In just two months, the three times increase in holding the Zhongli Group in the phase of the BAK power layout ternary lithium battery

After Changxin Technology (300088) abandoned the acquisition of BAK Power, Zhongli Group (002309) immediately succeeded in increasing its holdings. Zhongli Group announced on the evening of May 4 that the company intends to acquire a 3.41% stake in Shenzhen BAK power battery Co., Ltd. held by Tibet Haoze with a self-raised fund of RMB 350 million. After the transaction was completed, the company's shareholding ratio increased to 8.29%.

In February this year, the Zhongli group increased its capital for the first time. In just two months, it has increased its capital holdings three times to 8.29%, with a total investment of more than 850 million Yuan. At the end of February this year, the group had disclosed that it planned to spend 10 billion Yuan to buy BAK power shares, and has signed with Shenzhen BAK battery co., LTD., Tibet Haoze trading co., LTD.

BAK Power has significant advantages in the field of ternary material lithium batteries. Zhongli Group said that the further acquisition of Bicker Power's equity is conducive to the company's expansion of the influence of the comparative power, and the in-depth layout of the new energy power battery industry is a necessary behavior to realize the company's long-term development strategy of the new energy industry.

Three over weights to acquire tens of billions of acquisitions

Backtracking announcement, since February this year, Zhongli Group first increased its capital by 300 million Yuan to BAK Power, accounting for 2.93% of its equity, and then acquired its 1.95% stake for 200 million Yuan. According to the latest disclosure, Zhongli Group invested 350 million Yuan to acquire 3.41% of the shares, and the cumulative shareholding ratio increased to 8.29%.

According to the latest shareholder list of BAK Power, Zhongli Group has become the fourth largest shareholder, second only to the largest shareholder Shenzhen BAK Battery Co., Ltd. (holding 33.37%), Tibet Haoze (17.66%) and Changxin Technology. (8.34%).

In addition to the first increase in holdings, the Zhongli Group subsequently increased its holdings from the hands of the second largest shareholder of BAK Power, Tibet Haoze.

BAK Power was established in 2005. The company is mainly engaged in the R&D and production of ternary material lithium batteries. In addition to providing a full range of power solutions, the company focuses on new energy passenger cars. In the core product 18650 power battery field, the company's production and sales volume is the first in the country, and it has been recognized by well-known domestic and foreign automobile manufacturers such as Zhongtai, Chery, BMW Brilliance, Geely, FAW and Yutong.

With the development of the new energy automobile industry, BAK Power has also experienced explosive growth in recent years. According to the Changxin Technology acquisition plan, in 2014-2016, BAK Power achieved revenues of 148 million Yuan, 530 million Yuan and 2.391 billion Yuan respectively, net profit of -18.8 million Yuan, 26.32 million Yuan and 451 million Yuan. With the latest disclosed operating data, BAK Power continued to grow at a high rate in 2017. Last year, it achieved operating income of 3.053 billion Yuan and net profit of 506 million Yuan.

According to the “Five-Year Development Strategy” disclosed in the 2017 BAK 15th Anniversary Celebration, BAK’s strategic development goal by 2020 is to become the industry leader of the green lithium battery eco-chain and to enter the top three of China’s lithium battery companies’ comprehensive strength. . At the same time, BAK proposed a product expansion plan that is compatible with the market, achieving 8GWh capacity in 2017 and 15GWh capacity deployment by 2020.

In fact, the current national policy tends to support high-energy density batteries, and the market growth of ternary batteries is generally expected by the industry. This may be one of the reasons why Zhongli Group continues to increase its momentum.

It is worth noting that after the first capital increase in February this year, Zhongli Group immediately suspended the planning and restructuring, and subsequently disclosed that the target to be acquired was BAK Power, which initially estimated the transaction price to reach 10 billion Yuan. At present, the company has signed the "Equity Purchase Intention Agreement" with Shenzhen BAK Battery Co., Ltd. and the equity holder Tibet Haoze.

The latest progress of the restructuring disclosed on May 4 this year shows that as of this time, the major asset restructuring plan is still being further demonstrated, and there are still major uncertainties.

Repeatedly favored by the capital market

In fact, there are quite a few listed companies in the market, but in the end they all came back.

In 2016, the wholly-owned subsidiary of Lihe Co., Ltd. had planned to invest 300 million Yuan to participate in the capital increase of BAK Power. After the capital increase, the company will hold a 3.33% stake in BAK Power. However, in view of the fact that the parties failed to reach an agreement on the details of the cooperation, the company intends to terminate the investment in BAK.

In March 2017, Changxin Technology disclosed plans to acquire RMB 77.5 billion for the 75% stake in BAK Power. On the evening of January 30 this year, Changxin Technology announced that in view of the new situation in the new energy vehicle industry and the adjustment of the state's subsidy policy for new energy vehicles, the company decided not to initiate restructuring and capital increase.

Just as Changxin Technology gave up the acquisition of BAK Power, Zhongli Group immediately took over and began to increase its holdings. According to the data released by the China Association of Automobile Manufacturers, the production and sales of new energy vehicles in 2017 were close to 800,000 units, reaching 794,000 and 777,000 respectively, up 53.8% and 53.3% respectively. For the core components of new energy vehicles, the installed capacity of power batteries has also increased. The data shows that the total installed capacity of China's new energy vehicle power battery in 2017 was about 36.4GWh, an increase of about 29%. The power battery industry has a good development prospect.

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