"I cleaned up the shareholder structure, introduced investment, built an internationally leading production line, built a team, and expanded the company, and did not dare to relax at all." A year ago, in an interview with the media, Gao Baoqing recalled the past when he led his team to turn losses into profits, which was left with only 50,000 yuan in the account.
Gao Baoqing is the executive partner, actual controller, and shareholder with 50% of the shares of Shen County Demin Enterprise Management Consulting Center (Limited Partnership). He is also the vice president of the Changde Federation of Industry and Commerce of Hunan Province. He has been engaged in chemical technology, warehousing management, business plan and comprehensive management in large state-owned chemical enterprises. Changde ZTE Investment Management Center (Limited Partnership) (hereinafter referred to as "Changde ZTE"), a subsidiary of Shen County Demin Enterprise Management Consulting Center (Limited Partnership), has recently moved to the center of the stage due to a contract.
htmlOn December 12, Jianrui Woneng announced that with the approval of the Xi'an Intermediate People's Court, the company will hold its second creditors' meeting on December 27 to review and vote on the "Reorganization Plan of Shaanxi Jianrui Woneng Co., Ltd. (Draft)".Just the day before, on December 11, Jianrui Woneng issued an announcement stating that after multiple rounds of negotiations and negotiations, Jianrui Woneng, the manager and Changde ZTE signed the "Shaanxi Jianrui Woneng Co., Ltd. Reorganization Investment Agreement" (hereinafter referred to as the "Reorganization Investment Agreement"), confirming that Changde ZTE is the investor of Jianrui Woneng's reorganization this time.
The agreement between the two parties includes that Changde ZTE and its designated financial investors will participate in the restructuring of Jianrui Woneng as restructuring investors and assist Jianrui Woneng to achieve the restructuring goal; Changde ZTE acquires 1.734 billion shares formed by the capital reserve conversion to increase capital, and acquires 610 million yuan of debt assets of Jianrui Woneng, providing a total of 710 million yuan of funds to Jianrui Woneng.
Behind Changde ZTE, there is a management team with Gao Baoqing as the core, which has many years of investment experience. In 2012, Gao Baoqing led his team to take over Zhongli New Materials, which took four and a half years to turn it into profits. In 2018, Zhongli New Materials was favored by two listed companies and was eventually acquired by Changyuan Group .
However, shortly after the above acquisition, Changyuan Group's 2018 annual report showed that due to the Waterma (under Kinrui Woneng) incident and the national new energy policy adjustment expectations, Zhongli New Materials had insufficient orders in the first half of the year, and achieved sales revenue of 207 million yuan in 2018. At the same time, due to the provision of bad debts for Waterma funds, there was a large loss, with a net loss of 262 million yuan. Afterwards, Changyuan Group gave up its controlling stake in Zhongli New Materials.
Nowadays, Jianrui Wo can accept the "rescue" of Changde ZTE. It remains to be seen whether the team led by Gao Baoqing can lead it out of the quagmire.
The actual controller behind Changde ZTE's major shareholder:
once led Zhongli New Materials to turn losses into profits
"White Horse Knight" Who is Changde ZTE?
industrial and commercial information shows that Changde ZTE's business scope includes investment management and investment consulting for new materials with its own funds (the above projects do not include finance, securities, futures consulting, etc.).
htmlOn November 11, Jianrui Woneng disclosed in the announcement that Changde ZTE's appointed representative and its core team have many years of experience in the related business of the lithium battery industry chain, have a deep understanding of the industry and a long-term strategic vision, and have rich industry experience. As an investment platform, Changde ZTE invested and founded Zhongli New Materials in 2012, mainly developing and producing lithium battery separator materials.Changde ZTE currently holds shareholders of Xinxian Demin Enterprise Management Consulting Center (Limited Partnership) and Xinxian Dezhi Zhongtong Enterprise Management Consulting Center (Limited Partnership), with shareholding ratios of 84% and 16% respectively. Among them, the shareholders of the major shareholder, Shenxian Demin Enterprise Management Consulting Center (Limited Partnership), are two natural persons - Xiang Xiaoyi and Gao Baoqing, with a shareholding ratio of 50%. Among them, Gao Baoqing is the executive partner and actual controller.
In June 2018, according to the Changde Evening News, Ms. Gao Baoqing was born in December 1956. She is from Suide County, Shaanxi Province. She is currently a member of the People's Congress of Huaihua City, Hunan Province and vice president of the Changde Federation of Industry and Commerce. She has served as a member of the CPPCC of Baiyin District, Baiyin City, Gansu Province, vice president of the Federation of Industry and Commerce, and vice president of the Charity Association. She has won the title of the top ten heroines of Chenxi County, Hunan Province. Gao Baoqing started working in March 1973 and has been engaged in chemical technology, warehousing management, business plan and comprehensive management in large state-owned chemical enterprises.
The Changde Evening News reported that Gao Baoqing acquired Zhongli New Materials in 2012 and served as general manager. He was fully responsible for the company's operations in 2013. She actively pays attention to the development of lithium-ion wet diaphragm, a key matrix material for energy-saving and new energy vehicle power batteries, and has represented the company abroad many times to inspect and communicate. She also led the team to study technology and overcome difficulties, so that the company's products have been unanimously recognized and praised by the industry in industrial applications. The newspaper commented that in four and a half years, Gao Baoqing turned a debt-based company into profits.
report also mentioned that Gao Baoqing acquired Zhongli New Materials in 2012, but he thought he had invested in a promising new energy project and did not come. In 2013, she found that the company had a chaotic management. "The technology and equipment are not good, and the investment money is almost lost." She still remembered that when she first came, Zhongli New Materials had less than 50,000 yuan in the account. In the most difficult time, the employee had no salary for seven consecutive months. She mortgaged her villa in Changsha and shunted the car from Huaihua company as a means of transportation.
Gao Baoqing came to Changde and served as the company's general manager to manage it himself. After taking over Zhongli New Materials, Gao Baoqing cleaned up the shareholder structure while introducing investment, built an internationally leading production line, built a team, and gradually expanded the company.
Jianrui Woneng announced on December 11 that Changde ZTE is still widely deploying in new energy industries such as lithium batteries. Its investment in the company will help the company integrate, optimize and upgrade its existing battery business, thus playing a particularly positive role in the company's future main business development.
At the same time, Zhongli New Materials invested by Changde ZTE is also actively making plans. According to the official website of Zhongli New Materials, the company's planned expansion of 17-24# film making lines (8) and 12-19# coating lines (8) will be completed in 2021, and the wet diaphragm production lines will reach 24, and the coated diaphragm production lines will reach 19, with annual production capacity reaching 1.2 billion and 300 million square meters respectively. In addition, the diaphragm production line owned by Zhongcai Technology will become the largest diaphragm manufacturing enterprise group in China and even the world.
Zhongli New Materials once suffered losses due to the Watermar incident
In 2017, Zhongli New Materials was favored by two A-share listed companies.
On May 16, 2017, Jinguan Electric announced that the company plans to acquire part or all of the equity of Hongtu Diaphragm and Zhongli New Materials at the same time. Jinguan Electric disclosed that at that time, the controlling shareholder of Zhongli New Materials was the Xinxian Xiangrong Dechuang Enterprise Management Consulting Center (Limited Partnership), whose joint actors were Changde ZTE, and the actual controllers were Xiang Xiaoyi, Gao Baoqing and Xiang Jing. Jinguan Electric stated that the transaction plans to purchase all or part of the target company's shares and raise matching funds by issuing shares and paying cash. The specific plan is still under careful discussion and has not been finalized.
One month later, Jinguan Electric disclosed on June 22 that the two parties failed to reach an agreement on the acquisition plan after repeated negotiations. The company's board of directors reviewed and passed the "Proposal on Signing the Cooperation Framework Agreement between Jilin Jinguan Electric Co., Ltd. and Hunan Zhongli New Materials Co., Ltd. and its Supplementary Agreement." Although
failed to sign a contract with Jinguan Electric, not long after, Zhongli New Materials was acquired by another listed company, Changyuan Group.
Changyuan Group’s announcement on August 8, 2017 showed that the board of directors of Changyuan Group agreed to acquire 66.34% of the equity of Zhongli New Materials held by 19 non-state-owned shareholders including Xinxian Xiangrong Dechuang Enterprise Management Consulting Center (Limited Partnership) in cash at a price of 1.592 billion yuan; and agreed to bid for 13.65% of the equity of Zhongli New Materials held by 4 state-owned shareholders in total by participating in the on-site transaction. The company quotes based on the overall valuation of 2.4 billion yuan of 100% equity in Zhongli New Materials.
Changyuan Group stated that after the acquisition is completed, Zhongli New Materials will be included in the company's consolidated financial statements, the company's asset scale will be further expanded, and the company's total assets and related goodwill will also increase. Since the acquisition uses self-raised funds to pay the acquisition consideration, in the long run, the company's continued profitability will be significantly improved after the transaction is completed.
Changyuan Group said that holding Zhongli New Materials can strengthen the electric vehicle-related materials industry and implement the company's electric vehicle-related materials development strategy. At that time, Zhongli New Materials had 10 wet diaphragm production lines, of which 8 were produced, and production capacity was the first among its peers in China. Moreover, the advance planning and investment of its production line equipment will enable it to maintain its leading position in the expansion process in the next two or three years and have a strong competitive first-mover advantage.
In 2016, Zhongli New Materials achieved operating income of 174 million yuan and net profit of 19.276 million yuan. In the first five months of 2017, Hunan Zhongli achieved operating income of 127 million yuan and net profit of 31.5991 million yuan.
Zhongli New Materials is expected to achieve net profits of 180 million yuan, 250 million yuan and 300 million yuan in 2017, 2018 and 2019 respectively.
According to the Changde Evening News, in August 2017, Changyuan Group, a domestic main board listed company, acquired Zhongli for 2.4 billion yuan, renamed Changyuan Zhongli, and Gao Baoqing was appointed as the vice chairman of Changyuan Zhongli.
It is worth noting that Changyuan Group's 2018 annual report shows that when preparing the 2017 annual financial report, the company's estimate of Zhongli New Materials was insufficient due to the impact of the Watermar incident, resulting in the underestimation of Zhongli New Materials' goodwill impairment in 2017. Now, China Lithium New Materials' goodwill impairment was supplemented by 180 million yuan, and the net profit attributable to shareholders of listed companies in 2017 was reduced by 180 million yuan.
It is disclosed that due to the impact of the Waterma incident and the expectations of adjustment of national new energy policies, Zhongli New Materials has insufficient orders in the first half of 2018. In addition, the national subsidy for new energy vehicles continues to decline, and the industry's cost reduction pressure has gradually spread to the upstream links with new energy vehicle manufacturers, resulting in a certain decline in prices of most products in the lithium-ion battery material industry.
Zhongli New Materials achieved sales revenue of 207 million yuan in 2018, but it suffered a large loss due to the provision of bad debts for Waterma funds, with a net loss of 262 million yuan. In 2017, the company achieved operating income of 222 million yuan and a net profit of 29.3106 million yuan.
Against this background, Changyuan Group announced in July this year that China Materials Technology invested 997 million yuan to hold 60% of the equity of China Lithium New Materials, and Changyuan Group dropped to 30%. At this point, China Lithium New Materials announced its change of ownership.
Changyuan Group said that the company is currently facing great financial pressure and cannot continue to support the subsequent operation and development of Zhongli New Materials. At the same time, the company needs to revitalize assets and recover cash.
Changyuan Group stated that the transaction is expected to result in an investment loss of approximately 571 million yuan. Assuming that the transaction is completed in July 2019, it is expected that Changyuan Group will reduce its operating income by about 134 million yuan and increase its net profit attributable to shareholders of listed companies by about 167 million yuan; at the same time, assuming that the consideration obtained is all used to repay interest-only liabilities, compared with 2018, Changyuan Group will reduce its financial expenses by about 25 million yuan in 2019, and its debt-to-asset ratio will drop significantly.
Zhongli New Materials official website stated that after being acquired by the main board listed company Changyuan Group for a valuation of 2.4 billion yuan in August 2017, in August 2019, the company was once again led by Zhongmei Technology Holdings, a listed company under the central enterprise China Building Materials Group , providing strong momentum for the company's sustainable development.
China Materials Technology official website introduced that the company is a joint-stock enterprise established on December 28, 2001 with the approval of the former State Economic and Trade Commission and the original China Materials Group Corporation as the main initiator. On November 20, 2006, China Materials Technology Co., Ltd.'s A-share stock was listed on the Shenzhen Stock Exchange.
Zhongmei Technology has inherited the core technical resources and talent advantages of the former Nanjing Glass Fiberglass Research and Design Institute, Beijing FRP Research and Design Institute and Suzhou Non-Metal Mineral Industrial Design Institute for more than 50 years. It has a complete technology industry chain for non-metallic mineral materials, glass fiber, and fiber composite materials. It is a high-tech enterprise integrating R&D, design, product manufacturing and sales, and technology equipment in the field of special fiber composites in my country. The business products are closely linked to the application fields of new energy, aerospace, energy conservation and emission reduction.
China Materials Technology's third quarter report of 2019 shows that the major shareholder of China Materials Technology is China Materials Co., Ltd. , with a shareholding ratio of 60.24%. The shareholders of China China Finance Co., Ltd. can be traced back to the State-owned Assets Supervision and Administration Commission of the State Council.
On August 1, 2019, China Materials Technology announced that according to the company's development strategy plan, it will focus on strengthening the industrial layout in the fields of new materials and new energy. The company plans to jointly increase capital to Zhongli New Materials with Changyuan Group and Xinxian Xiangrong Dechuang Enterprise Management Consulting Center (Limited Partnership), with a total increase of 1.137 billion yuan, of which the company invested 997 million yuan, Changyuan Group invested 26 million yuan, and Xiangrong Dechuang invested 114 million yuan. After the capital increase of
, the company will hold 60% of the equity of Zhongli New Materials, and Zhongli New Materials will become the company's holding subsidiary; Changyuan Group holds 30% of the equity of Zhongli New Materials, and Xiangrong Dechuang holds 10% of the equity of Zhongli New Materials.
Announcement introduced that Zhongli New Materials has three manufacturing bases and has planned 24 lithium battery separator production lines with a planned total production capacity of 1.2 billion square meters. As of the end of 2018, China Lithium New Materials has put into production 12 lines with a designed production capacity of 480 million square meters; in 2019, four new lines will be put into production with a production capacity of 720 million square meters; in 2020, four more lines are planned to be built, with a production capacity of 960 million square meters.
However, Zhongli New Materials is still in a loss state.
announcement disclosed that as of March 2019, Zhongli New Materials achieved operating income of 108 million yuan, net profit of -3.8527 million yuan, and net cash flow generated from operating activities was -69.4439 million yuan.
Zhongmai Technology said that the acquisition of Hunan Zhongli will effectively make up for the company's lithium battery separator industry production capacity and enhance its market position; at the same time, it will lay a technical and profit foundation for the construction of the second phase project, and accelerate the realization of the company's industrial strategic goals.
htmlOn August 22, China Materials Technology announced that in order to implement the overall operating capital needs of China Li New Materials, while optimizing the financing structure and reducing financing costs, China Li New Materials plans to apply for a comprehensive bank credit of no more than 500 million yuan from financial institutions, with a term of 1 year. The company intends to provide joint and several liability guarantees for the above-mentioned credit, with the guarantee period being: two years from the date of expiration of the debtor's performance period and the debt period stipulated in the main contract.The Jinfuli project invested by Changde ZTE:
strives to be listed as soon as possible
In fact, Zhongli Xincai and Jianrui Woneng are the only two investment projects of ZTE.
"Hunan Online" under Hunan Daily reported in March 2018 that on the morning of March 16, the Finance Bureau of Changde City invited 5 investment institutions to face-to-face with Changde's high-quality project Jinfuli New Energy to build a marriage platform between capital and project, so that projects and capital can be accurately connected.
It is reported that the institutions participating in the matchmaking meeting are Changde ZTE. Five investment institutions negotiated the investment amount of Jinfuli project, sorted out the cooperation process, and reached a consensus on the first investment of 200 million yuan. All investment institutions promised to complete due diligence, investment finals and other processes before the end of March 2018, and all investment funds will be in place before April 15.
According to reports, Hunan Jinfuli New Energy Co., Ltd. was registered and established in Changde City in 2012. The company's business scope includes new power batteries and related materials, ternary composite materials, lithium manganese oxide, etc. The production base is located in the National Development Zone of Changde City, Hunan Province, with an investment of 10 million yuan in the first phase.
reported that in 2017, in order to meet the increasingly strong demand for ternary materials customers, Hunan Jinfuli New Energy Co., Ltd. invested in expanding its actual production capacity by 9,200 tons/year in 2017. As of March 2018, the company's actual production capacity reached 10,000 tons/year. At the same time, the company has started the construction of the second phase of the factory building in 2017, striving to add two new imported fully automated production lines in 2018. After the installation and commissioning of the new production line, the actual production capacity will be about 10,000 tons/year. By then, the company's actual production capacity will reach 20,000 tons/year.
Changde Municipal Finance Bureau stated that the main purpose of this matchmaking meeting is to gather various resources, actively promote the local enterprise Jinfuli New Energy to enter the capital market, apply for IPO materials to the China Securities Regulatory Commission, and strive to go public as soon as possible.
Beijing News reporter Lin Zi Editor Wang Yu Proofreading Li Shihui
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