The valuation of the hottest subject asset doubled

2022-08-14
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The valuation of the short-term underlying assets doubled. Luoyang Glass was inquired by Shanghai Stock Exchange

Luoyang Glass announced on the evening of March 1 that it received an inquiry letter from Shanghai Stock Exchange to inquire about the information disclosure of the company's plan for issuing shares to purchase assets and raising supporting funds and related party transactions. It has become a class 1 new fire hazard

the plan disclosure, and the income of the underlying assets Hefei new energy and Tongcheng new energy achieved explosive growth in 2016. The inquiry letter requires the listed company to make supplementary disclosure: whether the customer acquisition method of the underlying assets is stable, and explain the rationality of the explosion of income growth in combination with the output, sales volume, ending inventory and turnover rate in the recent three years; Settle the sales gross profit margin, accounts receivable turnover, inventory turnover and other major financial indicators of comparable companies in the contract industry, indicating the rationality of the growth of the operating income of the underlying assets; Accounts receivable and their period, provision for bad debts and current recovery of the underlying assets during the reporting period

the plan disclosed that the asset liability ratio of Hefei new energy was as high as 84. 8%, and the company's cash flow from operating activities has been negative for two consecutive years. The inquiry letter requires that the asset liability ratio of Listed Companies in the contract settlement industry, explain the reasons for the abnormally high debt ratio of the target company and its rationality, and explain the impact of the company's financial expenses on profitability; It shows that while the company's operating income has increased explosively since 2015, the company's cash flow from operating activities has been negative for two consecutive years. The reasons for the significant deviation between the two and its rationality

according to the plan, the current valuation of Hefei new energy, the underlying asset, is about twice its valuation on February 28, 2014; The current valuation of the underlying asset Tongcheng new energy is about twice its valuation on April 30, 2016. The inquiry letter requires the listed company to supplement and disclose: the evaluation value-added rate of Hefei new energy in the two evaluations, and explain the reasons and rationality of the doubling of the company's valuation under the condition that the company's profit in 2014, loss in 2015 and net profit in 2016 are the same as that in 2014; The reason and rationality of the doubling of the valuation of Tongcheng new energy in a short time, and the reason and rationality of the difference in the value-added rate between the two assessments

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