Heavy news! Axis Research Technology plans to acquire 890 million yuan to acquire SINOMACH Seiko

Summary August 7 evening, Bearing Science & Technology released the restructuring plan, the company intends to 8.97 yuan / share issue 10011.15 million shares at a price of 898 million yuan acquisition of the controlling shareholder of the country's National Machine Group holds 100% stake in Precision Machine; at the same time intends to Not less than 9.6...
On the evening of August 7, Axis Research and Technology released a restructuring plan. The company plans to issue 100,115,500 shares at 8.97 yuan/share for a price of 890 million yuan to acquire 100% equity of SINOMACH Seiko held by SINOMACH, the controlling shareholder of the company.
At the same time, it is proposed to raise no more than 629 million yuan of supporting funds with a non-public offering of shares of not less than 9.65 yuan/share, which will be used to pay for the construction cost of the underlying assets and the agency fees, and the share of the state machine capital subscription of the China Machine Group subsidiary. It is 10%. As the Shenzhen Stock Exchange will conduct post-mortem review of relevant documents, the company's stock will continue to be suspended.
After the completion of the above transaction, the company's total share capital is expected to increase from 354 million shares to 519 million shares. The total shareholding ratio of China National Machinery Group and SINOMACH is approximately 50.02%. The controlling shareholder of the company is still SINOMACH, and the actual controller remains State-owned Assets Supervision and Administration Commission. The transaction did not result in a change in the company's control rights and was not a backdoor listing.
According to the announcement, SINOMACH was established by SINOMACH in cash for the restructuring of its wholly-owned subsidiary, Zhongji Cooperation and Sanmao, and completed its industrial and commercial registration in September 2013 with a registered capital of 50 million. After the completion of the international Seiko, SINOMACH will transfer 100% of the shares of Sanmao and Zhongji Co., Ltd. to SINOMACH for free.
In terms of main business, Sanmao is committed to the research and development and production of superhard material abrasives (mainly superhard product grinding wheels and grinding fluids) and industry-specific production and testing equipment. The products are mainly used in automotive, electronics and refrigeration. , tools, LED, industry-specific equipment and other industries. China National Machinery Co., Ltd. mainly engages in import and export trade and technical services for abrasives and new energy products. Its business covers more than 80 countries and regions around the world, and it has accumulated a large number of customers and suppliers resources in its long-term trading business.
Axis Research Technology Co., Ltd. said that the transaction target company has strong synergy with listed companies. This transaction is beneficial to extending the industrial chain of listed companies, improving the research and development capabilities of listed companies, increasing the resources of listed companies and expanding the overseas business of listed companies.
At the same time, it was announced that after the completion of the transaction, SINOMACH will use the listed company as its platform for industrial integration of the precision industry, and successively inject its precision assets into listed companies, and build the listed company into an expansion platform for SINOMACH's precision business. The aggregation platform of the fine workers and the carrying platform of the Seiko brand.
Previously, on July 27th, Axis Research and Technology released the “Announcement on the Return of Part of the Land in Yibin District of the Company”, stating that the company intends to collect the land by the local government agreement, and will be located in the east of Shiye West Street and the Shilin Road in Yibin District. To the west of Xingye Street and north of Xingye Road, covering an area of ​​201.83 mu, an industrial land (numbered TDJYX-2011-52) obtained through listing in August 2011 was returned to Luoyang City at the original transaction price of 241,188,000 yuan. Land and Resources Bureau.
For the reason of the retreat, Axis Research said in the announcement that due to the poor macroeconomic environment in recent years, the domestic bearing supporting market was sluggish, the company's development strategy was adjusted, and the TDJYX-2011-52 plot in Yibin District was not developed. There is no plan to use it. Therefore, in order to optimize resource allocation and revitalize assets, the company intends to return the original price of this land to Luoyang City Land and Resources Bureau.
In the first quarter of 2016, Axis Research Technology had a net loss of 18.20 million yuan, a loss of 11.9755 million yuan in the same period of last year; operating income was 81.9153 million yuan, an increase of 16.05% over the same period of the previous year; the company explained the reason for the loss, affected by the macroeconomic environment. The company's product market is still in a downturn, and the company's wholly-owned subsidiary, Xiangyang Bearing Co., Ltd. expects a loss from January to June 2016.
According to the financial data of Axis Research and Technology 2015 Annual Report, the revenue and profit of Axis Research Technology have continued to decline in the past three years. In 2013, 2014 and 2015, revenues were 651 million yuan, 513 million yuan and 424 million yuan respectively. In 2013 and 2014, the net profit attributable to the company was RMB 598,200 and RMB 1,876,900 respectively. In 2015, the loss was RMB 190 million.

Related reading: About "Axis Research Technology"
Luoyang Axis Technology Co., Ltd. is a joint-stock enterprise initiated by the former Luoyang Bearing Research Institute as the main sponsor. It was listed on the Shenzhen Stock Exchange in 2005 and its stock code is 002046. It is a listed company under the China Machinery Industry Group Co., Ltd.
The company focuses on the development of high-performance bearing products for key drivers of the national economy and national defense construction, and mass production of various types of bearing products and components ranging from 0.6 mm in diameter to 6.8 m in outside diameter. The main business is the research, development, production and sales of precision and special bearings, high-speed machine tool spindles, bearing special equipment and testing equipment, bearing testing machines and bearing special materials. Products are widely used in aerospace, ship weapons, machine tool, wind power, mining metallurgy, petrochemical, medical equipment, automotive and rail transit, engineering machinery and other fields.

Axis Research Technology Subsidiary (picture from Axis Technology official website)
With total assets of 2.3 billion yuan, the company has a research and development center and five industrial bases, covering an area of ​​more than 1,500 acres. With advanced bearing manufacturing equipment and world-class test equipment, it has strong strength in the manufacture, testing and testing of high-precision and high-reliability bearings and related parts. Maintaining a leading position in bearing basic theory, lubrication technology, design, materials, testing and information standards. It has national strategic alliance of technological innovation of rolling bearing industry, national key laboratory of shield and excavation technology (bearing), national bearing quality supervision and inspection center, national bearing accreditation laboratory, high-performance bearing key laboratory, industrial (rolling bearing) product quality control And technical evaluation laboratory, national patent exchange station, national rolling bearing standardization technical committee, ISO/TC4 China Secretariat, China Bearing Industry Association Technical Committee, academician workstation, postdoctoral research station, high-speed precision bearing engineering research center of machinery industry, military bearing technology The development center, CNC machine tool spindle unit engineering technology research center, machinery industry occupational skill identification bearing industry sub-center and other scientific and technological institutions, is China's bearing industry technology-leading enterprise.
The company is the main supporting unit in China's aerospace industry. It has successfully completed the milestone "Oriental Red" series of artificial earth satellites in the history of China's space development, "Shenzhou No.1" to "Shenzhou 10" series manned spacecraft, "嫦娥" The lunar exploration project, the supporting tasks of the bearings and components of the "Shenzhou" and "Tiangong" rendezvous and docking. It is also an important component supplier for CNC machine tools, ship heavy industry, automobile and wind power industries.
The company has won the National High-tech Engineering Construction Outstanding Contribution Award, the National Defense Science and Technology Industry Cooperation Supporting Advanced Unit, the National Defense Science and Technology Innovation Team, the National Enterprise Enterprise Intellectual Property Demonstration Unit, the China Machinery Top 500, the Forbes List Enterprise, and the Henan Province “Bai Gao” Enterprise and other honors.

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