Nearly $80 million! Photovoltaic Dark Horse Crossover Lithium Battery Dream Broken
For the cross-borderers, it is appropriate to carefully examine the new areas to be involved in, carefully evaluate and balance the risks, and focus on core issues, explore the synergies of the new areas, and have the ability to adapt and adapt to the changes of the world.
In recent years, the energy storage industry is booming, and new energy vehicles are booming. The rise of these two fields has been linked to a crucial technology called the lazy lithium battery. Many enterprises are struggling to cross-border Li-ion industry, want to take a share.
In this context, however, a company that originally focused on photovoltaic backplanes has chosen to go against the mainstream trend: It has just crossed over to the lithium industry in the past two years, but recently announced that it has completely given up getting involved in lithium!
Mingguan New Materials is a company mainly engaged in solar cell backplane business, and a promoter and practitioner of localization of solar cell backplane. It will be listed on the Shanghai Stock Exchange Kechuang Board at the end of December 2020. The successful listing, the continuous expansion of Mingguan New Materials capacity, will further promote the domestic new composite membrane material industry growth space several times, is expected to become the next 100 billion market value company, can be described as a veritable photovoltaic dark horse.
New businesses such as POE film, which have expanded production in recent years, are also in the ramp-up stage. However, due to the decline in EVA resin prices in 2022, Ming Crown New Materials has to make provision for EVA resin and related products, and its net profit is declining. This also led to 2022 despite the entire photovoltaic industry growth spurt, Ming crown new material performance has a decline in net profit. Financial data show that in 2022, the net profit attributable to shareholders of listed companies will be 104 million yuan, down 15.78% year-on-year.
In the difficult time of performance decline, Ming Crown New Materials will be new performance growth point hope in the field of lithium batteries. According to reports, in order to expand the lithium power industry chain, Mingguan Investment, a wholly-owned subsidiary of Mingguan New Materials, acquired the 70.00% stake of Xinghua Caitong held by Xinghua Tongchuang with its own capital of 40 million yuan in November 2021. Xinghua Caitong has invested 35 million yuan, holding 35% of the equity of Bo Chong Hongyuan. Subsequently, in March 2022, Ming Crown Investment acquired 35% of the equity of Bo Chong Hongyuan held by Ankang Hi-tech at a price of 39.4812 million yuan through the public delisting. Through the "two-step" strategy, Mingguan New Materials has invested nearly 80 million yuan and acquired 70% of the equity of Bo Chong Hongyuan, which has become a holding subsidiary of the company.
It is reported that Bo Chong Hongyuan is a research and development, production and sales of lithium battery anode materials and raw materials of high-tech enterprises. The company's technical team is mainly composed of overseas returned talents, and has the core technology of new nano-ferric phosphate and lithium iron phosphate automation. At present, the team is using Bo Chong Hongyuan for the transformation of results, and plans to establish a production base of iron phosphate and lithium iron phosphate in Ankang. The iron phosphate project with an annual output of 10,000 tons of lithium batteries has reached full production and full sales.
However, everything backfired. On February 22, 2023, Mingguan New Materials disclosed that due to the failure to obtain the official seal, contract seal, financial seal, business license original and other key materials, The company can not fully understand the actual operating conditions of Bo Chong Hongyuan, asset conditions and the risks facing the information.
In the announcement on June 2, Mingguan New Materials announced that it would focus on the production, R & D and sales of new composite membrane materials in the new energy field, in order to focus on the main business, and to accelerate the separation from the holding subsidiary, Xinghua Caitong. Ming Crown Investment decided to transfer 70% of its holdings of Xinghua Caitong to Ganzhou Ruixiang. After the completion of the transfer, Ming-crown new materials will completely withdraw from the holdings of Bo Chong Hongyuan equity, which also means that the company divested from lithium cathode materials related business. Mingguan new material board secretary Ye Yong said in an interview, the short-term company does not plan to enter the lithium cathode material field again by other means.
According to relevant sources, the decision of Mingguan New Materials to give up the lithium battery industry is related to the continuous fluctuation of battery-grade lithium carbonate price, in addition to the dispute with the subsidiary of Xinghua Caitong in the equity control of Bochuang Hongyuan.
In order to return to the main business, the company decided to focus on the production, R & D and sales of new composite membrane materials in the new energy field, and to devote itself to the main business of new energy composite membrane materials.
This news came out, June 6 morning trading, Ming crown new material (25.440, 0.50, 2.00%) quickly fell, as of closing quotation 23.89 yuan, down 12.78%, the total market value of 4.809 billion yuan. On August 29, 2022, Mingguan New Materials hit a high of 70.80 yuan, and its share price fell 66% recently.
Cross-border, by no means an easy move, nor the main business after the loss of life. For the cross-borderers, it is appropriate to carefully examine the new areas to be involved in, carefully evaluate and balance the risks, and focus on core issues, explore the synergies of the new areas, and have the ability to adapt and adapt to the changes of the world.