Xinhuajin's restructuring of wig assets is worrying

On June 1, Xinhua Jinxin's restructuring plan was approved by the board of directors. The new restructuring will implement the sale of assets in the original plan and the issuance of shares to purchase the assets step by step, that is, first sell 75% equity of Haishu International and 51% equity of Aquatic Company to the major shareholder Lujin Group, and then non-publicly issue about 41.7 million shares. It purchased its 100% equity interest in Jinsheng Hair Products, a 100% equity interest in Hong Kong Huasheng, a 38.41% equity interest in Huayue and a 49% equity interest in Haichuan Jinrong.

The Xinhuajin reorganization plan shows that the 2011 gross profit margin of the injected products is 26.76%, which is far higher than the gross profit margin of other business segments of the company in 2011. The injection of the assets of the products will significantly enhance the company's asset scale and profitability. Capacity, according to the "profit forecast compensation agreement" signed by Xinhuajin and Lujin Group, Haichuan Holdings and other five trading objects, the total profit forecast of the above assets from 2012 to 2014 is 49.471 million yuan, 53.450 million yuan and 5,806,600 yuan respectively. It indicates that the future profitability of the company after restructuring will be steadily improved.

However, there are media analysis, the wig business acquired by Xinhuajin is divided into domestic and foreign parts. The core of the domestic business is Shandong Jinsheng Hair Products Co., Ltd., which has a low profit in recent years. According to the announcement, Jinsheng Hair Products achieved operating income of 674 million yuan in 2010 and net profit of 45.285 million yuan; in the first half of 2011, it realized operating income of 338 million yuan and net profit of 25.2823 million yuan. In the wig industry's downturn in the wig industry, profitability is worrying.

In addition, the foreign business acquired by Xinhuajin was too rushed to be listed, and the two overseas companies are currently not profitable. Among them, the OR company and NI company of American Huayue are only channel companies, and their own brands also adopt OEM processing. If employees do not adapt to the management culture brought by new shareholders, they may face risk of loss and take away customer resources.

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