After so many twists and turns, it was still shelved
Posted: Thu Feb 13, 2025 5:50 am
The company stated that the Shenzhen Stock Exchange's Mergers and Acquisitions Review Committee required that the company further verify the transaction's relevance and pricing fairness.
First of all, the disputes arising from the restructuring are largely due to transaction pricing.
Robotech will spend about 1 billion yuan to acquire 100% of the shares. The equity of Feikongtech (81.18%) is valued at 927 million yuan, and the equity of FSG and FAG (6.97%) is valued at 85.1037 million yuan.
The book value of Feikongtech's net assets is 990 million yuan, and the premium rate is 15%, which seems acceptable. However, the book value of the owners' equity of the other two companies was only 1.598 million euros, and the premium rate was nearly 99 times!
The two companies are subsidiaries of FiconTEC, a German ig data optical module leader. As leading equipment manufacturers in the field of global photonic and semiconductor automated packaging and testing, they provide high-speed silicon photonic module packaging and testing equipment, and can provide microscopy, testing and mounting equipment for silicon-based optical chips.
In 2022, 2023 and January-July 2024, FiconTEC's net profit was -626,100 yuan, 29.004 million yuan, and -24.8116 million yuan, respectively.
It was stated in the merger and acquisition draft that after the completion of this transaction, the new goodwill in the company's consolidated balance sheet will reach 1.092 billion yuan. In other words, if the target company's performance in the future does not meet expectations, goodwill impairment will be required, which will directly reduce the current profit of the listed company, which will undoubtedly make the situation worse.
The current fundamentals of the target company can hardly support a valuation of 1 billion yuan, and at first glance it seems impossible to use the price-to-earnings ratio to estimate it.
However, according to an interview with Chairman Dai Jun, the actual price-to-sales ratio of the merger and acquisition is only 3.6 times, while the price-to-sales ratio of A-share semiconductor equipment companies is generally more than 10 times. Driven by AI technology, we should be optimistic about the future of FiconTEC.
First of all, the disputes arising from the restructuring are largely due to transaction pricing.
Robotech will spend about 1 billion yuan to acquire 100% of the shares. The equity of Feikongtech (81.18%) is valued at 927 million yuan, and the equity of FSG and FAG (6.97%) is valued at 85.1037 million yuan.
The book value of Feikongtech's net assets is 990 million yuan, and the premium rate is 15%, which seems acceptable. However, the book value of the owners' equity of the other two companies was only 1.598 million euros, and the premium rate was nearly 99 times!
The two companies are subsidiaries of FiconTEC, a German ig data optical module leader. As leading equipment manufacturers in the field of global photonic and semiconductor automated packaging and testing, they provide high-speed silicon photonic module packaging and testing equipment, and can provide microscopy, testing and mounting equipment for silicon-based optical chips.
In 2022, 2023 and January-July 2024, FiconTEC's net profit was -626,100 yuan, 29.004 million yuan, and -24.8116 million yuan, respectively.
It was stated in the merger and acquisition draft that after the completion of this transaction, the new goodwill in the company's consolidated balance sheet will reach 1.092 billion yuan. In other words, if the target company's performance in the future does not meet expectations, goodwill impairment will be required, which will directly reduce the current profit of the listed company, which will undoubtedly make the situation worse.
The current fundamentals of the target company can hardly support a valuation of 1 billion yuan, and at first glance it seems impossible to use the price-to-earnings ratio to estimate it.
However, according to an interview with Chairman Dai Jun, the actual price-to-sales ratio of the merger and acquisition is only 3.6 times, while the price-to-sales ratio of A-share semiconductor equipment companies is generally more than 10 times. Driven by AI technology, we should be optimistic about the future of FiconTEC.