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Two central enterprises restructure *ST Jialing power God part of the assets to be injected

Release Time:2018/1/11 Page View:3409

In the evening of December 26th, *ST Jialing (600877) issued a bulletin on the continued suspension. Notice that this major asset restructuring transactions initially sell existing assets and liabilities for the company to issue shares and / or the payment of cash to buy assets; intends to set out the assets identified existing business, assets and liabilities of the company, including the initial power assets to be injected into the company and / or its god related parties under the special power lithium ion business related assets.

This transaction is expected to not lead to a change in the *ST Jialing control, which does not constitute a backdoor listing. Upstream financial - the Chongqing Daily reporter learned that in the power of God for the central enterprises China Electronic Technology Group Corporation (China Dianke) a wholly owned subsidiary of the registered capital of 1 billion yuan, which means that the southern industrial group and Chinese Dianke two central enterprises to recombinant *ST jialing.

Injecting assets into new energy batteries

In November 28th this year, *ST announced plans to sell advanced Jialing major assets, intends to sell some assets to the major shareholder of central enterprises China south industry group price of about 511 million yuan, while the pre left the follow-up to be planning to continue to sell assets and cash or issue of shares to buy assets in.

At that time, the announcement only revealed that the type of industry intended to buy assets was initially identified as the new energy industry. The announcement of the restructure is the power God of China. Public data shows, in the power of God is a comprehensive high-tech company set research and development, design, production, trade, investment in one of the eighteenth of its investment and technical support unit China Electronic Technology Group is Chinese set up the first time, the largest and most extensive coverage of professional and technical strength of the chemical and the Physical Power Research Institute, has a number of leading technology and international competitiveness of products.

Research, development, manufacture and sale of the company is mainly engaged in two products including energy storage battery, type, power type lead-acid batteries, nickel metal hydride, nickel cadmium batteries, lithium ion batteries and chargers and high performance lithium ion battery cathode material, is widely used in the field of solar energy, wind energy, electric cars, electric power, communication, railway, telecommunications etc.. The independent research and development of solar energy production to colloid storage battery, with green environmental protection, long service life, low self discharge, low resistance, good safety performance, wide temperature range and other characteristics, Xinjiang, Tibet, Qinghai and other light engineering facilities, with a large number of photovoltaic systems and power supply for the Armed Police Frontier Corps, sales of existing products throughout the country, some products exported to Europe and the United states.

The actual controller will not change

Chongqing Daily reporter learned upstream financial investigation, in the power of God Zhou Chunlin is the legal representative, registered capital of 1 billion yuan, was founded in October 12, 1992, seven in Tianjin City Road branch address Binhai hi tech Industrial Development Zone No. 6.

It is worth mentioning that in July 5th this year, the electric power God was renamed by Tianjin Lantian power supply limited liability company. In October 18th this year, the registered capital increased from 2.037328341 billion yuan to 1 billion yuan, which contributed 100% yuan to China Electronic Technology Group Corporation.

The announcement shows that this transaction is not expected to lead to a change in the control of the company, not a backdoor listing, or whether the fund has not been finalized. Hualong securities investment adviser in Chongqing cattle Yang believes that this means that the major shareholder of central enterprises Chinese South Industry Group will continue to be the actual controller, the injection of assets of central enterprises Chinese Dianke may become the second largest shareholder.

China Dianke official website shows, Chinese branch is approved by the State Council, in the original electronic industry research institute under the Ministry of electronics and high-tech enterprises on the basis of the formation of the central direct management of key state-owned enterprises, is the investment institution authorized by the State Council, March 1, 2002 formally launched operations. Chinese Dianke existing two units of 66, 8 listed companies. In 2016, Chinese Dianke realized main business income of 181 billion 300 million yuan, total profit of 18 billion 160 million yuan, net assets of 139 billion 130 million yuan.

Continue to stop the cards for no more than a month

It is understood that the main business of *ST Jialing is motorcycle, all terrain vehicle and its components, automobile and motorcycle parts, and motorcycle related businesses. The influence of industry and its operating factors, sales of main products of motorcycle industry fell sharply, although the special vehicle business development company in 2016 began to focus on promoting the good, but it is still difficult to reverse the unfavorable situation of the company's overall business, the main business of the company long-term at a loss. In 2015, 2016, and 1-9 months in 2017, the net profit of the company was -2.04 billion yuan, -3.37 billion yuan and -1.30 billion yuan respectively. At present, the operation of the company is almost in trouble, the burden of personnel is heavy and the phenomenon of insolvency has emerged.

Facing the main business development hindered and business difficult situation, the company has taken a series of measures to reduce the cost and increase efficiency in order to improve business conditions and enhance the competitiveness of enterprises, but in the short term, the main industry is still not able to recover profits. The company will replan the existing business sector, and the transformation and development are imminent. Has been suspended for nearly two months *ST Jialing said, because intermediaries involved in this restructuring due diligence, audit, evaluation work is still in progress, and this transaction still has a certain degree of uncertainty, the concrete scheme of demonstration and improvement requires a certain period of time, the company cannot disclose the restructuring within a predetermined time the program and resume trading, the application for extension of resumption, namely since December 27th to continue the suspension does not exceed one month.

(source: upstream Finance - Liu Yong Intern Jin Zhou, chief reporter of Chongqing commercial newspaper)