On May 20, Tibet Mineral Development Co.Ltd(000762) ( Tibet Mineral Development Co.Ltd(000762) ) issued two announcements in a row. One was about listing and transferring 100% equity of the holding subsidiary Baiyin Zabuye Lithium Industry Co., Ltd. (hereinafter referred to as Baiyin Zabuye); The other is the notification letter on the change of the reduction method of Tibet Tibet Tibet China industry and Trade Co., Ltd. (hereinafter referred to as Tibet China industry and trade), who acted in concert with the controlling shareholder.
After the disclosure of the announcement, some investors did not quite understand Tibet Mineral Development Co.Ltd(000762) this practice, and Tibet Mineral Development Co.Ltd(000762) gave an explanation for investors’ questions.
Regarding the transfer of the equity of Baiyin Zabuye, Tibet Mineral Development Co.Ltd(000762) relevant personnel told that due to the long distance between Baiyin Zabuye’s factory and the company’s main mining area (Tibet Zabuye), backward production technology and environmental protection, the profit situation in recent years is not ideal, and it had been shut down for disposal as early as two years ago Tibet Mineral Development Co.Ltd(000762) Zabuye salt lake lithium extraction project phase II, phase III and phase IV are put into operation. The company’s products are mainly electric carbon, industrial carbon, potassium fertilizer, rubidium and cesium. Listed companies do not want to waste too much sales force in the sales of lithium salt.
According to the data, Baiyin zabu is mainly engaged in the production of lithium hydroxide and the production and processing of lithium, boron, potassium, sodium and bromine (the above products do not contain dangerous chemicals) Tibet Mineral Development Co.Ltd(000762) holds 63.125% of the equity of silver Zabuye, the other shareholder Tibet Xigaze Zabuye lithium Technology Co., Ltd. (hereinafter referred to as Zabuye lithium Technology) holds the remaining 36.875%, while Tibet Mineral Development Co.Ltd(000762) is the controlling shareholder of Zabuye lithium Technology (the shareholding ratio is 50.72%), that is Tibet Mineral Development Co.Ltd(000762) holds 81.83% of the equity of silver Zabuye in total.
According to the announcement, Tibet Mineral Development Co.Ltd(000762) will publicly transfer 100% equity of Baiyin Zabuye through Shanghai United equity exchange. After the transfer is completed, it will no longer be included in the company’s consolidated statements. However, it is uncertain about the counterparty, final transaction price, payment method and whether there is a related party transaction.
Tibet Mineral Development Co.Ltd(000762) the above personnel further pointed out that with the continuous development, construction and operation of the company’s phase II project and subsequent projects, the company’s main strategic products are industrial grade lithium carbonate, battery grade lithium carbonate and potassium fertilizer, and the importance of lithium salt in the company’s future products will gradually decline. This time, Tibet Mineral Development Co.Ltd(000762) seizing a relatively good opportunity in the market to sell silver Zabuye is conducive to completely solving historical problems and reducing a subsidiary that continues to lose money.
In addition, Tibet Mineral Development Co.Ltd(000762) from ensuring the stable sales of lithium salt in the future and enabling subsequent purchasers to successfully open silver Zabuye, Tibet Mineral Development Co.Ltd(000762) is also prepared to stably supply lithium concentrate in the form of a certain proportion every year, and lock the quantity and price according to the market. At present, the lithium salt market is good, Tibet Mineral Development Co.Ltd(000762) it is expected that the transfer will obtain a good premium and be conducive to the disposal of the company’s assets.
Another focus of investors’ attention is the reduction of shareholders’ holdings. The change of the reduction method of Tibetan Chinese industry and trade can be generally understood as: the shares originally intended to be reduced will not be reduced now. Excluding the part previously transferred to the major shareholder Tibet Mineral Development Co.Ltd(000762) Asset Management Co., Ltd. (hereinafter referred to as Tibet Mineral Development Co.Ltd(000762) assets), the remaining shares will be redistributed to the major and minor shareholders according to the shareholding ratio after unanimous consultation of shareholders, It will no longer plan to liquidate Tibetan Chinese industry and trade by reducing its holdings in the secondary market.
The announcement pointed out that after the cancellation of the legal person status of Tibet China industry and trade, Tibet Mineral Development Co.Ltd(000762) controlling shareholder and actual controller remain unchanged, the controlling shareholder is still Tibet Mineral Development Co.Ltd(000762) assets, and the actual controller is still China Baowu iron and Steel Group Co., Ltd.
Tibet Mineral Development Co.Ltd(000762) relevant personnel said that due to the low shareholding ratio of Tibet Mineral Development Co.Ltd(000762) assets of major shareholders in the company, the reduction of shares allocated to major shareholders should not be considered. In addition, mainly due to the decline of Tibet Mineral Development Co.Ltd(000762) share price, at present, minority shareholders believe that the share price of listed companies is low, and they no longer agree to liquidate Tibetan Chinese industry and trade by reducing their holdings in the secondary market. In this context, through negotiation, based on the confidence in the development of Tibet Mineral Development Co.Ltd(000762) and the protection of secondary market investors, both parties decided to adopt the scheme of this announcement. (Zheng Yuchuan)
