Reporter of the Economic Business: Zeng Jian Reporter of the Economic Business Business: Wei Guanhong
In May this year, 54.29% equity , held by Chengdu Xingneng New Materials Co., Ltd. (hereinafter referred to as Xingneng New Materials) held by Chengdu Xingneng New Materials Co., Ltd. (hereinafter referred to as Xingneng New Materials), was held on the JD auction platform. The final transaction price exceeded 2 billion yuan, which was 597 times the starting price of 3.35 million yuan, which caused heated discussion on the capital market . But the bidder Tan Wei did not follow up after the auction was completed and finally regretted the shooting.
Now, Snowwi 54.29% equity has been put on the auction table again, and has once again attracted the attention of various capitals. On the evening of November 20, Shengxin Lithium Energy (SZ002240, stock price 43.85 yuan, market value 37.9 billion yuan) announced that it plans to participate in the auction of Snowwi equity. " Daily Economic News " reporter noticed that GCL Energy (SZ002015, stock price of 14.95 yuan, market value of 24.3 billion yuan) has also been trying to gain control of Snowwi. The subsequent investment trends of the two listed companies have attracted attention from the outside world.
Shengxin Lithium Energy plans to bid for Snowwi equity
According to Shengxin Lithium Energy, the company plans to participate in Snowwi equity auction. It is reported that Xingneng New Materials is in bankruptcy liquidation state, and its 54.29% stake in Snowwi is planned to be auctioned on on Alibaba for public auction at Alibaba from 10:00 on November 25 to 10:00 on November 26 (except for delays).
related evaluation report states that the market value of Snowwi shareholders' total equity in base date on June 30, 2021 was -925 million yuan. In this auction, the starting price of Snowwi 54.29% equity is 200 million yuan and the cap price is 400 million yuan. When the bidder bids to the cap price of 400 million yuan, the circuit breaker mechanism will be triggered and the second round of auction will be started. The starting time of the second round of auction is within 48 hours after the end of the first round of auction; the starting price of the second round of auction is 400 million yuan, the cap price is 600 million yuan, and so on.
The reason why Snowwi's equity can still start at a "high price" is because the company owns the prospecting rights of Decaolanba lithium mine and quartzite mine in Yajiang County, Sichuan Province. After evaluation, the appraisal value of the above-mentioned prospecting rights on the evaluation base date (June 30, 2021) is 974 million yuan (the income from mining rights transfer is not less than 294 million yuan and not deducted), the reserve resource reserves (331 + 332 + 333) (industrial mine + low-grade mine) ore volume is 24.924 million tons, Li2O293,200 tons, and the average grade of Li2O is 1.18%.
But it should be pointed out that the above-mentioned prospecting rights owned by Snowwi had expired on June 30, 2021. Three exploration rights reservations have been completed before, and the fourth exploration rights reservation is currently underway. Since the company suspected of illegal and irregular reasons during the acquisition of prospecting rights certificates and replenishment of mineral types, the relevant administrative departments are organizing investigations. Therefore, the retention of prospecting rights in Snowway is progressing slowly and there is a risk of loss of prospecting rights.
Shengxin Lithium Energy stated that since Snowwi has entered the bankruptcy reorganization process and is publicly recruiting reorganization investors, there are risks such as the adjustment of the rights and interests of investors by Snowwi reorganization plan , as well as the loss of the target equity due to the termination of the Snowwi reorganization process and the declaration of bankruptcy.
Although Snowwi has many problems, Shengxin Lithium Energy believes that with the rapid development of the global new energy vehicle and energy storage industry, the demand for lithium products is strong, providing the company with huge market space and development opportunities. As a lithium salt manufacturer, the company's production capacity has been expanding, and the demand for lithium ore resources has gradually increased. "If this investment is carried out smoothly, the company's resource reserves will be further enhanced and strong resource guarantees will be provided for the company's lithium salt capacity expansion."
GCL Energy is also interested in acquiring Snowwi controlling stake
Snowwi 54.29% stake has been put on auction tables in recent years.
JD Auction shows that the Chengdu Intermediate People's Court publicly auctioned 54.29% of Snowwi's equity held by Xingneng New Materials in February 2020, with a starting price of 849 million yuan. However, the auction was suspended due to the non-party object being filed against the seizure of the subject matter.
Image source: JD Auction Platform Screenshot
In late May this year, Xingneng New Materials manager publicly auctioned 54.29% of Snowwit's equity at JD Auction, with a starting price of 3.3529 million yuan.In the end, the equity was sold for 2 billion yuan after more than 3,400 bids, which is 597 times the starting price of 3.3529 million yuan. In addition to the transaction price of 2 billion yuan, the buyer also needs to bear the debts and related taxes and fees under the corresponding equity, which also means that the total cost will be higher.
As the auction fell, the mysterious buyer behind it also surfaced. According to the information of the auction transaction confirmation letter, the buyer is a natural person named Tan Wei. But after completing the auction, Tan Wei did not follow up. The outside world speculated that Tan Wei chose to regret shooting. As Snowwi 54.29% of the equity was taken out for auction again, it can be seen that Tan Wei finally chose to regret the auction. Since the deposit for participating in the auction at that time was only about 335,300 yuan, in comparison, the losses of Tan Weihui's auction did not seem to be very large.
. In this auction, the deposit for the first round of auction reached 40 million yuan. If the buyer regrets taking the auction, the cost will be much higher than before.
It is worth mentioning that GCL Energy is also very interested in Snowwi. On November 14, GCL Energy issued an announcement stating that the company plans to participate in the reorganization of the Snowwi bankruptcy reorganization case.
On October 11, 2022, the Yajiang County People's Court made the civil ruling based on the application of creditors Gxin Energy Lithium Battery New Energy, Sichuan Lithium Heng Technology, Sichuan Gxin Energy Smart Technology and Sichuan Hengxin New Energy Technology Center (Limited Partnership), and ruled to reorganize Snowwi from October 11. Based on this, Snowwi managers openly recruit and select reorganization investors from all over the country.
Qichacha shows that the above-mentioned creditors of Snowwi have equity connections with GCL. Previous public reports pointed out that GCL Energy has completed the acquisition of 99% of Snowwi’s debt.
In the view of GCL Energy, lithium ore resources are scarce in the market, product supply is tight, and prices soar. The lithium ore owned by Snowwi is a medium- and large spodumene ore. "If it can be selected as a Snowwi restructuring investor and obtained Snowwi controlling stake, it will help the company integrate the industrial chain resources and extend its business to the upstream raw material lithium ore and battery material industry of mobile energy."
. In the bidding related announcement, Shengxin Lithium Energy also revealed that the company may choose to participate in Snowwi's bankruptcy reorganization directly or indirectly based on its participation in Snowwi's equity auction.
Daily Economic News
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