The acquisition of Bic is still under way.

In February this year, Sino-Lee Group announced its intention to purchase Shenzhen Bic power battery Co., Ltd. (hereinafter referred to as Bic Power) for a price of 10 billion yuan. For the head company of this new energy battery industry, Sino-Lee Group is determined to win. During the period of major asset restructuring, Sino-Lee Group has successively won some of Bic Power's shares through capital increase and equity transfer.

On May 5, Zhongli Group announced that the company intends to acquire a 3.41% stake in BAK Power held by Tibet Haoze Trading Co., Ltd. (hereinafter referred to as Tibet Haoze) for 350 million yuan. After the transaction is completed, the company holds The stake in BAK Power will increase from 4.88% to 8.29%.

Will become the fourth largest shareholder of Bic Power.

According to the latest announcement, Sino-Lee Group intends to acquire a 3.41 % stake in Bic Power held by Hauser in Tibet for 350 million yuan. In fact, on February 5th, the Chinese group suspended trading to plan a major asset restructuring, the target is precisely bike power. The company disclosed in the subsequent suspension of trading that the transaction is expected to reach 10 billion yuan.

Last year, Changxin Technology proposed to acquire a 75 % stake in Bic Power for 6.75 billion yuan. At this price, Bic Power's 100 % equity valuation was about 9 billion yuan.

According to the data, Bic Power is a new energy company that integrates three core businesses: lithium-ion batteries, electric vehicles, and battery recycling. According to data from the third party's true lithium research, Bic lithium batteries installed 1.5 GWh in 2017, accounting for 4.34 % of the domestic ratio, ranking fifth, behind Wotema, BYD, BYG and Guoxuan Gaoke. In 2017, Bic Power achieved operating income of 3.05 billion yuan and realized a net profit of 500 million yuan.

In fact, during the period of major asset restructuring, Sino-Lee Group has successively invested in Bic Power through capital increase and equity transfer. On February 7, this year, Sino-Lee Group obtained a 2.93 % stake in Bic Power with its own capital of 300 million yuan through capital increase and expansion. On April 3, Zhongli Group acquired another 1.95 % stake in Bic Power held by Hauser in Tibet for 200 million yuan.

After the completion of the transaction, the top four major shareholders of Bic Power will be Shenzhen Bic Battery Co., Ltd. (holding 33.37 %), Tibet Haoze (holding 17.66 %), and Wuhu Changxin Technology Co., Ltd. (holding 8.34 %).), Zhongli Group (holding 8.29 %).

It is worth mentioning that Zhongli Group is not a company in the new energy automobile industry chain. Its predecessor was Changshu Tangshi Cable Factory, whose main business is cable business, photovoltaic business and special communication equipment. Zhongli Group said that the company's further acquisition of BAKER's equity will help the company to expand the influence of the comparative power and deepen the layout of the new energy power battery industry.

Changxin Technology also had an acquisition plan

Now that China interest is planning to buy Bic power, why would it take an early stake in the restructuring? The reporter made several calls to the China Lee Group Securities Department, but it has not been able to connect.

“This shows that listed companies want to lock in equity.” An industry insider who has studied the mergers and acquisitions of listed companies has analyzed the reporters. On the one hand, major asset restructuring is usually completed through additional issuance and cash acquisition. The early listing of listed companies can prevent equity dilution. On the other hand, if a listed company wants to lock in the equity in advance, it can prevent a higher premium for the follow-up of the target. "As long as there is no premium in the middle of the transaction (the price of the transaction disclosed in the announcement), this is also a compliance."

"If it has already been announced, during the preparation period of the restructuring, there will be no problem," said Wang Zhibin, a lawyer at Shanghai Minglun Law Firm.

In 2017, another listed company, Changxin Technology, also increased its capital and then proposed to acquire a 75 % stake in Bic Power. However, the final reorganization plan failed to complete.

In March 2017, Changxin Technology disclosed the proposed plan of RMB 6.75 billion to acquire 75 % of Bic Power. Earlier, Changxin Technology had already held a 9 % stake in Bic Power through capital increase. However, on January 30 this year, Changxin Technology disclosed that it will no longer start the reorganization and capital increase of Bic's momentum, on the grounds that the current new situation in the new energy vehicle industry and the changes in the state's subsidy policy for new energy vehicles.

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