After wandering around, Inner Mongoliayuan Xing Energy Company Limited(000683) still hasn’t used up the funds raised by the additional issuance in 2015. After terminating the raised investment projects several times, Inner Mongoliayuan Xing Energy Company Limited(000683) plans to use the 800 million yuan raised investment for capital increase and acquisition of the subject matter, and constitutes a related party transaction.
Today (December 23), Inner Mongoliayuan Xing Energy Company Limited(000683) disclosed that the company plans to purchase 14% equity of Yingen mining held by Inner Mongolia nabechuan Resource Development Co., Ltd. (hereinafter referred to as nabechuan) by paying cash based on the overall valuation of 14.9 billion yuan of Inner Mongolia Boyuan Yingen Mining Co., Ltd. (hereinafter referred to as Yingen mining) It is proposed to increase the capital of Yingen mining with cash of RMB 3.725 billion. Among them, it is proposed to use the raised capital of 802 million yuan of the terminated raised investment project “Boyuan chemical ethylene glycol project” and its balance interest for capital increase to Yingen mining.
It should be noted that the value-added rate of Yingen mining is as high as 3713.55%. Compared with the end of last year, the current total assets and liability ratio of Yingen mining have changed greatly. As of December 31, 2020, the total assets of Yingen mining were 260 million yuan, and the asset liability ratio was 25.5%. However, as of August 31, 2021, the total assets of Yingen mining were 970 million and the asset liability ratio was 62.98%.
raised funds are used for the subject matter of capital increase
Today, Inner Mongoliayuan Xing Energy Company Limited(000683) (000683) disclosed that the company wants to change the capital investment direction of terminated raised investment projects.
On September 12, 2016, Inner Mongoliayuan Xing Energy Company Limited(000683) the funds raised from the non-public offering of A-Shares in 2015 were in place, and the net amount of funds actually raised was 2.57 billion yuan. At that time, the 1.87 billion yuan raised by the company was intended to be used for the 500000 T / a synthetic ammonia co production of 500000 T / a urea and 600000 T / a combined alkali project of Inner Mongolia Boyuan Chemical Co., Ltd.
On July 20, 2018, the company terminated the above raised investment projects. The company changed the purpose of 1.13 billion yuan of the raised funds to “400000 T / a fine baking soda project of Henan Zhongyuan Chemical Co., Ltd.” and “technical transformation project for comprehensive utilization of crude gas and purified gas of Inner Mongolia Boyuan Chemical Co., Ltd.” (hereinafter referred to as Boyuan chemical glycol project).
However, in 2021, Inner Mongoliayuan Xing Energy Company Limited(000683) terminated the changed project. We should know that the planned investment of Boyuan chemical ethylene glycol project reached 1.34 billion yuan, indicating that the company was very optimistic.
Image source: Inner Mongoliayuan Xing Energy Company Limited(000683) announcement screenshot
Turning around and ending again, including the bank interest settlement, Inner Mongoliayuan Xing Energy Company Limited(000683) still has 817 million yuan in the balance of the special account for raised funds. Today, Inner Mongoliayuan Xing Energy Company Limited(000683) finds a good place for these funds lying in bank accounts.
Inner Mongoliayuan Xing Energy Company Limited(000683) it is proposed to purchase 14% equity of Yingen mining held by Inner Mongolia nabechuan Resource Development Co., Ltd. (hereinafter referred to as nabechuan) in cash based on the overall valuation of Yingen mining of RMB 14.9 billion, and to increase the capital of Yingen mining with cash of RMB 3.725 billion. Among them, it is proposed to use the raised capital of 802 million yuan of the terminated raised investment project “Boyuan chemical ethylene glycol project” and its balance interest for capital increase to Yingen mining.
According to the announcement, Yingen mining is building the development and utilization project of talin natural alkali in Alxa Right Banner, with a total production capacity of 7.8 million tons / year of soda and 800000 tons / year of baking soda, and a total investment of 23.03 billion yuan.
the total asset and liability ratio of the subject increased significantly
The reporter of the daily economic news noted that Inner Mongoliayuan Xing Energy Company Limited(000683) used the raised project funds for capital increase, which is related to the ongoing related party transactions.
Yingen mining is a holding subsidiary of Inner Mongolia Boyuan Holding Group Co., Ltd. (hereinafter referred to as Boyuan group), which is also the controlling shareholder of Inner Mongoliayuan Xing Energy Company Limited(000683) . According to the appraisal results, as of the benchmark date of August 31, 2021, the appraisal value of the net assets of Yingen mining is 13.72 billion yuan, with a value-added rate of 3713.55%. In the risk prompt, Inner Mongoliayuan Xing Energy Company Limited(000683) also mentioned the risk of large appreciation of the underlying assets.
Ownership structure and control relationship of Yingen mining
Image source: Inner Mongoliayuan Xing Energy Company Limited(000683) announcement screenshot
The purpose of Inner Mongoliayuan Xing Energy Company Limited(000683) is to eat silver mining with its own funds and unused raised funds. After the completion of this transaction, the listed company will hold 60% equity of Yingen mining to realize the control of Yingen mining.
Compared with the performance commitment period of other major asset restructuring, Inner Mongoliayuan Xing Energy Company Limited(000683) counterparty’s performance commitment period is undoubtedly longer. According to the announcement, the performance commitment period of this transaction is from 2022 to 2027 (including the construction period from 2022 to 2024), and the cumulative net profit of the target realized by the counterparty after deducting non recurring profits and losses is expected to be no less than RMB 3.465 billion.
In fact, compared with the valuation, the performance of Yingen mining is not good. In 2020, the net profit of Yingen mining was 21.5502 million yuan.
Compared with the end of last year, the total assets and liability ratio of Yingen mining by the end of August this year changed greatly. As of December 31, 2020, the total assets of Yingen mining were 260 million and the asset liability ratio was 25.5%. However, by August 31, 2021, the total assets of Yingen mining will be 970 million and the asset liability ratio will be 62.98%.
(Daily Economic News)
