Before the Dragon Boat Festival, the listed company Lu Yitong announced that it plans to acquire a company with a main business of bitcoin “mine machine†to manufacture chips. The Beijing News reporter found that before the announcement of the acquisition plan, the target company Jia Nan Zhizhi achieved a sudden increase in performance within four months; among the large customers who contributed tens of millions of revenues, there were many natural persons and a “clothing†company. . On the 17th, Lu Yitong responded that the company concentrated on doing business, did not intend to speculate on the concept, and was "full of confidence" in the restructuring.
The target company established a three-year valuation of 3 billion yuan
After 1 year and 4 months of listing, Lu Yitong began to plan its first major asset restructuring.
The transaction plan shows that the company intends to acquire the entire share capital of “Jianan Zhizhi†from the 14 objects of Zhang Nanxuan in the form of cash payment of 1.061 billion yuan and issuing shares of 1.99 billion yuan, with a total transaction price of 3.06 billion yuan.
At the same time, Luyitong will also raise matching funds, “to pay for the cash consideration of this transaction, to build blockchain ASIC chip industrialization projects, and payment agency services feesâ€. The total amount of fundraising does not exceed 1.67 billion yuan.
The most interesting thing about this transaction is the acquisition of the main business of Jianan Zhizhi and its high premium.
According to the industry and commerce information, Jianan Zhizhi was established in April 2013. It has just been established for 3 years, and its main trademark is “Avalon Mining Machineâ€. The legal representative of the company is Zhang Nanyi.
The Avalon mining machine is mainly used as “bitcoin miningâ€. Avalon is essentially a chip for double counting. Jia Nan Zhi Zhi is responsible for the design and sales of the chip, and the foundry part is completed by TSMC.
As of the end of April this year, Jianan Zhizhi's net assets were 205 million yuan. In comparison, Lu Yitong gave a valuation of 3.077 billion yuan, a value-added rate of 14 times.
The main business of Luyitong is the manufacture and sale of high and low voltage electrical equipment. Why does it have to buy a Bitcoin-related company at a high premium?
In this regard, Lu Yitong explained that after the transaction is completed, the company will be transformed into a dual-main company, “providing more reliable performance guarantee for listed companiesâ€.
However, some investors believe that the acquisition of Lu Yitong is intended to cater to the "bitcoin" concept of the market and is "telling stories."
At the Snowball Forum, some users analyzed that there is still doubt about whether Luyitong’s cross-border acquisition can be implemented smoothly.
Recently, the regulatory authorities' attitude towards cross-border mergers and acquisitions and high-value acquisitions has become stricter.
At the Lujiazui Forum on June 12, Jiang Yang, vice chairman of the China Securities Regulatory Commission, said that it would strengthen supervision over flicker restructuring and follow-up reorganization, guide the listed companies to operate in a standardized manner, and honestly do their main business.
According to incomplete statistics, since June, A shares have had more than 20 companies' major asset restructurings, asset acquisitions, and fixed abortions.
Large customers are mainly natural people
The plan shows that since the second half of 2015, Jia Nan Zhi Zhi began to actually operate. In 2015, the company achieved a net profit of only 2.45 million yuan; but in the first four months of 2016, Jianan Zhizhi realized a net profit of 44.49 million yuan.
At the same time, in 2015, Jianan Zhizhi's net assets were 1.325 million yuan; by the first four months of this year, its net assets had increased significantly to 31.76 million yuan.
How is the short-term surge in net profit achieved? “After the development of AvalonMiner digital blockchain computing equipment (“Avalon Mining Machineâ€) in the second half of 2015 and the sale of the market, the number of customers and orders increased, and the revenue increased significantly.†Jia Nanzhi explained .
The list of the top five customers of Jianan Zhizhi shows that from January to April this year, the natural person “Chen Jian†became its largest customer with a purchase amount of 33.76 million yuan. Last year, its first major customer was the listed company Jiesai Technology, with a purchase amount of 19.59 million yuan.
In other words, the new customer “Chen Jian†only took 4 months, and the purchase amount was equivalent to 1.7 times that of the first largest customer last year.
In addition, compared with last year's customer list, the top five customers also have two strange natural people "Liu Hui" and "Chen Jing". The total purchase amount of the two people in the first four months totaled more than 22 million yuan.
The plan did not account for the background of the three natural persons, nor did it mention why the three natural persons purchased the chips used to mine bitcoin.
Another major customer is “Tianjin Garment Import and Export Co., Ltd.â€. In the first four months of this year, the purchase amount was 15.77 million yuan. Last year, the company’s purchase amount for Jianan Zhizhi was 9.245 million yuan.
The official website shows that Tianjin Garment Import and Export Co., Ltd. is mainly engaged in the import and export of clothing, fabrics and carpets. Why does a clothing company buy Bitby mining chips? The transaction plan was not disclosed. The Beijing News reporter was also unable to contact Tianjin Garment Import and Export Corporation.
Another big customer, "Hangzhou Micro-Pushing Company", has a relationship with Jia Nan.
Founder of the 80s, 5 years from student to billionaire
Lu Yitong’s acquisition, “just in timeâ€: At the end of May, the price of bitcoin changed to the original downturn, and there was a round of soaring. From May 27 to 29, it rose from 2,950 yuan to 2,950 yuan. At around 3,800 yuan, the increase was over 25%. By June 13, the price of bitcoin was over 4,800 yuan. The A-share "bitcoin" and "blockchain" concept stocks also moved.
Lu Yitong announced the “significant asset restructuring†for the first time. It officially disclosed the transaction plan on March 22 and June 8, and this round of “crazy†in the bitcoin market broke out at the end of May.
On June 17, Lu Yitong Securities Department told the Beijing News that the acquisition of Jia Nan Zhi Zhi, the company is based on the company's chip development technology, and not for the concept of bitcoin.
"We didn't know that bitcoin had been so hot recently, and we didn't care if Bitcoin was not on fire." The source said, "We are focused on doing business and don't want to speculate. In this regard, the market may be misunderstood." He also said that the restructuring of the asset was finally approved by the regulatory authorities, "full of confidence."
It is not only Lu Yitong and Bitcoin investors who are concerned about this acquisition. A netizen who has been mixed in the animation circle for a long time posted a message saying "Congratulations to Pumpkin Zhang". If this acquisition is successfully completed, Zhang Nanyu, the founder of Jianan Zhizhi, nicknamed "Pumpkin Zhang", will attack as a billionaire.
According to the data, Zhang Nanyu was born in 1983. In 2011, Zhang Nanyu, who specializes in circuit design, is studying at Beihang University. Before touching Bitcoin, Zhang Nanyi "life is very boring" "often use animation to pass the time."
This year, Zhang Nanxuan accidentally met Bitcoin. He used the technology he had learned to make a machine for digging bitcoin and sold it abroad to earn extra money. In 2013, Zhang Nanyu and his partner established Jianan Zhizhi Company. According to the data, the four natural person shareholders of Jia Nan Zhi Zhi, including Zhang Nanxuan, are all “80sâ€, the youngest of whom was born in 1985.
According to the calculation of the consideration paid by Lu Yitong to several shareholders, after the transaction is completed, Zhang Nanxuan and other three people will have a net worth of nearly 500 million yuan, and the other person will surpass 100 million. Jia Nan Zhi Zhi will become a wholly-owned subsidiary of Lu Yi Tong, and Zhang Nanyu becomes a shareholder holding 6.73% of the listed company.
“Five years ago, I was an unskilled engineering student. After 5 years, I became a shareholder of a listed company.†A netizen who was familiar with Zhang Nanyi many years ago commented.
In January of this year, Zhejiang Provincial Party Secretary Xia Baolong praised Jia Nan Zhizhi at the local “Haigui Student Innovation Symposiumâ€, saying that “the company is highly praised for the development of Jianan Zhizhi Company and hopes that Zhejiang will become the national blockchain development and application highland. I hope that Jianan Zhizhi Company will continue to lead the development of blockchain applications." (Zhang Quanwei)
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