CITIC Heavy Industries, the hottest new energy com

2022-08-21
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Layout new energy CITIC Heavy Industry plans to acquire Tianjin Songzheng by 690million

layout new energy CITIC Heavy Industry plans to acquire Tianjin Songzheng by 690million

China Construction machinery information

on July 6, CITIC Heavy Industry announced that the company plans to acquire 52% of the equity of Tianjin Songzheng Electric Vehicle Technology Co., Ltd. (hereinafter referred to as Tianjin Songzheng), with the target price of 690million yuan. The purchase method is to privately issue shares and pay cash to its five shareholders

merger and acquisition cooperation, capacity layout, auto parts, CITIC Heavy Industry's acquisition of Tianjin Songzheng

it is understood that Tianjin Songzheng's main business is electric vehicle, hybrid vehicle technology research and development, etc. CITIC Heavy Industry announced that after the completion of this transaction, according to the needs of its development strategy, relying on the mature technology and strong R & D capabilities of Tianjin Songzheng, the new energy motor electric control business will inject sufficient impetus into the development of CITIC Heavy Industry's new kinetic energy business

the two listed companies once took shares in the target

according to the announcement of CITIC Heavy Industry, the company plans to purchase 52.3787% equity of Tianjin Songzheng at a price of 690million yuan

according to the acquisition plan, taking December 31, 2016 as the base date of estimation, the book net assets of Tianjin Songzheng are 545million yuan, the estimated value of all shareholders' equity is 1.32 billion yuan, and the estimated value-added is 774million yuan, with a value-added rate of 141.94%. The estimated value of the 52% equity acquired is 690million yuan, with a value-added rate of 141.94%

among them, the listed company plans to pay 226million yuan in cash, and the rest of the consideration will be paid by non-public offering of shares to the counterparty

a total of five shareholders of Tianjin Songzheng will conduct transactions with CITIC Heavy Industries. Kong Zhaosong, its controlling shareholder, holds 59.24% of the shares, and due to the powerful computer function, 66% of the shares. Therefore, 1 it is necessary to regularly check the temperature, vibration and internal wires of the electromechanical system. The remaining shares are held by Wang Min at 22.7431%. Wanxiang Qianchao has a practical utilization value of 10%. Guangdong Wenshi Investment Co., Ltd., a wholly-owned subsidiary of Wenshi shares, and Xinxing Qichuang investment partnership (limited partnership) also hold some shares

after this acquisition, the above-mentioned individuals and legal persons will no longer hold the shares of Tianjin Songzheng except Kong Zhaosong. At the same time, the above five shareholders will hold shares of CITIC Heavy Industry. Among them, Kong Zhaosong will be among the top ten shareholders of listed companies with 26.4763 million shares and Wang Min with 37.9641 million shares

according to the announcement, Kong Zhaosong and Wang Min are husband and wife, so the total number of shares held by them is 64.4404 million, and the number of shares will be among the top five shareholders of CITIC Heavy Industry

and Kong Zhaosong and Wang Min, the main equity transferors, also made performance compensation commitments. Tianjin Songzheng and 2019 will achieve net profits of not less than 168 million yuan and 137 million yuan respectively. If it is lower than the current committed net profit, CITIC Heavy Industries will be compensated with the consideration shares it obtains

expand the new kinetic energy industry sector

it is understood that Tianjin Songzheng was founded in 2010, mainly engaged in the research and development of electric vehicles and hybrid electric vehicles, as well as the research and development, production and sales of auto parts. The products mainly include new energy vehicle power system assembly, new energy bus field charging and wireless charging system, etc

according to the announcement of CITIC Heavy Industry, the acquisition of Tianjin Songzheng is based on the needs of CITIC Heavy Industry's development strategy, relying on the mature technology and strong R & D capabilities of the target company. The new energy motor electric control business will inject sufficient impetus into the development of CITIC Heavy Industry's new kinetic energy business

in fact, the 2016 annual report of CITIC Heavy Industry once proposed that the company would merge its business into two parts, "new kinetic energy" and "traditional kinetic energy". "New kinetic energy" mainly includes energy-saving and environmental protection equipment, robots and intelligent equipment, new energy power equipment and other industrial sectors; Traditional kinetic energy mainly includes heavy equipment, complete engineering and other industrial sectors

the layout of the electric vehicle parts industry is undoubtedly an important step for CITIC Heavy Industry to expand its new kinetic energy sector

the author notes that previously, the main components of CITIC Heavy Industries' new kinetic energy sector were high-end intelligent manufacturing such as robots, which was not closely related to the automotive industry. As for the speech of Mr. lingtianjun, chief engineer of SAIC forward looking technology research department, who chose to layout new power vehicles, the staff of CITIC Heavy Industry Securities Department said that Tianjin Songzheng's main business is not vehicle manufacturing, but auto parts. This is an extension of the main business of listed companies, and the details are subject to the announcement

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