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Text |Zebra Consumption, Author |Fan Jian.Although it has been renamed "Gree Titanium", the shadow on Yinlong in the hearts of Gree Electric investors has never been able to dissipate. Yesterday, as soon as the news of Gree Electric's plan to increase its stake in Gree Titanium by 1 billion yuan came out, the company's stock price responded to the **, and the company was 30 throughout the day80 yuan shares**, down 709%, the second largest decline this year, with a market value of more than 13 billion in ashes. Unable to influence the result, this is the majority of Gree Electric investors, with the ** in their own hands, voted against this transaction. There is a reason why investors are concerned that Gree will continue to increase its investment in Gree Titanium. The company's asset-liability ratio is abnormally high, and there is no hope of profitability in the short term, which will directly affect the financial and performance of the listed company.
Since Gree Titanium became the owner of Gree Titanium in 2021, Gree Electric has been helping this company fill in the holes. Is it really as Dong Mingzhu said, next year you can see a little hope in Gree Titan?This time, Gree Electric (000651SZ) has once again touched the back of investors. Yesterday, the company disclosed that it intends to increase its shareholding in its holding subsidiary Gree Titanium by transferring the shares held by existing shareholders.
On December 19, the company has signed the "Share Transfer Agreement" with 12 counterparties to transfer their total holdings of Gree Titanium 27.1 billion shares (24.4 percent of Greti's total share capital.)54%), and the transaction consideration is 101.5 billion yuan.
After the transfer of the above shares, Gree Electric will control Gree Titanium for a total of 799.6 billion shares correspond to voting rights, accounting for 72.2 percent of the company's total share capital47% (of which, the company directly holds 5501%, Dong Mingzhu delegated voting shares 1746%）。At the same time, the board of directors of Gree Electric has authorized the management to continue to negotiate with other shareholders of Gree Titanium in the next 12 months to obtain the appropriate shares with other shareholders of Gree Titanium at a valuation that does not exceed the valuation of this transaction, and the total transfer of the plan does not exceed 30.4 billion shares. In the announcement, Gree Electric emphasized that whether it is this or a follow-up transaction, the equity of Gree Titanium held by Chairman Dong Mingzhu will remain unchanged. That is to say, in addition to the shares held by Dong Mingzhu, Gree Electric hopes to concentrate all the shares of Gree Titanium into its own hands. No matter how you describe the prospects of Gree Titanium, it is emphasized that Dong Mingzhu has always stood with Gree Titanium, and investors have always disapproved of it and chose to vote with their feet.
Yesterday, Gree Electric opened slightly lower, and then fell sharply, and was pressed to the bottom all day, and finally fell by 709%** recorded the second largest one-day decline of the year, and more than 13 billion market value was wiped out. 30.The ** price of 80 yuan shares is infinitely close to the lowest point of this year. The company's current total market value of 173.4 billion yuan is less than 1 2 of Midea Group. Since the stock price of Gree Electric Appliances fell sharply on December 20, which was caused by Gree Titanium, we still have to introduce this company. The name Gree Titanium may not be familiar to investors, and it should be thunderous to mention its original name "Zhuhai Yinlong".
It is this Zhuhai Yinlong that once caused Dong Mingzhu to "rush to the crown" at the company's shareholders' meeting.
The business engaged in by Gree Titanium is the core materials of lithium titanate batteries, batteries, intelligent energy storage systems, new energy vehicles research and development, production, sales, and power battery cascade utilization.
There is also a reason why investors are dissatisfied with Gree Electric Appliances to continue to increase investment in Gree Titanium. As of the end of June this year, the company's total assets were 2431.1 billion yuan, total liabilities of 2425.5 billion yuan, the owner's equity is only 06.6 billion yuan, the asset-liability ratio is unusually high.
Although the company's operation has improved, it may be difficult to achieve profitability in the short term. In 2022, the company's operating income was 258.7 billion yuan, net profit -196.9 billion yuan;In the first half of this year, the operating income was 144 billion yuan, net profit -17.1 billion yuan.
In other words, Gree Titanium is not only unable to contribute profits to Gree Electric Appliances, but also needs listed companies to continue to transfuse it, which is a big "oil bottle". As early as 2016, Dong Mingzhu led Gree Electric to acquire Zhuhai Yinlong, hoping to lead Gree to enter new energy, achieve diversification, and get rid of the single dependence on air conditioners. Everything was well planned. However, this 13 billion yuan acquisition was submitted to the shareholders' meeting, but it was fiercely blocked by small and medium-sized shareholders.
It was at this meeting that Dong Mingzhu angrily accused the shareholders of not knowing how to be grateful.
Dong Mingzhu still has his own persistence and wants to prove his vision. Since the shareholders did not agree to the company's investment, she invested herself.
She not only borrowed debts herself, but also pulled Wang Jianlin, Liu Qiangdong and other bigwigs to invest in Zhuhai Yinlong together.
However, later facts proved that Zhuhai Yinlong was indeed a big hole and fell into a complex triangular debt. Investors should be glad they voted against it.
Even so, Dong Mingzhu still believes that Yinlong is a sweet tooth and recognizes the energy storage technology it has developed, and can use it to increase the application channels for Gree's automotive air conditioners, automotive motors, and automotive capacitors, and extend Gree's industrial chain.
In 2021, Gree Electric will start with 18300 million yuan curve into Yinlong (later renamed "Gree Titanium"). The scale of investment becomes smaller, and the board of directors can approve it, and there is no longer a need to look at the faces of shareholders, especially small and medium-sized shareholders. In recent years, Gree Electric has fallen into a growth bottleneck, and the performance of Gree Titanium has become particularly important. At the 2022 Annual General Meeting of Shareholders held in June this year, Gree Titanium is still the focus of attention of small and medium-sized shareholders. They are worried that the company has not yet turned around its losses and that it will fall into insolvency with such a high debt-to-asset ratio.
This time, Dong Mingzhu showed patience and honesty. She said that Greti's past triangular debt is gradually dissolving. It can bring a "butterfly effect" to many industries of Gree Electric Appliances and will feed itself as soon as possible. "There's a big hole ahead, and we'll fill it up as soon as possible. Dong Mingzhu also further encouraged investors that they would gradually see the changes in Gretitanium, but it was not a day's work, and I believe that there will be a little hope next year. She also quipped: "Next year, if you think I don't answer this question well, you can vote with your feet." ”