It was just disclosed last night that it planned to acquire the development and operation assets of the Three Gorges Dam Tourism Area, but today the market opened quickly “from heaven to earth” – the trend of Hubei Three Gorges Tourism Group Co.Ltd(002627) made investors a little confused.
“good” changed into “bad”. Hubei Three Gorges Tourism Group Co.Ltd(002627) resumed trading today opened at the price of the limit board, then dived directly, and the plot of “sky floor” was staged in 10 minutes. Although it rose after reaching the limit, as of the close, Hubei Three Gorges Tourism Group Co.Ltd(002627) fell by more than 7% to close at 6.71 yuan / share, with a full day turnover of 702 million yuan and a turnover rate of 14.68%
For today’s “sky floor” market, some investors said on the Internet: “the trend is a little unexpected!”
acquisition plan released, share price staged “sky floor”
Hubei Three Gorges Tourism Group Co.Ltd(002627) which has been suspended for 11 days unveiled the asset acquisition on the evening of April 12. The objects to be acquired are closely related to the tourism industry.
In retrospect, Hubei Three Gorges Tourism Group Co.Ltd(002627) last night announced that the company plans to purchase 100% equity of Changjiang lvfa from the Three Gorges base and 100% equity of Xingsheng from Yichang Jiaotong travel by issuing shares. After the completion of the transaction, Changjiang lvfa and Xingsheng will become Hubei Three Gorges Tourism Group Co.Ltd(002627) wholly-owned subsidiaries.
According to the announcement, after negotiation between the parties to the transaction, the company determined that the issuance price of the issued shares to purchase assets is 5.46 yuan / share. Since the evaluation value and transaction price of the underlying assets of the transaction have not been determined, the number of shares issued in the transaction has not been determined. At the same time, the company plans to raise matching funds from no more than 35 specific investors in the form of non-public offering of shares, the total amount of which shall not exceed 100% of the transaction price of this restructuring, and the number of shares issued by raising matching funds shall not exceed 30% of Hubei Three Gorges Tourism Group Co.Ltd(002627) total share capital before this offering.
The reporter noted that the opponent who provided the asset target for Hubei Three Gorges Tourism Group Co.Ltd(002627) was not an “outsider” Hubei Three Gorges Tourism Group Co.Ltd(002627) said that since the base company and the Three Gorges capital, the shareholder holding more than 5% of the company, are both controlled by the Three Gorges group, and the traffic and tourism investment, one of the counterparties, is a wholly-owned subsidiary of Yichang traffic and tourism, the controlling shareholder of the company. Both the base company and the traffic and tourism investment are affiliated legal persons of the company, so this transaction constitutes a connected transaction.
Statistics show that the Yangtze River tourism development undertakes the management and resource development of the Three Gorges Dam Tourism Area, and is mainly engaged in tourist reservation, dispatching control, transit transportation and other businesses in the Three Gorges Dam Tourism Area; Xingsheng company is mainly engaged in the operation and management of 809 micro Resort Town hotels, mainly including room accommodation services, catering services and other supporting leisure and entertainment services.
“The Three Gorges Dam tourist area (5a level scenic spot) is the core attraction of Hubei Three Gorges Tourism Group Co.Ltd(002627) destination and the core scenic spot of two dams and one gorge.” For this transaction, Hubei Three Gorges Tourism Group Co.Ltd(002627) confident, the company believes that the completion of the transaction will substantially promote the company to integrate the tourism resources of the two dams and one gorge region, realize the flow transformation of millions of tourists in each scenic spot in the region, and promote the coordinated development of the region.
Unexpectedly, as soon as the trading scheme was disclosed, Hubei Three Gorges Tourism Group Co.Ltd(002627) resumed trading and staged “sky floor”.
transaction subject matter has certain risks
The reporter noted that although Hubei Three Gorges Tourism Group Co.Ltd(002627) has great determination to integrate the tourism resources of the Three Gorges Dam, from the disclosure of the announcement, in addition to the unknown factors of the epidemic, there are certain risks in the two target assets acquired this time.
First, let’s look at the Yangtze River tourism development. According to the announcement, Hubei Three Gorges Tourism Group Co.Ltd(002627) one of the transaction targets for the purchase of shares issued this time is the 100% equity of Changjiang lvfa after the divestiture. As of April 12, the asset divestiture was decided by the executive director and shareholders of Changjiang travel development, and it is planned to adopt the method of derivative separation for asset divestiture, but the asset divestiture of Changjiang travel development has not been completed.
As the asset divestiture of Changjiang travel development has not been completed, the financial data corresponding to the acquired assets cannot be disclosed.
However, the announcement disclosed the financial data of the Yangtze River tourism development before the division. The Yangtze River tourism development, which undertakes the management and resource development of the Three Gorges Dam Tourism Area, achieved revenue of 426 million yuan, 279 million yuan and 385 million yuan from 2019 to 2021 respectively; The net profits were 497997 million yuan, – 3.8615 million yuan and 6.1552 million yuan respectively.
For the case that the asset divestiture of Changjiang travel development has not been completed, Hubei Three Gorges Tourism Group Co.Ltd(002627) reminds investors to pay attention to the uncertainty risk caused by the unfinished asset divestiture of the target company to be purchased.
Let’s look at another target Xingsheng company. The company’s core business is the operation and management of 809 micro Resort Town hotels. It makes profits by providing customers with room accommodation services, catering services and other leisure and entertainment services.
It should be noted that, or affected by the epidemic, the performance of Xingsheng company in recent years is not ideal. Its unaudited financial data for the past three years show that it has been in a state of loss for three consecutive years from 2019 to 2021.
In addition, Hubei Three Gorges Tourism Group Co.Ltd(002627) also mentioned the risk of adverse impact of covid-19 epidemic on the company’s operation. The company said that since the outbreak of covid-19 epidemic, it has had a certain impact on the macro economy and residents’ tourism demand, especially on the tourism industry of the target company.
“In the future, the target company still needs to deal with the repeated pressure of the epidemic and constantly adjust its business strategy according to the requirements of epidemic prevention and control.” For potential risks, Hubei Three Gorges Tourism Group Co.Ltd(002627) suggests that there may be some uncertainty in the short-term operating performance of the target company.
Opportunities and risks coexist, and we are full of confidence in the future development of Hubei Three Gorges Tourism Group Co.Ltd(002627) or.
The company said that the transaction will realize the integrated development of the Three Gorges Dam tourist area (5a scenic spot), 809 micro resort town and the core tourism products of “two dams and one gorge”, which is consistent with the development strategic goal of the company to expand and strengthen comprehensive tourism services, and can give full play to the leading role of the Three Gorges Dam tourist area in the two dams and one gorge region.
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