Jinying Shares Transformation Lithium Power 5 Years Failed, Internal Control Problems More State Assets Or Premium To Take Over

In February 17th, Golden Eagle issued a share pledge pledge for controlling shareholders. Due to its own production and operation needs, the company's controlling shareholder, Zhejiang Golden Eagle Group Co., Ltd. continued to increase its share pledge. After this pledge, the Golden Eagle Group accumulated 121 million shares of pledge, accounting for 68.31% of the number of shares held, accounting for 33.18% of the total share capital of the company, and the proportion of pledge increased further.

According to the information disclosed, in the next six months, the total amount of the 20 million shares issued by the Golden Eagle Group is up to 50 million yuan, corresponding to the financing balance of 50 million yuan, and the total amount of 121 million shares issued in the coming year is 310 million yuan, which is far above the current 160 million yuan Book fund.

From the textile industry to lithium battery, how much revenue has been brought to the company by the new energy vehicle and lithium battery industry, which is developing vigorously? What kind of situation does the company face after 5 years of transformation?

"Three pronged" transformation of lithium power has not yet been a result for 5 years.

Jinying stock was founded in 1994, and was listed on the Shanghai Stock Exchange in 2000. It has been mainly engaged in production and sales of spun silk, silk, linen, silk knitted, woven garments and other textiles.

In 2015, the new energy vehicle powered by lithium power battery entered a rapid outbreak period. Because of the huge market demand, attracting enterprises outside the industry have also entered, Jinying shares is one of them, began to set foot in lithium battery business.

In 2015, Golden Eagle Limited by Share Ltd and Japan Co creation company, Japan Energy Research Institute, and Japan's kazawa intime company signed a new energy vehicle power battery cooperation project. They signed the "cooperation agreement on battery projects for electric vehicle power batteries (flake three yuan lithium battery)" and officially entered the lithium battery industry.

In the same year, Jinying shares signed a strategic cooperation agreement with the Hunan Ruixiang new material Limited by Share Ltd. The two sides jointly invested and established the Zhejiang Jinying Ruixiang Material Co., Ltd., planning an annual output of 10000 tons of three yuan positive material.

In December 2016, the announcement of Golden Eagle shares announced that it would build a new annual output of 5000 tons of lithium iron phosphate cathode material for its lithium ion battery with its own funds. The total investment of the project is estimated at 195 million yuan. In May 2017, the company announced that lithium ion battery cathode material of lithium iron phosphate was put into production in May of that year.

In August 2018, Jinying shares decided to increase 25 million yuan to Zhejiang Wali Amperex Technology Limited. After the capital increase, the registered capital of Zhejiang wal Li increased from RMB 30 million yuan to 45 million yuan, and the company accounted for 55.56% of Wally technology. Zhejiang Wali main business is lithium ion battery materials, LED raw materials research and development, the company continues to layout the new energy sector in the form of equity investment.

In October of the same year, the company signed a supplementary agreement on equity transfer with regard to the investment agreement of Zhejiang Wali Amperex Technology Limited, one of Zhejiang's shareholders. According to the agreement, the company will acquire 4.7% of Zhejiang's wal power, and the share transfer amount will be 2 million 116 thousand and 400 yuan.

It can be seen that since 2015, Jinying shares has transformed and laid out new energy lithium power fields in cooperation with the establishment of new companies, investment in new projects and acquisition of foreign equity. After all, we can say that the transformation measures basically failed.

Cooperation and establishment of new companies, the company and Hunan Ruixiang joint venture Golden Eagle Ruixiang 2018 business income of 4 million 495 thousand and 700 yuan, net profit of -1149.76 million, in the first half of 2019, Jinying Ruixiang revenue 9 million 670 thousand and 400 yuan, net profit of -462.54 million; the company and Japan Xiao Sha in the time of cooperation, in 2016 due to equipment price difference, policy changes and other factors terminated the agreement, fruitless.

In regard to new projects, the annual output of 5000 tons of lithium-ion battery cathode material of lithium iron phosphate has been stagnant for many years in 2016. From 2017 to 2018, the company's construction project was only 5 million yuan and 2 million yuan, and 4 million yuan in the first three quarters of 2019. The project originally planned to invest 195 million yuan, until the end of last year three quarter accumulative total investment amount is only 2000 yuan. In fact, since it was put into operation in May 2017, it is basically in a state of shutdown.

In terms of foreign acquisitions, Zhejiang Wali has been in a state of deficit since its acquisition and has yet to see signs of improvement in terms of performance.

Internal control exposes a lot of problems, Zhejiang state assets or premium offer

In addition to the blocked lithium battery, the company's internal control also exposed a lot of problems during this period.

2018 annual report revealed that the existence of an undisclosed guarantee for Zhejiang hawk found that there are great risks and risks to the future development of the company. In order to solve this guarantee, the company signed the supplementary agreement on investment agreement with all shareholders of Zhejiang wal power, adjusted the original agreement investment plan, and signed the "equity transfer agreement" with Xu Gensheng and Wu Qingguo, the former shareholder of Wali Zhejiang. At the price of 1 yuan / share, the company accepted the 543 watts of wal held by Xu Gensheng and the 126 million shares of Zhejiang's tile power, held by Wu Qingguo. It comes to 6 million 700 thousand yuan.

And this important matter has not been found before the company has increased its capital and shares two times.

In the project of annual output of 5000 tons of lithium iron phosphate cathode material for lithium ion batteries, which plans to invest 195 million yuan, the company has invested only 20 million 410 thousand yuan after its supervision by the regulatory authorities. Since its commissioning in May 2017, the company has been in a state of shutdown, which is a major change, and the company has not fulfilled its obligation to disclose information on the above matters.

In addition, the Zhejiang Securities Regulatory Commission also found that the seal of the company seal, sub company seal and the seal of the controlling shareholder Jinying group were managed by the same seal management personnel. At the same time, from March 31, 2016 to April 26, 2016, a small number of records were missing. The company seal management violates the relevant regulations and regulations, and is under the supervision and concern.

However, when the company's business transformation was blocked and the internal control problems were exposed frequently, the company announced in January 2020 that the controlling shareholder Jinying Group intends to transfer shares and control of the company, and the other party is Zhejiang SASAC.

According to the "letter of intent for share transfer" signed by both sides, the transaction price is no more than 8.5 yuan / share, which is nearly 25% higher than the current share price of the company. The company did not give any explanation for the reason why Zhejiang SASAC would take the shares of Jinying.