Vanjee Technology Co.Ltd(300552) sold 570 million, and the main assets of the subject matter of M & A were mortgaged

On April 12, Vanjee Technology Co.Ltd(300552) ( Vanjee Technology Co.Ltd(300552) , SZ) announced that the company planned to acquire 100% equity of Beijing liteng Sunshine Technology Development Co., Ltd. (hereinafter referred to as liteng sunshine), and the price of the underlying assets was 572 million yuan.

It is worth noting that Litang sunshine is controlled by Zhai Jun, the controlling shareholder and actual controller of Vanjee Technology Co.Ltd(300552) company. By the end of last year, the net assets of liteng sunshine were negative 449692 million yuan, while the assessed value of the net assets was 649 million yuan, with a value-added rate of more than 15 times.

The reporter of “daily economic news” noted that the main business of liteng sunshine is the overall rental operation and management of the real estate Wanji space property held by liteng sunshine. At present, Wanji space has been mortgaged to borrow money from the bank, and 100% equity of Litang sunshine has also been pledged to borrow money.

subject matter valuation increased by more than 15 times

According to the underlying financial data, as of the end of 2021, the net assets of Litang sunshine were negative 449692 million yuan. In 2021, the operating income was 212819 million yuan and the net profit was 1.2713 million yuan. According to the asset appraisal report issued by Beijing Jinlian real estate consulting and Appraisal Co., Ltd., the net asset appraisal value of Litang sunshine is 649 million yuan, with an appreciation of more than 15 times.

Vanjee Technology Co.Ltd(300552) said that the evaluation value-added of Litang sunshine comes from its Wanji space. Wanji space is building 12, Beijing Centergate Technologies (Holding) Co.Ltd(000931) Software Park, Haidian District, Beijing, with a construction area of 2115861 square meters. The appraisal value of Wanji space real estate is 8065888 million yuan, and the corresponding unit price is 3812107 yuan / m2, which is slightly lower than the price of comparable properties around.

It is worth noting that Wanji space is also a related party of Zhai Jun, the controlling shareholder and actual controller of Vanjee Technology Co.Ltd(300552) company. The sole shareholder of Litang sunshine is Beijing Litang Bank Enterprise Management Co., Ltd. (hereinafter referred to as Litang bank), which is 99.5% owned by Zhai Jun.

100% equity of subject matter is pledged

In addition, there are mortgage and pledge guarantees for the equity of Litang sunshine and Wanji space assets.

According to the announcement, Litang sunshine will mortgage Wanji space to provide guarantee for Litang bank and Litang sunshine to borrow from Bank Of Beijing Co.Ltd(601169) and Litang bank will pledge its 100% equity of Litang sunshine in order to borrow from Bank Of Beijing Co.Ltd(601169) for Litang bank. By the end of 2021, the above loan balance of Litang bank was 75 million yuan and that of Litang sunshine was 168 million yuan.

At the same time, liteng bank and liteng sunshine respectively filed the targeted financing plan on the floor of Shenzhen United Equity Exchange Co., Ltd., entrusted Beijing Beijing Centergate Technologies (Holding) Co.Ltd(000931) technology Financing Guarantee Co., Ltd. (hereinafter referred to as Beijing Centergate Technologies (Holding) Co.Ltd(000931) Technology) to provide guarantee for the creditor’s rights of the beneficiary, and agreed to mortgage Wanji space to counter guarantee Beijing Centergate Technologies (Holding) Co.Ltd(000931) technology. By the end of last year, the financing balance of the above financing plan of Litang bank was 75 million yuan, and the financing balance of the above financing plan of Litang sunshine was 75 million yuan.

To this end, In the equity transfer agreement with Vanjee Technology Co.Ltd(300552) liteng bank mentioned that “liteng sunshine will pay off the above loan guaranteed by wanjispace real estate mortgage and equity pledge within 20 working days after the equity transfer agreement takes effect, and the guaranteed relationship will be terminated. If the above loan and guarantee relationship cannot be paid off and terminated within 20 working days, liteng bank will pay penalty interest to the listed company at the rate of 0.05% of the transfer payment received every day.”

Vanjee Technology Co.Ltd(300552) will also pay 50% of the transfer price, i.e. RMB 286 million, to liteng bank within 20 working days after the equity transfer agreement takes effect, which is enough to pay off most of the above loans. The remaining 50% of the equity transfer amount, Vanjee Technology Co.Ltd(300552) will be paid within 20 working days after the completion of the handover.

Vanjee Technology Co.Ltd(300552) said that by the end of 2021, the balance of Vanjee Technology Co.Ltd(300552) Book monetary capital was 1.115 billion yuan. It is expected that the company’s working capital will still be sufficient after the consideration is paid.

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