Make its main business more focused and the financing channels of its subsidiaries more unobstructed. On March 14, Sichuan Hebang Biotechnology Co.Ltd(603077) , Zhejiang Crystal-Optech Co.Ltd(002273) and Zhejiang Crystal-Optech Co.Ltd(002273) announced that they planned to spin off the subsidiaries of self-control shares for listing, so as to seek the common development of “mother and son” with the help of capital.
seize the photovoltaic opportunity, Wujun Guangneng wants to be “independent”
Sichuan Hebang Biotechnology Co.Ltd(603077) plans to spin off its holding subsidiary Wujun Guangneng to be listed on the main board of Shanghai Stock Exchange. As of the announcement date, Sichuan Hebang Biotechnology Co.Ltd(603077) directly holds 88.38% of the shares of Wujun Guangneng. After the spin off, the company still has a controlling stake in it.
At present, Sichuan Hebang Biotechnology Co.Ltd(603077) has completed the layout of three core businesses: chemical industry, agriculture and photovoltaic. Its main products are soda ash, ammonium chloride, glyphosate, glyphosate, methionine, high-quality glass chips and products, photovoltaic materials and products (under construction), which is the world’s largest supplier of glyphosate.
Wujun Guangneng is the holding subsidiary of Sichuan Hebang Biotechnology Co.Ltd(603077) to carry out the business of glass products and photovoltaic products. Its main products include raw glass, Low-E coated glass and glass products. At present, the project of photovoltaic materials and products is under construction. From 2019 to 2021, Wujun Guangneng realized a net profit of 134 million yuan, 241 million yuan and 492 million yuan respectively Sichuan Hebang Biotechnology Co.Ltd(603077) said that Wujun Guangneng maintains a high degree of independence from the company’s chemical and agricultural products business, and the spin off will not have a substantial impact on the continuous operation of other business segments of the company, and there is no horizontal competition between the two.
Regarding this spin off listing, Sichuan Hebang Biotechnology Co.Ltd(603077) defined it as a “win-win” move. From the perspective of business, for Sichuan Hebang Biotechnology Co.Ltd(603077) speaking, this will help the company further focus on business, focus on the development of traditional chemical and agricultural fields, and achieve excellence and strength; For Wujun solar energy, it can focus on the business development in the field of green energy through independent listing, seize the market opportunities for the development of photovoltaic industry, and improve the overall asset quality and overall profitability.
In addition, from the perspective of better leveraging the capital market, after the spin off and listing, Wujun Guangneng will directly connect with the capital market and broaden financing channels to meet the capital needs of existing business and future investment expansion; At the same time, it can more clearly show its development strategy and operation status to investors, which is conducive to improving the corporate governance level, normative level and financial transparency of Wujun Guangneng, so as to facilitate the capital market to reasonably value different businesses of the company and endow it with reasonable market value.
Sichuan Hebang Biotechnology Co.Ltd(603077) stressed that after the spin off, the company still included Wujun Guangneng in the scope of consolidated financial statements and could continue to benefit from the future growth of Wujun Guangneng. The company also reminded that the spin off can be implemented only after meeting a number of conditions, including but not limited to obtaining the approval of the spin off plan by the general meeting of shareholders of the company and the general meeting of shareholders of Wujun Guangneng, and performing the corresponding review procedures of the CSRC and Shanghai Stock Exchange. There is uncertainty about whether it can be finally approved.
focusing reflective materials, night vision Li plans to split
“The company plans to spin off yeshili to go public on the gem, promote its great leap forward development, expand and strengthen the company’s reflective material business, and form a new pattern of coordinated development between the reflective material sector and the company’s optical components, thin film optical panels, semiconductor optics, automotive electronics (AR +) and other business sectors.” Zhejiang Crystal-Optech Co.Ltd(002273) in the plan, if so, describe the purpose and significance of this spin off.
Zhejiang Crystal-Optech Co.Ltd(002273) belongs to the optical optoelectronic industry. Among them, the company’s reflective material business is carried out by the holding subsidiary yeshili, and its main business is the R & D, production and sales of reflective materials. It is reported that yeshili maintains high independence from other business segments of the company.
Statistics show that the predecessor of yeshili Jiaojiang glass group company was established in November 1993. Subsequently, after several equity transfers and capital increases, at present Zhejiang Crystal-Optech Co.Ltd(002273) directly holds 79.14% of the shares of night vision Li and is its controlling shareholder. From 2019 to 2021, the proportion of overseas revenue of yeshili in each year exceeded 60%; The net profit in the same period was 343321 million yuan, 372031 million yuan and 53.299 million yuan respectively.
Similar to Sichuan Hebang Biotechnology Co.Ltd(603077) , Zhejiang Crystal-Optech Co.Ltd(002273) also emphasizes the benefits of spin off for the respective development of “mother and son” and focusing on their main business. After the spin off, Zhejiang Crystal-Optech Co.Ltd(002273) can concentrate resources on the “optical +” track; According to the characteristics of the reflective material industry, yeshili can establish its own management methods and organizational structure, so as to make the main business structure of both parties clearer and promote the further development of other businesses in the system of listed companies.
At the same time, the independent listing of yexili can also help it make better use of the financing function of the capital market to obtain equity or debt financing, so as to meet the capital needs of existing and future business development, accelerate the development and improve the operating performance of yexili, and provide higher return on investment for Zhejiang Crystal-Optech Co.Ltd(002273) and yexili shareholders.
In addition, Zhejiang Crystal-Optech Co.Ltd(002273) also disclosed in the announcement various risks existing in the process of this spin off, such as approval and registration, epidemic impact, market competition and so on.
