Harvard International formerly Harris Overseas Ltd company was founded in 1963

Reporters Yao Bohai Beijing, November 8, Jinya technology announcement said the company through a wholly-owned subsidiary of Jinya technology (HK) company completed a Harvard International acquisition of full ownership. As another case of Chinese overseas mergers and acquisitions, Jinya technology said in a notice, the target company's advantages is its main reason for the value. Obviously, unlike traditional technology mergers and acquisitionsCase is not the same. Provincial network integration operation contains a huge risk, Jinya technology quarterly show, 2011-September, the company achieved revenues of $ 155 million, down 4.43%; operating profit $ 36.52 million, an increase of 4.06%; vested in the owners of the parent company net profit of $ 31.63 million, down 9.06%; Basic earnings per share of $ 0.12. Main business problems facing poor sales company. According to the company, the company's main business is mainly before and after digital TV system-side software, hardware, development, production and sales, as well as to small and medium-sized digital TV operators provide end-to-end solution. Is actually a set-top box sales and follow-up service. In mindLearned in the interview process, this stemmed largely from countries previously implemented a provincial network of integration policy, as Jinya technology business areas are mainly located in city and county-level customer, so in the provincial network integration processes face great impact in the market. Industry analysts have pointed out that, compared with Telecom, Unicom network, China Radio and TV network is currently in a very scattered State, "fragmentation"Is the true portrayal of the radio and television market. Including Jin ya science and technology, coship electronics, many listed companies, such as Sichuan Jiuzhou business types are very similar, but are clearly within the sphere of influence. On the business, companies, mainly through negotiation with the district and County radio and television unit, once you have obtained licenses for network access, will have exclusive, other companies it is difficult to step in. Prior to this,Jinya technology was the main operation mode: access to a customer, independently by company funds invested in early in exchange for late into. This is very similar to the previous Internet companies, these companies often first "burning money" gets hits, and relying on the views in exchange for advertising. However, in the province of network convergence, driven by small and medium-sized operators in the district and County will be transformed into provincial cable network companiesOr a subsidiary of its holding (depends on the management mode of provincial cable network companies and their internal decision making rights Division), on the purchase cable network companies consolidated by the provincial-level control, which no doubt there is a huge risk for Jinya technology. TX investment analyst Song Bin pointed out in previous reports, the company "countryside surrounding the city" model will encounter difficulties in the provincial network of newPolitics may be missing in the implementation of existing markets. In addition, product homogenization and input into business models also show declining popularity in the provincial network integration. Obvious is that the company's products in the market squeeze single cases, increased input in channels and research and development. Was forced out to sea, channel integration difficult to measure in the future is of concern, Jinya technology acquisition and productionAccess is taking over the way is to directly issue a takeover offer to all shareholders of the target company, rather than the more common agreed takeover. After completion of the acquisition, Harvard International from the United Kingdom AIM market (second board market to serve the high-growth SMEs) delisting. This also reflected the company in acquisition of urgent and spared. Three quarterly reports shows that Jinya technology total current assetsAt $ 868 million, $ 229 million purchase price is almost equal to its total assets of 26.3%. In the eyes of industry, high price is mainly due to the urgent needs of the company on the channel. Journalists learned in an interview, despite the domestic radio and TV network construction speed less than abroad, but on the hardware, software, technology is already in the advanced level. JinyaThe acquisition of science and technology, the most important still care about each other in the United Kingdom and Australia market marketing channels, once these channels open, Jinya technology set-top box should be very competitive. Public information displays, Harvard International formerly Harris Overseas Ltd company was founded in 1963, specializing in consumer electronics diablo 3 power leveling, is a United KingdomOne of the set-top box distributors. The first half of 2010 United Kingdom DSO implement digital conversion projects allows the company to benefit from its set top box unit sales also rose sharply, in the Australia market also sold well, but under the influence of the rate in the second half, sales fell. Financial data shows that Harvard International 2011 fiscal year from April 1, 2010March 31 operating income 61.2 million pound about 608 million Yuan, Jinya technology year 2010 revenue of $ 212 million, Harvard International revenues of about 286.79% of Jinya technology. Some analysts pointed out that Harvard International is a pure reliance on channel profitable enterprises, the company does not have any patents on the technology and advantages, the marketFluctuations that directly affect the company's performance levels. Jinya specializing in technology as a technology company, domestic channels does not work out, acquisition of Harvard International will to a certain extent make up for insufficient Jinya on Science and technology in the channel. Sell shares for, potential loss of corporate control, however, is of concern, Jinya after the acquisition of science and technology, hyper-raise funds have been exhausted. Is notHow to raise more funds for construction of enterprises will become the biggest problem. Prior to this, Jinya technology company Chairman Zhou Xuhui have continued to sell their holdings to obtain funds cover cash flow. Prior to the listing, in order to introduce funds, Zhou Xuhui's stake has been before this fell to 75%. After the listing of this reduced share continued toBefore 27.21%, which makes companies present on the control of the risks. However, the concern was that Zhou Xuhui in my market value of the stake after the listing has not been too much of an impact. On December 31 last year, for example, Jinya technology closing price was $ 16.01, Zhou Xuhui holds 47.9952 million shares at that time, a market capitalisation of $ 768 million. On June 3, Jinya technology implemented $ 10 shares converted into 5 2 tax allocation scheme, Zhou Xuhui holding the number increased to 71.9928 million shares. As of November 25, Jinya technologies closed $ 8.84/unit, Zhou Xuhui held stock values of about 636 million. And if you follow the previously under the influence of Jin ya technology acquisitions Harvard international event, the company on November 10, the highest rising to 1$ 0.47/share, Zhou Xuhui stock market value reached $ 754 million, compared with the end of last year, and almost no loss. QA Q= A= Jinya of the Chinese financial technology securities transaction represent Yang Wen Q: takeover of Harvard International said in a notice of funds used to buy about $ 229 million, will this puts pressure on the company's future earnings? A:Acquisition funding company obtained through its own funds and bank borrowings, without considering the effect of other changes in the debt of the company, as well as other circumstances, would now have more than raise debt levels, but prior to this acquisition the company's gearing ratio and a low debt to income ratio, especially interest-bearing liabilities ratio of only 10.09%, so after completion of the transaction the company's debt levelsWill remain in a more reasonable scope. Q: after the completion of the acquisition, the target company overseas channels what changes would have on the performance of the company have? Whether your company's products in the future to overseas markets as the main channel? A: after you complete this major asset acquisitions, the company will further enhance the competitive edge in the digital set-top box industry diablo 3 gold, mainly in the following two points: first,The transaction is complete, customers of our company resources to further strengthen sales channels more diversified, covering China's radio and television operators, United Kingdom, and Australia's retail channels, and professional users. Second, the target firm Goodmans and Bush brand has been staged in the United Kingdom and Australia an adequate awareness and market position in the market, customers get approved and accumulatedSignificant brand advantage, through consolidation, the company's products can faster be accepted by foreign markets. Q: three quarterly reports show, the company's main business revenue slipped, sales also fell varying degrees in various areas, this is due to factors such as the provincial network integration impact? How companies respond? A: at present, most of the areas in which our customers have not yet completed "Provincial network "integration, leading customers to extend the time for payment, accounts receivable increase. For this sort of situation the company is also actively taking measures to strengthen the safeguards against accounts receivable risks, such as for the ongoing integration of provincial network customers, sent company sales staff keeps track of the integration of customers, timely understanding of customer networks in the areas of province to consolidate progress and strengthen communication with customers, changes in settlementWay, not intended to be used to change method of payment the customer, through consultation and customer, the two sides back to the time for engagement, reduce the risk of accounts receivable. Gold-line statement: Gold-line reproduced above, does not indicate that confirm the description for investor use only and does not constitute investment advice. 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