points to follow the blue words, don’t get lost~
Source: China Fund News
In May this year, Snowwi Mining, which attracted attention and took 5 days and 5 nights to sell 2 billion yuan in a sky-high price of 54.2857% equity , was eventually lost because the winner did not pay. Now this equity is back on the shelves and is auctioned again on Taobao at 10:00 today (November 25).
Just before the "closed", Tianhua Chaojing, the leader in lithium materials, which has emerged in recent years, announced on the evening of November 24 that its subsidiary Tianyi Lithium Industry will participate in the Snowwi equity auction and authorize the company's management to handle it in detail. Before this, at least four companies including GCL Energy Technology, Sichuan Energy Power, Rongjie Co., Ltd., and Shengxin Lithium Energy were exposed to participate in the auction.
Because Snowwi is bankrupt and reorganizing, coupled with obvious flaws in prospecting rights and equity, the target equity can be said to be complicated and has many risks. On November 24, Shengxin Lithium Energy, which announced a few days earlier than Tianhua Chaojing, had just received a letter of concern from the Shenzhen Stock Exchange and was asked to explain the reasons and necessity of participating in the auction at the target company with a high risk and the high premium .
, and all kinds of capitals are willing to "take risks" because of the surge in lithium prices. This week, the prices of industrial-grade lithium carbonate and lithium hydroxide have approached the 600,000 yuan/ton mark, which has increased by more than 10 times compared with the price in the first half of 2020. Snowwi owns the prospecting rights of the Decaolanba lithium mine. The lithium mine belongs to the methylka spodumene mine area, with a mine reserve of 18.14 million tons and an average grade of 1.34%, and is a medium- and large lithium mine.
Tianhua Chaojing announced its participation in the auction before the "closing"
On November 24, Tianhua Chaojing held a board of directors to review and pass the "Proposal on the Subsidiary's Plan to Participate in the Equity Bid of Snowwi".
The board of directors of the company agreed that its subsidiary Tianyi Lithium Industry will participate in the bidding for the equity of Yajiang County Snowwi Mining Development Co., Ltd., and authorize the company's management to participate in the bidding for the equity of Snowwi Company, sign relevant agreements, documents and handle other relevant specific matters in accordance with relevant procedures and laws and regulations. At the same time, the board of directors authorizes the company's management to carry out specific operations on related matters within the board of directors' authority according to actual conditions.
Snowwi is no other person. In May this year, it was highly concerned by capital market for selling at a sky-high price on the JD platform. In that auction, after five days and five nights of fierce battle, Snowwi 54.2857% equity was finally sold for 2 billion yuan, which is 597 times the starting price of 3.3529 million yuan. The auction has seen 3,448 bids, attracting nearly one million people's attention.
However, at the last moment, a natural person named Tan Wei refused to pay and lost only 335,000 yuan in deposit, which eventually turned the so-called auction transaction into a piece of waste paper. It is precisely because of this that the second auction of this part of Snowwi’s equity was achieved.
5 people registered, and more than 20,000 people watched
China Fund News reporter noticed that the second auction of Snowwi equity was moved from JD platform to Taobao platform, and as of the time of press release, only 5 people registered.
Previously, GCL Energy, a subsidiary of Jiangsu GCL, announced that it would participate in Snowwi’s bankruptcy reorganization, and Shengxin Lithium Energy announced that it would participate in the auction. Some media reported that Sichuan Energy Power and Rongjie Co., Ltd. were also interested in participating in the auction.
On November 14, GCL Energy announced that in order to improve the company's mobile energy industry layout, ensure the effective supply of battery packs, and reserve upstream lithium resources, the company plans to participate in the reorganization of the Snowwi company bankruptcy reorganization case. Shengxin Lithium Energy announced on the evening of November 20 that the board of directors reviewed and passed the "Proposal on Snowwit's Equity Bidding", agreed to the company participate in Snowwit's Equity Bidding, and authorized the management to participate in Snowwit's 54.2857% Equity Bidding within the audited net assets at the end of last year (5.098 billion yuan).
It is worth mentioning that perhaps it was learned from the lesson that the last starting price and margin were too low, resulting in substantial failure to sell . The starting price of this first round of auction was set at 200 million yuan, with a margin of up to 40 million yuan. The starting price of the second round of auction is 400 million yuan, the deposit is 80 million yuan, and so on until the final auction result is generated.
The target equity is complex and has high risks
Public information shows that Snowwi Company was established in 2008 and owns the detailed exploration rights of Decaolanba lithium mine and quartzite mine.
Decaolangba Lithium Mine is located in the northeast of Yajiang County, Ganzi Prefecture, Sichuan Province. The depth of the deposit is no more than 200 meters away from the surface. It is a hidden mining deposit. The resource reserves and grade of spodumene ore are highly reliable. The exploration estimates the industrial ore volume found in the exploration rights of 18.143 million tons and LiO2243,194 tons, with an average grade of 1.34%. It is a medium- and large spodumene ore.
Snowwi has entered the bankruptcy reorganization process. It is also because of this that Shengxin Lithium Energy quickly received a letter of concern from the Shenzhen Stock Exchange after announcing that it would participate in the auction.
Auction Announcement shows that Snowwi, which has entered the bankruptcy reorganization process, is publicly recruiting reorganization investors, and there are a series of risks such as the adjustment of the rights and interests of investors by the reorganization plan , as well as the loss of the target equity due to the termination of the reorganization process of Snowwi and the declaration of bankruptcy.
In addition, Snowwi has no substantial operation at present, and its main asset prospecting rights have expired on June 30, 2021. There is uncertainty as to whether the prospecting rights can be handled for the fourth retention procedures and whether the subsequent prospecting rights can be transferred to the mining rights can be handled successfully.
2016 Sichuan Provincial Department of Land and Resources announced the price of "increase exploration ore types" of the prospecting rights of 1.279 billion yuan. Snowvey did not pay the price, and the evaluation result has expired; because Snowvey Company was suspected of illegal and irregular reasons during the acquisition and replenishment of prospecting rights certificates and the addition of minerals, the relevant administrative departments are organizing investigations, and the exploration right retention work is progressing slowly and there is a risk of loss of prospecting rights.
According to the "Presidential Value Market Value Report on the Company's Shareholders' All Equity in the Proposed Bankruptcy Reorganization of Yajiang County Snowwi Mining Development Co., Ltd." (Pengxin Zi Enquiry No. [2022] No. F135) issued by the appraisal agency Shenzhen Pengxin Asset Appraisal Land Real Estate Valuation Co., Ltd., the market value of the debtor shareholders' entire equity in base date on June 30, 2021 was -950 million yuan.
Editor: Ye Shuyun
Proofreading: Zhao Yan
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