In recent years, the photovoltaic industry has gradually become a hot track in the capital market, causing many listed companies to enter the market. On January 10, mubang high tech (603398) announced that the company planned to acquire 100% equity of Inner Mongolia haoan Energy Technology Co., Ltd. (hereinafter referred to as “Inner Mongolia haoan”) in cash. If the transaction is successfully implemented, mubang high tech will expand from the current R & D, production and sales of educational toys to the development situation of “educational toy industry + photovoltaic industry”. It is worth mentioning that from January 6 to 10, mubang high tech’s share price soared by more than 20% in three trading days. In addition, behind the cross-border, the reporter of Beijing business daily noted that the operating revenue and attributable net profit of mubang high tech decreased in the first three quarters of 2021.
proposed to acquire 100% equity of Inner Mongolia hao’an
Mubang high tech will also enter the photovoltaic industry.
On January 10, mubang high tech announced that the company planned to acquire 100% equity of Inner Mongolia haoan in cash, which is expected to constitute a major asset restructuring. The company has signed the purchase intention agreement with Zhang Zhongan and Yu Jumei, and the final purchase price will be determined through further negotiation based on the assessed value. Zhang Zhongan and Yu Jumei hold 90% and 10% equity of Inner Mongolia hao’an respectively.
It is worth noting that this restructuring of mubang high tech is a cross-border restructuring. According to the announcement, Inner Mongolia haoan is a high-tech enterprise focusing on the R & D, production and sales of photovoltaic silicon wafers. Its main products are Cecep Solar Energy Co.Ltd(000591) monocrystalline silicon wafers and silicon rods. It is understood that the main business site of hao’an in Inner Mongolia covers an area of about 150000 square meters and has about 400 employees. It was officially put into operation in July 2019. At present, 1.5gw monocrystalline silicon rod project has been completed, and the production capacity is expected to increase to 3gw in February 2022. The main specifications of silicon wafer products are 166mm, 182mm and 210mm. The main customers are Shunfeng photoelectric, Hunan Red solar photoelectric, Runyang photovoltaic, Lu’an Cecep Solar Energy Co.Ltd(000591) , Jinzhai Jiayue, a new energy, etc.
Mubang high tech’s main businesses mainly include educational toys, medical devices, education and precision non-metallic molds. Among them, in the first half of 2021, educational toys accounted for more than 80% of the main business. The company’s educational toys mainly include popular science series, programming Siasun Robot&Automation Co.Ltd(300024) series, city series, infant series and IP authorization series.
Mubang high tech said that if the transaction is successfully implemented, it will help the company to develop new main business. From the current development, production and sales of educational toys as the main business to the development situation of “educational toy industry + photovoltaic industry”, it will help to enhance the profitability of the company.
According to Wang Chenguang, managing director of investment bank, the risk of cross-border restructuring is high. “If the merged enterprise engages in business completely unrelated to the listed company, the problem of corporate synergy will be tested for the listed company, and it is not easy in all aspects such as daily operation and management.” Wang Chenguang said.
It is worth noting that Inner Mongolia haoan achieved rapid growth in operating revenue and net profit in 2021. Financial data show that in 2020, Inner Mongolia hao’an achieved an operating revenue of about 341 million yuan, with a corresponding net profit of 22.6336 million yuan; In 2021, Inner Mongolia haoan achieved an operating revenue of about 826 million yuan and a corresponding net profit of about 104 million yuan.
For the company’s related problems, the reporter of Beijing Business Daily called the Secretary Office of mubang high tech for an interview, but no one answered the other phone.
share price rose more than 20% in recent three trading days
It is worth noting that before the disclosure of the restructuring announcement, mubang high tech’s share price rose sharply, up more than 20% in recent three trading days.
According to the trading market, from January 6 to 10, mubang high tech’s share price rose by 22.21%. On January 10, mubang high tech’s share price soared by 6.06%. As of the closing on January 10, mubang high tech reported 24.49 yuan / share, with a total market value of 8.391 billion yuan, a turnover rate of 4.21%, and a full day turnover of 348 million yuan. It is worth mentioning that in the intraday trading on January 10, the share price of mubang high tech once reached 24.63 yuan / share, which is the highest price of mubang high tech since 2019.
Due to the cumulative deviation of the closing price increase in three consecutive trading days reaching 20%, mubang high tech boarded the dragon and tiger list on January 10. Among them, the top five business parts with the largest purchase amount are China International Finance Shanghai Branch, Huatai Securities Co.Ltd(601688) headquarters, Ping An Securities Jiangxi branch, UBS Securities Shanghai Huayuan Shiqiao Road business department, Haitong Securities Company Limited(600837) Nanchang East Nanjing Road business department; The top five business parts with the largest sales amount are China International Finance Shanghai Branch, Huatai Securities Co.Ltd(601688) headquarters, Citic Securities Company Limited(600030) headquarters (non business premises), Gf Securities Co.Ltd(000776) Shantou Zhuchi Road business department and China Galaxy Securities Co.Ltd(601881) securities Guangdong branch.
On January 10, while disclosing the restructuring announcement, mubang high tech issued an announcement of abnormal fluctuations in stock trading, saying that after the company’s self-examination and written consultation with the company’s controlling shareholders and actual controllers, there was no major information that should be disclosed but not disclosed as of the disclosure date of this announcement, except the disclosed information. Xu Xiaoheng, an investment and financing expert, said that after the recent regulatory changes to the stock price, the listed company then announced good news for strict investigation, and the acquisition of mubang high tech may also be inquired by the regulatory authorities.
In addition, the reporter of Beijing business daily noted that mubang high tech’s operating revenue and attributable net profit both declined in the first three quarters of 2021. According to the financial data, mubang high tech achieved an operating revenue of about 291 million yuan in the first three quarters of 2021, a year-on-year decrease of about 22.23%; The corresponding attributable net profit was about 32.35 million yuan, a year-on-year decrease of 11.27%; The corresponding net profit after deduction was 8.528 million yuan, a year-on-year decrease of 76.65%.
As for the reasons for the decline in performance, mubang high tech said that during the reporting period, the covid-19 epidemic continued to spread, and the demand recovery of downstream industries was unstable. In addition, in recent years, the impact of new media such as short video operation and e-commerce live broadcasting on the traditional real economy led to a significant decline in the overall passenger flow of traditional industries and real economy, and the consumption of customers in stores decreased; The upward pressure on the price of raw materials of bulk commodities in the upstream has been continuously transmitted, and the company’s commodity procurement cost has increased significantly; In addition, due to the shortage of power supply, Shantou Power Supply Bureau has implemented “four starts and three stops” and other power limiting production measures for enterprises since April, resulting in the company’s inability to produce and operate normally.
(source: Beijing business daily)
