According to the audit data, in the first half of 2020, the revenue of Tianhong gas is 204 million yuan, and the net profit is 12.7697 million yuan. As of June 30, 2020, the total book net assets is 107 million yuan. After the capital increase and share expansion, the valuation of Tianhong gas is 200 million yuan.
Last nights announcement showed that Datong Gas Co., Ltd. and the original shareholders of Tianhong Gas Co., Ltd. made a joint commitment. After the completion of the investment, the average annual net profit of Tianhong gas to the target company through audit in 2020, 2021 and 2022 will not be less than 22 million yuan.
According to public information, Shanghai has been in contact with Shenneng group, a subsidiary of Shanghai SASAC. Shenneng group owns Shanghai No.5 ditch LNG terminal and Shanghai Yangshan Port LNG terminal. After the completion of capital increase and share expansion, Tianhong gas will purchase LNG from Shanghai Jiulian every year.
Source of this article: Yang Bin, editor in charge of CFA_ NF4368