Can Jianrui have no electricity?
Editor’s note: This article is from WeChat public account “Wild Horse Finance” (ID : YMCJ8686), author: Wu Zhanguo, wearing Hubei.
In the early days of the debt crisis, Li Yao, the founder of lithium battery giant Walter, promised that “I will be responsible for the end.”
A year and a half past, the market value of 3.7 billion, with more than 20 billion debts, has been slipped to the abyss facing debt restructuring or filing for bankruptcy.
In this situation, can Li Yao still have the power to return to heaven?
On October 28th, Waterma’s parent company, Jerry Wereng (300116.SZ), announced that by 5 pm on October 27, 66 creditors had filed claims with the company, with a declared amount of 38.94. 100 million yuan. Moreover, the first creditor meeting of the company restructuring will be held 10 days later.
At the end of last year, Jianruiwo was able to introduce four institutions and a natural person strategic investor to establish Shaanxi Litong No.1 New Energy Limited Partnership and establish a wholly-owned subsidiary Shaanxi Jianrui Jinping New Energy Co., Ltd. (below) Referred to as “Shaanxi Jinping”, the purpose is to help Shaanxi Waterma New Energy Co., Ltd. resume production. One of the battlefields, Tianjin Jinping Technology Development Co., Ltd. has close ties with South Korea’s Samsung Group, and may be supported by the Korean technical team.
Although strategic investors have entered the market and actively promoted debt restructuring, the company still stated that “the debt crisis cannot be completely resolved in the short term”. When many investors have been unable to make a loss of 10 billion yuan for the company in the past three years, the founders have already realized cash in various ways. In the face of a loss-making dilemma, Li Yao once said with indignation that he is preparing to sell iron, now………
The market value is 3.7 billion, but it is worth tens of billions in three years
In 2019, it was mixed for Kennedy. On October 28, Jianruiwo was able to release three quarterly reports. In the report period, the company lost 78 million yuan and lost a total of 2.61 billion yuan in the first three quarters. Although the loss rate has narrowed compared with the third quarter of last year, it still makes investors stunned.
Since 2017, Jianruiwo has lost more than 10 billion yuan, and its current market value is only about 3.7 billion yuan. At the end of 2017, the company had a total debt of 25.4 billion yuan and an asset-liability ratio of 86.1%. By 2018, the debt ratio rose to 98.8%.Being able to fall into the debt quagmire, the company is bankrupt or imminent.
Sun Yaogang, a well-known Beijing lawyer who studies corporate law and arbitration lawsuits, told Wildman Finance (WeChat: ymcj8686) that debt restructuring can be carried out, but the risks involved should be noted.
Jianruiwo will apply for bankruptcy reorganization if the debt restructuring fails.
However, according to the “Beijing News” report, Jianruiwo’s important subsidiary, Shaanxi Waterma, is already under commission and is expected to be put into production around October. This is probably good news for the firm’s top pressure. When Mustang Finance asked the company through the listed company, the other party did not give a positive response.
In September 2015, Tesla’s third automotive ModelX was delivered in volume. In March 2016, Tesla released another model of the car, and since then, the concept of new energy vehicles in the A-share market has started to frantically speculate. At that time, A shares just experienced a sharp drop, and the boring market urgently needed a hot concept to drive popularity.
The new energy vehicle concept stock has become an important promoter of the activation of the stock market. The first benefit of the new energy vehicle industry chain is the upstream industry – lithium batteries, so the relevant stocks continue to be active in the A-share market just like today’s blockchain concept stocks. Subsequently, a wave of lithium battery concept stocks represented by Tianqi Lithium Industry (002466.SZ) launched a wave of big market.
Jianrui Wooleng is in this context, the important lithium battery giant Shenzhen Matema Battery Co., Ltd. (hereinafter referred to as “Wotma”) was included in the bag.
At the time, after the announcement of the news, the company’s share price hit a new high, rising from a minimum of 3.33 yuan / share to a maximum of 13.51 yuan / share, more than 4 times, many retail investors bought the stock. In March 2015, the company’s shareholder number was 12,000, and by the end of 2017 it had grown to nearly 50,000, an increase of 4.5 times.
Who ever thought that in the middle of last year, when Jianruiwo announced the annual report for the fiscal year 2017, the performance suddenly changed, and suddenly lost 4.43 billion yuan in the fourth quarter, directly smoothing the profits of the first three quarters, and The huge loss for the year was 3.68 billion.
Source: Jerry Werner’s 2017 Annual Report
蹊跷合蹊跷
In fact, the performance of Kenrui Woneng has changed, and there are signs. In 2016, with the heat of new energy auto concept stocks, Guo Hongbao and Li Yao did not invest in the market.Instead, it is quietly cashing in equity. In the end, the listed company suffered huge losses, and the subsequent plots seemed to have met.
In April 2018, Jianruiwo began a debt crisis, and many assets were seized. The company’s production and operation were greatly affected. At that time, Li Yao, the founder and chairman of the company, a wholly-owned subsidiary of the company, said: “For the debt owed by Wattma, I will be responsible for the sale of the iron.”
However, it is surprising that, in fact, Li Yao has already pledged all the shares of the listed company in the short-term after the completion of the acquisition of Watmar, and realized the cash.
Source: Eastern Fortune
According to the announcement of the listed company, the company creditors Ju Dexian, Zhu Jinling, Li Fei and Li Yao have large capital exchanges. Among them, Ju Dexian, Zhu Jinling and Li Fei respectively owned 166 million yuan, 74.945 million yuan and 300 million yuan of claims from Waterma, with a total of 537 million yuan. After Wattma’s thunder, the three men signed a “Debt Confirmation Agreement” with Watmar, and Li Yao became the actual creditor. In other words, Li Yaojing has changed from a shareholder to a creditor, and the bankruptcy liquidation is higher than the shareholder. In the process, where the “debtor” Li Yao’s funds come from, it is also worth pondering.
In addition, the cash-up people not only have Li Yao, but also the real controller of Jianrui Woneng Guo Hongbao , after the completion of the major asset restructuring of the listed company, Guo Hongbao completed a cash package of 230 million yuan.
Data Source: Dongcai choice
In February 2016, Jianruiwo announced that it will purchase 100% of the lithium giant Walterma by way of issuing shares and paying cash. The transaction price is determined to be 5.2 billion yuan, and the premium rate is as high as 469.62%. . Since then, many media have issued a document questioning whether the acquisition premium of the acquisition is reasonable.
However, due to the warm market environment at the time, the upsurge in speculating new energy vehicle concept stocks only increased, and the market is optimistic about the development of lithium batteries in the next two years. Therefore, the sound of whether the high premium is reasonable will gradually disappear.
52100 million “big brother” holding “little brother”
Jian Ruiwo, a real controller, was born in 1969. He studied at Beijing Institute of Technology and studied safety engineering. Guo Hongbao has a strong professional and technical background. After graduating from university in 1991, he entered the 213th Research Institute of China Ordnance Industry Corporation as an assistant engineer. Eight years later, he founded Xi’an Jianrui Chemical Co., Ltd. and became the chairman of the board.
In 2008, Guo Hongbao established Shaanxi Jianrui Fire Protection Co., Ltd. (hereinafter referred to as “Jianrui Fire Fighting”) on the basis of the original company. According to the prospectus, Guo Hongbao has been engaged in research on aerosol fire extinguishing systems for a long time. The main inventor of the core technology patent.
Because of the good performance of Jianrui Fire, coupled with the relaxation of the stock market’s listing standards for SMEs, in 2010, Jianrui Fire (300116.SZ) successfully listed and became a member of the GEM. Since then, Guo Hongbao’s worth has risen and become a famous rich man in Shaanxi.
Guo Hongbao’s appetite does not stop there. In 2016, when the stock market new energy auto concept stock boom, Guo Hongbao, who was “unwilling to be mediocre”, met Li Yao who could make him embark on the peak of his life.
Li Yao was born in 1973 and is 4 years younger than Guo Hongbao. Although Li Yao is only a college graduate, he is also a technical background. After graduation, he worked for BYD and was promoted to senior director of the quality department of BYD Lithium Battery Co., Ltd. In 2002, Li Yao founded Shenzhen Waterma Battery Co., Ltd. and became the chairman of the board of directors. He started the entrepreneurial road for more than ten years.
Wotma has spent 16 years from a small, unseen company to the top three in the industry. In 2018, Waterma became the top three in the nation’s power battery industry. Li Yao’s aggressive expansion strategy allowed the company to continue to grow at a high rate, but he misjudged the situation.
As new energy vehicle subsidies are about to fall, Li Yao has launched an ambitious plan to promote “electric vehicles to replace traditional fuel vehicles” into 60 cities, “each city replaces 5,000 units”, Li Yao At that time, I said this to the media.
With Li Yao’s enthusiasm, Waterma became the leader in the industry. In 2016, Guo Hongbao and Li Yao’s 5.2 billion yuan business made them all “rich”. The “2017 Hurun Rich List” was released, and Guo Hongbao advanced into the top ten richest people in Shaanxi with a wealth of 3.5 billion yuan.
Wortama has made two billionaires, but listed companies have planted “mines.”
Behind the loss of 10 billion
The retreat of subsidies for the new energy auto industry has become the fuse for Jianruiwo to lose 10 billion yuan.
In 2016, the new energy industry is in the dividend period, plusTema’s manufacturing technology and market strength are also remarkable. After the acquisition of Waterma by Jianrui Fire, it was renamed “Jianrui Woeng”. The financial data of listed companies in the year rose rapidly due to the acquisition.
From the specific data, operating income increased from 581 million yuan in 2015 to 3.82 billion yuan in 2016, and the non-net profit increased from 35 million yuan in 2015 to 425 million yuan in 2016. The situation seems to be a good one.
However, success did not last long, and the entire new energy industry ushered in a major change – the industry subsidy policy has undergone profound changes. At the same time that the subsidies have retreated, the standards are also increasing. This not only has a direct impact on the company’s net profit, but also caused the sales of low-density batteries, including the Waterma, to be blocked and the inventory to be backlogged.
After April 2018, after the company was exposed to debt defaults, the media reported that the company’s debt crisis has become more serious. In November of that year, Jenover’s more than 100 bank accounts were frozen and a large number of operational assets were seized. On February 22, 2019, due to a financial loan contract dispute with Hua Xia Bank, the RMB 86.61 million stake held by Jianruiwo was frozen by the court for a period of three years.
When Jianrui can landslide, the “new energy madman” Guo Hongbao and Li Yao have turned from a technology bull to a capital player and launched a capital market.
In this regard, Mustang Finance (WeChat public: ymcj8686) contacted Jianrui Woneng, contacted the securities department of the listed company after repeated calls, the other party said that everything is subject to the announcement, other related questions can not give a reply, then hang up the phone.
How is Li Yao, who has all the pledges of the stock and has the dual status of the company’s shareholders and creditors, how to be “responsible for the end”?