Nearly half a month after the suspension of trading, Changfang Group (300301) announced on December 1 that it intends to acquire a total of 36.65% of the shares of Kang Disheng's important shareholder Li Dichu and the core team for 615 million in cash, thereby strengthening the company's main business. At the same time, the counterparty intends to increase the holdings of the Changfang Group with a cash secondary market of not less than 330 million yuan.
Two years ago, the Changfang Group had completed a 60% equity acquisition of Kang Mingsheng, which was valued at 528 million yuan. In May 2016, after Kang Mingsheng listed the new three board for financing, the proportion of the shares of the Changfang Group fell to 55.89%. Today, the Changfang Group intends to acquire the remaining 36.65% of its equity, with a corresponding valuation of 615 million yuan. The overall valuation of the acquisition was 1.68 billion yuan. Li Dichu and the core team promised that in the six months after the equity delivery, if the price is not higher than 8 yuan/share, the secondary market will increase the holdings of the Changfang Group to not less than 330 million yuan.
According to reports, Kang Mingsheng's valuation has benefited from its good performance in gambling performance in the past two years. Among them, the net profit in 2015 and 2016 reached 110 million yuan and 130 million yuan respectively. The company revealed that its 2017 annual results were not too big. In this acquisition, Kang Mingsheng's core team also made a commitment to the next three years of performance, 2018-2020 performance needs to complete 125 million yuan, 140 million yuan and 155 million yuan, while Kang Mingsheng said that it will focus on off-grid lighting business .
According to the company, off-grid lighting is a device that can generate and store electricity independently without relying on the commercial grid. It provides an electric lighting solution for areas without a grid, without a reliable grid, or when power is lost in an emergency grid. Off-grid lighting sources include wind, ocean and solar photovoltaic systems.
The Changfang Group stated that the company completed the holding of Kang Mingsheng in 2015 and promoted the vertical integration of the company's industrial chain. This further acquisition will give full play to the advantages of the industrial chain and achieve complementary advantages. Under the background of intensified market competition and rapid growth of the lighting application market, the two sides will strengthen their competitive position in the field of LED lighting.
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