Jiangsu Daybright Intelligent Electric Co.Ltd(300670) (300670) has planned the reorganization for more than half a year and made major adjustments. E company noted that, compared with the previously announced restructuring plan, the company’s newly announced restructuring plan involves many adjustments such as acquisition targets, counterparties and payment methods.
According to the latest announcement on the evening of January 23, Jiangsu Daybright Intelligent Electric Co.Ltd(300670) plans to undertake the financial leasing interests of Huajing 01 and Huajing 02 from the original Charterers Huajing 01 and Huajing 02 respectively through the wholly-owned subsidiary Daye new energy or other entities designated by it, mainly in the form of cash payment. When the lease term expires, the listed company will obtain Huajing 01 and Huajing 02 Huajing 02 ship ownership.
In this transaction, the parties to the transaction refer to the contract prices of cmhi181-1 ship sales contract, cmhi181-2 ship sales contract and Huajing 01 ship leasing contract signed by Hailong 10 and Hailong 11 with Gulf technology, Huajing zero one and Huajing zero two. Through friendly negotiation, the total amount of this transaction is 134 million US dollars (854 million yuan), After deducting the 292 million financial lease costs paid by the original lessees Huajing zero one company and Huajing zero two company as of December 31, 2021, Daye new energy or other entities designated by Daye new energy will subsequently pay US $81.0591 million in financial lease principal (RMB 517 million) and US $7.1276 million in financial lease interest (RMB 45.4435 million).
The adjusted transaction scheme is cash transaction, and the original arrangements for private placement and raising supporting funds have been cancelled.
According to the latest plan, Daye new energy or other entities designated by Daye new energy will pay a total of RMB 292 million to the original Charterers Huajing zero one and Huajing zero two within 40 days after the shareholders’ meeting, as the consideration compensation for the ship finance lease payment paid by the original Charterers Huajing zero one and Huajing zero two to Hailong 10 and Hailong 11.
From January 1, 2022, Daye new energy or other entities designated by Daye new energy shall be calculated at USD 24400 / calendar day, and pay Huajing 01 ship financial lease to Hailong 10 on a quarterly basis. It is estimated that by September 30, 2026, after Daye new energy pays the rent of the last day and the remaining financial lease amount of USD 1783700, the payable amount of Huajing 01 will be paid.
From January 1, 2022, Daye new energy or other entities designated by Daye new energy will pay Huajing 02 ship finance lease to Hailong 11 on a quarterly basis at the rate of USD 24400 / calendar day. It is expected that by September 30, 2026, Daye new energy will pay the rent and the remaining USD 1783700 for the last day, and Huajing 02 will be paid.
In addition, in the adjusted trading scheme, performance commitment, compensation arrangement and regular share lock arrangement have been cancelled.
Looking back on this restructuring, in May 2021, Jiangsu Daybright Intelligent Electric Co.Ltd(300670) issued a major asset restructuring plan. The company plans to purchase more than 61% equity of Jiangsu Gulf Electric Technology Co., Ltd. by issuing shares and paying cash. According to the disclosure at that time, the transaction is divided into two steps: the first step is that the company plans to purchase 10% equity of Gulf technology held by Baozhou equity investment partnership (limited partnership) in Ningbo Meishan free trade port area with RMB 125 million in cash; In the second step, the company plans to purchase more than 51% of the equity of Gulf technology held by 15 trading partners such as Ningbo Meishan bonded port Baozhou equity investment partnership (limited partnership) and Taizhou Shengxin Venture Capital Management Co., Ltd. by issuing shares. At the same time, the company plans to issue shares to special investors to raise supporting funds. After the completion of the transaction, Gulf technology will become a holding subsidiary of the company.
The controlling shareholder of Gulf technology is Ningbo Baozhou, and the actual controller is Zheng xuezhou. The companies where the financial leasing interests related to the two ships Huajing 01 and Huajing 02 are located are Huajing zero one and Huajing zero two. These two companies are the wholly-owned subsidiaries of Huajing Zifu, and Huajing Zifu is the holding subsidiary of Haiwan technology. Therefore, Before and after the adjustment of the restructuring plan, the financial leasing interests related to the underlying assets Gulf technology and Huajing 01 and Huajing 02 ships are controlled by Zheng xuezhou.
After the completion of this transaction, Jiangsu Daybright Intelligent Electric Co.Ltd(300670) will deeply layout offshore wind power and other offshore engineering fields to enrich the main business of listed companies. Jiangsu Daybright Intelligent Electric Co.Ltd(300670) said that the offshore wind power industry where offshore wind power installation is located has good prospects, broad space and great market potential. This transaction is conducive to open new growth space for listed companies, and the profitability and development space of listed companies will be effectively improved.
