Hunan Keli Yuanxin Energy Co., Ltd. (hereinafter referred to as â€œKeliyuanâ€) announced that it received the â€œNotice of Feedback from the China Securities Regulatory Commission on Administrative Licensing Project Reviewâ€ and needs to raise funds for non-public offering of shares. The written explanation and explanation of the problem shall be submitted to the CSRC Administrative Licensing Review Department within 30 days.
Three months ago, Keliyuanâ€™s non-public offering of A shares (hereinafter referred to as the â€œpreplanâ€) was just reviewed and approved by the 31st meeting of the fifth board of directors of the company. The plan shows that Keli is expected to increase by no more than 157 million shares at a price of not less than 9.54 yuan per share, and the total amount of funds raised will not exceed 1.5 billion yuan, which will be used for the power battery industrialization project and the foam nickel industry park for new energy vehicles. Project and CHS Hybrid Powertrain System R&D project. Among them, only the power battery industrialization project plans to use the raised funds of 1 billion yuan.
However, the information obtained by the reporter of China Business News shows that the power battery production and sales volume and capacity utilization rate of Keli have been declining for nearly three years. In 2015, the capacity utilization rate of its power battery was only 16.36%. Under this circumstance, why is Keliyuan still raising funds to expand, and how will the new capacity increase in the later period?
Keliyuan did not explain the above issues to reporters. The person in charge of the company's propaganda and securities department replied to the reporter in the mail that the company is in the â€œquiet periodâ€ stipulated by the CSRC, and it is inconvenient for the non-public offering plan and the involved The fundraising project and other matters were interviewed.
Low capacity utilization, still fundraising expansion
Formerly known as Changsha Liyuan New Materials Co., Ltd., it was successfully listed on the Shanghai Stock Exchange in 2003. Its business involves energy storage raw materials, battery materials to advanced batteries, automotive power batteries, hybrid powertrain systems, and microgrid distributed storage. Industry chain system such as system and battery recycling.
According to the plan, the total amount of funds raised by Keliyuan's non-public offering of shares will not exceed 1.5 billion yuan, of which 1 billion yuan is planned for the annual production of 518 million ampere-hour vehicle power battery industrialization project (Phase I project). The total investment of the project is 4.218 billion yuan, which is divided into two phases. The total investment in the first phase is 2.09 billion yuan, and the designed annual production capacity is 216 million ampere-hour batteries and 61 million ampere-hour pole pieces.
As of the announcement date, the above projects have obtained approval documents such as project filing and environmental assessment approval. The plan documents show that the financial internal rate of return of the project is 14.55% (after tax), the financial net present value is 457 million yuan (after tax), and the investment recovery period is 7.03 years (including 2 years of construction period).
The first half of this year, Corun power battery business gross margin has decreased to a negative value, it is -2.85%, down 3.72 percent year on year. Although the business achieved revenue of 137 million yuan, an increase of 110.77% over the same period of last year, its operating costs were as high as 141 million yuan, an increase of 118.69%.
The reporter was informed that the above-mentioned power battery business and project of Keliyuan was mainly operated by its subsidiary, Hunan Keba Automotive Power Battery Co., Ltd., which was 100% owned by Keliyuan, but its net profit loss in the first half of this year. It reached 32.688 million yuan.
In addition, according to the feedback from the China Securities Regulatory Commission, the production and sales volume and capacity utilization rate of power batteries in the past three years have continued to decline. Among them, the utilization rate of power battery capacity in 2015 was 16.36%, and the production and sales rate was 80.29%. Under this circumstance, Keliyuan still raised RMB 1 billion to expand. The CSRC asked Keli to explain the necessity of adding new power battery industrialization projects and how to increase the capacity of new capacity.
According to the announcement issued by Keli Yuan on September 13, it needs to submit a written reply to the above-mentioned issues to the China Securities Regulatory Commission's administrative licensing review department within 30 days. As of the time of publication, Keliyuan has not announced the progress of the response to this matter.
On September 27, Zhang Dongping, Minister of Publicity and Securities of Keliyuan, did not disclose too much details in response to the reporter's interview. He replied to the reporter in the mail: "Inco has issued a non-public offering on June 15th. The plan submitted the application materials on July 29 and has not yet entered the review process. At present, the company is in the 'quiet period' stipulated by the CSRC, and it is inconvenient to accept interviews on non-public offering plans and fundraising projects involved.
Camp increase profits and reduce difficulties to be solved
In addition to the above-mentioned business, Keli has always insisted on taking the hybrid route. However, the progress of its projects has been repeated, the benefits have not yet fully manifested, and even fell into the embarrassing situation of revenue growth and net profit reduction.
The data shows that in 2015, Keli has just realized a turnaround and a profit of 4.6638 million yuan. In the first half of this year, although its operating income reached 815 million yuan, an increase of 124.76% over the same period of last year, the net profit attributable to shareholders of listed companies was 64.482 million yuan, a year-on-year decrease of 80.86%, and its net profit loss after deducting was also as high as 7793.25. Ten thousand yuan.
In the 2016 semi-annual report, Keli said that the increase in operating income in the first half of the year was mainly due to the increase in power battery revenue, system assembly revenue and trade business income, but it did not elaborate on the reasons for the net profit loss.
Wang Chuanxiao, an analyst at Chuan Cai Securities, believes that Keli has recorded a loss of more than 64 million yuan in the first half of the year, which is an increase from the loss of 36 million yuan last year. The main reason is that the government subsidies were more in the same period last year. Second, Toyotaâ€™s business has not yet reached breakeven. Point, there is no profit contribution.
At present, the domestic new energy automobile industry market is concentrated, but unlike Keli, the same industry enterprises are more likely to choose plug-in hybrid and pure electric routes. Zhang Wei, deputy general manager and chief technology officer of Keliyuan Hybrid Power Technology Co., Ltd. (hereinafter referred to as â€œCHS Companyâ€), said that compared with the previous two technical routes, the companies that gambled on the hybrid technology route are very lonely. According to the introduction, at the most difficult time, the company's top management also had differences, and advocated turning to plug-in hybrid or pure electric lines, and finally persisted.
However, in the actual development process, the progress of Keliyuan's hybrid project is full of twists and turns. As early as November 2014, Keliyuan and Geely jointly established CHS to build the China Hybrid Drivetrain Assembly Technology Platform Project (hereinafter referred to as the â€œCHS Projectâ€). At that time, Keliyuan signed a "Project Investment Contract" with the Changsha High-tech Zone Management Committee, stipulating that the total investment of the CHS project is 10 billion yuan. The Changsha High-tech Zone Management Committee will give CHS company a total of no more than 1.5 billion yuan in policy support through fixed assets investment , provision of research and development funds, matching funds, and loan interest subsidies.
The reporter was informed that the above CHS project was established in January 2015 and the entire project development is expected to take four years. However, after signing with Changsha, the project has not been able to land until August and has to move from Changsha to Foshan. Keliyuan did not specifically explain the reasons for the relocation, but said that it â€œconsidered the long-term development and actual situation of the CHS projectâ€.
According to the plan, the project will be invested in two phases. The first phase will be 4.65 billion yuan and will be put into operation before the end of December 2017. The second phase will be about 5.35 billion yuan, which will be launched by 2020 at the latest. According to the news from Keliyuan, the first phase of the project was officially started on September 25 in Chancheng District, Foshan City.
Elastic Yarn Covering Machine is specially aimed at the elastic fabrics and applicable for the production of polyamide, polyester, cotton yarn etc. covered yarns of different norms, with the raw material application range at 70D-600D. It holds a lower energy consumption and an extremely high productivity and its technical features stay at a great volume of wrapped filament, up to 1kg without joint, and the reduction of silk-on tube-change process which used to be frequently done by the operator, enhancing the yarn quality and also reducing the operation.
Elastic Yarn Covering Machine
Elastic Yarn Covering Machine,High Speed Elastic Yarn Covering Machine,Elastic Rubber Yarn Doubling Covering Machine,Metallic Yarn Machine,Automatic Elastic Yarn Covering Machine
Xinchang Jinxing Machinery , https://www.xcjinxing.com