Jun
04
2018

Kara non controversial backdoor listing of mobile payment arena.-vidalia

Kara "non controversial backdoor listing of mobile payment arena gradually reporter Xu Beijing reported recently, Tibet tourism listed companies (600749.SH) released the restructuring report, Tibet tourism intends to buy Sun Taoran to issue shares and a cash payment of 46 counterparties together hold lakala 100% stake and raise matching funds. Kara 100% stake in the overall price of 11 billion yuan, the listed company will be paid in cash transactions for the price of 2 billion 500 million yuan, to issue shares to pay the transaction price of 8 billion 500 million yuan, 18.65 yuan according to the shares issued shares prices. "Listed is the adult ceremony, Kara has now grown up." At the end of 2015, Kara Group Chairman Sun Taoran accepted the twenty-first Century economic report reporter interview said, according to the IPO approval system is not suitable for traditional industries, "the first burn, after the earnings of Internet companies. For the new mode of operation of enterprises, Sun Taoran believes that registration system is good news". Although the registration system reform is imminent, but Kara seems unwilling to wait. "Non backdoor listing debate Kara has already set up the times to get financing, and investment institutions invested companies listed as soon as possible. Analysys think tank analyst Hao Zhujing told reporters, said: "listed companies have two market financing channels, for Non-listed Company has a considerable attraction, the financing costs of the two market is obviously lower than the private equity market." However, according to the management method of A share IPO, the issuer should be in line with the last 3 accounting years net profit is positive, and accumulated more than RMB 30 million yuan. Since 2014 Lacarra losses of about 190 million yuan, so it can not meet the requirements of IPO A shares temporarily. Although the registration system called "good registration" by Sun Taoran is imminent, it is still full of uncertain factors. In addition, "queuing" is still inevitable. According to the China Securities Regulatory Commission website on February 5, 2016 release data show that as of February 4th, the Commission accepted the first 766 enterprises. Among them, there will be 109, not 657. On the one hand, the queuing enterprises are numerous, waiting time is too long; on the other hand, the market changes rapidly, the industry situation of the company is difficult to predict, and the listed companies will choose according to their own circumstances." Hao Zhujing stressed that backdoor listing can help Private Companies quickly achieve the purpose of listing. But the current regulators for the backdoor reorganization standard be IPO standard, so the Kara need to avoid strict backdoor restructuring standards. According to the "major asset restructuring of listed companies management approach" thirteenth, "the date of change of control occurs, the total assets of listed companies to buy the offeror and its associates, accounting for control of listed companies change the previous fiscal year audited consolidated financial accounting report of the total assets ratio reached 100% above, in order to constitute a backdoor listing. In this regard, Tibet tourism said that after the transaction, the actual control of listed companies to change, Sun Haoran. Sun Taoran and Sun Haoran total holdings of Kara 15.802% stake, on.

拉卡拉“非借壳”上市引争议 移动支付角斗渐起   本报记者徐然北京报道   日前,上市公司西藏旅游(600749.SH)发布重组报告称,西藏旅游拟以发行股份及支付现金的方式购买孙陶然等46名交易对方合计持有的拉卡拉100%股权,并募集配套资金。拉卡拉 100%股权整体作价110亿元,上市公司将以现金方式支付交易对价中的25亿元,以发行股份方式支付交易对价中的85亿元,按18.65元 股的发股价格计算。   “上市是企业的成人礼,拉卡拉现在已经成年了。”2015年底拉卡拉集团董事长孙陶然接受21世纪经济报道记者专访时称,IPO核准制针对传统行业,并不适合“先烧钱、后盈利”的互联网企业。   对于以新模式运营的企业而言,孙陶然认为“注册制是利好消息”。尽管注册制改革箭在弦上,然而拉卡拉似乎不愿再等。   “非借壳”上市之辩   拉卡拉成立至今已经获得多次融资,而投资机构希望被投资公司尽早上市。   易观智库分析师郝竹婧向记者介绍称:“上市公司拥有二级市场融资通道,对于非上市公司来说有着相当吸引力,二级市场的融资成本显然是低于私募股权市场。”然而,依照A股IPO的管理办法,发行人应当符合最近3个会计年度净利润均为正数且累计超过人民币3000万元。由于拉卡拉2014年亏损约1.9亿元,所以其暂时不能满足A股IPO要求。   尽管被孙陶然称作利好的“注册制”实施在即,但仍旧充满了诸多不确定因素。此外,“排队”依旧不可避免。根据中国证监会网站2016年2月5日发布数据显示,截至2月4日,证监会受理首发企业766家。其中,已过会109家,未过会657家。   “一方面排队企业众多,等候时间过长;另一方面市场变化很快,公司所处的行业状况难预料,拟上市公司会根据自身情况选择。”郝竹婧强调,借壳上市可以帮助私人公司快速实现上市目的。不过目前监管层对于借壳重组标准趋于IPO标准,因此拉卡拉需要规避严格的借壳重组标准。   根据《上市公司重大资产重组管理办法》第十三条,“自控制权发生变更之日起,上市公司向收购人及其关联人购买的资产总额,占上市公司控制权发生变更的前一个会计年度经审计的合并财务会计报告期末资产总额的比例达到 100%以上的”,方能构成借壳上市。   对此,西藏旅游表示,本次交易后上市公司的实际控制权变更孙陶然、孙浩然。孙陶然、孙浩然等合计持有的拉卡拉15.802%的股权,上市公司向孙陶然及其关联人购买的资产总额合计17.38亿元左右,而西藏旅游2015 年末资产总额18.53亿左右,比例为93.79%,未达到100%,因此不构成借壳上市。   对于拉卡拉此次如此贴近“借壳红线”的交易,业内看法大相径庭。有业内人士认为,企业都在想方设法上市,如此操作也是在规则范围之内。而国内某券商IPO部门负责人则认为其“规避规则太过明显,证监会肯定会就借壳进行审查。交易还是存在一定风险。”   对赌盈利压力大   根据中通诚资产评估有限公司对拉卡拉的评估,拉卡拉股东全部权益价值为111亿元左右,较股东权益账面值17.29亿元增值93.79亿元左右,增值率543.05%。基于上述评估结果,拉卡拉100%股权作价为110亿元。   依照规定,评估公司要以两种方法对企业价值进行评估,再取其中一种作为评估结果。“收益法的估算一般需要有订单支持,或者管理层提供的其他数据支持。作为轻资产的企业,如果以资产基础法评估拉卡拉,最终估值会比较低。”国内某券商IPO部门负责人向21世纪经济报道记者直言,“具体采用哪种方案则由评估机构最终根据企业情况决定。”   对于此次资本运作,西藏旅游称,评估增值率较高主要是因为拉卡拉主营业务发展较快,盈利水平快速上升,未来存在较为理想的发展前景;拉卡拉所处的第三方支付行业发展前景广阔,且拉卡拉在线下渠道及服务能力、风险管理及资金清算体系、创新能力等方面形成了核心竞争优势。   拉卡拉集团成立于2005年,在支付领域打拼多年。截至2009年,拉卡拉完成了38个城市的完全覆盖,88个城市有布局,便利支付点达3万余个,月交易量600万笔。然而,随着智能手机的普及已改变了移动支付场景。2013年,阿里巴巴、腾讯等互联网巨头在移动支付领域的布局为行业带来了爆发式增长。   易观智库数据显示,2013年中国移动支付市场总体交易规模突破13010亿元,与2012年的1445亿的交易规模相比,增长率高达800.3%。支付宝、拉卡拉、财付通(微信支付)分别以69.6%,17.8%和 3.3%位居市场前三位。截至2015年第三季度,支付宝占有率达71.51%;凭借微信支付的发力,财付通位居第二,占有率为15.99%;而拉卡拉降至第三,占有率6.01%。   “支付宝、财付通和新兴支付公司的占有率在上升,它们吃掉的正是拉卡拉的份额。”一位支付行业从业者对记者说。值得注意的是,2月18日,苹果支付Apple Pay将正式在中国上线,此外三星Samsung Pay也即将登陆。面对白热化的移动支付大战,拉卡拉能守住多少份额仍未可知。   公开财务数据显示,拉卡拉2014年营业收入约为9.1亿元,亏损约1.9亿元;2015年营业收入约为15.88亿元,净利润约为1.26亿元。而根据公告的盈利承诺,拉卡拉在2016至2018年实现的净利润数分别应达4.5亿、8.6亿和14.5亿元。如果拉卡拉没能实现上述净利润,则需要进行补偿。 “按照拉卡拉盈利承诺数据,未来三年的年平均增长率超过100%,这个增长速度要求是蛮高的。”郝竹婧表示。相关的主题文章:

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