After five days and five nights of fierce fighting, 3448 bids and nearly one million people watching, the controlling stake auction of snowway mining finally fell to a staggering high price of 2 billion yuan.
On the morning of May 21, the auction of 542857% equity of Yajiang snowway Mining Development Co., Ltd. (hereinafter referred to as “snowway mining”) finally came to fruition, and the natural person Tan Wei successfully won the equity at the price of 2 billion yuan. The transaction price of 2 billion yuan was nearly 600 times higher than the starting price of 3.3529 million yuan.
Source: Jingdong auction
auction was suddenly fierce in the early morning
The auction process has ups and downs, which is amazing.
The auction was originally scheduled from 10:00 on May 16 to 10:00 on May 17 (except for the delay). There were 10 bidders and the starting price was 3.3529 million yuan. At the initial stage, the bidder’s bid was more cautious. There were only six bids on May 16. However, near the original deadline on the morning of May 17, the bidder’s bid began to be active, with more than 50 bids in the last five minutes.
After the end of the regular auction time, the auction will enter the “overtime”, with a delay of 5 minutes each time. At about 11 a.m. on the 17th, the bid exceeded 100 million yuan. With the increase of attention, the number of applicants increased to 21, and the number of onlookers was close to one million.
It is worth noting that the auction process in the three days after the “overtime” is tepid. During this period, the range of each price increase is basically 50000 yuan, and there are few integer multiple bids.
At 5:21 a.m. today, the auction came to a watershed, and the bid range suddenly increased. In the case of the previous Party’s bid of 900 million yuan, the bidder numbered “139939158” suddenly increased the price to 950 million yuan, and the subsequent increase range appeared in the level of 10 million yuan for many times. From 5:27 to 6:03, the auction price soared from 1 billion yuan to 1.5 billion yuan. Until 7:43, the auction price was finally fixed at 2 billion yuan, and Tan Wei, the bidder numbered “141243314”, successfully bid.
Tan Wei’s first bid took place at about 5 a.m. today. Source: Jingdong auction
The total number of bids in this auction is as high as 3448, of which Tan Wei only bid 18 times. Tan Wei made his first bid at 5:21 a.m. today, and a subsequent bidder raised the price sharply.
Source: Jingdong auction
Tan Wei, a natural person who successfully competed in the auction, did not give detailed information in the announcement, and its relevant public information was not found on the Internet.
relevant bids attract attention
The reporter of China Securities Journal noted that Tan Wei had not made a bid earlier than many bids from other competing buyers. The first bid occurred at about 5 a.m.
First bid No. “139939158” source: Jingdong auction
Not only Tan Wei, after a large number of record searches, the reporter found that the buyer with the number of “139939158” had concentrated a large number of bids on May 17, but then “stood on the sidelines”. Until 5 a.m. today, he offered 660 million yuan for a “strong comeback”, which was 91.45 million yuan higher than the previous Party’s bid. The bid in the previous few minutes has been maintained at the price increase of 50000 yuan.
First bid No. “140748948” source: Jingdong auction
The bidding buyer numbered “140748948” can be called “the longest running companion”. According to incomplete statistics, he participated in the auction for at least two days and made several bids, but finally lost to Tan Wei with a mere 50000 yuan.
The auction announcement stipulates that the buyer shall sign the auction transaction confirmation document at the office of the manager with the payment voucher, relevant identity materials, entrustment procedures and other originals within 5 working days after paying all the transaction funds (postponed in case of holidays).
It is worth noting that there is a risk of failure in this auction. After the bidding is completed, the deposit originally locked by the bidder of the subject matter will be automatically transferred to the account designated by the manager. The buyer shall pay the balance of the bidding transaction price (the balance after deducting the deposit) to the account designated by the manager within 7 working days from the time of transaction. If it is overdue, it shall be deemed as the buyer’s breach of contract, and the bidding deposit shall not be refunded.
The starting price was 3.3529 million yuan, while the transaction price was as high as 2 billion yuan. Faced with the huge price difference, a number of industry insiders said that from the perspective of the trading behavior characteristics and public information of bidders, there are great risks in whether they can fulfill their payment obligations, and the possibility of disturbing the situation cannot be ruled out.
The announcement shows that the buyer’s failure to pay the bidding money or handle the handover procedures within the time limit is the act of regretting the auction. If the buyer regrets the auction, the manager may bid again, and the deposit paid by the buyer will not be refunded. In case of re bidding after regretting the auction, the original buyer shall not participate in the bidding. The registration deposit for this auction is 335300 yuan.
there are differences in the prices of relevant assets
For the transaction price of 2 billion yuan, the reporter of China Securities News interviewed many people in the industry, most of whom said they were surprised.
For the price of this equity asset, there are great differences in the market. Snowway mining owns the detailed exploration right of delanongba lithium mine and quartzite mine in Yajiang County, Sichuan Province. The ore volume of industrial mine and low-grade mine reaches 24.924 million tons, and the lithium oxide reserve reaches 290000 tons, with an average grade of 1.18%.
Despite its considerable lithium reserves, there are risks associated with the core assets held by snowway mining. According to the “announcement of public recruitment of intended investors”, the exploration right of snowway company has expired on June 30, 2021. Previously, it has handled the reservation of exploration right for three times, and is currently continuing to handle the fourth reservation of exploration right. The relevant administrative departments are organizing the investigation because the exploration certificate is suspected of illegal and illegal reasons in the acquisition and addition of minerals. Therefore, the progress of exploration right reservation is slow and there is a risk of mining right loss.
“This is an equity auction in which the exploration right has not been renewed after expiration and the debt involved in the case.” An authoritative expert who has long been concerned about lithium mine in Western Sichuan told the reporter of China Securities Journal that the assets of snowway mining are relatively complex.
In terms of price setting, the above exploration rights held by snowway mining were auctioned on Jingdong judicial auction network in January last year, with a starting price of 892 million yuan. The auction finally failed due to the withdrawal of the executor.
Executives of a listed lithium company in China revealed that the reasonable price of delanuoba lithium mine held by snowway mining is around 300 million yuan according to the internal evaluation of the company. Earlier, the company frequently arranged lithium resources, but adopted the “onlooker” strategy in this auction.
