On February 20, the Shenzhen Stock Exchange issued a regulatory letter to Kexiang Co., Ltd. and three senior executives due to the irregularities of untimely disclosure of the progress of major investment projects and failure to disclose the external guarantee of the merger and acquisition subsidiary.
Among them, the above-mentioned "major investment project" is a sodium battery and material project that Kexiang plans to invest 2 billion yuan in.
Kexiang Co., Ltd. is a veteran printed circuit board company, the main business is high-density printed circuit board research and development, production and sales; The company's main products include double-layer boards, special boards, multi-layer boards, and HDI boards.
Affected by the decline in the gross profit margin of the PCB business, the performance of Kexiang shares has declined year by year. The net profit attributable to the parent company in 2021 and 2022 will be 70.96 million yuan and 46.53 million yuan respectively, and the net profit attributable to the parent company in 2023 will be 12.5 billion yuan-14.5 billion yuan.
At this time, it coincides with a high degree of prosperity in the new energy market, which is the second growth curve in the eyes of many companies, so Kexiang shares, which have poor performance, have also begun to plan cross-border projects.
In January 2023, Kexiang Co., Ltd. signed the "Investment Cooperation Agreement" with Qingdao Sodium Core Enterprise Management Partnership (Limited Partnership), and the two parties jointly invested in the establishment of a company to lay out sodium batteries.
March 2023,Kexiang Co., Ltd. and the people of Xinfeng County signed the "New 6GWh Sodium-ion New Energy Battery Project Investment Intent Contract".It is planned to invest 2 billion yuan to build a new energy industrial park for sodium-ion batteries and materials.
In a subsequent institutional exchange, Kexiang revealed that the holding subsidiary Kexiang Sodium Energy plans to build a sodium-ion battery pilot line and carry out mass production in July 2023.
However, judging from the information disclosed in the regulatory letter,The program was terminated in September 2023. Obviously, Kexiang did not announce the progress of the project in a timely manner.
It is also worth mentioning that although the above-mentioned projects have been stopped, Kexiang has not given up the layout of sodium batteries.
In October 2023, Kexiang Co., Ltd. signed the "Kexiang 8GWh Sodium-ion Energy Storage Battery and Related Products Project Investment Agreement" with the Business Environment and Investment Promotion Bureau of the Management Committee of Huizhou Daya Bay Economic and Technological Development Zone, with an investment amount of 2 billion yuan.
Kexiang shares also recently said on the investor interactive platform that the company has not terminated the sodium-ion battery project, and the project is currently progressing normally.