The original title of the "Xin Xin" Zhu Gong Shan retells capital story Xin Xin, intelligent energy to be listed on the three degree.
Reporter Yu Yujin reports from Beijing
Eight months after taking over Shell Resources, Jiangsu Xiake Environmental Protection Color Textile Co., Ltd., Zhu Gongshan, head of Xiexin Department, has made new arrangements for Shell Resources.
On the evening of Oct. 15, Xiake Environmental Protection announced its intention to acquire 80% of the shares held by Shanghai Qichen Investment Management Co., Ltd. (hereinafter referred to as Shanghai Qichen) by non-public offering, cash payment, asset replacement or a combination of various legal means. Equity.
As for the capital action of Xiexin Intelligent Energy, Hong Wei, Dean of China Energy Economics Research Institute, said in an interview with the Huaxia Times that any capital operation is financing for long-term development. It can only be said that the current completion is the result of many factors, but it is undoubtedly good for increasing the overall strength of the group. Concentration of capital behavior.
Prelude to the third impact of the listing
After the 80% equity interest was injected into Xixia's environment, the following equity interest of Xinxin intelligent energy was injected into a big probability event.
According to the announcement, Xia Ke's environmental protection will inject 80% equity interest in Shanghai, while it is also interested in acquiring other shareholders of Xinxin intelligent energy, namely, Weifang polyxin Jin Zhen investment management partnership (limited partnership), Chengdu quotient two equity investment fund center (limited partnership) and Jiangsu "one belt and one way" investment fund. Limited Partnership) holds a 20% stake in Synergy Intelligent Energy, and the company is actively engaged in communication and consultation with these shareholders, has not yet signed a restructuring framework or intent agreement.
Xiake Environmental Protection intends to acquire the remaining 20% of Xiexin Smart Energy, which means Xiexin Smart Energy has landed on the A-share market through Xiake Environmental Protection.
On the issue of transaction pricing and whether the subsequent Xiake environmental protection will be stripped off, Huaxia Times reporter interviewed Xiexin Intelligent Energy Relevants, who said there will be evaluation agencies to produce evaluation results, the scheme is still in the process of discussion, the entire specific trading scheme will be explained in the follow-up media briefing.
"20% of the shares are not in the hands of Xiexin Intelligent Energy, but also need to negotiate with the other side, the specific results have not yet been issued, this is in the overall planning of the group." The above Xiexin wise energy sources said that in 2015, the backdoor has not been Xiake environmental protection control, now has Xiake environmental protection control, it is more smooth.
According to the announcement, Shanghai Qichen and Xiake Environmental Protection Department are controlled by the same actual controller Zhu Gongshan, Xiake environmental protection related parties, this transaction constitutes a related transaction.
The listing of Xiexin Intelligent Energy is not a straightforward path. Within three years, Xiexin attempted to borrow its shell and make an IPO in the capital market, but all failed.
Data show that in order to prepare for a separate listing, Xiexin Intelligent Energy was separated from Poly Energy (03800. HK) listed in Hong Kong in November 2015 and changed into a wholly-owned subsidiary of Shanghai Qichen. At the same time, at the end of 2015, Xiake Environmental Protection said that it had offered $4.5 billion to buy 100% of its holdings of Xiexin Limited from Qichen Issuance in Zhu Gongshan's Shanghai stock market, and raised no more than $4 billion in supporting funds. The deal constituted a backdoor listing.
However, due to the fact that Xiexin Limited was originally part of the assets of Poly Energy, a listed company in Hong Kong, and involved the return of assets of overseas listed companies to A shares, the regulatory policy on this matter has not yet been clear, resulting in the transaction has been time-consuming and the audit results have greater uncertainty, a year and a half later backdoor plan aborted.
According to the media's public reports, then limited to the joint stock limited restructuring, Xin Xin Limited 20% of the shares transferred to the Weifang poly Xin Jin Zhen, Chengdu Chuan Business II, Jiangsu "along the way" and other 3 equity investment funds, limited Xin Xin Cong Xin energy.
After the restructuring and restructuring, in January this year, Xiexin Intelligent Energy issued a prospectus to re-launch the listing plan, to raise 1.5 billion yuan through the IPO, but the high debt IPO of Xiexin Intelligent Energy failed again.
However, Zhu Gongshan's persistence in Xiake's environmental protection has not changed. A reporter from the China Times reported that on February 22, Xiake announced that on October 26, 2017, the largest shareholder of Xiake's environmental protection, Shanghai Yide, and the second largest shareholder, Ningbo Yiyue, signed agreements with Xiexin Technology Holdings Limited (hereinafter referred to as Xiexin Technology). The two major shareholders transferred their total shares of 10.78% and 10.73% of Xiake's total environmental protection capital to Xiexin Technology.
After the transfer, Xiexin Technology holds 21.51% of Xiake's total environmental protection equity, becoming the largest shareholder of the listed company, while Zhu Gongshan, the actual controller of Xiexin Technology, becomes the actual controller of Xiake's environmental protection.
"Xin Xin" capital action intensive
If the curve is successful, Xiexin Intelligent Energy will become the fourth board listed company of Xiexin System led by Zhu Gongshan.
Zhu Gongshan, as the founder of the "Xiexin System", first started from the traditional thermoelectricity, then entered the photovoltaic industry in 2011 when the photovoltaic giant declined, and molded the "Xiexin System" into the world's second largest energy enterprise. According to the official website of Xiexin Group, it has constructed a number of plates including power, photovoltaic, oil and gas, finance and smart city, and has a number of listed companies, such as Poly Xin Energy (03800.HK), Xiexin Integration (002506.SZ), Xiexin New Energy (00451.HK) and other photovoltaic industries as the main body.
In its previous prospectus, Xiexin Intelligent Energy revealed that its asset-liability ratio rose from 61.20% in 2014 to 67.66% in the first nine months of 2017, and net profit fell from 656 million yuan in 2014 to 363 million yuan in the first nine months of 2017.
However, this year's photovoltaic encountered the most stringent "5.31" New Deal, although October 9, household photovoltaic and "6.30" tariff policy further clear, but can not reverse the policy to the photovoltaic industry losses.
In a recent public speech, Liu Hanyuan, chairman of the board of directors of Tongwei Group Limited, pointed out that the policy had put a sharp brake on the industry, resulting in serious car accidents and a loss of up to 500 billion yuan to the photovoltaic industry.
And after the new photovoltaic policy, the capital action or transformation direction of the Department has gradually emerged.
As for the possible impact of the policy, the senior management of Poly Xin said in an interview with our reporter that the three photovoltaic businesses of the company have been listed in Hong Kong and A shares respectively. At present, the Hong Kong stock market is in a downturn, the A shares of the company are still strong, and the three companies have healthy and growing business.
"Although the current photovoltaic downturn, but whether Poly Xin's material parts, or the integration of the battery components, as well as Xin Xin new energy investment in the field of power plants, are among the world's leading industries, industry integration of the fittest, but more favorable to high-quality assets." The above mentioned poly senior side said.
If the debt ratio is too high and the performance is not ideal, can the third listing of Xiexin Smart Energy fulfill the dream, and what changes can the listing bring to Xiexin?
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