V mene lítium{0}}iónových batérií, podozrivá reštrukturalizácia
On the evening of November 24th, Anhui Xinli Finance Co., Ltd. (600318.SH, hereinafter referred to as "Xinli Finance") disclosed a "Major Asset Replacement and Issuance of Shares to Purchase Assets and Raise Matching Funds and Related Party Transactions Plan".
According to the "Plan", Xinli Financial plans to transfer the equity of its important companies engaged in financing guarantee, small loan, pawn and financial leasing and other financial businesses out of listed companies, and buy shares from Shenzhen BAK Battery Co., Ltd., Tibet Hao 19 shareholders of BAK Power, including Ze Trading Co., Ltd., placed about 75.62 percent of the shares of BAK Power.
Doteraz táto kótovaná spoločnosť, ktorá sa pôvodne zameriavala na finančný biznis, prešla na mimoriadne populárnu novú energetickú dráhu prostredníctvom akvizície akcií.
Xinli Financial v ten istý deň tiež oznámila, že spoločnosť obnoví obchodovanie 25. novembra. Trochu nad očakávania trhu po obnovení obchodovania zaznamenala spoločnosť Xinli Financial štyri denné denné limity za sebou. Pod kombinovaným tlakom viacerých faktorov cena akcií Xinli Financial v novembri vzrástla o 85,48 percenta.
V takmer vriacej atmosfére ceny akcií je však neúrekom aj hlasov pochybností. Dňa 28. novembra šanghajská burza poslala list s dotazom spoločnosti Xinli Finance, ktorý vyvolal ďalšie otázky týkajúce sa transakcie medzi Xinli Finance a BAK Power.
Can the BAK battery with its own popular label of "lithium battery" make Xinli Finance, which is trying its best to innovate its business territory, get its wish? Can the BAK battery, which has twice hit the A-share market and "defeat", turn over in the current hot electric energy storage outlet?
01. Keď nie je o reorganizácii rozhodnuté, existujú štyri-prepojovacie tabule
November bol pre Xinli Finance vzrušujúcim mesiacom. Najprv oznámila správu o svojej reorganizácii s BAK Power, ktorá vzbudila veľkú pozornosť. Neskôr bolo podozrenie na jeho existenciu v dôsledku zmien zásob. Do popredia sa dostal list s dopytom zo Šanghajskej burzy.
On November 10, Xinli Financial announced the suspension notice of planning a major asset reorganization, announced the purchase of BAK Power's equity through asset replacement and issuance of shares, and announced that it will suspend trading from November 11. On the day the news was announced, Xinli Financial's share price rose by the daily limit.
Two weeks later, on November 24, Xinli Finance announced its restructuring plan, saying that it planned to sell out the equity of five companies in the financial business of Xinli Finance and put 75.62 percent of BAK Power into it. Xinli Financial also warned that because the company's stock price fluctuated by more than 20 percent in the 20 trading days before the first disclosure of this restructuring, it may be suspected, so this transaction has the risk of being suspended, suspended or cancelled.
Public information shows that half a month before the announcement of the restructuring news, that is, starting from October 25, Xinli Financial's stock price continued to rise, an increase of more than 37 percent , and its market value increased from 3.374 billion yuan to November. 6.876 billion yuan on the 30th. During this period, two private equity products of Shanghai Tongyi Investment Management Company, "Tongyi Kirin No. 5" and "Tongyi Kirin No. 6", suddenly bought millions of shares of Xinli Financial, becoming the ninth and No. 1 shares of Xinli Financial. Top ten tradable shareholders.
On November 25th, Xinli Financial resumed trading, and the daily limit continued in the following days. On the evening of November 28, the Shanghai Stock Exchange issued a reorganization inquiry letter regarding Xinli Finance's proposed acquisition of 75.62 percent of BAK Power's shares, requiring Xinli Finance to provide information on whether to avoid reorganization and listing, the profitability of the target company, and insider information. issues and supplementary disclosures.
The Shanghai Stock Exchange pointed out in the inquiry letter that as the acquirer, Xinli Financial's share price rose by the limit on the day before the suspension of the restructuring, and the company's share price rose more than 20 trading days before the disclosure of the plan. The 20 percent standard stipulated in Article 5 of the Notice of Party Behavior. What exactly is going on?
Xinli Financial stated in the description of confidentiality measures and systems that the company has adopted strict and effective confidentiality measures. However, the well-documented fact is that in 2020, the private equity fund under Shanghai Tongyi Investment has entered the top ten tradable shareholders of Zhongli Group, a shareholder of BAK Power. Does Shanghai Tongyi Investment and Zhongli Group have the motive and facts of "precise hunting" BAK Power? This is exactly what market public opinion refers to, and it is also the focus that needs to be verified urgently.
V skutočnosti to nie je prvýkrát, čo spoločnosť Xinli Finance čelila podobným pochybnostiam. Už 6. decembra 2019 úrad dohľadu Anhui zverejnil na svojej oficiálnej webovej stránke rozhodnutie o administratívnej sankcii, v ktorom zverejnil skutočnosť, že spoločnosť Xinli Financial bola na inej akcii.
02. Xinli Finance repeats the "curve survival technique"
Prechod na novú koľaj a zmena hlavného podnikania nie je pre Xinli Finance žiadnou novinkou.
Xinli Financial was born out of Anhui Chaodong Cement Co., Ltd. established in 1999. Since 2015, Xinli Group has successively acquired a total of 17.34 percent of the unrestricted circulating shares of Anhui Chaodong Cement held by Changxing Mining, becoming the latter's largest shareholder; in the same year, the listed company acquired from Xinli Group. financial business. By 2016, Anhui Chaodong Cement had sold its cement assets and officially changed its name to Anhui Xinli Finance. After many moves, Xinli Finance finally completed the backdoor listing.
Nearly five years have passed in a flash, and Xinli Finance, which was listed on the backdoor, did not shine on the financial track it was sure about. Judging from the performance of recent financial data, the decline of Xinli Financial's main business has become more and more obvious. In the first three quarters of 2021, the company's revenue was only 305 million yuan, a year-on-year decrease of 14.34 percent ; the net profit attributable to the parent was only 884,600 yuan, a year-on-year decrease of 69.51 percent .
The ceiling of rising performance is within reach, and Xinli Financial once again encounters the troubles of growth. In the reorganization plan announced on November 24, Xinli Financial stated in writing that "the growth of the financial business the company is engaged in is weak, there is a risk of performance decline, and it is urgent to seek business transformation."
It is impossible for everyone to step into the same river. For Xinli Finance, which is in a dilemma with regard to business lines and performance expectations, it is somewhat tragic to retake the "Long March Road" of "restructuring", although it does not lose the original intention of "seeking development".
Spoločnosť Xinli Finance, ktorá sa snaží o druhý prielom, tentoraz zakotvila v BAK Power.
Len z hľadiska vývoja samotnej Xinli Finance je to skutočne zbožné prianie. Pred reorganizáciou sa Xinli Finance zaoberala najmä tradičnými finančnými obchodmi, ako sú finančné záruky, malé pôžičky, záložne a finančný lízing; po dokončení reorganizácie s BAK Power bude hlavná činnosť spoločnosti Xinli Finance úplne nová: výskum a vývoj lítium{0}iónových batérií, výroba a predaj, valcovité Trendy a špičkové{1}}technologické prvky, ako napr. batérie, prizmatické batérie, polymérové batérie vám okamžite prídu.
An executive of a well-known new energy technology company in Shenzhen told the market that he knows Xinli Finance and BAK Power very well, "Betting on the new energy track, Xinli Finance is obviously prepared this time." In his opinion, if this If the two companies can complete the reorganization as desired, Xinli Finance is expected to quickly acquire lithium-ion battery-related product lines, customer groups and technical talents, and quickly enter the hot lithium-ion battery industry.
V ohlásenom pláne reštrukturalizácie spoločnosť Xinli Finance tiež uviedla, že lítium-iónové batérie sú jedným z odvetví s najväčším potenciálom rozvoja, ktorý je poháňaný novými aplikačnými oblasťami, ako sú nové energetické vozidlá, a že vstúpilo veľké množstvo priemyselného kapitálu priemysel. Priemyselný výskumník z Pekingu Panzai Xincai Data Co., Ltd. verí, že táto diferencovaná injekcia aktív výrazne zníži náročnosť vstupu na trh a počiatočné prevádzkové riziká, keď je druhá krivka Xinli Finance a pôvodné obchodné rozpätie veľké.
BAK Power, the target of Xinli Financial's restructuring, was established in 2005. It was a subsidiary of Sino-Belgium Energy, a US-listed company, which was the first lithium-ion battery company in my country to land on the US Nasnaq market. In the 1990s when the global consumer electronics boomed, my country's lithium-ion batteries rose simultaneously, and BAK was one of the "Big Four" of the first generation of lithium-ion batteries.
According to BAK Power's official website, BAK Power initially entered the industry with consumer batteries, and then gradually expanded into the power lithium-ion battery market. At present, the company's main business includes cylindrical, square and polymer cells, as well as battery packaging, battery solutions, etc., which are mainly used in new energy vehicles, consumer products and backup energy storage.
Podľa relevantných údajov, ktoré zverejnil Inštitút pre výskum lítiových batérií (&II) z High{0}}Tech Industrial Research Institute, v globálnom rebríčku dodávok lítium{1}}iónových batérií v rokoch 2016 až 2019 sa BAK Power umiestnil pevne v prvej desiatke. Podľa ďalšej publikovanej priemyselnej výskumnej správy bolo doteraz k dispozícii viac ako 200000 nových energetických vozidiel nabitých lítium-iónovými batériami BAK power.
03. The "dilemma" meets and redeems each other?
V kanáli vysokého rastu priemyslu lítiových batérií za posledných desať rokov bol BAK Power vždy uprednostňovaný kapitálovým trhom.
V roku 2017 spoločnosť Changxin Technology Zeng Dongnian získala 75-percentný podiel v BAK Power za vysokú cenu 6,75 miliardy juanov. Vzhľadom na nejasnú regulačnú politiku v tom čase sa však obe strany nakoniec s ľútosťou vrátili. Čo sa týka tohto neúspešného manželstva, spoločnosť Changxin Technology uviedla, že akvizičný plán reštartuje hneď, ako to politika umožní. V roku 2018 sa skupina Zhongli pripojila k radom obdivovateľov a vyjadrila svoj zámer minúť 10 miliárd juanov na získanie kontroly nad BAK Power.
Obidve tieto obchody sa však doteraz nepodarilo zrealizovať pre nejasné politiky súvisiace s akvizíciami. Za zmienku však stojí, že v súčasnosti medzi 23 akcionármi BAK Power, okrem najväčšieho akcionára Shenzhen BAK, ktorý vlastní 29,14 percenta, vlastní Changxin Technology a Zhongli Group 11,65 percenta BAK Power a 8,29 percenta vlastného imania.
What is embarrassing is that BAK Dynamics, which was once glorious, has experienced twists and turns on its way to the capital market. It has hit the A-share listing twice before, but both ended in failure. In 2019, BAK Power was also caught in "serial debt".
Podľa verejných informácií v roku 2019 v dôsledku poklesu dotácií na nákup nových energetických vozidiel výrazne klesla inštalovaná kapacita nových energetických vozidiel a oneskorená platba zo strany Zotye Auto a Huatai Auto viedla k tesnému cash flow BAK Power; BAK Power sa teda dostala do omeškania. Jeho dodávateľ materiálu na lítium-iónové batérie má takmer 700 miliónov juanov.
Since the beginning of this year, BAK Power's operating capital is still relatively tight due to the uncertainty of large capital expenditures and the recovery of large accounts receivable, although BAK Power has eased. The restructuring plan announced on November 24 disclosed that from 2019 to the first nine months of 2021, BAK Power's operating income was 1.383 billion yuan, 1.564 billion yuan and 1.69 billion yuan, respectively, and the net profit attributable to the parent was -7.68 100 million yuan, -1 billion yuan, -7.3628 million yuan, and the cumulative loss reached 1.776 billion yuan; at the same time, BAK Power still has a large amount of outstanding balance, some of which are overdue, and there is a situation that the bank account is frozen.
On the evening of December 2, Changxin Technology announced that the company signed an equity transfer and offset agreement with BAK Battery. The general idea of the agreement is that because BAK Power failed to fulfill its performance commitments in 2018, BAK Power's controlling shareholder, BAK Battery, needs to compensate Changxin Technology of 115.5 million yuan, while the company currently only receives 8 million yuan in performance compensation. Therefore, the two parties agreed to adjust the remaining performance compensation of 107.5 million yuan to share compensation based on the valuation of BAK Power of 10.25 billion yuan.
It is precisely in view of BAK Power's business capabilities and many other issues that the Shanghai Stock Exchange put forward different opinions in the inquiry letter issued on November 28.
How much is BAK Power worth? Changxin Technology gave a valuation of over 10 billion in the above-mentioned offset agreement, but there are endless voices of doubt. A number of professionals in the power lithium-ion battery industry believed that BAK Power, which was once indistinguishable, "now seems to have no advantages except for the remaining building."
If calculated according to the shareholding amount of Zhongli Group, a shareholder of BAK Dynamics, the valuation of BAK Dynamics at 10 billion is indeed a bit "inflated". According to public data, Zhongli Group holds 8.2927 percent of the equity of BAK Power, and the corresponding equity book balance is 388 million yuan. Based on this calculation, the current valuation of BAK Power is only about 5 billion yuan.
Napriek tomu je Xinli Financial stále pomerne nádejná.
V atmosfére globálneho trhu s lítiovými batériami, ktorý si zachováva vysokú prosperitu, sa popri neustálom náraste celého dodávateľského reťazca gigantov na dráhe, ako bola éra Ningde, prípady cezhraničného vstupu na trh s lítiovými batériami nie sú nezvyčajné.
Medzinárodná energetická agentúra predpovedá, že do roku 2030 bude celosvetový rozdiel v dopyte po lítiu približne 50 percent na základe existujúcich a{2}}rozostavaných projektov výroby lítia.
BAK Power may not be the best choice, but the lithium-ion battery track is tempting enough. As the former head company of the domestic lithium-ion battery track, BAK Power's dynamic in recent years can also see its active self-help ideas.
After the "serial debt" in 2019, BAK Power has been quite cautious in its own development direction. While taking root in the increasingly hot "small power" market, it is also deeply engaged in the design and development of large cylindrical batteries.
In the "small power" market, BAK Power is penetrating into smart home products with various types of high-rate and large-capacity lithium-ion batteries; Tuan and other major shared travel companies have reached cooperation and supply batteries for first-line lithium-ion light vehicle brands such as Ninebot and Xinri; in terms of power tools, BAK's high-rate discharge cells have been verified and confirmed by TTI, the world's leading power tool. Started mass supply for several power tool brands under TTI.
Lin Jian, hlavný vedec BAK Battery, uviedol, že BAK Battery je najstaršou a v súčasnosti jedinou spoločnosťou v Číne, ktorá zrelé zvládnutie technológie smerového tryskania valcových článkov a úspešne vyriešila technológiu tepelnej nestability. V porovnaní s veľkým štvorcom je bezpečnosť valca najväčšou výhodou, keď je hustota energie a hustota výkonu podobná.
