Ningxia Jiaze Renewables Corporation Limited(601619) increased its holdings again and won the control of ningbai fund, a new energy fund.
On January 17, Ningxia Jiaze Renewables Corporation Limited(601619) announced that it planned to purchase 22.7009% of the partnership share of Ningxia ningbai Industrial Investment Fund (limited partnership) (hereinafter referred to as “ningbai fund”) held by Shanghai Electric Group Company Limited(601727) Investment Co., Ltd. (hereinafter referred to as “Shanghai gas investment”) by paying cash; Meanwhile, Hainan Kaixian Private Equity Fund Management Co., Ltd., the holding subsidiary of the company, plans to purchase 0.0463% of the partnership share of ningbai fund held by Ningxia Kaixian Capital Management Co., Ltd. by paying cash.
After the completion of this transaction, Ningxia Jiaze Renewables Corporation Limited(601619) will hold or control 100% of the total partnership share of ningbai fund and obtain the control right of ningbai fund. Ningxia Jiaze Renewables Corporation Limited(601619) said that after the completion of this transaction, the asset scale, asset quality and profitability of the listed company will be further improved.
In terms of share price, Ningxia Jiaze Renewables Corporation Limited(601619) has been showing a shock correction trend since reaching a high of 6.5 yuan in October last year. As of January 17, the share price closed at 4.64 yuan / share, which has fallen by more than 27% from the high point, with a total market value of 11.3 billion yuan.
Ningxia Jiaze Renewables Corporation Limited(601619) intends to obtain the control of ningbai fund
The matter originated on December 2, 2021. Shanghai gas investment released the disclosure of property right transfer in Shanghai equity custody trading center and publicly listed to transfer 22.7009% of the partnership share of ningbai fund held by it.
On December 9, 2021, Ningxia Jiaze Renewables Corporation Limited(601619) won 22.7009% of the partnership share of the above ningbai fund with RMB 607.7 million on the private equity and venture capital share transfer platform of Shanghai equity custody trading center, and Shanghai Electric Group Company Limited(601727) investment enjoyed the redistribution right of 12.5% of the general partner’s performance income, of which, Shanghai Electric Group Company Limited(601727) investment to ningbai industrial investment fund is 490 million yuan, and the LP share value corresponding to the investment cost is 598.62 million yuan.
This has also become the first public transaction of the private equity and venture capital share transfer platform of Shanghai equity custody trading center. Prior to this transaction, Ningxia Jiaze Renewables Corporation Limited(601619) had held 77.2528% of the partnership share of ningbai fund; After the completion of this transaction, Hainan Kaixian, the holding subsidiary of the company, will become the general partner of ningbai fund. The company will hold or control 100% of the total partnership share of ningbai fund and obtain the control right of ningbai fund.
At the same time, Shanghai gas investment withdrew from ningbai fund, its subscribed capital contribution was 490 million yuan, the transfer price (including 22.7009% partnership share and 12.5% redistribution right of performance income) was 607.7 million yuan, and Shanghai gas investment will obtain an investment return of about 117.7 million yuan.
Jianzhi ningbai fund 6.9 billion new energy assets
It is worth noting that this is not the first time that Ningxia Jiaze Renewables Corporation Limited(601619) has increased its holdings of ningbai fund. Earlier, in June 2021, Ningxia Jiaze Renewables Corporation Limited(601619) has purchased 7.9449% of the partnership share of ningbai fund held by Zhejiang sunneng by paying cash; In October 2021, Ningxia Jiaze Renewables Corporation Limited(601619) purchased 39.9115% of the partnership share of ningbai fund held by guochuang ningbai, which shows that it is optimistic about ningbai fund and its assets.
Ningxia Jiaze Renewables Corporation Limited(601619) ( Ningxia Jiaze Renewables Corporation Limited(601619) ) was established on April 16, 2010. It is a green energy developer. Its main business is the development, investment, construction, operation and management of new energy power. At present, it is mainly engaged in the development and operation of centralized wind power and photovoltaic power generation. It was listed on July 20, 2017 and has been invested by shareholders such as Kaixian capital, Centennial life and Goldman Sachs Asia.
And Ningxia Jiaze Renewables Corporation Limited(601619) made its first LP on September 15, 2017. It invested in the ningbai fund under Kaixian capital and nurtured its own shareholders.
According to public information, ningbai fund was established on September 15, 2017. Its investment direction is mainly to invest in upstream and downstream enterprises in new energy related industries. Its previous investments include Zhongneng Guodian new energy Hengshui Co., Ltd., Hebei Zhongneng Power Sales Co., Ltd., Dezhou Kaixian Guorui new energy Co., Ltd., Beijing Kaixian Guyuan new energy Co., Ltd Tangyin Fulu new energy Co., Ltd. is engaged in the development and operation of wind power generation and photovoltaic power generation through its subordinate project companies. The main power stations are located in Shandong, Hebei and Henan.
from January to September 2021, Ningxia Jiaze Renewables Corporation Limited(601619) achieved an operating revenue of 1.087 billion yuan and a net profit of 408 million yuan; In the same period, ningbai fund realized an operating revenue of 712 million yuan and a net profit of 226 million yuan. By the end of September 2021, Ningxia Jiaze Renewables Corporation Limited(601619) had total assets of 13.534 billion yuan and net assets of 4.831 billion yuan; In the same period, ningbai fund had total assets of 6.926 billion yuan and net assets of 2.38 billion yuan. Ningxia Jiaze Renewables Corporation Limited(601619) said that this transaction will effectively improve the asset scale and profitability of listed companies.
Specifically, in terms of installed capacity, as of the end of September 2021, the grid connected installed capacity of the listed company was 1319.875mw, and the total grid connected installed capacity of the project companies affiliated to ningbai fund was 722mw. After the completion of this transaction, the grid connected installed capacity of the listed company will increase significantly.
In terms of utilization hours, the average utilization hours of the project company under ningbai fund from January to September 2021 were 2129 hours, higher than the average utilization hours of the listed company in the same period of 1811 hours; In terms of power generation, from January to September 2021, the power generation of listed companies was 2390487100 kwh, and the power generation of project companies under ningbai fund in the same period was 1515955100 kwh. After the completion of this transaction, the power generation and power sales revenue of listed companies will increase significantly.
In terms of the electricity price composition of each wind power project, the average subsidized electricity price of each wind power project under ningbai fund is between 0.08 yuan / kW and 0.24 yuan / kWh, while the average subsidized electricity price of each wind power project under the listed company is between 0.14 yuan / kW and 0.32 yuan / kWh. The subsidized electricity price of ningbai fund is relatively low, and the overall power generation efficiency and profitability are stronger.
In addition, as part of the electricity revenue from coal benchmark electricity price is settled in real time by the power grid, the settlement cycle is short and the payment collection is fast, while there is a certain lag in the settlement of electricity revenue from subsidized electricity price, the overall payment collection of ningbai fund project is good. This transaction will help to improve the cash flow situation of listed companies.
Ningxia Jiaze Renewables Corporation Limited(601619) said that after the completion of this transaction, the asset scale, asset quality and profitability of listed companies will be further improved.
