In addition to debt, yongfengyu is better than Hua

In addition to liabilities, yongfengyu is better than Huazhi

the merger of yongfengyu and Huazhi has raised doubts about "benefit transfer" and "transfer of national assets"; However, aside from non economic factors, from a purely business perspective, the merger of yongfengyu and Huazhi may have the effect of "one plus one is greater than two", which still seems to have a promising future

Huazhi is financially sound. Since its listing, it has neither handled cash capital increase, nor issued large corporate bonds under the guise of names, nor borrowed a large amount from banks. It can be said that it is a rare and rare "original chicken soup" of existing listed companies. From a financial point of view, the merger of yongfengyu and Huazhi, with liabilities of nearly 10 billion yuan, is indeed like holding apple's "Golden Chicken mother" home; Not to mention anything else, the three-level jump in loan capacity alone is enough. Answer: don't wash, so many enterprises are "jealous"

however, the "financial structure" is only an indicator to measure the merger and enterprise value. In addition, the factors that should be considered include tangible conditions such as business performance, profitability and solvency, as well as intangible assets such as goodwill, staff quality and R & D ability; It is generally recognized that plastic, fiber-reinforced composites, rubber and adhesive sealant are often called the four major non-metallic materials for vehicles. On the surface, the privately-owned and officially operated China paper company, regardless of its financial structure, may not be comparable with yongfengyu in other aspects

according to the financial report of the first half of this year, the after tax net profit of Yongfeng Yu in the first six months was more than 310 million yuan, which was the only profit for all listed cabinet paper companies, while the after tax net loss of Huazhi was more than 300 million yuan; On the other hand, Huazhi has more than 900 employees, with an average age of more than 40 years and more than 10 years of seniority. Yongfengyu's manpower and quality are obviously younger than Huazhi

business mergers generally include so-called "vertical mergers" and "horizontal mergers". The former, such as yongfengyu and Huazhi, aims to integrate upstream and downstream resources and improve competitiveness; Later, it also requires some standards to measure, such as HP and Compaq, with the main purpose of eliminating possible automatic shutdown protection; Competitors, expand market share. Huaping paper once discussed the possibility of merger with Taiping paper, which is also a pulp mill, but later failed due to the disagreement on the share exchange ratio and the lack of merger benefits