Sundy Land Investment Co.Ltd(600077) ( Sundy Land Investment Co.Ltd(600077) ), which is mainly engaged in real estate business, is brewing a “radical” cross-border cooperation.
In Sundy Land Investment Co.Ltd(600077) view, this cooperation is to seek and cultivate new profit growth points, but there are many doubts to be clarified: on the one hand, the company just “broke the promise” of share repurchase more than a month ago, why would it start large financial assistance in the short term?
On the other hand, when the decision-making and commercial rationality of the project are also in doubt, the three independent directors abstained from voting on the relevant proposals. How to balance prudent decision-making and unknown risks will also be a new challenge that the company has to face.
On March 13, Sundy Land Investment Co.Ltd(600077) issued an announcement on signing a cooperation agreement and providing financial assistance to foreign countries. The holding subsidiaries Songdu lithium Co., Ltd. and Qidi Qingyuan signed a consortium agreement to form a consortium and jointly participate in the implementation of Tibet Summit Resources Co.Ltd(600338) “equipment, operation and technical services of 50000 ton lithium carbonate lake lithium extraction construction project of Argentina lithium potassium Co., Ltd.”.
Meanwhile, Tibet Summit Resources Co.Ltd(600338) and the consortium signed the cooperation agreement on equipment, operation and technical services of the 50000 ton lithium carbonate salt lake lithium extraction construction project of Argentina lithium potassium Co., Ltd. Under the relevant contracts, the amount of equipment procurement involved is 1.6 billion yuan. Songdu lithium branch advances all contract equipment funds, that is, the amount of external financial assistance is 1.6 billion yuan. Songdu lithium has the right to charge interest at the annual interest rate of 8% according to the amount advanced.
This announcement can be regarded as a follow-up to the previous Tibet Summit Resources Co.Ltd(600338) announcement.
On the evening of February 21 this year, Tibet Summit Resources Co.Ltd(600338) ( Tibet Summit Resources Co.Ltd(600338) ) announced that in order to realize the development of 50000 ton lithium carbonate salt lake lithium extraction construction project of Argentina lithium potassium Co., Ltd., which is indirectly controlled by the company, as soon as possible, in order to produce qualified lithium salt products as soon as possible and seize market opportunities, the company cooperated with PowerChina international in project mining construction design, procurement and construction (EPC), And signed the framework agreement on mine construction design, procurement and construction (EPC) of the 50000 ton lithium carbonate salt lake lithium extraction construction project of Argentina lithium potassium Co., Ltd.
At that time, it was announced that this cooperation was based on the professional ability of PowerChina international in the field of engineering construction, met the needs of the company to develop overseas lithium salt lakes, and would promote the follow-up overall development progress of the lithium extraction project from salt lakes. According to the announcement, China Power Construction International is the international business headquarters and core enterprise of China Power Construction Group Co., Ltd.
The advance scale of 1.6 billion yuan is not a small amount for the “Song Du Department”, which has accounted for 33.93% of the latest audited net assets of song Du lithium branch.
Songdu lithium Technology Co., Ltd. is the main body providing financial assistance to the outside world. However, the company was established on March 9, 2022 with a registered capital of 100 million yuan. Of which Sundy Land Investment Co.Ltd(600077) holds 51%, and the remaining minority shareholders are two newly established partnerships with registered capital of 1 million yuan and 100000 yuan respectively. In this case, in the inquiry letter of the exchange issued on the same day, Sundy Land Investment Co.Ltd(600077) was required to verify and supplement the disclosure of whether the relevant parties have the capital contribution ability and the source of capital contribution, and clarify the specific source of financial assistance funds of RMB 1.6 billion and whether all funds are provided by listed companies.
In fact, even for Sundy Land Investment Co.Ltd(600077) , it can be called a “big deal”. By the end of September 2021, the company’s monetary capital balance was 7.723 billion yuan, including 3.941 billion yuan of restricted capital. At the same time, Sundy Land Investment Co.Ltd(600077) ‘s short-term loans and non current liabilities due within one year totaled 2.041 billion yuan, which means that the company also needs to properly deal with relevant debt repayment arrangements.
It is worth noting that Sundy Land Investment Co.Ltd(600077) had failed to complete the previously announced repurchase plan on schedule due to capital problems. On January 22 this year, Sundy Land Investment Co.Ltd(600077) once announced that it failed to complete the repurchase plan, saying that the main reason was to concentrate funds to ensure project operation and main business turnover. However, only after a lapse of more than one month, Sundy Land Investment Co.Ltd(600077) started to provide large financial assistance to the outside world, and also set foot in the operation of industries unrelated to the main business.
announcement shows that the three independent directors abstained from voting on the above two proposals for this transaction. The reason is that the company provided financial assistance to the outside world, entered a strange field and increased certain unknown risks. The company should make detailed due diligence in combination with its own cash flow, and consider the current international situation and future trend Economic risks and industry research, and make prudent decisions
Sundy Land Investment Co.Ltd(600077) is mainly engaged in real estate business. This time, it is intended to enter the salt lake lithium extraction industry chain to seek and cultivate new profit growth points through cooperation with professional teams, which is conducive to improving the company’s medium and long-term overall performance ability. However, from the above doubts, the relevant risks need to be clarified.
Sundy Land Investment Co.Ltd(600077) ‘s cross-border has been involved in advance by secondary market funds. On February 22, Tibet Summit Resources Co.Ltd(600338) disclosed that it had signed a cooperation agreement with tus Qingyuan and its consortium. The stock price has been rising for 24 consecutive days since March, with a cumulative increase of 77%; On March 10, the company’s share price rose again.
