Large Shareholders Increase The Injection Of Sihai Spandex &Nbsp; Profitability Of The Times Is Expected To Improve.

The estimated estimated value of the proposed assets is 140 million yuan, which is calculated at the issuing price of 6.66 yuan / share.

Statistics show that as of September 30, 2010, the net assets of Sihai spandex were 347 million yuan, and the estimated value was about 485 million yuan, and the appreciation rate was about 39.86%.

The company mainly produces and sells differentiated spandex fiber and MDI, PTMG and other spandex raw materials, producing an annual output of 9500 tons of differential spandex fiber.

The project adopts Japan's "Nu Ching spinning" spandex dry spinning technology, and is the largest producer of the "Nim Ching" spandex dry spinning technology at present.

From 2009 to 2010, from 1 to September, the four seas spandex achieved operating income of 309 million yuan and 331 million yuan respectively, and realized net profit of 8 million 665 thousand yuan and 36 million 151 thousand and 200 yuan, while the combined operating income of time science and Technology 2009 was 282 million yuan, and net profit was 12 million 945 thousand and 100 yuan. This year 1 to September profit is 20 million 36 thousand and 800 yuan.

Therefore, after controlling the Sihai spandex, the operating income and net profit of the listed companies will increase significantly.

In December 2008, the era of the former major shareholder group and Zhonghe investment signed the "share pfer agreement", and the times group pferred the limited 39 million period shares (the 12.12% of the total shares) to the Zhonghe investment.

In May 2009, the times group and Zhonghe investment signed the "share pfer agreement". The Zhonghe 11 million investment limited circulation unit (3.42% of the total shares) held by the Zhonghe investment and pfering Era Group (the total number of shares) was 3.42%. After the pfer, Zhonghe investment held 50 million shares of the times technology, accounting for 15.54% of the total shares, and became the controlling shareholder of the times.

From 2007 to 2009, the growth of instrument and meter business has slowed down, and its operating income has declined slightly, while the cost has increased year by year. The gross profit margin has been declining, while the gross profit of textile and weaving business is relatively large, but the profitability is relatively weak in the two major businesses of the times.

Therefore, the company's profit lacks new growth points and needs to be injected into new businesses to maintain sustained profitability.

Against this background, in 2009, time science and technology gained 43.415% stake in Sihai spandex through asset replacement.

The reorganization is to achieve the future of listed companies to produce and sell differentiated polyurethane and other textile industry as the main industry, and the listed company to become differentiated polyurethane production and sales of high-end textile business integration platform.

The holder of the other 27.75% stake in Sihai spandex is Shiny Holdings Limited, and the actual controller of the company is also Pu Liming, the actual controller of the times. Pu Liming promised that the 27.75% stake of Sihai spandex Shiny Holdings Limited will be injected into the listed company within two years after the completion of the paction.