The hottest Shengxing Co., Ltd. plans to acquire P

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Shengxing Co., Ltd. plans to acquire Pacific canning Qingdao company for 262million yuan, and the integration strategy continues to advance.

release date: Source: e company

after throwing out the plan to acquire all the shares of Shenyang Pacific for 171million yuan at the end of last year, Shengxing Co., Ltd. (002752) now plans to include the Pacific, a highly complex component island that can be printed by Qingpu materials. On the evening of June 17, Shengxing announced that the company planned to acquire all the equity of Pacific can (Qingdao) Co., Ltd. for 262million yuan. Pacific can Qingdao company is mainly engaged in the production and sales of large necked cans and other packaging products. At present, there are two aluminum two-piece cans production lines

Securities Times · e company noted that Shenyang Pacific and Qingdao Pacific are the assets of the controlling shareholders, so they constitute related party transactions. In fact, two years ago, Listed Companies formulated the integration strategy of gradually acquiring four Pacific can companies under the controlling shareholder in order to maximize the scale effect

Shengxing shares said that this acquisition is conducive to improving the regional layout of the company's two-piece can business, and provides close service for Tsingtao beer, one of the company's two-piece can strategic customers, according to Peskov, Secretary of the Russian President, on the 11th

the counterparty is a holding company

the announcement disclosed that before this transaction, Qingdao Pacific was a wholly-owned subsidiary of Fuzhou Pacific and Fuzhou Pacific was a wholly-owned subsidiary of Shengxing, the controlling shareholder of the company. Therefore, this transaction constitutes a related party transaction

from the perspective of counterparties, Fuzhou Pacific was founded in 2018 with a registered capital of 600million, and its business scope includes the manufacturing of metal packaging containers and materials; Packaging and decoration and other printed matter printing; Manufacturing of other unspecified metal products; Packaging services; packing design; Other unlisted wholesale businesses; Other unspecified retail businesses; Hardware retail; Paint retail; Wholesale of wine, beverages and tea (excluding border ports)

in terms of equity structure, the company's controlling shareholder Shengxing Holdings has 100% equity of Fuzhou Shengyang Development Co., Ltd., and Fuzhou Shengyang Development Co., Ltd. holds 100% equity of Fuzhou Pacific. The actual controllers of Fuzhou Pacific are Lin Yongxian, Lin Yongbao and Lin Yonglong, the same as listed companies

Tianyan survey shows that in addition to Qingdao Pacific, Fuzhou Pacific also invested in two wholly-owned subsidiaries, namely Pacific can making (Beijing) Co., Ltd. and Pacific can making (Zhaoqing) Co., Ltd

listed companies also frankly say that Fuzhou Pacific is a holding company. In 2020, the operating income and net profit of Fuzhou Pacific consolidated statements were 1.313 billion and 18.6424 million respectively, and the net assets as of March 31, 2021 were 592 million

the integration strategy continues to be promoted

from the perspective of the transaction object, Qingdao Pacific was founded on April 1st, 2011, with a registered capital of 360million. Its business scope includes the specific types of instruments that each enterprise needs to be equipped with to produce and sell necked and easy to open cans, as well as other packaging products, packaging and decoration printing, provide technical support and technical services for the above products, and import and export of goods and technologies (except those restricted or prohibited by the state)

it is disclosed that Qingdao Pacific currently has two aluminum two-piece cans production lines. The company's cans are mainly used for filling beer and beverages. Its main customers include Tsingtao beer, Guangyao Wanglaoji, Pepsi Cola, Coca Cola, China Resources snowflake, Budweiser InBev, Yanjing Beer, etc

it is worth noting that Tsingtao beer has contributed the largest sales revenue to Qingdao Pacific. The announcement shows that in the first quarter of 2021, the sales revenue of Qingdao Pacific to Tsingtao beer was 27.68 million, accounting for 35% of the sales proportion. In 2020, the sales revenue of Qingdao Pacific to Tsingtao beer was 112 million, accounting for 43% of the sales proportion

in terms of financial data, by the end of March 2021, Qingdao Pacific had total assets of 475million and net assets of 228million. In 2020 and the first quarter of 2021, Qingdao Pacific achieved operating revenue of 257 million and 78.14 million respectively; The net profit was -20.21 million and -3.25 million respectively

as for the performance loss, Shengxing said that the loss of Qingdao Pacific in 2020 was mainly because the new production line of Qingdao Pacific was put into operation in the current period, the new production line was still in the period of production running in and output climbing, and the production capacity had not been effectively released. At the same time, the epidemic had a certain impact on the business, resulting in the current loss. The loss scale of Qingdao Pacific in the first quarter of 2021 has been reduced. "With the gradual release of the capacity of the new production line and the continuous optimization of the product structure, Qingdao Pacific's short-term performance fluctuations will not have a significant adverse impact on its ability to continue operations."

it is worth noting that Fuzhou Pacific is not required to provide performance commitments in this transaction. The listed company said that the acquisition of Qingdao Pacific is the continuous promotion of the listed company's established integration strategy of Pacific canning China packaging business

in fact, six months ago, Shengxing launched the acquisition of Shenyang Pacific assets under the controlling shareholder. In December last year, the company announced that it planned to purchase all the equity of Shenyang Pacific held by Fuzhou Pacific with 171million self raised funds. After the completion of this transaction, the target company will become a wholly-owned subsidiary of the company

at that time, Shengxing said that the acquisition of Shenyang Pacific was the promotion of the company's established integration strategy. The purpose was to improve the regional layout of the company's two-piece can business and improve profitability through further integration. It was also the need for the controlling shareholders to fulfill relevant commitments and gradually solve horizontal competition problems

the main business of Shengxing Co., Ltd. is the research and development, design, production and sales of food and beverage packaging containers and the provision of beverage filling services. The main products are beverage cans and food cans, including three piece cans, two piece cans, aluminum bottle products, etc

on the evening of April 27 this year, the first quarter report of 2021 released by Shengxing shares showed that the company achieved an operating revenue of 998 million in the first quarter of 2021, an increase of 152.54% year-on-year; The net profit attributable to the parent company was 46million, an increase of 539.1% year on year; The non net profit attributable to the parent deduction was 40.63 million, with a year-on-year increase of 877.57%

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