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The Hunan Torch A issued a share reform announcement a few days ago. Unlike the previous market rumors that used the warrants as the main program, Weichai Power adopted the method of changing shares with Hunan Torch A indirectly on the A-share market, and used it as a share reform price. In this exchange absorption merger, Weifang Diesel’s share price is RMB 20.47 per share, Hunan Torch Conversion Price is RMB 5.80 per share, and the conversion ratio is 3.53:1.
This plan exceeds the market's general expectation, and we believe that once this plan is successfully implemented, it will have a profound impact on the competitive landscape of the heavy truck industry.
Comments:
Zhuzhou State-owned assets will send shares to all tradable shareholders. Every 10 shares will receive 0.35 shares, and the tradable shareholders will receive a total of 20.95 million shares. Zhuzhou State-owned Assets Co., Ltd. paid 53.45 million shares of this consideration and converted it into 15.14 million shares of Weichai Power A shares at a conversion ratio of 3.53:1. The total number of shares of tradable shareholders who obtained this consideration was 619.56 million shares. According to the ratio of 3.53:1, we replaced the 175.51 million shares of Weichai Power A shares. In order to fully protect the interests of small and medium shareholders, the merger of the shares will be provided by the third-party distributors of the circulatory shares of the torch to provide cash options. The tradable shareholders of the Hunan Torch can use the torch stock held by them to be at 5.05 yuan per share. All or part of the price of the cash option, the state-owned Zhuzhou promised to give up cash options. The equity split reform plan with the exchange share absorption as the main content is equivalent to the non-tradable shares for the tradable shares, and the ratio of share issue is the consideration for the value of 2.07 shares of the company's shares received by every 10 tradable shareholders.
The value appreciation of the market value of the original Hunan Torch A tradable shareholders was less than the price. Since we have not conducted field research on Hunan Torch A and Weichai Power, we cannot accurately predict the future performance of the two companies. However, based on the Hong Kong market and domestic analysts' forecast of the performance of the two companies, we can conclude that the stock exchange will be obtained. After the success, Weichai Power's rough estimate of EPS of RMB 1.37 in 2006 was valued at a 15x price-earnings ratio. Weichai Power's reasonable price is about 20.59 yuan per share.
The tradable shareholder who originally held the Hunan Torch A was calculated based on the closing price of 598.61 million shares and Dongguan Torch A at 5.05 yuan, with a total market value of 3,022.98 million yuan. After the share conversion, the shareholders of tradable shares held a total of 175.51 million shares of Weichai Power. In accordance with the reasonable price of 20.47 yuan/share after giving the Weichai Power Consolidated Statement in the share reform plan, the total market value is 3,592.69 million yuan, with a premium of 18.85%, which is lower than the level of 10 deliveries of 2.07 calculated in the announcement.
Weichai Power will become the biggest winner
After the stock exchange, the original major shareholder of Hunan Torch A, Weichai Power, was indirectly listed on the A-shares. After a maximum period of 36 months, the Weichai Power's tradable shares in the A-shares will account for the company’s total shares. 75.7% of the company's focus will shift from H-shares to the A-share market. Including the previous purchase price of 102.38 million yuan from Weichai Power's acquisition of 282.8% of Hunan Torch, the acquisition of Weichai Power totaled 4926.06 million yuan.
Through this share swap, Weichai Power will directly control the quality of heavy-duty trucks and spare parts assets of the Hunan Torch Group, including Shaanxi Heavy Duty Truck, Fast Gear and Hande Axle, for the envy of all competitors. Power has taken a milestone step in the integration of heavy truck industry components and vehicle integration, and will become the biggest winner in this share reform.
From January to July 2006, Shaanxi Automobile sold a total of 18,617 complete vehicles, chassis, and semi-trailer tractors, an increase of 76% over the same period of last year. Its market share increased to 11%, ranking fourth after Dongfeng, FAW and Sinotruk. . At present, the production capacity of Shaanxi Heavy Duty Truck is about 50,000-80,000 units, of which the existing old factory double-shift production capacity is 1.8-2.0 million units. The new plant has been put into operation in March 2006, and the designed single-shift production capacity is 30,000 units. The annual sales of Shaanxi Heavy Duty Truck will reach 30,000 units, and it is planned to reach a sales volume of 50,000 units in 2007.
The rapid rise of Shaanxi Heavy Duty Truck solved the risk that orders for Weichai and Heavy Duty Truck could not be guaranteed after the separation. Faster gears accounted for more than 80% of the domestic heavy-duty truck transmission market. Weichai - Fast - Shaanxi Auto - Hande Axle has become the perfect combination for the domestic heavy truck industry. According to our understanding, at present, the marketing network resources of Weichai and Shaanxi Heavy Duty Truck have begun to be integrated. When Shaanxi Heavy Duty Truck reaches its planned 50,000 production and sales scale in 2007, the competitive landscape of China's heavy truck industry will be changed again. The pattern of “?+?†is difficult to judge, but it is foreseeable that the heavy truck industry will soon be filled with smoke again.
View related topics: Assembling: Auto Parts Giants Hunan Torch
Hunan Torch (000549): Converting Shares to Absorb and Strengthen Competitiveness