on December 29, Shenzhen Clou Electronics Co.Ltd(002121) issued a fixed increase plan, which plans to raise no more than 2.2 billion yuan to invest in projects such as energy storage product expansion.
Affected by this news, on December 30, Shenzhen Clou Electronics Co.Ltd(002121) rose by the word limit to close at 5.68 yuan / share, with a total market value of 7.999 billion yuan.
controlling shareholders participate in the subscription of
According to the plan, the number of this non-public offering shall not exceed 30% of the total share capital of the company before the offering, i.e. not more than 423 million shares, the total amount raised shall not exceed 2.2 billion yuan, and the issuing object shall not exceed 35 specific investors.
It is worth mentioning that Shenzhen capital group, the controlling shareholder of Shenzhen Clou Electronics Co.Ltd(002121) , plans to participate in the issuance and subscription in cash, and the subscription amount shall not exceed 540 million yuan in principle.
Shenzhen Clou Electronics Co.Ltd(002121) the fixed increase fund-raising will be used for four major projects. The first is the expansion project of energy storage products, including the construction project of energy storage system with an annual output of 6gwh and the expansion project of energy storage converter with an annual output of 5GW. It is proposed to invest 851 million yuan and 688 million yuan with raised funds.
The second is the industrial upgrading project of key products of the new power system, including three sub projects: smart meter product construction project, measurement and detection product construction project and measurement product automatic inspection, storage and distribution system construction project, with a total investment of 562 million yuan and a proposed fund-raising amount of 405 million yuan.
The third is the integrated industrialization project of comprehensive energy system. It is planned to invest 198 million yuan and 189 million yuan with raised funds. Finally, the upgrading project of Kelu enterprise technology center, with a total investment of 356 million yuan and a proposed fund-raising amount of 255 million yuan. The remaining 660 million yuan was used to supplement working capital.
Shenzhen Clou Electronics Co.Ltd(002121) said that the fixed increase will help the company focus on new power systems, consolidate the positioning of comprehensive service providers in the energy field, consolidate the competitive advantage of smart grid, improve the competitiveness of new energy industry and comprehensive energy services, enhance R & D strength, optimize the company’s capital structure and ensure operational needs.
founder shares are frequently auctioned by law
According to public information, Shenzhen Clou Electronics Co.Ltd(002121) was established in 1996 and landed on Shenzhen Stock Exchange in 2007. It is located in Shenzhen and its main business is smart grid, new energy and comprehensive energy services.
Since the second half of the year, Shenzhen Clou Electronics Co.Ltd(002121) shares have been frequently auctioned by the law. According to the announcement on December 10, Shenzhen Clou Electronics Co.Ltd(002121) learned through the system query of zhongdeng settlement company that the 50.18 million shares of the company held by Rao Luhua successfully auctioned by Shenzhen intermediate people’s court have completed the transfer registration formalities on December 8.
After the transfer, Rao Luhua held 201 million shares of the company, accounting for 14.3% of the total share capital, of which 200 million shares were pledged, accounting for 99.45% of his shares, and 201 million shares were frozen, accounting for 100% of his shares.
Shenzhen Clou Electronics Co.Ltd(002121) said that Rao Luhua is not the controlling shareholder and actual controller of the company. The judicial auction of some shares held by Rao Luhua will not change the control of the company and will not have a significant impact on the production and operation of the company.
The reporter noted that Rao Luhua’s background was not as light as described in Shenzhen Clou Electronics Co.Ltd(002121) . Rao Luhua was the founder of Shenzhen Clou Electronics Co.Ltd(002121) and promoted the company to enter the capital market. He has been the chairman of the board since the establishment of the company until March this year and once became the controlling shareholder. Rao Luhua ranked 1224 in the Hurun rich list in 2019 with a wealth of 3.3 billion yuan.
In fact, Rao Luhua’s shares were auctioned more than once during the year. Rao Luhua was sued by Wanxiang trust due to debt disputes. In the first instance, Rao Luhua has been ordered to pay the repurchase price of RMB 1.089 billion and liquidated damages of RMB 219 million to the latter.
On September 24, Hangzhou intermediate people’s court conducted the first public judicial auction of 206 million shares pledged by Rao Luhua to Wanxiang trust, of which 69 million shares were auctioned for 380 million yuan, and the remaining 137 million shares were auctioned after two public auctions.
Rao Luhua was also sued by Dongxing Securities Corporation Limited(601198) , Central China Securities Co.Ltd(601375) for debt disputes. From July 19 to 20, 18.37 million shares of the company held by Rao Luhua were publicly auctioned by Beijing Tianyuan Yongan Technology Co., Ltd. at a price of 72.1734 million yuan.
The former controlling shareholder was in prison, and the senior management of Kelu ushered in iteration. In early June, Shenzhen Clou Electronics Co.Ltd(002121) announced that the company held the 2020 annual general meeting on that day, changed the seventh board of directors in advance, elected the members of the eighth board of directors and board of supervisors, and completed the chairman election and senior management appointment on the same day. The board of directors and the board of supervisors changed greatly, Rao Luhua no longer served as a director of the company, and the controlling shareholder and actual controller were officially changed to Shenzhen capital group.
loss cloud comes back
In 2018 and 2019, Shenzhen Clou Electronics Co.Ltd(002121) suffered successive losses of 1.22 billion yuan and 2.376 billion yuan. Due to two years of huge losses, Shenzhen Clou Electronics Co.Ltd(002121) was warned of delisting risk, and the stock abbreviation was changed to * ST Kelu. At that time, Shenzhen Clou Electronics Co.Ltd(002121) was also faced with a three-year loss delisting crisis.
At the same time, Shenzhen’s state-owned assets came to a rescue. In 2018, Shenzhen Capital Group under the control of Shenzhen SASAC took shares in Shenzhen Clou Electronics Co.Ltd(002121) for the first time, and became the largest shareholder after two holdings increases in 2019. In 2020, the key year for shell preservation, Shenzhen Clou Electronics Co.Ltd(002121) achieved a revenue of RMB 3.337 billion, a year-on-year increase of 4.44%, and a net profit attributable to the parent company of RMB 185 million, a year-on-year increase of 107.8%. Thanks to this, Shenzhen Clou Electronics Co.Ltd(002121) took off its hat and withdrew the delisting risk.
However, it can be found that the protection of Kelu’s shell is not solid. Although the net profit attributable to the parent company was successfully converted from loss to profit, the deduction of non net profit in 2020 Shenzhen Clou Electronics Co.Ltd(002121) resulted in a loss of 320 million yuan. This is the negative deduction of non net profit for four consecutive years since 2017. From 2017 to 2019, it lost 122 million yuan, 1.241 billion yuan and 1.781 billion yuan respectively, with a total loss of more than 3.4 billion yuan in the past four years.
The above situation also attracted the attention of the regulators. In the annual report inquiry letter on May 13, the Shenzhen stock exchange required Shenzhen Clou Electronics Co.Ltd(002121) to explain the reasons for the negative net profit after deducting non profits for four consecutive years, and questioned the company’s sustainable operation ability. Shenzhen Clou Electronics Co.Ltd(002121) the follow-up reply said that it was mainly due to the early investment of new projects, the increase in salary payment, the disposal of assets and equity, the loss of subsidiaries, the failure of production and operation plans to meet expectations, etc.
In 2021, Shenzhen Clou Electronics Co.Ltd(002121) is in a loss again. In the first three quarters, the company’s revenue was 2.228 billion yuan, a year-on-year decrease of 5.98%. The net profit attributable to the parent company and the net profit deducted from non net profit were 228 million yuan and 181 million yuan respectively, a year-on-year decrease of 162.55% and 53.2%. For the decline in performance, Kelu said that the main reason was that the company’s short-term working capital was tight and the production and operation plan did not meet expectations.
In the first three quarters, Shenzhen Clou Electronics Co.Ltd(002121) asset liability ratio was 84.64%, with a year-on-year increase of 4.72%, reaching the highest point in the same period in history. From a longer time line, the company’s debt ratio has been maintained at more than 68% from 2014 to 2020.
According to the semi annual report, Shenzhen Clou Electronics Co.Ltd(002121) involves more than 10 major litigation and arbitration matters, with a litigation amount of more than 1.3 billion yuan, including contract disputes, joint and several liability for repayment, etc.
In addition to the freezing of Rao Luhua, the second largest shareholder, Shenzhen Clou Electronics Co.Ltd(002121) the situation of dozens of major shareholders is not optimistic. By the end of the third quarter, Shenzhen Clou Electronics Co.Ltd(002121) all the shares held by the third largest shareholder GUI Guocai, the fourth largest shareholder Chen Changbao, the sixth largest shareholder Sun Jun and the eighth largest shareholder Guo Wei had been frozen, and all the shares held by the tenth largest shareholder Lin Xun Xian had been pledged.
(International Finance News)
