Weichai torch technology wants to introduce no more than 5 war voters! The first step of listing was taken after a year

On January 14, the reporter learned from Shandong property right trading center that Shandong heavy industry group announced the capital and share increase project of Weichai torch Technology Co., Ltd. (hereinafter referred to as “torch technology” or the company). It is reported that the company plans to introduce no more than five strategic investors through the public listing of Shandong property rights trading center by means of capital increase and share expansion. It plans to increase the registered capital by 107142857 yuan, the proposed capital increase is no less than 439 million yuan, and the capital increase proportion is 25%. It is worth mentioning that a year ago, Weichai Power Co.Ltd(000338) announced that it planned to spin off torch technology to be listed on the gem of Shenzhen Stock Exchange, which is undoubtedly the first step for torch technology to officially move towards the capital market!

Torch technology said that the funds obtained from the capital increase are intended to be used for the company’s daily production and operation, project construction and product development.

It is worth noting that the original shareholders of torch technology did not intend to participate in the financing, and the enterprise management will participate in the capital increase. After the capital increase and share expansion, the torch technology shares held by Weichai Power Co.Ltd(000338) and Weichai Power Co.Ltd(000338) (Shanghai) Technology Development Co., Ltd. will be reduced from 100% to 70%, and the strategic investors and employee stock ownership platform (plan) will hold 25% and 5% respectively.

Statistics show that torch technology, formerly known as Zhuzhou Xiang torch spark plug Co., Ltd., was founded in 1961, formerly known as Lukou internal combustion engine parts factory, subordinate to the Ministry of agricultural machinery, and later renamed Zhuzhou spark plug factory; It was listed in Shenzhen in 1993, with the stock name “Hunan Torch”; In 2002, Hunan Torch automobile group was established and Zhuzhou Hunan Torch spark plug Co., Ltd. was separated; In 2005 Weichai Power Co.Ltd(000338) absorbed and merged Hunan torch. In 2021, due to the needs of the company’s strategic development, it was changed into Weichai torch Technology Co., Ltd. as a holding subsidiary with independent legal personality under Weichai Power Co.Ltd(000338) .

After 60 years of development, the company has developed into the largest professional R & D, production and ignition system manufacturing base of spark plugs in China, which mainly produces spark plugs in many varieties and fields, and independently develops and manufactures high-voltage wires, ignition coils, automobile water pumps, water seals, automobile generators, Automobile Filters and other products. It is worth mentioning that torch technology provides support for major main engine manufacturers in China, such as Shanghai GM, Chang’an Ford, Shenyang Mitsubishi and other key manufacturers, with a market share of more than 50%.

According to the data, from 2018 to the first half of 2021, torch technology achieved operating revenue of 799 million yuan, 804 million yuan, 942 million yuan and 604 million yuan respectively, and net profit of 74.73 million yuan, 72.98 million yuan, 84.97 million yuan and 47.98 million yuan respectively. By the end of 2021, the total assets of the company were about 1.15 billion yuan.

It is reported that torch technology plans to introduce no more than five strategic investors for this share expansion and capital increase, and a single investor will subscribe for a registered capital of no less than 19.5 million yuan. At the same time, the company will implement an equity incentive scheme, and the capital increase price will be the same as that of strategic investors.

The reporter noted that torch technology has strict qualification conditions and capital increase conditions for investors.

Among them, the intended investor needs to have good business reputation, no bad business records, and no criminal or major administrative penalties for violations of laws and regulations; The legal representative, directors, supervisors, senior managers or key managers of the intended investor have no criminal record.

At the same time, the intended investor has strong capital strength, the source of capital is legal and compliant, and there is no overdue loan, guarantee, mortgage, pledge and other forms of guarantee.

It should be noted that under the same conditions, if the intended investor or its controlling shareholder The main related parties are the company (or its controlling shareholder and actual controller), the upstream and downstream industrial chain participants who have “engaged in business, which can bring industrial synergy or industrial driving effect to the long-term development of the enterprise in the future; or have market influence and have been selected as the Fortune Global 500 enterprises in recent three years; and the intended investor (or its main related parties) It is an investment institution with market influence, with total assets or management scale of more than 10 billion yuan, and has experience in participating in the mixed reform of state-owned enterprises in the past five years or “experience in investing in enterprises that have successfully completed the initial public offering and proposed listing in China”.

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