SAIC has taken the first step to spin off its subsidiaries and go public.
On November 25, SAIC Group (600104) issued an announcement stating that the company intends to establish a subsidiary in Shanghai Jie Hydrogen Technology Co., Ltd. (hereinafter referred to as “Jie Hydrogen Technology”). After the overall change to a company limited by shares, it will be spun off and listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange.
It is reported that Jie Hydrogen Technology was established in 2018, mainly engaged in the research and development, design, manufacturing, sales and engineering technical services of hydrogen fuel cell stacks, systems and core components . In October of this year, JieHydro Technology launched the M4H fuel cell stack, and its degree of autonomy and localization rate reached 100%. The fuel cell system equipped with the M4H stack is benchmarked against the world’s top level represented by Toyota in terms of core technical indicators such as stack power, stack power density, and system power.
The announcement shows that SAIC Group directly/indirectly holds 68.3011% of JieHydro Technology’s equity? It is an indirect controlling shareholder. The Shanghai SASAC indirectly holds SAIC through SAIC. The 67.66% equity of the group is the actual controller of Jie Hydrogen Technology.
The announcement shows that the total revenue of Jie Hydrogen Technology in 2020 is 247 million yuan, and the net profit is -93 million yuan. The total revenue in 2019 is 112 million yuan, which is the mother. Net profit-34 million yuan.
Hydrogen energy is generally considered to be an important solution for decarbonization and clean energy in the future. In August this year, the five national ministries and commissions officially launched the demonstration and application of hydrogen fuel cell vehicles, and Shanghai was formally selected as the first batch of demonstration cities.
SAIC said that the spin-off of JieHydrogen Technology for listing on the Science and Technology Innovation Board will help accelerate the industrialization and commercialization of hydrogen energy and hydrogen fuel cells. It will help SAIC to further improve its industrial chain construction, cultivate and develop new economic growth points, and enhance its comprehensive competitiveness.
The spin-off of JieHydrogen Technology is the first step for SAIC Motor to promote its subsidiaries to embrace the capital market.
As early as June 24 this year, SAIC’s vice president and chief engineer Zu Sijie revealed at a media communication meeting that SAIC plans to spin off several subsidiaries one after another. The company is listed, and JieHygen Technology will be the first. He said that the spin-off of a group of subsidiaries for listing is to highlight their “neutrality” and can provide support for other auto companies except SAIC.
It is understood that during the “14th Five-Year Plan” period, SAIC Motor plans to invest 300 billion yuan in related innovation fields such as intelligence, digitalization, and electrification to accelerate the overall transformation into a user-oriented high-tech enterprise. At present, SAIC has cultivated and formed 20 “Science and Innovation Giants” including JieHygen Technology, Zhiji Auto, Feifan Auto, Youdao Zhitu, Lingshu Software, and Xike Intelligent Artificial Intelligence Laboratory.
SAIC said that it will actively use the capital market to promote the industrialization and commercialization of innovative achievements.
As of the close of November 25, SAIC Motor fell 0.19% to close at 20.56 yuan.