206.5 billion!China National Travel Group’s high premium wins 51% stake in Haiwai Company
On May 7, China International Travel Co., Ltd. (hereinafter referred to as “China National Travel”) issued an announcement that the company’s wholly-owned Sun Zhongfang Group (Hainan) Operation Headquarters Co., Ltd. (hereinafter referred to as “China Hainan Company”) intends to use non-publicAgreement transfer method Cash acquisition of 51% equity of Hainan Duty Free Co., Ltd. (hereinafter referred to as “Haiwai Company”) held by the controlling shareholder China Tourism Group Co., Ltd. (hereinafter referred to as “China Tourism Group”) at a transaction price of 20.6.5 billion.After the completion of this transaction, the scale of China International Travel’s tax-free business in Hainan Islands has been further expanded.The value-added reset of the 51% equity of Haiwai Company was reset to 1211.2% Haiwai Company was registered and established on October 31, 2011, with a registered capital of 200 million yuan, and its business scope is the operation of offshore island duty-free goods and other businesses approved by the military state within Hainan Province.According to Tianyanzha, Haifang Company has 7 subsidiaries, namely Hainan Haizhong Duty Free Products Co., Ltd., Hainan Duty Free Cloud Business Network Co., Ltd., Hainan Haifang Boutique City Co., Ltd., and Hainan Haifang Guanlanhu International Shopping Center Co., Ltd., Haiwai Haikou Meilan Airport Duty Free Shop Co., Ltd., Haiwai (Haikou) Duty Free Shop Co., Ltd., Qionghai Haizhong Duty Free Shop Co., Ltd.In 2019, Haiwai Company’s operating income was 32.2.7 billion yuan, net profit 3.4.5 billion; in the first quarter of 2020, Haiwai’s operating income was 8.500 million yuan, net profit 1.24 trillion, total assets 17.6.8 billion, coefficient budget 8.7.2 billion.According to the announcement, on June 30, 2019 as the base date, the market law evaluation results of the assets to be purchased stated in the asset evaluation report issued by Walker (Beijing) International Asset Appraisal Co., Ltd. as the pricing basis, that is, the transactionThe price is 21.6.5 billion yuan, with a value-added interest rate of 1,211.2%.Regarding the purchase of assets at a premium of 100%, China National Travel said that Haifang’s fixed assets accounted for a relatively small proportion, profitability was transferred, and it had typical light asset operation characteristics.In addition to tangible resources such as fixed assets, working capital, and inventory, Haiwai’s corporate value also includes tax-free goods operation concession qualifications, industry experience and benefits, and contributions from important intangible resources such as national policy support.The increased profitability, the above intangible resource value and winning ability are maximized and realized on the balance sheet, and have an important impact on this conversion, resulting in a higher value-added rate of this assessment result than net assets, reaching 1211.2%.Haifang Company purchased 23 from China Free Group last year.The 6.2 billion announcement shows that after the completion of this transaction, Haiwaigou will replace the scope of China National Travel ‘s consolidated statements.China National Travel Service stated that the scope of the consolidated report of the Haiwai Company merged with the company is in line with the company’s strategic positioning of focusing on the main business of tax exemption, which is conducive to further enhancing the company’s sustainable profitability, increasing the scale effect, further expanding the company’s offshore tax-free business scale,The market orientation and industry influence of the tax-free market will improve the company’s competitiveness.China National Travel also pointed out that the source of the equity transfer price is the company’s own funds, the company’s asset-liability ratio is reduced, the cash flow of operating activities is better, and the monetary funds are relatively abundant. This transaction will not cause the company’s normal production and operation and debt repayment abilitySignificant adverse effects.China National Travel believes that the acquisition of 51% of Haiwai’s equity can also solve the problem of horizontal competition between the company and the controlling shareholder, reduce related transactions, and meet the company’s strategic development needs.In March 2019, China Tourism Group entrusted 51% of the shares of Haiwai Company to China International Travel for management.In order to promote the coordinated development of the business of Haifang Company and China Free Group, Haifang Company gradually made purchases through China Free Group.In 2019, the amount of Haiwai Company’s purchase from China Free Group was 23.6.2 billion yuan.The announcement shows that in the past 12 months, in addition to daily related transactions, China National Travel and China Tourism Group and its holding subsidiaries have gradually occurred 4 related transactions, including the participation in the establishment of China Tourism Property Insurance Co., Ltd.The proposed 20% equity and other proposals are yet to be approved by the China Banking and Insurance Regulatory Commission, and the total amount of related party transactions is RMB22.6.5 billion.Sauna, Ye Wang Wang Zhenzhen editor Li Zheng proofread Liu Baoqing in the picture free screenshot official website screenshot