Report by : Gan Yung Chyan, KUCINTA SETIA
On 30 September 2020, according to the online bidding transaction confirmation letter, Beijing Shengda Gold Industry Investment Consulting Co., Ltd., after an open bidding, won the "Partial Value Project of LongJiang Airlines Co., Ltd. 98% Equity Equity Corresponding to the Shareholder Equity" at the highest price of 805,731,040 RMB. This price is much higher than the starting price of 329 million RMB and the estimated price of 411 million RMB.
The online auction attracted nearly 40,000 onlookers, and two bidders including Beijing Shengda Gold made a total of 91 bids.
According to the company's information, Beijing Shengda Gold was established in 2012 with a registered capital of 1 million RMB. Its business scope includes investment consulting, investment management, and economic and trade consulting.
LongJiang Airlines is a public transport aviation company approved by the CAAC in July 2014. It was officially registered on 3 September 2014 and became the first local civil aviation company in Heilongjiang Province. The operation license was obtained on 30 June 2016, the operation certificate was obtained on 9 February 2017, and the operation was officially put into operation on 10 February. Currently Longjiang Airlines owns 5 A320 aircraft.
According to the appraisal report made by the appraisal agency, the book value of the net assets of LongJiang Airlines Co., Ltd. as of 31 August 2019 on the appraisal base date was 411 million RMB. After the appraisal, the value of all shareholders’ equity was 419 million yuan, and the appraised appreciation was 7.464 million RMB, an increase of 1.81%.
It is worth noting that LongJiang Airlines still has current liabilities of 801 million RMB, non-current liabilities of 21 million RMB, and total liabilities of 822 million RMB.
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