In the afternoon of August 31, Gree issued an announcement stating that the company had bid for 336 million shares of Yinlong New Energy at a price of 1.828 billion yuan by participating in the judicial auction public bidding method; and signed a contract with Dong Mingzhu The voting rights entrustment agreement with effective conditions, Dong Mingzhu entrusted the company to exercise the voting rights corresponding to the 193 million shares of Yinlong New Energy held by him.
After the completion of this transaction, Gree Electric Appliances will control the voting rights corresponding to 529 million shares of Yinlong New Energy, accounting for 47.93% of Yinlong New Energy’s total share capital. Yinlong New Energy will become Gree’s holding subsidiary. .
In contrast to Gree Electric’s share price, today's "Six Lian Yin" fell again. The afternoon price was 40.62 yuan, a decrease of 0.93%. As of press time, the stock price has rebounded from yesterday's close, but the range is limited and may fall at any time.
The loss is serious, and Yinlong has added another executor
The announcement content shows that in 2020, Yinlong New Energy will achieve operating income of 4.325 billion yuan, operating profit of -836 million yuan, and net loss of 688 million yuan Yuan. From January to July 2021, the company achieved operating income of 1.057 billion yuan, operating profit of -958 million yuan, and net loss of 763 million yuan.
According to data from Aiqicha, Yinlong New Energy has been executed 14 times in history. Yesterday, another new person was added. There are currently 2 records of executed persons, which are 240 million yuan and 4.0857 million yuan respectively. But now Yinlong has no assets to execute.
In fact, Yinlong New Energy has long been trapped. In 2020, Yinlong New Energy’s shares were auctioned many times, but there were few takers. They planned to auction 31.55 million shares, but only 70,000 shares were sold in the end.
Earlier in 2018, Yinlong New Energy was also reported to be in arrears of more than 1 billion yuan in payment to many suppliers, the factory reduced production in large areas, and the industrial park was closed by the court. Various problems pushed Yinlong into the abyss step by step.
The founder fled, Gree and Yinlong’s past life enmity
As early as 2016, Dong Mingzhu wanted to invest in Yinlong into the new energy field. After being rejected by the shareholders meeting, Dong Mingzhu, in his own name, In conjunction with well-known companies such as Wanda and JD.com, they will jointly invest in Yinlong New Energy for 3 billion yuan. Since then, Dong Mingzhu has increased his holdings many times, and finally became the second largest shareholder of Yinlong New Energy with a shareholding ratio of 17.46%.
And in 2018, the problems and scams behind Yinlong New Energy were dug up by the new senior executives. Major shareholders Wei Yincang and former president Sun Guohua encroached on the company's interests through connected transactions, involving more than 1 billion yuan.
On April 25, 2019, the former president of Yinlong Sun Guohua and other 6 people were arrested, but the founder Wei Yincang has already left the United States and is at large. Dong Mingzhu was defrauded of as much as 2.6 billion and suffered heavy losses.
Dong Mingzhu's dream come true? Gree completes its diversified layout
Regarding the acquisition of Yinlong New Energy this time, Gree Electric said that this transaction is a positive response to the country’s “dual carbon” goal and the implementation of the development idea of “based on the home appliance industry and steadily expanding diversified emerging businesses” Important move.
According to Gree Electric’s latest announcement, currently the largest shareholder of Yinlong is Gree Electric, the second largest shareholder is Zhuhai Yinlong Investment Holding Group Co., Ltd., and the third is Dong Mingzhu.
Since the beginning of this year, the new energy automobile industry has been enthusiastically welcomed by major investors. Internet giants such as Xiaomi, Baidu Group, Alibaba have entered the "car-making" army. Therefore, Dong Mingzhu's dream of "building a car" may be rekindled again.
It’s worth mentioning that Yinlong is one of the few in China that has formed a range of lithium battery materials, lithium batteries, modules/PACK powertrains, new energy vehicles, energy storage system equipment, and power battery echelon utilization and recycling. A comprehensive new energy industry group with a closed circular industrial chain.
However, its dismal performance in recent years and the integration risk after the auction still cannot be ignored.
Source: Securities Star
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