Xinli Financial wants to take 75.62% stake -Lithium - Ion Battery Equipment

Xinli Financial wants to take 75.62% stake -Lithium - Ion Battery Equipment

Reappearing in A shares, this time BAK Power’s identity is the reorganization target of Xinli Finance.

Xinli Finance announced the restructuring plan on the evening of November 24th, and plans to transfer the equity of companies mainly engaged in financial services such as financing guarantee, small loan, pawn and financial leasing out of the listed company, and put 75.62% of BAK Power Equity. This transaction is expected to constitute a major asset restructuring and related party transactions, but does not constitute a restructuring and listing.

Specifically, the transaction method includes three parts: major asset replacement, issuance of shares to purchase assets and raising of supporting funds. Among them, the assets to be purchased include 58.48% equity of Derun Leasing, 100% equity of Dexin Guarantee, 67.5% equity of Dezhong Finance, 56.51% equity of Deshan Small Loan and 77.05% equity of Dehe Pawn, and the final undertaking entity of the purchased assets It is the controlling shareholder of the listed company Xinli Group or its designated third party.(Lithium - Ion Battery Equipment)

At the same time, Xinli Finance intends to issue shares to the counterparty to purchase 75.62% of the equity of BAK Power and the difference between the transaction price of the proposed assets. After negotiation, the issue price of the shares was determined to be 7.27 yuan per share. The above two steps are mutually conditional and executed synchronously.

On this basis, Xinli Financial plans to raise additional funds for the construction of the target company's projects, replenishing working capital and paying intermediary agency fees. After the transaction is completed, BAK Power will become a holding subsidiary of the listed company, and the main business of the listed company will also be transformed into the research and development, production and sales of lithium-ion batteries.

It is worth noting that before this transaction, the controlling shareholder of the listed company was Xinli Group, and the actual controller was Anhui Supply and Marketing Cooperative Association. According to the "Cooperation Framework Agreement" signed by the parties to the transaction, the prerequisites for this transaction are: the listed company will negotiate with its existing shareholders and important transaction counterparties who plan to become its shareholders in the future and irrevocably hold all the voting rights of the company. Entrusted to Xinli Group to ensure that the actual controller remains unchanged before and after this transaction. At present, the company has signed the Voting Rights Entrustment Agreement with the transaction party Changxin Technology.

Xinli Finance said that this reorganization will help listed companies explore new business transformation and seek new profit growth points.

However, Xinli Finance also simultaneously prompted several risks in the announcement.

In the past two years and the first period, the net profit of BAK Power was -768 million yuan, -1 billion yuan and -17.0622 million yuan respectively, and the operation continued to lose money. Despite the recent improvement in performance, BAK Power may still continue to lose money.

In addition, after excluding the factors of the broader market and the same industry sector, the stock price of listed companies fluctuated by more than 20% in the 20 trading days before the first disclosure of this transaction.

Looking back, it can be seen that the stock price of Xinli Financial had been trading sideways for a long time before the announcement of the suspension, but it suddenly started at the end of October this year, and the cumulative increase so far has exceeded 30%.

Xinli Finance said frankly that although it actively manages inside information, the above-mentioned stock price changes may still lead to relevant parties being investigated for suspected cases, resulting in the potential risk of suspension, termination or cancellation of this restructuring.

After twists and turns, this is already the "three near" A shares of BAK Power. At present, among the top five shareholders of BAK Power, A-share companies Zhongli Group and Changxin Technology planned to acquire BAK Power in 2018 and 2017 respectively, but they all ended in failure.

According to the data, BAK Power was established in August 2015. It is mainly engaged in the research and development, production and sales of lithium-ion batteries. Its important products include cylindrical batteries, polymer batteries and square batteries, which are mainly used in consumer products and new energy vehicles. and energy storage.



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