On June 12, the CSRC issued a document saying that it agreed to Suzhou Huaxing Yuanchuang Technology Co., Ltd. (Huaxing Yuanchuang, 688001) to issue shares to purchase assets and raise supporting funds. Application for registration, this is the first major asset restructuring project of a listed company on the Science and Technology Board. In the article, the CSRC stated that the implementation of the registration system for major asset restructuring of listed companies on the Science and Technology Board is an important aspect of the reform of the registration system on the Science and Technology Board.
On August 23, 2019, one month after the official opening of the Science and Technology Board, the CSRC issued the “Special Provisions on Major Asset Reorganization of Listed Companies on the Science and Technology Board” On November 29 of the same year, the Shanghai Stock Exchange issued the “Shanghai Stock Exchange Science and Technology Board Listed Companies Major Asset Reorganization Review Rules”, which clarified the specific rules of the merger and acquisition reorganization registration system of the Science and Technology Board listed companies.
Only one week after the completion of the rules, that is, on the evening of December 6, 2019, Huaxing Yuanchuang disclosed the reorganization plan through an announcement, intending to issue shares and pay cash Way to acquire 100% equity of Suzhou Oulitong Automation Technology Co., Ltd. (Oulitong).
April 10, 2020, Huaxing Yuanchuang The announcement said that on the same day, I received an inquiry letter from the Shanghai Stock Exchange regarding the company’s application documents for issuing shares and paying cash to purchase assets and raise supporting funds., Which means that the merger and acquisition review under the registration system has officially pressed the start button.
On May 25, 2020, Huaxing Yuanchuang’s major asset reorganization application was approved by the Shanghai Stock Exchange, and the entire review process took only one and a half months.
The registration process of the SFC is faster.
According to the pilot requirements for the implementation of the registration system for the merger and reorganization of listed companies on the Science and Technology Board, the exchange will review the declaration materials, and the CSRC will receive the review comments from the exchange on 5 Make a review decision within a trading day. According to the information published by the China Securities Regulatory Commission, the Shanghai Stock Exchange accepted Huaxing Yuanchuang’s major asset restructuring application on March 27, 2020, and submitted it to the Securities Regulatory Commission for registration on June 9th. The Securities Regulatory Commission agreed to register according to legal procedures on June 12th. On the trading day, the registration procedure is legal, rigorous and efficient.
Hua Xing Yuanchuang is one of the first 25 listed companies to be listed on the Science and Technology Board. One share”. The company’s main business is the R&D, production and sales of industrial automatic testing equipment. The products are mainly used in the field of flat panel display testing and integrated circuit testing. The main products are used in domestic and foreign well-known flat or module manufacturers and consumer electronics terminal brands. , Including Apple, Samsung, LG, Sharp, BOE, JDI, etc.
According to the company’s previously released draft, the company’s main business is the design, production and sales of intelligent assembly and testing equipment, mainly providing customers with various types of automated intelligent assembly, Testing equipment, Orion products can be widely used in the consumer electronics industry represented by wearable products such as smart watches, wireless headphones, etc., mainly used for assembly and testing of consumer electronic terminals such as smart watchesLink.
The parties to the transaction determined that the transaction amount of the underlying asset was 1.04 billion yuan, of which 70% of the transaction consideration was paid by issuing shares, that is, 728 million yuan, in cash Payment of 30% of the transaction price by way of payment is 312 million yuan. At the same time, Huaxing Yuanchuang plans to raise matching funds through non-public issuance of shares through inquiry, and the total amount of matching funds raised shall not exceed 100% of the transaction price of assets purchased by issuing shares in this transaction. The fees will be used to pay for the cash consideration and restructuring-related expenses in this transaction, and will be used by listed companies to supplement working capital and target company project construction.
In order to realize the acquisition, Huaxing Yuanchuang plans to raise non-public shares to raise matching funds, and the total amount of supporting funds raised shall not exceed 532 million yuan.
Hua Xing Yuanchuang has previously stated that the assets purchased by this reorganization are in line with the positioning of the Science and Technology Board, and have a synergistic effect with the main business of listed companies, which is conducive to promoting the main business. Business integration and upgrading is conducive to improving the business scale and profitability of listed companies, is conducive to enhancing the sustainable operating capabilities of listed companies, and is conducive to safeguarding the interests of listed companies and all shareholders.
The CSRC said in an article published on the evening of June 12 that the next step will continue to study and optimize the review and registration process of mergers and acquisitions under the registration system, and improve the regulatory services. To further stimulate the vitality of the M&A and restructuring market, as always, actively support listed companies to expand their main businesses through M&A and restructuring, give full play to the role of market mechanisms, and better serve the real economy.