Special topic: High tech Development's plan to acquire Huakun Zhenyu failed after its share price soared
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After falling back from the high of 95.7 yuan/share in mid March, on April 17, High tech development (000628) Reached the rare 10CM limit increase recently.
At about 0:13 a.m. on April 18, High tech Development released an announcement announcing that it had planned to acquire 70% of the equity of Sichuan Huakun Zhenyu Intelligent Technology Co., Ltd. (hereinafter referred to as "Huakun Zhenyu") for more than half a year, and finally failed to reach an agreement with some counterparties on transaction pricing.
As early as September 2023, the main business was the high-tech development of building construction. It announced the suspension of trading to plan the acquisition of the equity of Huakun Zhenyu, a computing power company. After that, the company disclosed the relevant plan, and the valuation of 100% of the equity of Huakun Zhenyu was not more than 3 billion yuan. Among them, the price of the issued shares is no less than 80% of the average trading price of the company's shares 20 trading days before the pricing base date, which is specifically determined as 12.24 yuan/share.
After more than half a year, the transaction consideration between the two sides has not been finally settled, but the share price of High tech Development has experienced ups and downs.
After the announcement of mergers and acquisitions, in September 2023, the resumption of the share price of High tech Development will harvest 11 trading limit boards. The rising trend and good expectations will lead to the entry of Niusan and institutions. Since then, the growth of high-tech development has not stopped, reaching a stage high of 71.63 yuan/share by the end of 2023.
However, after 2024, the share price of High tech Development once fell sharply, and the trend of halving appeared within a month. Since the beginning of February this year, the company's share price has recovered significantly, reaching a high of 95.7 yuan/share by the middle of March.
In the early morning announcement on the 18th, High tech Development also said that as of the disclosure date of this announcement, the closing price of the company's shares had risen 239.5% from the closing price before the suspension of this major asset restructuring event. As this transaction is expected to be unable to continue, it may lead to a decline in the company's share price. Please make rational investment and pay attention to investment risks.
This major asset restructuring of High tech Development attracted so much attention, mainly because the target company, Huakun Zhenyu, is Huawei Kunpeng Ecological Chain Enterprise.
According to the official website of Hua Kun Zhenyu, the company is a leading enterprise in the intelligent computing and storage integrated computing industry in China. It is controlled by 60% of the state-owned capital. It undertakes the strategic transformation and upgrading task of Changhong's computing industry, focuses on the infrastructure application of "new computing and new storage", and is fully responsible for the "Tiangong" independent brand servers, storage, PC Design, production, sales and service of machine vision and other products.
According to public information, in July 2023, Huawei announced that it had signed a contract with three companies to deepen urban digitalization, and Hua Kun Zhenyu was one of the contracted enterprises. In September 2023, Hua Kun Zhenyu attended the Huawei Full Connectivity Conference 2023, saying that he would work together with Kunpeng+Ascension to build a Chinese computing base and provide computing platform support for domestic large models.
In the early morning announcement on the 18th, High tech Development has not yet fully announced the end of its equity merger with Kun Zhenyu.
The company said that due to the long duration of the transaction, the industry of the target company was affected by the internal and external environment, and the market expectation was high, the company failed to reach an agreement with some counterparties on the pricing of the transaction, and the company could not send the notice of convening the shareholders' meeting within six months after the announcement of the resolution of the first board of directors to issue shares to purchase assets (before April 19, 2024).
The company is negotiating with the counterparty on whether to terminate this transaction. It is expected that this transaction may not be able to continue according to the current scheme. Whether to change the scheme or terminate the transaction will be announced on April 19, 2024 in accordance with relevant regulations.
The high-tech development that has faded the aura of M&A dividend will still have a solid performance in 2023.
According to the recently disclosed annual report for 2023, Hi tech Development realized an operating income of 8.008 billion yuan last year, up 21.88% year on year; The net profit was 366 million yuan, up 83.82% year on year. The company plans to distribute cash dividends of 1.52 yuan (tax included) per 10 shares to all shareholders based on 352 million shares.
In 2023, the operating revenue of the high-tech development construction industry will be 7.318 billion yuan, an increase of 18.21% over the same period of last year, and the net interest rate will increase by 1.47 percentage points over the same period of last year, mainly because the Jiayuehui project will recover 350 million yuan of execution funds during the reporting period, which will increase the company's net profit by about 65 million yuan; In addition, Beite Jian'an strengthened cost management, and its gross profit margin increased by 0.13 percentage points over the same period last year.
Closely focusing on the construction needs of the five major industrial functional zones of Chengdu High tech Zone, as of December 31, 2023, Beite Jian'an has accumulated about 31.939 billion yuan of outstanding orders signed, providing a reliable guarantee for the company's profit sources in the future years.
In the field of power semiconductor business, High tech Development established a power semiconductor business group in 2023, strengthened the operation of market-oriented mechanism, and enhanced the development momentum of power semiconductor business. The power semiconductor business group currently includes the company's subsidiaries Senwei Technology, Core Semiconductor and the newly established wholly-owned subsidiary Electric Research Technology (Power Semiconductor Research Institute).
In addition to the above power semiconductor and construction industries, the company currently has smart city construction, operation and related service businesses, kitchen cabinets and other businesses, but the revenue or profit volume is small, and the company has also been actively optimizing and disposing of businesses and assets unrelated to the company's overall development strategy. During the reporting period, the company completed the transfer of futures control rights, Further focus on the main business.
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