باسم بطاريات أيونات الليثيوم - ، إعادة هيكلة مشبوهة
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.
حتى الآن ، حولت هذه الشركة المدرجة ، والتي ركزت في الأساس على الأعمال المالية ، نفسها إلى مسار الطاقة الجديد الشائع للغاية من خلال الاستحواذ على الأسهم.
كما أعلنت Xinli Financial في نفس اليوم أن الشركة ستستأنف التداول في 25 نوفمبر. تجاوزت توقعات السوق إلى حد ما ، بعد استئناف التداول ، سجلت Xinli Financial أربعة حدود يومية يومية على التوالي. في ظل الدفع المشترك لعدة عوامل ، ارتفع سعر سهم Xinli Financial بنسبة 85.48 في المائة في نوفمبر.
ومع ذلك ، في جو الغليان تقريبًا لسعر السهم ، فإن أصوات الشكوك أيضًا لا حصر لها. في 28 نوفمبر ، أرسلت بورصة شنغهاي رسالة استفسار إلى Xinli Finance ، مما أثار المزيد من الأسئلة حول الصفقة بين Xinli Finance و 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. هناك أربعة - لوحة اتصال عندما تكون إعادة التنظيم مترددة
كان شهر نوفمبر شهرًا مثيرًا لشركة Xinli Finance. أولاً ، أعلنت عن خبر إعادة تنظيمها مع شركة BAK Power ، الأمر الذي جذب الكثير من الاهتمام. في وقت لاحق ، تم الاشتباه في وجوده بسبب تغييرات المخزون. رسالة استفسار من بورصة شنغهاي جعلتها في المقدمة.
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.
في الواقع ، ليست هذه هي المرة الأولى التي تواجه فيها Xinli Finance شكوكًا مماثلة. في وقت مبكر من 6 ديسمبر 2019 ، نشر مكتب الإشراف في آنهوي قرارًا بعقوبة إدارية على موقعه الرسمي على الإنترنت ، يكشف حقيقة أن Xinli Financial كانت في مخزون آخر.
02. Xinli Finance repeats the "curve survival technique"
التحول إلى مسار جديد وتغيير العمل الرئيسي ليس بالأمر الجديد على Xinli Finance.
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".
قامت Xinli Finance ، التي تسعى جاهدة لتحقيق اختراق ثان ، بترسيخ BAK Power هذه المرة.
فقط فيما يتعلق بتطوير Xinli Finance نفسها ، هذا بالفعل تفكير أمني. قبل إعادة التنظيم ، كانت Xinli Finance تعمل بشكل أساسي في الأعمال المالية التقليدية مثل ضمانات التمويل ، والقروض الصغيرة ، والبيادق ، والتأجير التمويلي ؛ بمجرد اكتمال إعادة التنظيم مع BAK Power ، سيصبح العمل الرئيسي لشركة Xinli Finance جديدًا تمامًا: بحث وتطوير بطاريات أيونات الليثيوم - ، والإنتاج والمبيعات ، والعناصر الأسطوانية العصرية والمتطورة - مثل البطاريات والبطاريات المنشورية وبطاريات البوليمر ستأتي إليك على الفور.
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.
في خطة إعادة الهيكلة المعلنة ، ذكرت Xinli Finance أيضًا أن بطاريات أيونات الليثيوم - هي إحدى الصناعات الأكثر إمكانات للتطوير مدفوعة بمجالات التطبيقات الناشئة مثل مركبات الطاقة الجديدة ، وقد دخل قدر كبير من رأس المال الصناعي الصناعة. يعتقد باحث في الصناعة من شركة Beijing Panzai Xincai Data Co.، Ltd. أن هذا الحقن المتمايز للأصول سيقلل بشكل كبير من صعوبة دخول السوق ومخاطر التشغيل الأولية عندما يكون المنحنى الثاني لـ Xinli Finance ونطاق الأعمال الأصلي كبيرًا.
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.
وفقًا للبيانات ذات الصلة الصادرة عن معهد أبحاث بطاريات الليثيوم (&II) التابع لمعهد البحوث الصناعية - عالي التقنية ، في تصنيفات شحن بطاريات أيونات الليثيوم العالمية - من 2016 إلى 2019 ، صنفت شركة BAK Power بحزم في المراكز العشرة الأولى. وفقًا لتقرير بحثي آخر عن الصناعة تم نشره ، حتى الآن ، كان هناك أكثر من 200 ، 000 مركبة طاقة جديدة محملة ببطاريات ليثيوم أيون BAK -.
03. The "dilemma" meets and redeems each other?
في قناة النمو المرتفعة لصناعة بطاريات الليثيوم في السنوات العشر الماضية ، لطالما كانت BAK Power مفضلة من قبل سوق رأس المال.
في عام 2017 ، استحوذت Changxin Technology Zeng Dongnian على 75 بالمائة من أسهم شركة BAK Power بسعر مرتفع قدره 6.75 مليار يوان. ومع ذلك ، نظرًا للسياسة التنظيمية غير الواضحة في ذلك الوقت ، عاد الطرفان في النهاية بأسف. فيما يتعلق بهذا الزواج الفاشل ، صرحت Changxin Technology أنها ستعيد تشغيل خطة الاستحواذ بمجرد أن تسمح السياسة بذلك. في عام 2018 ، انضمت Zhongli Group إلى صفوف المعجبين ، معربة عن عزمها إنفاق 10 مليارات يوان للسيطرة على BAK Power.
ومع ذلك ، فشلت هاتان الصفقتان حتى الآن في أن تتحقق بسبب السياسات غير الواضحة المتعلقة بعمليات الاستحواذ. ولكن من الجدير بالذكر أنه حتى الآن ، من بين 23 مساهمًا في BAK Power ، بالإضافة إلى أكبر مساهمين Shenzhen BAK التي تمتلك 29.14٪ ، تمتلك Changxin Technology و Zhongli Group على التوالي 11.65٪ من BAK Power و 8.29٪ من الأسهم.
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".
وفقًا للمعلومات العامة ، في عام 2019 ، نظرًا لانخفاض إعانات شراء سيارات الطاقة الجديدة ، انخفضت السعة المركبة لمركبات الطاقة الجديدة بشكل كبير ، وأدى التأخير في الدفع لشركة Zotye Auto و Huatai Auto إلى ضيق التدفق النقدي لشركة BAK Power ؛ لذلك كانت شركة باك باور متأخرة. وتبلغ ديون مورد مواد بطاريات الليثيوم - أيون الليثيوم ما يقرب من 700 مليون يوان.
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.
ومع ذلك ، فإن Xinli Financial لا تزال متفائلة نسبيًا.
في ظل أجواء السوق العالمية لبطاريات الليثيوم التي تحافظ على ازدهار عالٍ ، بالإضافة إلى الزيادة المستمرة في سلسلة التوريد الكاملة لعمالقة المسار مثل عصر Ningde ، وحالات دخول - الحدود إلى سوق بطاريات الليثيوم ليس من غير المألوف.
تتوقع وكالة الطاقة الدولية أنه بحلول عام 2030 ، ستكون هناك فجوة عالمية في الطلب على الليثيوم تبلغ حوالي 50 في المائة بناءً على مشاريع إنتاج الليثيوم القائمة وتحت الإنشاء -.
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.
قال لين جيان ، كبير العلماء في BAK Battery ، إن BAK Battery هي الشركة الأولى والوحيدة حاليًا في الصين التي أتقنت تقنية التفجير الاتجاهي للخلايا الأسطوانية ونجحت في حل تقنية عدم الاستقرار الحراري. بالمقارنة مع المربع الكبير ، فإن سلامة الأسطوانة هي أكبر ميزة عندما تتشابه كثافة الطاقة وكثافة الطاقة.
