It is difficult for the outside world to know the real operation status of sunshine power. Peng Xiaofeng, the actual controller, is wanted for illegal public deposit taking and other charges and has fled far away from the United States. This company is quite questioned.
Before the opening of November 24, sunshine power issued two announcements in succession. On the one hand, the company appointed a new senior vice president, Wenbing Chris Wang, to take charge of the companys finance; on the other hand, Phoenix motorcars, acquired by its recently established wholly-owned subsidiary Edison future, announced on January 24 that it had delivered two zeusz-400 electric shuttle buses to Santa Cruz, California.
Sunshine power tried to use the announcement to send two signals: the companys management has included new members, and its company has actual product output.
Who is Wenbing Chris Wang? According to the 21st century economic report, it is Wang Wenbing, President and chief financial officer of Dalian fsin, a former NASDAQ listed company. In the announcement, sunshine power introduced Wenbing Chris Wangs career resume, which is consistent with Wang Wenbings experience. According to public information, Wang Wenbing is also the founding partner of Redwood capital and Kaitong fund.
According to qixinbao information, Dalian Fushi bimetallic Manufacturing Co., Ltd. (hereinafter referred to as Fushi bimetallic) belongs to Dalian Fushi group and its main business is copper clad bimetal wire production. In December 2005, Fourier bimetal was listed on the OTC market (OTCBB) by purchasing the shell of American parallel technology company. In less than two years, the company successfully transferred to NASDAQ, securities referred to as Fus copway.
According to the previous report of 21st century economic report, Wang Wenbing, the founding partner of rosewood capital, was one of the many investment banks that Fu Li, the actual controller of Fus bimetallic, found in 2005 when he was seeking capital operation. But it was Wang Wenbing who finally convinced him to lead his bimetallic company to go to the U.S. OTC market.
Perhaps it was Wang Wenbings years of experience in capital operation, and Peng Xiaofeng brought him under his command. In the announcement seen by 21st century economic reporter, Peng Xiaofeng, chairman and chief executive officer of sunshine power, has expectations for Wang Wenbings joining. Chris will provide support for Phoenix motorcars, the latest acquisition of Edison future, and the spin off and IPO plans of its subsidiary solarjuice.
Wang Wenbing himself seems to be equally confident, and believes that sunshine power is rapidly seizing the opportunity of high growth in the global electric vehicle market.
PV + EV new approach?
The joining of senior financial personnel and the delivery of electric vehicle products made the share price of sunshine power soar before trading yesterday. But the controversial company is still struggling to get rid of the many mysteries that lie in it.
On October 22nd this year, the short selling agency grizzly issued a short selling report on sunshine power. It believed that the companys business covered almost all the hot industries in the past two years, such as cryptocurrency, marijuana and electric vehicles, and speculated on its share price by constantly rubbing hot spots.
In the short selling report, the agency focused on Edison future, which was set up in September by sunshine power, which announced that it was focusing on the design and development of electric vehicles and charging solutions for electric vehicles. In the latest introduction of sunshine power, the company positions itself as a global renewable energy company and provides solutions in photovoltaic (PV) and electric vehicle (EV) fields.
Solar powers photovoltaic business in the past was weak due to the continuous decline in performance. According to the companys performance data in fiscal year 2019, sunshine power achieved a revenue of 683 million yuan last year, a year-on-year decrease of 22.06%, and a loss of 106 million yuan, with an increase in the amount of loss. In this context, the company announced this year that it plans to spin off its main components and inverter photovoltaic enterprise solarjice to go public, and focus on building the business concept of electric vehicles.
Shortly after the establishment of Edison future, sunshine power announced that the subsidiary had signed a strategic cooperation framework agreement with Shaanxi Tongjia Automobile Co., Ltd. However, the company, known as Chinas leading all electric logistics vehicle manufacturer by sunshine power, is now in trouble of production suspension and salary arrears.
Short selling agency grizzly bear said in the report that it recently sent investigators to Tongjia automobile, through on-site visits and conversations with security personnel, it has been confirmed that the company is still closed and has not resumed production or any other activities.. In addition, the 21st century economic reporter dialled the switchboard number displayed on the official website of Tongjia automobile, but found it was empty.
After the real appearance of Tongjia Automobile Co., Ltd. was revealed, the electric car dream of sunshine power was in danger.
Amid doubts, sunshine power issued several announcements in November, trying to verify the authenticity of its electric vehicle business to the outside world.
In the announcement, sunshine power called Liuzhou Liancheng Chinas leading international exporter of electric vehicles and electric vehicle parts, and Guangxi Dazhou automobile sales as Chinas leading electric vehicle dealer in Guangxi Autonomous Region. However, the 21st century economic report reporter inquired qixinbao and other enterprise information platforms, and found no company registered in the name of Liuzhou Liancheng Industrial Co., Ltd. and Guangxi Dazhou Automobile Sales Co., Ltd..
The second announcement was issued on November 13, when the company announced that it had acquired Phoenix motor cars, headquartered in Ontario, California, through its subsidiary Edison future, at a transaction price of $11.5 million in equity, $1 million in cash and $4.5 million in operating capital commitments. Phoenix motor cars aims to deliver more than 100 cars and keep more than 70 vehicles in stock by the end of 2020 to ensure significant growth in performance over the next two years, sunshine said in the announcement.
21st century economic reports reporter consulted Phoenix motorcars official website and found that the companys latest disclosed information was that in October this year, its product Zeus zero emission shuttle bus was selected as a qualified vehicle by the California Coordinated Transportation Association (calact) purchasing cooperative to provide electric buses. According to the information disclosed at present, Phoenix motorcars has the actual production and delivery capacity of automobiles, but whether it can achieve the delivery target of more than 100 vehicles this year is not yet known. To be sure, among the true and false electric vehicle layout information disclosed by sunshine power, Phoenix motorcars is currently the only asset with hematopoietic capacity in its electric vehicle business. However, in the face of the continuous loss of photovoltaic business and the large amount of capital needed for future car building, the story of PV + EV of sunshine power is still full of uncertainty. Source: Yang Bin, editor in charge of economic report in the 21st century_ NF4368
21st century economic reports reporter consulted Phoenix motorcars official website and found that the companys latest disclosed information was that in October this year, its product Zeus zero emission shuttle bus was selected as a qualified vehicle by the California Coordinated Transportation Association (calact) purchasing cooperative to provide electric buses.
From the information currently available, Phoenix Motors has practical vehicle production and delivery capabilities, but it is not known whether it can achieve more than 100 vehicles delivery targets this year.
To be sure, among the true and false electric vehicle layout information disclosed by sunshine power, Phoenix motorcars is currently the only asset with hematopoietic capacity in its electric vehicle business.
However, in the face of the continuous loss of photovoltaic business and the large amount of capital needed for future car building, the story of PV + EV of sunshine power is still full of uncertainty.