Text|Zebra consumption Fan Jian.Those who are familiar with the capital market know that Li Shufu has always had a "A-share dream".
In 2020, Li Shufu's Geely Automobile, which was already very close to the Science and Technology Innovation Board, is very promising to become the "first stock of vehicles on the Science and Technology Innovation Board". But a year later, the company chose to withdraw its application for listing on the Science and Technology Innovation Board.
Of course, there is no shortage of A-shares under Li Shufu's name, Qianjiang Motorcycle, Hanma Technology, Lifan Technology, and ST Chengxing are either actually controlled by him, or he can exercise significant influence.
However, his A-share children and grandchildren are not doing well now.
After more than 3 years of accepting Hanma Technology, Li Shufu suddenly found that he had been fighting in his shopping mall for decades, and he couldn't play this A-share commercial vehicle listed company.
Hanma Technology, formerly known as "Valin Xingma", was developed from Ma'anshan Special Purpose Vehicle Factory. In 2003, the company landed on the main board of the Shanghai Stock Exchange and was originally a listed company controlled by state-owned assets in Ma'anshan, Anhui Province.
After the listing, Valin Xingma's performance was extremely unstable. Due to the continuous net profit loss attributable to the parent company from 2014 to 2015, the company wore a star and hat. The following year, with the help of non-recurring profit and loss, it struggled to maintain its listing status.
At this time, Ma'anshan state-owned assets had the intention of retreating, publicly solicited equity transferees, and decided to transfer the control of the listed company.
In 2020, Li Shufu's Geely Commercial Vehicle Group stood up for the first time and invested 43.5 billion yuan, the transfer of Xingma Group and its wholly-owned subsidiary Huashen Building Materials held by Valin Xingma 1524% stake and became the new controlling shareholder. After the completion of the transaction, the listed company was renamed "Hanma Technology".
The following year, Geely Commercial Vehicle Group came up with another 58.9 billion yuan, participated in the private placement of Hanma Technology, and increased its shareholding to 2801%, further consolidating control.
However, in the hands of Li Shufu, Hanma Technology (600375SH) has not improved as rapidly as the outside world expected, but has fallen into a deeper quagmire.
From 2020 to 2022, the company's net profit attributable to the parent company has suffered a huge loss for three consecutive years, with a total loss of 33$2.1 billion.
On January 27, the company has disclosed the 2023 annual performance pre-loss announcement, and it is expected that the net profit attributable to the parent company will continue to lose 10700 million yuan-8700 million yuan.
Continued huge losses, resulting in the company has been seriously "bleeding". Hanma Technology expects that the net assets at the end of 2023 will be -9$2.8 billion to -7$2.8 billion. The company will be put on delisting risk alert after the disclosure of the 2023 annual report.
Li Shufu also planned to import assets to Hanma Technology. In May 2023, Hanma Technology disclosed that it planned to issue shares to Geely Sichuan to acquire 100% of the equity of Nanchong Development held by it. Geely Sichuan's controlling shareholder is Geely Commercial Vehicle Group, which is controlled by Li Shufu. The core business of Nanchong development is the R&D, production, sales and service of large and medium-sized new energy buses of more than 6 meters injected by Geely.
However, due to the difficulty of Nanchong development in key issues such as new energy vehicle manufacturing qualifications, the transaction can only be terminated.
Judging from the current situation, Li Shufu no longer plans to directly transfuse blood to Hanma Technology. On January 26 this year, the board of directors of the company passed the relevant resolution to apply to the court for reorganization and pre-reorganization of the company. This major matter also needs to be deliberated and approved by the general meeting of shareholders.
Goldfinger "is not working, Li Shufu is low-key, high-profile, and always has a spirit of not admitting defeat. It is this quality of his that has led to today's auspiciousness.
In 2005, Li Shufu transferred Geely Automobile (00175HK) was sent to Hong Kong stocks, opening the journey of the capital market.
At this time, China's auto market ushered in explosive growth that lasted for more than ten years, and Geely Automobile took advantage of the momentum and once became the "king of independent brands".
After growing, Li Shufu and Geely quickly set their sights overseas. It has successively completed the acquisition of Volvo Cars, British manganese copper, Indian Proton and other companies. In particular, the acquisition of Volvo in the form of "snake swallowing elephant" allowed Geely to quickly make up for the shortcomings of technology and brand image, and achieved a qualitative leap.
While sweeping goods in the international market, Geely is also frequently extending its "golden finger" in A-shares. Qianjiang Motorcycle is the first target that Li Shufu won in A-shares.
Qianjiang Motorcycle was originally a listed company under Zhejiang Wenling State-owned Assets, which landed on the main board of the Shenzhen Stock Exchange in 1999 and had a large reputation and market share in the domestic motorcycle industry.
But with the ban on motorcycles in major cities in China, the days of Qianjiang motorcycles are becoming more and more difficult. From 2014 to 2015, the company continued to lose money. At this time, Wenling State-owned Assets intended to transfer control of the listed company. Geely Holdings, a subsidiary of Li Shufu, became the equity transferee through public solicitation.
In 2016, Geely Holding invested 108.1 billion yuan, 2977% of the shares, becoming the new controlling shareholder of Qianjiang Motorcycle, Li Shufu replaced Wenling State-owned Assets and became the actual controller of the company.
At that time, the outside world generally believed that Li Shufu won Qianjiang Motorcycle in order to return Geely Automobile's A-share reserve shell resources.
But he didn't do this, but led Qianjiang Motorcycle to continue to do a good job in the old business, and actually achieved a substantial increase in scale and performance.
However, in 2023, the growth of Qianjiang Motorcycle suddenly stagnated, and in the first three quarters, the company's operating and scale net profit both declined. Even so, it is still the most stable company among the A-share companies controlled by Li Shufu.
When his peer Lifan Motors was in trouble, Li Shufu also turned into a white knight and participated in the reorganization of the company. During this period, Li Shufu showed the magic of turning decay into magic.
As one of the important indirect shareholders of Lifan Technology (renamed from Lifan Automobile), Geely contributed money, strength, and personnel to save the company, and also directly transported business.
A large number of related party transactions finally made Lifan Technology (601777SH) achieved a substantial turnaround in 2022. However, in 2023, the company's performance has declined again. It is estimated that the annual operating income will be about 6.7 billion yuan, a year-on-year decrease of about 23%; the net profit attributable to the parent company was about 23 million yuan, a year-on-year decrease of about 85%; After deducting the non-net profit, it is expected to lose about 61 million yuan.
In addition to the above 3 A shares, in 2022, Li Xingxing, the son of Li Shufu, will invest 51.7 billion yuan, photographed ST Chengxing 2578% of the shares, became the actual controller of this phosphorus chemical company, and personally served as the chairman.
One year after joining ST Chengxing, Li Xingxing has not brought a fundamental improvement to the company's operation. In the first three quarters of 2023, the company's operating income fell by 33% year-on-year45%, net profit attributable to the parent company -11.2 billion yuan, down 121 percent year-on-year80%。
Although the A-share dream is not easy, he has already held a number of A-share companies, but this is still a certain distance from Li Shufu's dream, what he really wants is to promote Geely's vehicle business and list on the A-share market.
On 30 April 2020, the China Securities Regulatory Commission (CSRC) issued the Announcement on the Relevant Arrangements for the Domestic Listing of Innovative Pilot Red-chip Enterprises, lowering the market value threshold for overseas listed red-chip enterprises to return to A-shares to RMB20 billion. This has undoubtedly created favorable policy conditions for Geely Automobile's return to A-shares.
In June of that year, Geely Automobile announced a preliminary proposal to issue RMB shares and list on the Shanghai Stock Exchange's Science and Technology Innovation Board. Subsequently, the listing counseling and filing were in full swing. Three months later, Geely Automobile's application for listing on the STAR Market was accepted by the Shanghai Stock Exchange. The company plans to raise 20 billion yuan for the research and development of new model products, forward-looking technology research and development, industrial acquisition projects and replenishment of working capital.
At that time, the outside world believed that Geely Automobile was the most promising to become the first stock of vehicles on the Science and Technology Innovation Board, changing the company's undervalued status in Hong Kong stocks.
What people didn't expect was that on June 25, 2021, Geely Automobile's return to the wind direction changed abruptly. The company announced that it has decided to withdraw the application for the proposed issuance of RMB shares for listing on the Science and Technology Innovation Board, and the road to the Science and Technology Innovation Board has failed.
In the past few years, China's automotive industry has also undergone major changes, from traditional fuel vehicles to new energy vehicles, and the pattern of the industry has been greatly rewritten.
In 2017, Geely Automobile sold 124 percent of its sales with a 63% increase in sales70,000 new cars, one of the "million clubs", becoming the largest private car company in China. At this time, the company shouted the big goal of exceeding 2 million units in 2020.
The truth is that until 2023, Geely Automobile's goal has not been achieved. In the year, the company's cumulative sales volume was 168650,000 units, of which 48 were sold as new energy products750,000 units.
The company has set a target of 1.9 million units for 2024 and calls for a 66% year-on-year increase in sales of new energy vehicles.
Geely Automobile's failed goal was overfulfilled by BYD, which has fully transformed into new energy. In 2023, BYD will win 302440,000 units were sold, all of which were new energy vehicles, making it the king of global new energy vehicle sales.
At present, BYD's market capitalization is more than 510 billion yuan, while Geely Automobile's is only 77 billion Hong Kong dollars (both on January 29**).