Some people rely on selling ATM machines, 6 years earned 4 billion!

ATM investors evasion investment

meirijingjixinwen· 2016-08-10 15:52:38

recently in the Olympic Games, China swimming will be Fu Yuanhui, saying "I have resorted to the power that it immediately became popular," the power "has quickly become hot words. Today, a senior executive in the capital markets, "the power" also triggered concern.

2016 in April, Cashway Polytron Technologies Inc (hereinafter referred to as Cashway) issued a prospectus, listed on the Shanghai Stock Exchange intends. While Cashway is 6 years ago by the listed company Hublot shares (002104, SZ) cheap sale of assets.

at the time of the transferee, the company now intends to be listed on the transfer side of the chairman of the board of directors. In February 2009, the transfer price of Cashway 70% stake of 52 million 500 thousand yuan, now, according to the A stock market with industry valuation levels, the transferee holds Cashway equity value has reached 4 billion yuan.

Cashway intends in Shanghai IPO

at present, with the number of bank outlets expansion, ATM growth, the major ATM manufacturers are using capital market to enhance the strength, expand the scale of.


source: Oriental IC

2016 April, Cashway IPO apply to the Commission, intends to issue 70 million shares in the Shanghai Stock Exchange IPO, 1 billion yuan to raise funds for a new generation of cash circulation equipment and the core module of R & D and industry project, construction project, Cashway Institute of wisdom and the new Internet payment bank counter project marketing and service terminal development and industrialization projects, network and intelligence platform to support and supplement working capital.

prospectus said Cashway is leading to financial self-service equipment as the core of the smart banking solutions provider, is committed to providing the traditional bank to the Bank of wisdom in the process of transformation and upgrading needed cash and non cash payment security, such as a full range of intelligent products, technologies and services. The main products include ATM (automatic teller machine), CRS (access, one machine) cash class self-service equipment as well as self-service terminals, super counters, queuing machines and card issuers and other non cash self-service equipment. Among them CRS ATM/ cash self-service equipment 2013, 2014 and 2015 annual sales revenue accounted for 79.12%, 80.40% and 80.56%.

Cashway said in the prospectus, financial self-service equipment distribution demand depends on many factors, reduce the frequency of use of cash is not directly related to financial self-service equipment arrangement, but in the long run will remain on the cash market demand based on ATM have a certain negative impact.

daily economic news (micro signal: nbdnews) reporter noted that the impact of the same industry, A shares of listed companies have been reflected. The Royal Bank shares (002177, SZ) as an example, the ATM product sales gross margin of 2013 year, 2014 year and 2015 year were 43.35%, 41.05% and 35.33%; GRG (002152, SZ) ATM product gross margin of 2013 year, 2014 and 2015 annual were 56%, 56.68% and 54.58%.

Cashway control

was Hengbao vice chairman of

daily economic news (micro signal: nbdnews) reporter noted that to be listed Cashway and A share listed company Hublot shares (002104.SZ) has the origin.

according to Hengbao public information, the predecessor of Beijing sunchina Cashway Information Technology Co. Ltd. (hereinafter referred to as Hublot information) was founded in May 2004 by Jiang Haoran and Hengbao (when he was vice chairman of Hengbao) brother Jiang has invested, the main scope of business information service goods Internet information service business, the second category of value-added telecom in the business of import and export; import and export agents; technology import and export. At that time, Hengbao holds a 60% stake in the company.

Hublot shares in 2006, the report shows that in 2007, 2006 and 2007 respectively Hengbao information to achieve a net profit of 5 million 363 thousand and 400 yuan and 6 million 65 thousand yuan.

2008 in January, after the capital was renamed Hengyin Hengbao information Financial Technologies Ltd (hereinafter referred to as Hengyin Co.), accounting for 70% of the shares after the capital of Hublot shares. Notice that the name is to enrich corporate banking products, to Hengbao information business transformation, outstanding ATM machine industry. The board of directors in Hengbao Hengyin transfer limited equity announcement stated that Hengyin Co., the main business of the ATM machine production, sales and service.

later in April 2008, and South Korea LG N-Sys LNC Hengyin co.. Signed a cooperation agreement on the ATM project, the two sides around the ATM research and development, technology, production, sales and other aspects of a wide range of cooperation.

in Hengyin Co. however, in the field of ATM ready to flex its muscles only half a year later, in December 2008, Hublot shares held in 2008 second extraordinary general meeting in vice chairman Jiang Hao Ran under the auspices of the review by the Hublot shares held by Hengyin Co., 70% equity transfer all huro Klc Holdings Ltd (hereinafter referred to as the constant investment) Bill, negotiated the transfer price of 1.50 yuan / share, the transfer amount is $52 million 500 thousand. February 2009, the completion of the equity transfer. Hengbao

2008 annual report, audited, as of September 30, 2008, Hengyin Co., total assets of 83 million 316 thousand yuan, net assets of 75 million 263 thousand and 100 yuan, 2008 1~9 month net profit -536.87 million yuan.

reporter noted: the transferee Hengbao Hengyin limited 70% equity transfer, the final point is that presided over the shareholders' meeting, passed the relevant bill Hengbao vice chairman Jiang Haoran.

data show that the transferee Hengrong investment was established in October 2008, Hao Ran, vice chairman Jiang Hengbao and spouse Li Li, Hao Ran's brother Jiang Jiang has three people together with the constant financial investment of all the shares, by the river Hao Ran chairman. The constant financial investment to set up a month later, the board of directors meeting held on Hublot shares through the equity transfer scheme.

2004 ~2010 years, Jiang Hao Ran has served as vice chairman of Hublot shares. He through the reduction of Hublot shares cash 240 million yuan in June 2008 ~2010 year in January.

addition, Cashway prospectus, Cashway "high Dong supervisor" members, except Jiang Haoran had worked in Hublot shares, the board of directors, President Wu Longyun appointed Vice President in April 2007 ~12 month Hublot shares; Vice President Wang Yajun was appointed in 2007 ~2009 vice president of Hublot shares; Vice President Zhao Zaixing was appointed in 2005 ~2010 vice president of Hublot Cashway holds shares, and the number of shares.

reason to sell with the actual situation of the opposite

and LG signed ATM project cooperation agreement only after half a year, Hengbao board passed a resolution will hold all Hengyin limited equity transfer to Vice Chairman Jiang Hao Ran controlled constant financial investment. At that time, Hublot shares the reason given is: with the further spread of the financial crisis and the deepening of Chinese company, the influence depth of the real economy and the banking There's no telling. ATM machine market and the development of China's economy and the banking industry are closely related, in such a complex environment greatly enhance the uncertainty of the ATM machine market prospects. In line with the principles of prudent investment, as much as possible to avoid the financial crisis and the impact on the company, to maximize the protection of investors interests of listed companies, the company will be held by a subsidiary of Hengyin Financial Technologies Ltd 70% of the shares are transferred to the constant financial investment.

ATM business has just carried out on the transfer of the Hengyin Hengbao Co. stake, and that is because the ATM project cannot be determined under the influence of the financial crisis the prospect.

then, the domestic ATM project in 2008 or so, the performance in the end how it?

source: Oriental IC

Cashway according to the prospectus stated, the ATM sales and A shares GRG (002152, SZ), Yu Yin shares (002177, SZ) also ranked the forefront of the industry. Then, as the main competitor of GRG, Royal Bank shares can be used as reference of operating conditions. GRG

2008 report shows that in 2008 the company achieved net profit of 330 million yuan, an increase of 43.17%, ATM cash self-service equipment plate main business, achieved revenues of 1 billion 40 million yuan, an increase of 44.46%, ATM operation also achieved operating income of 30 million 770 thousand yuan, an increase of 34.47%.

in the ATM market demand, GRG according to the central bank issued the "2008 third quarter of the overall operation of the payment system" analysis, Chinese ATM market has entered a period of rapid development, and with the rural market potential is continuously explored, China's ATM market demand continues to expand.

, of course, some of the risks mentioned GRG ATM business, such as the deterioration of the global economic environment to reduce overseas market demand for ATM, which is bound to affect the development of ATM international giants in the overseas market. China ATM as a rapidly growing market demand, they will attract more attention, forcing them to devote more manpower, material and financial resources to seize the market share, thereby increasing the degree of competition in the domestic market, will also lead to a further decline in prices of ATM.

2009 years, the realization of the net profit attributable to shareholders of listed companies net profit of 388 million yuan, an increase of 17.01%, ATM business revenue 1 billion 320 million yuan, an increase of 26.95%, gross profit margin of 42.25%. ATM business is still maintained a good momentum.

look at Royal Bank shares. The company's 2008 annual report shows that net profit of 60 million 400 thousand yuan in the year, up 1.07%. During the reporting period, Royal Bank shares ATM sales revenue increased 50.49% compared to the year 2007.

Royal Bank shares said, even if the number of ATM equipment sales and operations of a substantial increase in the reporting period, but the company's gross margin remained at a high level, the marginal revenue does not appear to decline significantly, suggesting the ATM market demand remains strong, the market is far from saturated.

2009, Royal Bank shares net profit of 90 million 810 thousand yuan, an increase of 50.35%. During the reporting period, ATM product sales revenue grew 33.83%, ATM cooperative operations revenue grew 6.32%, ATM financial leasing business revenue grew 158.03%.

Cashway later business data also proved that the ATM project potential -- its prospectus, 2013, 2014 and 2015 Cashway net profit was 58 million 401 thousand and 700 yuan, 63 million 724 thousand and 600 yuan and 141 million 333 thousand and 700 yuan, of which ATM/CRS class self-service equipment cash sales accounted for about 80%.

6 investment income of 70 times?

due to the prospectus did not specify Cashway from Hengbao stripped out, with the follow-up cooperation South Korea LG on the ATM machine business, has not announced the 2008 financial crisis after a period of time (2009 ~2012) the relevant business data. Then, in August 8th, 9 Daily reporters call the Cashway prospectus released by the secretaries phone trying to further understand the relevant situation, but the other system only in a welcome speech after the prompt Please dial the extension number, check number, please dial 0 "dial 0 then prompt you dialed does not exist, please dial other number, do not dial 0 for a period of time, will also appear in the voice prompt. The prospectus did not disclose the extension number.

"twenty-first Century economic report" in 2008 issued 7 monthly reports at the time, Hengbao in Daxing County of Beijing production base has officially started operation, annual production of 10000 sets of ATM; Jiang said at the time of an interview with Hao Ran, the company ATM products are acceptable to the bank test. According to the report of the

, that has Hublot shares with the R & D, production capacity and sales before the transfer of Cashway (bank) and other basic framework, even the ATM machine produced. When ATM is out of business performance, Hublot shares will be held by the Cashway equity transfer out. From the actual situation of

after 6 years ago, Hublot shares transfer Cashway shares of questionable practices. However, when he was vice chairman of the company Hao Ran earned from the basin full earthen bowl full.

so, if Hublot shares still held Cashway equity market capitalization, Hublot shares will be increased?

daily economic news (micro signal: nbdnews) reporter noted that after several replenishment, stock transfer and the introduction of new investors, as of the signing date of the prospectus, the constant financial investment equity since the Cashway Hublot shares 70% stake diluted to 61.90%, holding 130 million shares for Cashway controlling shareholder, the actual controller for the Hao Ran river.

prospectus, Cashway IPO intends to issue new shares 70 million shares, to raise funds 1 billion yuan, this calculation, the issue price of about 14.29 yuan / share. If you press this share price estimate, IPO success, the market value of the shares held by the market value of the shares will be 1 billion 858 million yuan. Cashway

2015 year, basic earnings per share 0.68 yuan / share. As of August 9th, Eastern wealth terminal display GRG dynamic price earnings ratio of 35.40 times earnings dynamic, Royal Bank shares 54.44 times, taking the value of 44.92 times the calculated fair value Cashway in two market is about 6 billion 400 million yuan (30.54 yuan *21000 million shares). Heng Rong investment 61.90% of the equity market value of about 4 billion yuan.

6 years ago, only to spend 52 million 500 thousand yuan transferee of shares, and now the market value or up to 4 billion yuan, 6 years actually turned 70 times.

so, then make Hengbao stock transfer system determines whether the wrong? In August 8th, the reporter called Hublot shares, and asked to submit the interview outline according to the other. The company's securities affairs representative said: (equity transfer) time is relatively long, had already been announced, and now do not make any reply.

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