After waiting for more than a year, the plan of Beijing Tongtech Co.Ltd(300379) ( Beijing Tongtech Co.Ltd(300379) . SZ) to introduce the war investor China Mobile as the second shareholder is still “yellow”.
Recently, the company disclosed that it had received the decision on terminating the examination of Beijing Tongtech Co.Ltd(300379) application for issuing shares to specific objects issued by Shenzhen Stock Exchange. This means that the company’s previous offering to introduce strategic investor China Mobile has officially failed.
It is reported that Beijing Tongtech Co.Ltd(300379) said on March 1, 2022 that due to the changes in the capital market environment and taking into account the company’s own actual situation, development planning and other factors, after full communication and careful demonstration with relevant parties, it plans to apply to the Shenzhen stock exchange for termination of the previous issuance of shares to specific objects and withdrawal of application documents, And will resubmit the application materials issued to specific objects to the Shenzhen Stock Exchange as soon as possible after modifying and adjusting the plan.
The company’s previous additional issuance financing action began in July 2020. According to the fixed increase plan at that time, the company plans to issue no more than 9943181 non-public shares to Huang Yongjun, the controlling shareholder and actual controller, at an issue price of 35.2 yuan / share. It is expected to raise about 350 million yuan, which will be used to supplement working capital after deducting the issuance expenses.
At that time, Beijing Tongtech Co.Ltd(300379) this round of fixed increase was to maintain the stability of control of listed companies. It is reported that as of June 30, 2020, Huang Yongjun directly held 22619264 shares of listed companies, accounting for 8.04% of the total share capital of the company. Entrusted by shareholder Zhang Qichun, the shares exercising voting rights on behalf of him accounted for 6.76%, and the total voting shares enjoyed by him accounted for 14.80% of the total share capital of the company. If the plan goes ahead, after the completion of this round of additional issuance, Huang Yongjun’s direct shareholding ratio will increase to 11.18%, and the total proportion of voting shares of listed companies will increase to 17.71%.
It is worth mentioning that on July 8, 2020, Beijing Tongtech Co.Ltd(300379) share price was 51.71 yuan / share, and the additional offering price of this round was 68.07% of the share price at that time. However, after the release of the above-mentioned fixed increase plan, the company’s share price fell all the way. By October 28 of the same year, it had fallen to 34.8 yuan / share, fell below the additional issue price of 35.2 yuan shares, and fell to 33.37 yuan / share on November 2 of that year .
There has been no new progress in the fixed increase plan for increasing shares, but Huang Yongjun has lost some voting rights on his behalf. On November 3, 2020, Zhang Qichun, Zhu Haidong and Zhu man, the original actual controllers of Beijing Tongtech Co.Ltd(300379) started the reduction plan and planned to reduce no more than 2815600 shares (i.e. no more than 1% of the total shares of the company). Subsequently, on December 16, Zhang Qichun and Huang Yongjun signed the termination agreement of voting power entrustment agreement. The “entrustment period” agreed in the voting power entrustment agreement will not be extended after the expiration of the “entrustment period”, and the voting power entrustment agreement will be terminated from the expiration of the entrustment period. Since then, Huang Yongjun has only 7.97% of the shares directly held by him.
It was not until January 2021 that the fixed increase of Beijing Tongtech Co.Ltd(300379) made new progress. On January 28, the company announced the revision of the fixed increase plan, which plans to issue no more than 24 million shares at a non-public offering price of 35.37 yuan / share, and is expected to raise 849 million yuan. In addition to Huang Yongjun’s capital increase of 349 million yuan, the company also plans to introduce China mobile capital, a strategic investor, and increase its capital by about 500 million yuan. However, the news of the introduction of CMCC capital did not boost Beijing Tongtech Co.Ltd(300379) ‘s share price; The next day (January 29, 2021), Beijing Tongtech Co.Ltd(300379) share price fell 5.88%.
Referring to the purpose of this round of capital increase, in addition to 444 million yuan to supplement working capital, the company also added two fund-raising projects, namely, the construction project of basic software R & D and upgrading platform under the background of information technology application and innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) and the construction project of data capability platform based on artificial intelligence technology. Among them, after the completion of the basic software R & D and upgrading platform construction project, the average annual sales revenue is 168 million yuan and the average annual net profit is 68.95 million yuan. The internal rate of return (after tax) of the project is expected to be 21.12% and the static investment payback period (after tax) is 5.07 years (including the construction period).
By early July 2021, the fixed increase plan of Beijing Tongtech Co.Ltd(300379) will be suspended. The company said that on June 22, 2021, the Shenzhen Stock Exchange issued the examination and inquiry letter on Beijing Tongtech Co.Ltd(300379) applying for issuing shares to specific objects; The reason for the suspension of fixed increase is “As the company plans to sign relevant strategic cooperation agreements with China mobile capital, one of the objects of this issuance, and its parent company, China Mobile, the specific details of the specific strategic cooperation methods, cooperation fields and cooperation objectives in the agreement are under further discussion and communication, and the strategic cooperation agreement needs to be reviewed and approved by China Mobile through its internal approval process and by the board of directors or the general meeting of shareholders of the company After signing, the completion time of relevant matters is uncertain “.
On August 11, 2021, Beijing Tongtech Co.Ltd(300379) signed the memorandum of strategic cooperation with China mobile capital and China Mobile. It is mentioned that during the three-year strategic agreement period from 2022 to 2024, the total amount of new contracts (including orders) brought by China Mobile for Beijing Tongtech Co.Ltd(300379) shall not be less than 2 billion yuan. Since then, Beijing Tongtech Co.Ltd(300379) the fixed increase object has also been changed from China mobile capital to China Mobile, and the fixed increase is planned to restart on September 28, 2021. However, by March 1, 2022, this round of financing plan of the company still ended in failure.
Now, Beijing Tongtech Co.Ltd(300379) has given up attracting investment to China Mobile. On March 1, 2022, the company’s newly disclosed fixed increase plan shows that the company plans to issue no more than 120 million shares to no more than 35 specific investors, and the fund-raising is expected to be no more than 2.2 billion yuan. The fund-raising and investment projects of this round of additional issuance and fund-raising have also changed greatly, of which 1.058 billion yuan is used to invest in the excellent ability improvement project of Tong series middleware products, 642 million yuan is used to invest in the next generation sustainable operation security product development project based on artificial intelligence, and another 500 million yuan is used to supplement working capital.
Investors have doubts about this. An investor asked on the interactive platform, “what strength can your company show to ensure the success of this fixed increase?” The investor pointed out that the fixed increase amount released by the company on March 1 is no more than 2.2 billion, which is a very large fixed increase project compared with Beijing Tongtech Co.Ltd(300379) existing revenue, net profit and total assets. However, it can not be seen from the feasibility analysis report and demonstration analysis report that such a large fixed increase project is feasible.
Beijing Tongtech Co.Ltd(300379) then replied to investors that, “From 2018 to 2020, the company achieved operating revenue of 3720523 million yuan, 4999699 million yuan and 6403378 million yuan respectively, showing a rapid growth trend. With the continuous promotion of national independent control and information security strategy, as well as the promotion and application of cloud computing, big data, artificial intelligence, 5g, Internet of things and other new generation Internet technologies, safe and reliable domestic software will be used in government, finance and electricity Key fields such as information technology, energy, transportation and military industry have been widely used, and the market scale is in a trend of continuous growth. “P align = “center” Image Source: screenshot of interactive platform of Shenzhen Stock Exchange
Give an explanation of the market. From the disclosure of the latest fixed increase plan on March 1 to March 11, the Beijing Tongtech Co.Ltd(300379) share price has fallen 17.53% and the latest share price closed at 22.67 yuan / share.
