Poco Holding Co.Ltd(300811) 2021: credit rating report of convertible corporate bonds issued by gem to unspecified objects CSCI PENGYUAN Credit Rating Report
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Advantages \uf0a7 the overall revenue of the company has maintained rapid growth. As a listed company focusing on R & D, production and sales of alloy soft magnetic products, the company has certain competitive advantages in the subdivided fields. With the development of downstream high-profile industries such as photovoltaic power generation and new energy vehicles, the company has maintained rapid growth in revenue and profit scale in recent years.
\uf0a7 the capital strength of the company has been continuously improved, and the overall debt level is low. In 2019, the company raised 331 million yuan from public offering of shares, and by the end of 2020, the owner’s equity attributable to the parent company was 863 million yuan, an increase of 140.66% over the end of 2018, and the asset liability ratio was 19.77%.
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\uf0a7 the new capacity of the expansion project may face the risk that it cannot be digested smoothly. The expansion project of high-performance soft magnetic products production base of the company’s IPO raised investment project has been put into operation at the end of 2020. It is expected to form a new increased annual production capacity of 9000 tons of soft magnetic products in the year of reaching production capacity; It is expected that the project invested by raising the bonds will increase the annual production capacity of metal soft magnetic materials by 20000 tons, an increase of 1.25 times compared with that in 2020. After the above production expansion projects are put into operation, the company’s overall production capacity will be greatly improved. If the customer expansion and order growth are less than expected, the company will face certain production capacity digestion risks.
\uf0a7 the company’s total assets are small and its anti risk ability is limited. By the end of March 2021, the total assets of the company totaled 1.086 billion yuan, with a small overall scale and limited resistance to potential risks caused by changes in the industry environment.
\uf0a7 the company faces certain working capital pressure. By the end of March 2021, the book value of accounts receivable accounted for 20.46% of the total assets, and the payment recovery period was long; Considering that the purchase of main raw materials takes up more working capital and the payment period is usually short, the company is facing certain working capital pressure. \uf0a7 the concentration of the company’s customers is high, which is not conducive to dispersing business risks. In recent years, the total sales from the top five customers account for a high proportion of the main business income. If the product sales and procurement policies of key customers change in the future, it will have a certain adverse impact on the company’s operation. The rating method and model are applicable to this rating
Rating method / model name version number
General credit rating method and model for industrial and commercial enterprises cspyffmx2021v1 0 external special support evaluation method cspyff2019v1 0 note: the above rating methods and models have been disclosed on the official website of CSI PENGYUAN
1、 Overview of issuer
The company was founded in September 2009 with a registered capital of 10 million yuan and shareholders of Du Jianghua and Guo Xiongzhi; After that, it was changed and established as a joint stock limited company on September 6, 2015. In December 2019, the company publicly issued 14.4 million RMB ordinary shares (A shares) to the public and was listed on the gem of Shenzhen Stock Exchange on December 30 of that year (stock code ” Poco Holding Co.Ltd(300811) . SZ”), with a total share capital of 57.6 million shares after issuance.
As of March 31, 2021, the total share capital of the company is still 57.6 million shares. Shenzhen MoMA new material Investment Co., Ltd. (hereinafter referred to as “MoMA investment”) holds 16055485 shares, accounting for 27.87% of the total share capital of the company and is the controlling shareholder of the company. Du Jianghua directly holds 1459579 shares of the company, accounting for 2.53% of the total share capital of the company, and indirectly holds 15.05% of the shares of the company through MoMA investment. In total, he actually holds 17.59% of the shares of the company. He is the actual controller of the company. In addition, the top five shareholders of the company have pledged 2036200 shares, accounting for 3.54% of the total share capital.
In May 2021, the company distributed a cash dividend of 2.8 yuan (including tax) to all shareholders for every 10 shares, and increased 8 shares for every 10 shares to all shareholders with the capital reserve. The total share capital increased to 103.68 million shares. As of the date of issuing the report, the industrial and commercial change procedures for the corresponding share capital change have not been completed. Table 1 shareholding of the top five shareholders of the company by the end of March 2021 (unit: shares)
Pledge or freezing of restricted sales terms held by sequential shareholders
No. shareholder name shareholder nature quantity proportion number of shares
Number of States
1 MoMA investment in domestic non-state-owned legal persons 1605548527.87% 16055485 — 2 Guo Xiongzhi domestic natural persons 773583013.43% 5801872 pledge 3062903 Luo Zhimin domestic natural persons 41598297.22% 3119872 pledge 5800004 Ruan Jialin Domestic natural persons 41598297.22% 3119872 pledge 11499575 guangfaqian and domestic non-state-owned legal persons 26143794.54% —
Source: provided by the company
Since its establishment, the company has been engaged in the R & D, production and sales of alloy soft magnetic powder, alloy soft magnetic powder core and related inductive components. Its products are widely used in photovoltaic power generation industry, variable frequency air conditioning industry, power supply industry, new energy vehicles and charging pile industry.
By the end of March 2021, the company had 4 subsidiaries included in the consolidation scope, as shown in Table 2.
Table 2 subsidiaries included in the consolidation scope by the end of March 2021 (unit: 10000 yuan)
Name of subsidiary company abbreviated as registered capital shareholding ratio and acquisition method of main business
Huizhou platinum magnetic material Co., Ltd. Huizhou platinum 200100.00% magnetic material production new facility
Huizhou platinum industry Co., Ltd. platinum industry 8 Tcl Technology Group Corporation(000100) .00% magnetic material production business merger not under the same control
Chengdu Poco Holding Co.Ltd(300811) Material Technology Co., Ltd. Chengdu platinum 500100.00% magnetic material promotion and new establishment
Division sales
Heyuan Poco Holding Co.Ltd(300811) Material Co., Ltd. Heyuan platinum 8 Tcl Technology Group Corporation(000100) .00% magnetic material production new facility
(not yet put into operation)
Source: provided by the company and publicly inquired, sorted out by CSI PENGYUAN
2、 Overview of current bonds
Bond Name: Poco Holding Co.Ltd(300811) gem issues convertible corporate bonds to unspecified objects;
Total issuance amount: no more than 430 million yuan (including);
Bond term: 6 years;
Method of repayment of principal and interest: pay interest once a year, and return the principal of all bonds that have not been converted into shares and the interest of the last year when due;
Term of share conversion: from the first trading day after the expiration of six months from the date of issuance to the maturity date of the current bonds;
Initial conversion price: the initial conversion price of the convertible corporate bonds issued this time shall not be lower than the average trading price of the company’s shares on the 20 trading days before the announcement date of the prospectus (if the share price has been adjusted due to ex right and ex dividend within the 20 trading days, the average trading price on the trading day before the adjustment shall be calculated according to the price after corresponding ex right and ex dividend adjustment) And the average trading price of the company’s shares on the previous trading day, and the specific initial conversion price shall be submitted to the general meeting of shareholders of the company to authorize the board of directors of the company to negotiate and determine with the sponsor (lead underwriter) according to the market and the specific situation of the company before issuance;
Downward correction clause of conversion price: during the duration of the convertible corporate bonds issued this time, when the closing price of the company’s shares is lower than 85% of the current conversion price for at least 15 trading days in any 30 consecutive trading days, the board of directors of the company has the right to propose a downward correction scheme of the conversion price and submit it to the general meeting of shareholders of the company for voting. The above plan can be implemented only after more than two-thirds of the voting rights held by the shareholders attending the meeting are approved. When voting at the general meeting of shareholders, shareholders holding convertible corporate bonds issued this time shall withdraw. The revised conversion price shall not be lower than the higher one between the average trading price of the company’s shares on the 20th trading day before the date of the shareholders’ meeting and the average trading price of the company’s shares on the previous trading day. At the same time, the revised conversion price shall not be lower than the latest audited net asset value per share and stock par value. If the conversion price has been adjusted within the above 30 trading days, it shall be calculated according to the conversion price and closing price before the conversion price adjustment day, and according to the adjusted conversion price and closing price on the conversion price adjustment day and subsequent trading days. If the company decides to revise the conversion price downward, the company will publish relevant announcements on the information disclosure newspapers and Internet websites designated by the CSRC, including the revision range, the equity registration date and the period of suspension of conversion (if necessary). From the first trading day after the equity registration date (i.e. the date of correction of the share conversion price), the application for share conversion shall be resumed and the corrected share conversion price shall be implemented. If the correction date of the conversion price is on or after the conversion application date and before the conversion share registration date, such conversion application shall be executed according to the corrected conversion price;
Redemption terms: (1) maturity redemption terms: within five trading days after the expiration of the convertible corporate bonds issued this time, the company will redeem all the convertible corporate bonds that have not been converted into shares. The specific redemption price shall be determined by the board of directors authorized by the general meeting of shareholders through negotiation with the sponsor (lead underwriter) according to the market conditions at the time of issuance. (2) Conditional redemption clause: during the conversion period of convertible corporate bonds issued this time, in case of any of the following two situations, the company has the right to decide to redeem all or part of the convertible corporate bonds that have not been converted according to the face value of the bonds plus the accrued interest in the current period: ① during the conversion period, If the closing price of the company’s shares on at least 15 trading days in any 30 consecutive trading days is not less than 130% (including 130%) of the current conversion price; ② When the balance of convertible corporate bonds issued this time is less than 30 million yuan. If the conversion price has been adjusted within the above 30 trading days, the conversion price and closing price before the adjustment shall be calculated on the trading day before the adjustment, and the conversion price and closing price after the adjustment shall be calculated on the trading day after the adjustment;
Resale clause: (1) conditional resale clause: in the last two interest bearing years of the convertible corporate bonds issued this time, if the closing price of the company’s shares on any consecutive 30 trading days is lower than 70% of the current resale price, The holders of convertible corporate bonds have the right to resell all or part of their convertible corporate bonds to the company at the price of face value plus current accrued interest. If the conversion price has been adjusted due to the distribution of stock dividends, conversion of share capital, additional issuance of new shares (excluding the increased share capital due to the conversion of convertible corporate bonds issued this time), allotment of shares and distribution of cash dividends within the above trading days, it shall be calculated according to the conversion price and closing price before the adjustment on the trading day before the adjustment, On the adjusted trading day, it shall be calculated according to the adjusted conversion price and closing price. In case of downward correction of the conversion price, the above “Thirty consecutive trading days” shall be recalculated from the first trading day after the conversion price adjustment. In the last two interest bearing years, the holders of convertible corporate bonds can exercise the repurchase right once according to the above agreed conditions after the repurchase conditions are met for the first time. If the repurchase conditions are met for the first time and the holders of convertible corporate bonds fail to declare and implement the repurchase within the repurchase reporting period announced by the company at that time, the repurchase right cannot be exercised in that interest bearing year, The holders of convertible corporate bonds cannot exercise part of the repurchase right multiple times. (2) With additional resale terms, if the implementation of the investment project funded by the convertible corporate bonds issued by the company this time changes significantly compared with the commitment of the company in the prospectus
