Del home IPO will be mysterious investors will get off the train first
Today, the China Securities Regulatory Commission's Board of Directors will review Del International Furniture Co., Ltd. (hereinafter referred to as "Del Home"). Unfortunately, since the company was founded, the mysterious investor who is lurking in it, Zhou Yaxiong, an overseas Chinese in Germany, has "getting off the train ahead of time" or missed the opportunity to get rich overnight. Wang Mo, a financial investor who temporarily takes over, will become a billionaire. According to the prospectus, Del Home's main business is the development, production and sales of wood flooring. Its predecessor was Hess Wood (later renamed "Del Floor"), which was established in December 2004. When Hess Wood was founded, the property was Sino-foreign joint venture limited liability company. Thomas Flooring Factory and German overseas Chinese Zhou Yaxiong contributed US$7.5 million and US$2.5 million respectively. Judging from the current shareholding structure of Del Home, the equity of Del Home owned by Thomas Flooring has been transferred to the Del Group under the control of the same Controller, and Zhou Yaxiong is lurking for 5 years, in January 2010. With a total of 41.26 million yuan (determined according to the audited net assets at the end of 2009 corresponding to the 25% equity of Del Floor), the entire equity was transferred to Wang Mo, and the return on investment of 240% was ended. In this regard, Del Home explained in the prospectus that Zhou Yaxiong sold the equity in order to cash out to ease the financial pressure on trade. At the time of the equity transfer, Zhou Yaxiong already knew about the listing of Del Home, but due to the financial crisis and other reasons, Zhou Yaxiong believed that its listing is unlikely. The first target of Zhou Yaxiong's equity transfer was the Del Group, but due to the tight funding at the time, the Group was unable to agree with Zhou Yaxiong on the acquisition of its equity. Later, Zhou Yaxiong reached an agreement with Wang Mo, who was already familiar with it, and completed the equity transfer. According to public information, Wang Mosheng was the deputy general manager of Beijing Zhongfatong Taxation Co., Ltd. and the financial director of Jiangsu Shengshi International Investment Group Co., Ltd., and was a freelancer after 2007. Despite the detailed explanations of Del Home, there are still some questions that are difficult to eliminate. For example, from a point of view, Zhou Yaxiong began to plan to withdraw from the second half of 2008, until January 2010 to find the next home. In fact, the A-share market in the context of the financial crisis began to recover from the second half of 2008. Especially after the launch of the GEM in 2009, SMEs have more abundant listing channels, and IPOs are easier than before. In this context, Zhou Yaxiong believes that Del Home is unlikely to be listed and eager to withdraw, it seems that some can not be said. If this Del Home has a successful IPO, based on the basic earnings per share of 0.46 yuan and the dynamic P/E ratio of the comparable listed company's current coke industry, the price of Del Home may exceed 40 yuan / share. Thus, the market value of 29,720,000 shares sold by Zhou Yaxiong is about 1.2 billion yuan, which is more than 55 times higher than the initial investment of 2.5 million. Rudolf has succeeded in IPO, Zhou Yaxiong may become the biggest loser, and its equity takeover Wang Mo may become a “super rich woman†worth more than 1 billion yuan, becoming the biggest winner with a profit of 29 times in a year and a half.
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