Qingsong, which was just listed in October last year, took advantage of its world's largest supplier of brains, and stepped up the pace of integration of the camphor industry chain. The company announced today that it intends to acquire 100% equity of Zhangjiagang Asia Chemicals Co., Ltd. in cash. The transaction price will depend on the level of the audited profit of the acquiree, and the project is currently undergoing due diligence.
According to statistics, the unaudited net assets of Asia Asia as of 2010 amounted to 44.14 million yuan, operating income was 93.67 million yuan, and net profit was 2296 million yuan. The company is the largest manufacturer of camphorsulfonic acid in China, and its main product, camphorsulfonic acid, has a domestic market share of 65%. Its production technology and market share all take a leading position in the industry. The customers are mainly domestic and foreign pharmaceutical raw materials, cosmetics, veterinary drugs and other manufacturing companies.
It is worth noting that in order to circumvent the risks involved in transaction price assessment, Qingsong will use the audited net profit of Asia Pacific in Zhangjiagang as a reference to segment transaction prices into multiple “intervalsâ€. In the net profit of less than 8 million to more than 20 million yuan, the transaction price will be set to 1.1 to 1.25 times the net asset price to 2.4 to 2.55 times for a total of six grades. This multi-level transfer price setting is expected to maximize the reasonableness of the transaction price.
For Qingsong, the acquisition can serve two purposes. The company has not only achieved an extension to the downstream of the industrial chain, but also improved its profitability. Zhangjiagang Asia main product camphorsulfonic acid is camphor as raw material, Qingsong shares as the world's largest supplier of synthetic camphor, after the successful acquisition will use the advantages of raw materials, through technology, sales model infiltration, can further reduce camphorsulfonic acid production costs and Expand the sales share of foreign markets.
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