Sudden change of ownership of Zhonglai shares: the actual controller plans to cash out 1.1 billion yuan of Guizhou state-owned assets

category:Finance
 Sudden change of ownership of Zhonglai shares: the actual controller plans to cash out 1.1 billion yuan of Guizhou state-owned assets


Guizhou Wujiang Energy Group Co., Ltd. holds 100% of the equity of Wujiang energy, which means that after the equity transfer is completed, the actual controller of Zhonglai shares will become the state owned assets supervision and Administration Commission of Guizhou Province.

In recent years, the domestic photovoltaic industry around the midstream battery, module end of the increasingly fierce competition. In addition, through the layout of n-type TOPCON technology, the company has opened up a track in the competition of efficient batteries and components. In 2016, Chinalco put forward strategic transformation, announced to enter the field of high-efficiency battery, and issued several investment plans successively. According to the statistics of the industry, the capacity of high-efficiency batteries announced by the company exceeds 13GW, with a total investment of more than 23 billion yuan.

However, three or four years later, the construction speed of the high-efficiency battery project of China Laiwu is not as fast as expected. Up to now, the companys n-type battery capacity is 2.4gw. According to new era securities analysis, TOPCON technology has made rapid progress and is expected to accelerate its application in the industry in 2020. It is expected that the company will ship more than 2gw this year, laying the foundation for high performance growth.

It is also doubted whether the capital strength of the company is matched under large-scale investment. By the end of the first quarter of this year, the balance of cash and cash equivalents at the end of the period was only 1.202 billion yuan. During the reporting period, the companys net assets were 4.349 billion yuan. Therefore, in the face of the production expansion plan of tens of billions of yuan at any time, whether the company can guarantee the investment of enough funds also worries the outside world. It is worth noting that the outbreak this year led to the loss of China Laiwu in the first quarter. Financial data shows that the company realized a net profit loss of 19 million yuan attributable to shareholders of the listed company from January to March this year. At the performance presentation meeting held at the end of April this year, Lin Jianwei, chairman and general manager of China Laiwu, said that the company had locked most orders in 2020 in advance by way of pre signing sales contracts, and was confident to achieve business objectives. However, when striving to achieve the business objectives, the actual controller suddenly cashed in and handed over the control right, which is lamentable.

It is also doubted whether the capital strength of the company is matched under large-scale investment. By the end of the first quarter of this year, the balance of cash and cash equivalents at the end of the period was only 1.202 billion yuan. During the reporting period, the companys net assets were 4.349 billion yuan. Therefore, in the face of the production expansion plan of tens of billions of yuan at any time, whether the company can guarantee the investment of enough funds also worries the outside world.

It is worth noting that the outbreak this year led to the loss of China Laiwu in the first quarter. Financial data shows that the company realized a net profit loss of 19 million yuan attributable to shareholders of the listed company from January to March this year.