Figure ** on pexels
On the evening of December 5, 2023, the controlling shareholder, the actual controller and its concerted action signed an agreement of intent with Huaibei Jianjiu Equity Investment ** Partnership (Limited Partnership) to transfer the control of the company to Huaibei Jianjiu, and if the transaction is finally completed, the actual controller of the company will be changed to Huaibei State-owned Assets Supervision and Administration Commission.
Affected by this, the share price of Tianqi Mold continued to rise on December 6 and December 7 after the resumption of trading. According to the announcement, Huaibei Jianjiu plans to transfer Tianqi mold 16.2 billion shares, with a total of 17.7 billion shares transferred18%。
Last time, the transfer of control planned by Tianqi Mold, the buyer was also a local state-owned asset. At that time, the transaction valuation of Tianqi Mould was 6.7 billion yuan.
Three years ago, Tianqi Mould had intended to transfer control to Henan State-owned Assets.
In November 2020, Tianqi Mould announced that the company's controlling shareholder, Zhumadian Industrial Investment Group, hereinafter referred to as "Industrial Investment Group"), signed the "Equity Transfer Intent Agreement", and the Industrial Investment Group intends to transfer about 16.2 billion shares, accounting for 1770%, after the completion of the transfer, the industrial investment group will become the controlling shareholder of the company, and the people of Zhumadian City will become the actual controller of the company.
In April 2021, the due diligence work of Tianqi Mould was basically completed. However, it was not until a year later that the transfer of control ended in termination, which once caused investors to question the fraud.
In November this year, Tianqi Mold disclosed a "Record of Investor Relations Activities", answering the "reasons and progress of the company's controlling shareholders planning the transfer of control", Tianqi Mold said that the company's controlling shareholders are 8 natural persons who act in concert, and the major shareholders intend to control due to their age.
According to the "Share Transfer Intent Agreement", the shares held by the controlling shareholder of Tianqi Mold to be transferred by Huaibei Jianjiu include: Hu Jinsheng's 4514450,000 shares, Chang Shiping's 3460080,000 shares, Dong Shuxin 2792360,000 shares, Yin Baoru's 1322760,000 shares, Zhang Yisheng's 1101060,000 shares, Bao Jianxin's 1425440,000 shares, Wang Ziling's 1220500,000 shares, Ren Wei's 341270,000 shares.
The above 8 people are the actual controllers of Tianqi Mold, and they hold a total of 17.2 billion shares, accounting for 1827%。
This time, the 8 actual controllers collectively withdrew from the actual control of Tianqi Mold, and the transferred 16.2 billion shares accounted for 17 percent of the total share capital18%, and the valuation of the target company corresponding to the transfer ** does not exceed 6 billion yuan. That is, the transferred 16.2 billion shares corresponds to a valuation of no more than 103.1 billion yuan.
It is worth mentioning that the main investor of Huaibei Jianjiu, the transferee, is Huaibei Cultural Tourism Investment and Development Group, accounting for 99999%, and the equity penetration is 100% held by Huaibei State-owned Assets Supervision and Administration Commission. As a result, in order to transfer the actual control of Tianqi Mold, Huaibei State-owned Assets Supervision and Administration Commission invested 1 billion yuan to set up an equity investment ** to take over.
Tianqi Mould is a professional company that operates, designs and manufactures molds for interior and exterior panels of automobiles, and ranks among the top in China in terms of molds for automotive panels, aluminum plates and thermoforming molds. With nearly 40 years of mold manufacturing history, Tianqi Mould has provided services for many domestic and foreign automobile manufacturers, and its customers cover most of the well-known joint ventures and independent brand automobile enterprises.
In 2003, the company carried out the restructuring from state-owned to private, and became a private listed company in China's automobile mold industry. At present, Tianqi Mould has 33 subordinate enterprises, including 18 holding companies and 15 shareholding companies.
According to the 2023 semi-annual report, Tianqi Mould is the world's largest manufacturer of automotive panel molds, and its equipment scale is in a leading position in the world.
However, compared with the gorgeous and well-known title, the performance of Tianqi Model is a little inadequate.
From 2020 to 2022, the company's operating income was 134.6 billion yuan, 187.9 billion yuan, 255.2 billion yuan. During the same period, the company's net profit was -82.5 billion yuan, -21.2 billion yuan, 08 billion yuan. Since 2020, the company has accumulated a net loss of about 87 billion yuan.
In the first three quarters of this year, the company's operating income was 165.9 billion yuan, a year-on-year increase of 673%。However, the increase in revenue did not increase profits, and the net profit in the same period was 08.8 billion yuan, down 2053%。
In addition to the need to strengthen financial management, compared with the first-echelon players such as Weichai Group, Lixun Precision, and Huayu Automobile, Tianqi Mould is also relatively weak in the construction of relative market position and has a low brand advantage.