[Power battery pseudo-leader Rui Ruiwo can 3.5 billion in debt overdue, how to save themselves? The adjustment of subsidies for new energy industry policies, excessive growth in the expansion of subsidiaries' businesses, slower collections of receivables, and tight funding links are all factors in the decline in the performance of the company. What is more noticeable is that the shareholder has started to reduce his holdings since last year.
In recent years, with the support of national policies, the new energy automotive industry has developed rapidly. This also gave birth to a large number of speculative stocks of new energy vehicle concept stocks in the A-share market, especially the upstream power battery segment, but also the birth of a lot of cattle stocks.
Today, the Ministry of Finance has issued a new subsidy standard for 2018 and it will formally implement it on June 12. This standard adopts "low payback and high compensation", especially for pure electric vehicles, long-term life, high energy density battery products supportive attitude; for short battery life, technical indicators of backward products have reduced the subsidy standards.
"After the ebb tide, you will know who is nude." As the subsidy policy for new energy vehicles ebbs, some listed companies in the industry are beginning to show their original form. A typical example is Shaanxi Jianerwo Energy Co., Ltd. (hereinafter referred to as "Jian." Ruiwoneng", 300116.SZ).
According to the company's 2017 financial statement, the loss during the period amounted to RMB 3.7 billion, a decrease of 696% from the same period of last year. Among the more than 3,000 listed companies in the two cities, the loss ranked top. At the same time, the first quarterly report of 2018 is also continuing losses. This is also an important reason for the company's stock price to plummet from 12.61 yuan in September last year to 3.34 yuan on June 1 this year.
In addition, the company is facing huge debts, and the 25 new bank accounts of its subsidiaries have been frozen by the court. How will these situations affect the company? How does the company plan to deal with it?
In response to the above issues, the reporter contacted the relevant persons of the company, but as of press time, the company did not make any response or explanation.
Performance plummeted by major shareholders
Jian Ruiwo can once be the leading power battery, once a GEM star listed company. Its predecessor was "Jianrui Fire." Jianrui Fire is a company specializing in fire research and development, production and sales. The core team was founded in 1999 and was listed on the Shenzhen Stock Exchange on September 2, 2010.
After listing, the company's performance has been poor. Until July 2016, Jianrui Firefights' purchase of the 5.2 billion yuan Watermat was formally completed and its name was changed to åšç‘žæ²ƒèƒ½. Its main business shifted from the original fire-fighting equipment and fire engineering business to new energy vehicles and power batteries.
According to the statistics of the data provided by the company's 2017 annual report, revenue from operations was 9.66 billion yuan, an increase of 152.88% from the same period last year. The net profit loss was 3.684 billion yuan, a decrease of 966.82% over the same period of last year.
At the same time, the company also announced a quarterly report for 2018, its operating income was 1.117 billion yuan, a year-on-year drop of 59.88%; net profit was a loss of 319 million yuan.
In view of the current status of performance loss, Jianruiwo can show that due to comprehensive factors such as the adjustment of the national new energy industry policy subsidies, the excessive growth of the subsidiary company's business expansion, the slow recovery of accounts receivable, and the tight capital chain. The impact caused the net profit of subsidiary Watmar to fall short of expectations.
It is worth noting that the share price of the company has fallen from 6.86 yuan/share since April 2 this year to the closing price of 3.41 yuan/share on May 31, with a drop of up to 55.25%. On April 10, Kennedy said that the concerted shareholders Tong Jianxin, Tong Jianming, Huo Jianhua and Sun Xisheng planned to reduce their holdings of the company's shares by no more than 31 million shares within 6 months.
Immediately afterwards, Guo Hongbao had passively reduced his holdings of 3,016.77 million shares due to a breach of contract by the securities company on the shares he pledged to control shareholder Guo Hongbao. However, Guo Hongbao’s trading hours are exactly in the window of the company's annual report and quarterly report.
Wind statistics show that the shareholders of the company have been intensively reduced since the third quarter of 2017. From August to November 2017, several shareholders, including Guo Hongbao, a real controller of the listed company, the shareholders of Yingjia Investment Co., Ltd., and Tong Jianming, etc., frequently reduced their holdings. Among them, in November 2017, Guo Hongbao reduced the company's 0.54% stake through a collective bidding transaction.
Some investors questioned this, but Jianruowo could explain that “more than 5% of major shareholders and concerted people plan to reduce holdings of the company’s stock for personal asset management needs.â€
3.5 billion debt overdue
In addition to the factors of declining performance, there are also debt pressures that can be faced by the company. According to the data, as of March 2018, the main debt of Jianruwo Energy was 22.138 billion yuan and the total debt was 25.344 billion yuan. The company's explanation is that in 2017, it will lay out the new energy power battery industry chain and continue to expand the scale of production. There are 11 power battery production bases (including Watermar) in the country, of which 7 production bases have already started production and rapid expansion. Brought more financial pressure to the company.
The new energy automotive industry because of the financial subsidy policy lags behind the car companies to withstand the pressure of early advances, car companies often transfer the pressure on the capital to the upstream power battery companies, which led to the formation of a long battery company battery, Ultimately, power battery companies generate higher liabilities.
A few days ago, Jianruowo was able to issue an announcement saying that the wholly-owned subsidiary and the Sun Corporation had signed the "Summary Loan Line Facility Contract" with 16 banks, and the initial loan commitment amount was 4.234 billion yuan. As of May 11, the company now has overdue debts of 3.532 billion yuan, including 2.325 billion yuan in bills payable and 790 million yuan in bank loans.
In the announcement, Gaveway said that the signing of this contract and the implementation of follow-up actions will help further improve the company’s debt structure, temporarily relieve the pressure for repayment, and have a positive effect on the redevelopment of the company. At the same time, the debt has not been waived, and the follow-up company's operating conditions will be improved in order to return the loan.
As a result, although giving him a chance to breathe, the future debt pressure is still not small.
Implement self-help plan
In addition to the unchanged amount of bank loans, the firm can also save itself.
In recent days, the company has disclosed the 2018 Stock Option Incentive Plan (draft), and it intends to award 168 million stock options to the incentive objects, accounting for approximately 6.91% of the company’s current total share capital. Among them, 135 million were granted for the first time, accounting for 80% of the total equity granted to the incentive plan.
According to the announcement, the exercise price for the first grant of stock options was 3.91 yuan per share, involving a total of 75 incentive targets, including company directors, senior management personnel, core management personnel, core technology (business) personnel, and other employees that the board believes need incentive. .
This is the first launch of the equity incentive plan after the acquisition of Waterloo by Fortune Fire and the conversion of Fortune Fire to the launch of the plan during the debt restructuring. It is inevitable that there will be an element of confidence in the outside world.
But in fact, it can take a long time for Kennedy to want to completely solve the debt problem. Moreover, the current stock price is still lower than the exercise price of the incentive plan. There is also certain uncertainty about whether the above equity incentive plan can be implemented smoothly. In addition, if the debt problem is not resolved, it will also have a negative impact on major asset reorganizations, and even cannot be implemented.
It is understood that starting from the Spring Festival, the company's operating rate is about 20%, some factories are in shutdown. What is the plan for the factory company that has stopped working? What measures does the company take to respond to the current crisis? For any of the above issues, none of the company has given any reply.
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