Moso Power's nearly 200 million acquisition of flexible printed circuit board (FPC) leading company Founder

[Text|High- tech LED reporter Long Zonghui] On November 18, Moso Power (002660, SZ) announced that it plans to issue 18.7 million shares at a price of 8.64 yuan per share and pay 30.90 million yuan in cash. The 55% equity interest in Hunan Fangzhengda Electronic Technology Co., Ltd. (hereinafter referred to as “Fang Zhengda”) held by Lanshun Ming. According to the announcement, the estimated value of Fangzhengda's 55% equity is 1920.56 million yuan, and the transaction price determined by the parties to the transaction is 191.664 million yuan.

According to the audit report issued by Maoshuo Power, Founder's business revenue from January to July 2014 was 117 million yuan, and net profit was 17.74 million yuan. The revenue and net profit for 2013 and 2012 were 177 million yuan and 2,699,995 yuan respectively; 144 million yuan and 12,371,600 yuan.

Mao Shuo Power Dong Biao Fang Jibin said that the company has already drafted a general meeting of shareholders on December 3, and if the CSRC passes successfully, it is expected to complete the acquisition in the first or second quarter of next year.

Today's announcement of a stock of Maoshuo Power also followed the daily limit. According to the reporter, Fang Zhengda's main business is flexible printed circuit board (FPC), which is one of the core raw materials of LED light strips. At present, they are already in the leading position in this market segment. In addition, their business has expanded into the mobile phone, smart mobile terminal and wearable device market segments.

Fang Jibin said that Moso Power and Founder have a large number of joint customers and potential target customers. The acquisition will promote the integration of resources and enhance the overall business scale. Moso Power is negotiating with Founder to purchase circuit boards, and this move will further optimize the company's supply chain structure.

When asked about the completion of the acquisition, Maoshuo Power will have further actions. Fang Jibin said that he has reached an agreement with Fangzhengda shareholders when he bought the shares. In the future, Maoshuo Power will not interfere with the actual operation of Founder, Fang Xiaoqi and Lan Shunming. Still holding a 45% stake in Founder.

At the time of the transaction, Fang Xiaoqiu and Lan Shunming promised that Fangzheng’s non-net profit realized in 2014-2016 was not less than 34.84 million yuan, 43.56 million yuan and 52.27 million yuan respectively; if the transaction was not implemented in 2014 Upon completion, Fangzhengda’s committed net profit will be adjusted accordingly to achieve a non-net profit of not less than RMB 43.56 million, RMB 52.27 million and RMB 54 million, respectively, from 2015 to 2017. The actual net profit of Fangzhengda in any year is higher than the amount of committed net profit in the corresponding year. The board of directors of Hunan Zhengda shall determine the reward scheme according to the cash flow of the business activities of Hunan Zhengda in the current year, and 30% of the excess will become the employee of Founder. The rewards for key management personnel and core technical staff.

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