On the evening of August 9, * ST Dazhi released the fixed increase plan in the evening. The company plans to issue shares to the controlling shareholder hengpa power at a price of 27.2 yuan / share, raising no more than 800 million yuan to invest in the construction project of lithium-ion power battery (2.4gwh), supplement working capital and repay loans. The fixed locking period is 36 months.
The announcement shows that the products of this raised investment project are mainly lithium-ion power batteries based on MEB platform, and the main technical route is square aluminum shell power batteries wound with medium nickel system. The products will be applied to new energy electric vehicles, energy storage and other related fields. After the project is completed and put into operation, it will reach an annual production capacity of 2.4gwh of lithium-ion power battery.
After the issuance, the total assets and net assets of the company will increase accordingly, and the asset liability ratio of the company will decrease. With the realization of the use efficiency of the raised funds, the scale of the total assets and net assets of the company will be further improved and the anti risk ability will be further enhanced. At the same time, the company’s current ratio and quick ratio will be optimized, and its short-term solvency will be improved, which is conducive to reducing the company’s financial risk and providing a good guarantee for the company’s subsequent business development.
On the other hand, as the implementation and benefit manifestation of the raised investment project need a certain period, it may lead to a certain degree of decline in the financial indicators such as return on net assets and earnings per share in the short term. With the gradual implementation of the fund-raising investment projects, the company will accelerate the industrial layout in the field of new energy power batteries, form new profit growth points, further enhance the company’s competitiveness, and greatly improve the company’s sustainable development ability and profitability, which is conducive to the expansion of the company’s business scale and the growth of profit level in the future.
Revenue in the first half of the year increased by 35% year-on-year
Share prices soared by more than 240% in recent March
On the evening of August 9, * ST Dazhi disclosed the semi annual report of 2021. During the reporting period, the company achieved an operating revenue of 49.3429 million yuan, a year-on-year increase of 35.33%; The net profit attributable to the shareholders of the listed company was a loss of 87.9294 million yuan and a profit of 7.9539 million yuan in the same period of last year; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was a loss of 101 million yuan, compared with a loss of 34.2941 million yuan in the same period of last year; The net cash outflow from operating activities was 43.3533 million yuan, compared with 25.8073 million yuan in the same period of last year; The basic loss per share was 0.56 yuan.
In terms of share price, in recent March, * ST Dazhi’s share price soared by more than 240%.
Move to the field of new energy
To strengthen the power battery business
In recent years, * ST Dazhi’s main business income is mainly surface engineering chemicals business, including coating additives business and coating intermediates business. The market scale of this segment is relatively limited, the degree of marketization is high, the competition is fierce, and the long-term high-speed growth is facing certain challenges.
Since 2020, the company has moved to the field of new energy. On January 2, 2020, the listed company signed the equity gift agreement on Sichuan xinminya Battery Technology Co., Ltd. and Hunan xinminya New Energy Technology Co., Ltd. with Shanghai Lingpa. The listed company received 80% of the equity of Hunan Lingpai and Sichuan Lingpai held by Shanghai Lingpa free of charge. On February 18, 2020, the relevant industrial and commercial change procedures were completed.
On April 28, 2020, the listed company signed the equity transfer agreement on Sichuan xinminya Battery Technology Co., Ltd. and Hunan xinminya New Energy Technology Co., Ltd. with Shanghai Lingpa, and the listed company transferred 20% equity of Hunan Lingpai and Sichuan Lingpai respectively. At present, the equity change procedures of Hunan Lingpai and Sichuan Lingpai have been completed, and the above two companies have become wholly-owned subsidiaries of listed companies. Hunan Lingpai and Sichuan Lingpai are mainly engaged in the R & D, production and sales of new energy power batteries. Through the acquisition of Hunan Lingpai and Sichuan Lingpai, the company has expanded the new energy power battery business.
In April this year, * ST Dazhi also announced that it plans to issue no more than 47.4418 million shares to no more than 35 specific objects, including hengpa power. It is expected that the total fund-raising will not exceed 900 million yuan to invest in lithium-ion power battery (2.4gwh) construction project and high-performance power battery R & D Center project.
Proposed change of control
Hengyang SASAC will become the actual controller
On the evening of July 27, * ST Dazhi announced that on July 26, 2021, Hengyang Hongxiang Automobile Technology Co., Ltd. (hereinafter referred to as “automobile technology”) and Hunan Lingpa New Energy Investment Co., Ltd. (hereinafter referred to as “Hunan Lingpa”) Lingpa new energy technology (Shanghai) Co., Ltd. (hereinafter referred to as “Shanghai Lingpa”) signed the property share transfer agreement between Hengyang Hongxiang Automobile Technology Co., Ltd., Hunan Lingpa New Energy Investment Co., Ltd. and Lingpa new energy technology (Shanghai) Co., Ltd. on Hunan hengpa power partnership (limited partnership), It is agreed that automotive technology will purchase the 300 million yuan paid in property share of hengpa power held by Hunan Lingpa for 363 million yuan, and act as the general partner and executive partner of hengpa power, so as to obtain the actual control over hengpa power.
After the completion of the transaction, automotive technology will obtain the actual control of hengpa power and indirectly control 46.2412 million shares of the company through hengpa power, accounting for about 29.19% of the total share capital of the company.
If the change of control is carried out smoothly, the controlling shareholder of the company is still hengpa power, and the actual controller of the company will be changed from Ms. Wang Lei to the state owned assets supervision and Administration Commission of Hengyang Municipal People’s government. At the same time, Shanghai Lingpa has become the limited partner of hengpa power and no longer serves as the executive partner.