Cover News Reporter Zhu Ning
6 times premium to acquire the target company with a loss-making performance. The veterinary drug company Lukang Biochemical's move to acquire a photovoltaic company has attracted regulatory attention. On the evening of August 3, Lukang Biochemical announced that it received a letter of concern from the Shenzhen Stock Exchange. The Shenzhen Stock Exchange requires that the reasons and necessity of the company conducting high premium acquisitions when the target assets are lost and the debt-to-asset ratio is high; whether there are situations that cater to hot topics to speculate on stock prices, etc.
htmlOn August 4, as of the close of the market, Lvkang Biochemical hit the daily limit, at 18.48 yuan per share; it is worth noting that this is the fourth daily limit since it announced its acquisition of photovoltaic companies.
acquires a loss-making asset package at a premium of 632%
htmlOn August 1, Lvkang Biochemical announced several transaction plans, including the joint activist of the controlling shareholder and the shareholders holding more than 5% of the shares to transfer shares; asset disposal; asset acquisition.According to the announcement, it plans to acquire 100% of the equity of Jiangxi Weike held by Wanghong Enterprise Management Center (Limited Partnership) in Yushan County and Wang Meijun. At the same time, in order to complete asset acquisition and future business development, and to optimize the business structure of listed companies, the company plans to sell its wholly-owned subsidiary Putan Thermal Energy to major shareholder Heli Asia, Fujie Pingtan, Beijing Kangmin or its designated entities.
Lukang Biochemical stated that the company is optimistic about the development prospects of the photovoltaic adhesive industry and the technology and customer accumulation of the target assets to be placed in the industry. It plans to enter the adhesive industry through this asset acquisition, in order to contribute new performance growth points to listed companies.
From the perspective of target assets quality, Jiangxi Weike mainly engages in the research and development, production, sales and installation of thin film composite materials and photovoltaic supporting components, with a loss of 6.6374 million yuan in 2021 and a loss of 6.8863 million yuan from January to April 2022, with an asset-liability ratio of 92%. According to the announcement, the estimated 100% equity of Jiangxi Weike is 100 million yuan, with a premium rate of about 632%.
After GreenCon Biochemical announced the above trading package, from August 1 to 3, the company's stock price hit the daily limit for three consecutive days, touching the abnormal fluctuation standard of stock trading.
The Shenzhen Stock Exchange requires GreenCon Biochemical to combine the company's main business and development strategy, the financial data and market position of the target assets to explain the reasons and necessity of the company's high premium acquisitions in the case of loss in the performance and debt-to-asset ratio of the target assets. At the same time, it is required to combine the company's existing technology, talent reserves, market resources, etc. in the photovoltaic field to explain whether this acquisition is in line with the company's development strategy and whether there is a situation of speculating on stock prices in a catered manner. Please once again give full reminders to the market that the investment matter may face.
More than 20 companies cross-border the photovoltaic industry
In recent years, with the introduction of dual-carbon targets and the issuance of policies such as carbon emission indicators, all industries have begun to invest in new energy, among which photovoltaics, as the current cost-effective new energy, has become the main target of cross-border.
htmlOver 0 listed companies are targeting this field and performing "cross-border" investments. Data shows that no less than 20 companies have announced their entry into the photovoltaic industry so far this year, covering home appliances, automobiles, etc., with cross-border investments often exceeding 10 billion yuan.However, when many listed companies enter the photovoltaic industry, they often usher in the rapid attention or inquiries of supervision. The issues that regulators focus on are whether listed companies have financial support, whether they have sufficient talent reserves and experience to promote project development. Many listed companies are directly pointed out that "How can they enter the photovoltaic industry if they want money but no money, no one, how can they enter the photovoltaic industry?"
Take Jiangsu Sunshine as an example. On April 23 this year, Jiangsu Sunshine issued an announcement to invest 20 billion yuan in Baotou to build polysilicon, battery cells and components. Subsequently, the Shanghai Stock Exchange asked Jiangsu Sunshine to explain whether the company's financing arrangements are coordinated and combined with the company's debt-to-asset ratio, interest expenses, debt repayment ability after the implementation of the relevant financing plan is completed, to explain whether the company's financing arrangements are realizable.
is a coincidence. Zhonglai shares also encountered similar inquiries across borders. In March this year, the company issued an announcement stating that it plans to enter the silicon material stage for the first time with 14 billion yuan, which triggered the Shenzhen Stock Exchange to issue a letter of concern, requiring the company to explain the rationality of large-scale investments and fully remind the risks such as insufficient funds to raise funds as expected.
The photovoltaic industry is growing explosively, cross-border pursuit of "light" may become a trend
"Now, photovoltaic cross-border has actually become a trend, everyone is doing it, and the reason for the attention is nothing more than the 'veterinary drug companies' and photovoltaic companies." A photovoltaic industry researcher told reporters that GreenCon Biochemical is not just a cross-border merger and acquisition, but asset replacement. Generally speaking, asset transfer often occurs when the main business continues to decline, and GreenCon Bio also meets this feature. In this case, it is also normal for a company to operate after contacting the new track.
reporter noticed that Lukang Biochemical's performance in recent years has been really "annoyed". Although the company's operating income has stabilized at around 300 million yuan from 2019 to 2021, its net profit has declined year by year, and its net profit in the first half of this year is expected to lose 35 million to 43 million yuan.
The researcher said that from the perspective of the target, although there is a high premium, Weike New Materials belongs to the adhesive film industry. In recent years, the photovoltaic industry has grown explosively, and downstream demand has exploded to the upstream. As a key packaging material affecting the quality and life of photovoltaic modules, the adhesive film industry has developed rapidly in recent years, and it is still good from the track.
"Photovoltaic track is a cost-first industry. Whether investors who cross-border can step on time, choose the right technical route and obtain excess returns is a test of the company's vision." The researcher gave an example that Baofeng Fashion, which is affordable to make slippers, entered the field of single-cast silicon wafer manufacturing after renamed "Jinyang New Energy" on July 28, 2021, and reversed its performance losses for six consecutive years. In 2021, it achieved a profit of approximately RMB 314 million, a significant increase of approximately 180.2% year-on-year. This is a very successful example of cross-border; some pig companies will also achieve better profits from a development perspective through the combination of their own industries and photovoltaic industries.
Finally, the researcher said: "In addition to some companies that are 'gimmicks' and 'lifting', companies that are serious about entering the photovoltaic industry. As long as they find the right track or can combine it with their own industries, the photovoltaic industry still has great potential."
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