To avoid wearing " ST " Hat, since March 2009 M & A sanlu group After some core assets, losses continue due to integration problems. Three Yuan stock (600429.SH) start selling assets in order to cross the border.

Yesterday, three yuan shares (600429.SH) announced that the company will transfer the equity price of not less than 350 million yuan through the Beijing property rights transaction to the 100% stake of the wholly owned subsidiary, Beijing Hua Guan Dairy Co., Ltd. (hereinafter referred to as "Hua Guan company").

After acquiring some assets of Sanlu Group, three yuan shares had the opportunity to enter the first camp of dairy industry. However, because of the integration problem, the net profit attributable to the owners of the parent company was -1.28 billion yuan. According to the third quarter report released in 2010, according to the three shares issued in October 28th, the company continued to lose money in the first three quarters, with a total loss of nearly 76 million 210 thousand yuan. This year 1~9 month, by the acquisition of Sanlu assets, its net profit fell 27.77% compared to the same period, the third quarter is a net loss of 20 million 690 thousand yuan, down 405.29% compared to the same period. According to the relevant provisions of the Shanghai and Shenzhen Stock Exchange, the listed company has been losing money for two consecutive years, and the stock will be referred to as "ST" before its short stock.

"For dairy companies, being called ST is not only bad reputation, but also has an impact on its brand." An analyst from Eastern Edgar said so.

And the sale of Hua Guan company will give three yuan shares to bring 350 million yuan of income, if can smoothly sell, not only can increase the company's cash flow, three yuan shares will also remove the danger of "ST".

Three yuan shares believed that according to the assets owned by Hua Guan company, it is a good time for the transfer of shares and can obtain a higher transaction price. In the past half a month, in September 27th and October 12th, there were two consecutive intensive capital increases, with a capital increase of 48 million 400 thousand yuan and 210 million yuan respectively. As of October 31, 2010, Hua Guan had total assets of 282 million yuan, net assets of 281 million yuan, total liabilities of 1 million 350 thousand yuan, operating income of 1 million 450 thousand yuan, and net profit of 140 thousand yuan.

According to people familiar with the matter, Hua Guan has previously been one of the important capacity of three yuan shares in Beijing, but three yuan shares said that at present, Hua Guan has been surrounded by new residential areas, and traffic is extremely inconvenient. The daily production of factories and the transportation of raw and auxiliary materials and finished products have had a certain impact on community residents. At the same time, in order to meet the requirements of environmental protection, the company invested a lot of funds to deal with the pollution sources such as sewage, smoke and noise, and increased the operating cost of the company to a certain extent.

And three yuan shares have started investing in the construction of a new dairy industrial park in Daxing District, Beijing. In 2009, the capacity to handle fresh milk is 1200 tons per day, and is expected to be put into operation in the middle of 2011. After the industrial park is put into operation, the production capacity of Hua Guan's production plant will be transferred to the industrial park to avoid duplication of manpower, equipment and auxiliary facilities.

In addition, Daxing Industrial Park is in the investment stage, and still needs a large amount of funds. The transfer of Hua Guan's income will increase the company's cash flow and ease the financial strain.

In addition to easing financial pressure, the sale of Hua Guan is also conducive to three yuan against Mengniu and Erie for its stronghold Beijing market. In June 2009, Mengniu and Yili began to re occupy the Beijing market after the resumption of the dairy crisis. The three yuan not only failed to maintain the market share of the peak period of 90%, but has been stagnant since then, and Hua Guan dairy mainly produces cheese and other dairy products. Although it has made a profit, it has made little contribution to the company, integrating it into the new industrial park, which can increase the liquid milk production capacity of three yuan, and is conducive to three yuan to concentrate on competing with Mengniu and Yili for the Beijing liquid milk market.

Orient analyst believes that although the integration of Sanlu has brought huge losses to three yuan, three yuan will not sell Sanlu's assets in Hebei. Three yuan to receive Sanlu assets is mainly milk powder business, its gross margin is generally between 40%~50%, far higher than the three yuan before the main business liquid milk, after integration potential is huge.