technology Co.Ltd(002987) ASI asset appraisal firm (special general partnership) address: block a, Fenghua Haojing, No. 6, Guangnei street, Xicheng District, Beijing
Tel: 01083557569 Fax: 01083543089 e-mail: [email protected]. Post code: 100053
Date of establishment: April 18, 1995
Business scope: securities brokerage; Self operated securities; Securities investment consulting; Securities investment fund sales; Securities asset management; Securities underwriting; Selling financial products on a commission basis; Securities sponsor; Financial advisers related to securities trading and securities investment activities, margin trading and securities lending.
(for projects subject to approval according to law, business activities can be carried out only after approval by relevant departments.)
(II) Wangxin Securities Co., Ltd. has a license to operate securities and futures business
The license for securities and futures business owned by Wangxin securities shall be issued by the China Securities Regulatory Commission. As of the benchmark date of evaluation, the qualification of each single business of wechat securities is shown in the table below:
Business qualification approval document No., qualification certificate No., approval structure review date No
1. Brokerage business license (zjjgz [2003] No. 163) China Securities Regulatory Commission August 18, 2013
2. Self operated securities business and securities investment consulting and Securities Regulatory Commission (zjxk [2009] No. 299) inquired about the business qualification of China Securities Regulatory Commission on April 10, 2009
3 securities investment fund sales business qualification (zjxk [2013] No. 143) China Securities Regulatory Commission February 6, 2013
4 securities asset management and securities underwriting industry lzjxk [2015] No. 17 qualification of Liaoning regulatory bureau of China Securities Regulatory Commission on September 18, 2015
5. Qualification for selling financial products on a commission basis (lzjxk [2016] No. 5) Liaoning regulatory bureau of China Securities Regulatory Commission, April 14, 2016
6. Qualification of recommendation institution zjxk (2016) No. 847 China Securities Regulatory Commission April 18, 2016
7. Securities trading and securities investment activities have the qualification of financial consulting business approved by Liaoning regulatory bureau of China Securities Regulatory Commission on March 16, 2017 (lzxk [2017] No. 5)
8. Qualification of margin trading zjxk (2018) No. 1681 China Securities Regulatory Commission 2018 / 10 / 23
9. Stock pledge repo business Szh [2015] No. 2649 Shanghai Stock Exchange 2015 / 12 / 31
10 SZK [2015] No. 425 Shenzhen Stock Exchange 2015 / 12 / 28
11. Sgtsh [2016] No. 3746 sponsored by the SME share transfer system. The National SME share transfer system is a limited liability company engaged in market making business by securities companies on May 10, 2016
12. Sgtsh [2016] No. 6501 sponsored by the small and medium-sized enterprise share transfer system. The national small and medium-sized enterprise share transfer system is a securities company engaged in recommendation business on August 15, 2016
13. Sgtsh [2016] No. 6998 sponsored by the share transfer system of small and medium-sized enterprises. The national share transfer of small and medium-sized enterprises is a limited liability company engaged in brokerage business by securities companies on September 20, 2016
14 Hong Kong stock connect business trading qualification shzh [2014] No. 598 Shanghai Stock Exchange 2014 / 10 / 10
15 SZK (2016) No. 326 Shenzhen Stock Exchange 2016 / 11 / 3
16. Acting for securities pledge business without China Securities Depository and Clearing Co., Ltd. on June 27, 2016
17. The national interbank lending market has no qualification as a member of the national interbank lending center on January 31, 2018
(III) introduction to wechat securities
With the approval of China Securities Regulatory Commission, the main businesses of Wangxin securities are: securities brokerage; Securities investment consulting; Financial advisers related to securities trading and securities investment activities; Securities underwriting and recommendation; Self operated securities; Securities asset management; Selling securities investment funds on a commission basis; Margin trading; Selling financial products on a commission basis. Wangxin securities Jibei Northking Information Technology Co.Ltd(002987) Yashi Asset Appraisal Office (special general partnership) address: block a, Fenghua Haojing, No. 6, Guangnei street, Xicheng District, Beijing
Tel: 01083557569 Fax: 01083543089 e-mail: [email protected]. Post code: 100053
Implement the "whole business chain" strategy, take "standardized operation and strict risk control" as the cornerstone, adhere to the concept of "customer demand orientation", and firmly promote the rapid development of the company. Wangxin securities is committed to providing high-quality wealth management services for all kinds of investors, striving to grasp the development opportunities of the securities market and actively carry out and promote various businesses. According to the business segment caliber, the income sources of Wangxin securities are mainly business income from securities brokerage, securities self operation, investment banking and asset management. After the successful reorganization, Wangxin securities will move forward to develop into a medium-sized comprehensive securities company.
The company has 18 main functional departments:
1. President's office: responsible for the organization and coordination of major activities and important meetings of the company; Be responsible for the drafting of various documents, file management and seal management of the company; Supervise and urge the implementation of the company's rules and regulations and the decisions of the president's office meeting; Be responsible for the use and management of fixed assets, office supplies and other low value consumables; Be responsible for the safety of the company's electricity use and security
