When things fall into a bottleneck, there is often a “hero of the world” walking on colorful auspicious clouds in the film, but in reality, the person walking on auspicious clouds is not necessarily a “hero”, but also a “mud Bodhisattva”.
Recently, Yinyi Co.Ltd(000981) (hereinafter referred to as “Yinyi shares”) announced that it plans to invest no more than RMB 400 million to participate in the reorganization of Zhidou automobile (fully known as “Zhidou Electric Vehicle Co., Ltd.”) and the reorganization plan change procedure. Just different from the “strong alliance”, the participants Yinyi shares and Zhidou automobile are almost in the stage of “waiting for the wind”.
In 2019, Zhidou fell into the situation of broken capital chain and frozen equity. The highlight of hot-selling micro new energy vehicles gradually faded, and it still failed to reproduce its glory today; The situation of Yinyi shares is not optimistic. The net profit before and after deducting non recurring profits and losses for three consecutive fiscal years is negative, and the loss situation has not been reversed in 2021. The annual performance is expected to lose 1.9 billion yuan to 2.3 billion yuan.
In an interview with Huaxia times, the securities affairs representative of Yinyi shares said that in 2021, in the face of the overall tightening real estate market situation, the company actively adjusted its strategic direction, strengthened the independent operation and management of various projects, accelerated the promotion of inventory work, accelerated the disposal of idle projects and accelerated the return of funds.
So, can this move successfully pull Zhidou car ashore, and why did the cash strapped Yinyi share choose to incarnate as “knight in white”?
4 billion yuan emergency Zhidou
Zhidou automobile has been waiting for a long time for the “heroes of the world”, and finally made its debut in the recent dusty days.
“In order to accelerate the company’s strategic deployment in the field of new energy vehicle manufacturing and enhance the company’s core competitiveness and sustainable development ability, the company plans to invest no more than RMB 400 million to participate in Zhidou automobile reorganization and reorganization plan change procedures.” Yinyi shares stated in the announcement that it intends to act as a new reorganization investor of Zhidou automobile and obtain the actual control and independent operation right of Zhidou automobile, so as to realize the regeneration of Zhidou automobile.
Even in the face of the company’s relevant review procedures, court decisions and approvals and multiple uncertain risks in the field of new energy vehicle manufacturing, Yinyi shares still chose to invest “to help”. So, what is the “charm” of Zhidou car?
According to the announcement, Zhidou automobile covers the R & D, production, sales, operation and other businesses of electric vehicles. It has more than 100 patents and has been recognized by the international market. It is committed to becoming an advocate and promoter of new energy vehicles. But on the other hand, Zhidou automobile’s labels on enterprise credit information publicity systems such as enterprise inspection are “dishonest Executees” and “Executees”.
After browsing the public information of Zhidou automobile, the reporter of Huaxia times also learned that although it was once synonymous with micro new energy vehicles, Zhidou automobile fell into the darkest moment of sharp decline in sales, rupture of funds and freezing of equity in 2019, and has not made a comeback until this announcement was issued, Zhidou car, which has been silent for three years, has been brought back to the public view.
It can be said that the current 400 million yuan contribution of Yinyi shares is an urgent “enterprise rescue money” for Zhidou automobile.
“Adversity shows truth”
It’s hard not to say that Yinyi shares are “true feelings in adversity”, because Yinyi shares are really shy at this time.
In 2018, 2019 and 2020, the net profit of Yinyi shares was negative before and after deducting non recurring profits and losses for three consecutive fiscal years, and the stock was subject to “other risk warning” because the audit report of the latest year showed that the company’s sustainable operation ability was uncertain.
According to the performance forecast of Yinyi shares in 2021, the loss situation in 2021 has not changed. It is expected that the loss will reach 1.9-2.3 billion yuan in the reporting period, a year-on-year decrease of 74.71% – 111.5%. For the reasons for the loss, Yinyi shares said that the real estate situation was down during the reporting period, and the company made corresponding provision for impairment of long-term receivables arising from real estate projects developed in cooperation with relevant partners; The impact of the epidemic has led to a decline in the sales revenue of the cross-border auto parts sector and a loss in operating performance.
While Yinyi shares intends to participate in the reorganization of Zhidou automobile, its own development is also more bumpy.
In 2019, Yinyi applied to Ningbo intermediate people’s court for restructuring of the company on the grounds that it could not pay off its due debts and was obviously lack of solvency. Subsequently, Yinyi issued announcements on equity pledge and freezing from time to time. By 2022, Yinyi shares are still in the stage of bankruptcy and reorganization.
However, in this performance crisis, what are the considerations for Yinyi shares to lend a helping hand to Zhidou automobile, and whether it will face increased financial pressure? With many questions, “Huaxia times” reporter has made contact with Yinyi shares.
The securities affairs representative of Yinyi shares told the Huaxia times that in combination with the relevant plans issued by the State Council and the development direction of the company’s main business, it is an important strategic deployment made by the company based on its own advantages in the field of new energy vehicles, forming an obvious synergy with the company’s existing auto parts manufacturing business, It is an important measure of long-term strategic layout.
According to the statement of Yinyi securities affairs representative, up to now, the company is actively implementing the reorganization plan, in which important matters such as the investor’s equity adjustment plan have been implemented and completed. It is reported that the scheme of converting capital reserve into share capital in the current restructuring plan of Yinyi shares has been implemented, and 100% equity of Shanxi kaineng has been purchased as a whole and has been transferred to Rusheng industry.
major business adjustment
According to the official website, Yinyi Co., Ltd. is a professional real estate enterprise with national first-class real estate development qualification. With Ningbo as the headquarters, its business has gradually expanded to Shanghai, Nanjing, Nanchang and even overseas. When the real estate industry of Yinyi Co., Ltd. was brilliant, it has been listed as one of the top 100 real estate enterprises in China for 15 consecutive years since 2004, and ranked in the forefront among the top ten leading enterprises in the housing industry in Zhejiang Province.
However, according to the introduction in this announcement, “the company’s main business is the R & D, production and sales of auto parts, and is committed to the R & D and production of hybrid and pure electric powertrain systems”, Yinyi wrote in the announcement of Zhidou automobile to be invested, and said that the company has been committed to the transformation to a high-tech company, Unswervingly implement and develop the new energy strategy. In this introduction, there is no mention of the real estate business with many honors in the past.
From the two wheel drive development strategy of “real estate industry and high-end manufacturing industry” first appeared in the 2015 annual report to the appearance of “high-end manufacturing” alone, Yinyi shares span between the two fields.
As for the current real estate business of the company, the securities affairs representative of Yinyi shares said in an interview with the reporter of Huaxia times that in 2021, in the face of the overall tightening real estate market situation, the company actively adjusted its strategic direction, strengthened the independent operation and management of various projects, accelerated the promotion of inventory work, accelerated the disposal of idle projects and accelerated the return of funds. As of the first half of 2021, the projects under construction of Yinyi shares include Nanchang Wangcheng project, Xiangshan Danfu Yipin phase II and phase III projects.
When the market was still puzzled about its assistance to Zhidou automobile, Yinyi shares quietly issued an announcement on March 10, saying that the company had applied to Shenzhen Stock Exchange to revoke other risk warnings on the company’s stock trading.
Now, with the issuance of sealed announcements such as investing Zhidou automobile to speed up the strategic layout of new energy and applying for the cancellation of other risk warnings of stock trading, Yinyi’s efforts for its future development are also being implemented step by step. However, it should still be noted that if the above cancellation application is approved by Shenzhen Stock Exchange, the stock abbreviation of Yinyi shares will still be ” Yinyi Co.Ltd(000981) “, and the “delisting risk warning” and “other risk warning” will continue to be implemented.
The securities affairs representative of Yinyi shares also disclosed to the reporter of Huaxia times that in view of several other risk warnings that the company still continues to be implemented, it is also trying to take various measures to meet the requirements of canceling several other risk warnings as soon as possible.
