CITIC Heavy Industry moves, layout electric vehicle industry

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On July 6, CITIC Heavy Industry announced that the company intends to acquire a 52% stake in Tianjin Songzheng Electric Vehicle Technology Co., Ltd. (hereinafter referred to as Tianjin Songzheng) with a target price of 690 million yuan. The method of purchase is to non-publicly issue shares and pay cash to its five shareholders. Let's take a look at the related content with the car electronics editor.

CITIC Heavy Industry moves, layout electric vehicle industry

It is understood that Tianjin Songzheng's main business is the research and development of electric vehicles and hybrid vehicles. According to the announcement of CITIC Heavy Industry, after the completion of this transaction, CITIC Heavy Industries will, based on the development strategy needs, rely on Tianjin Songzheng's mature technology and strong R&D capabilities, and the new energy motor electronic control business will fully inject the development of CITIC Heavy Industries' "new kinetic energy" business. power.

The two listed companies have entered the stock

According to CITIC Heavy Industry Announcement, the company intends to purchase a stock of 52.3787% of Tianjin Songzheng at a price of 690 million yuan.

According to the acquisition plan, with the estimated base date of December 31, 2016, Tianjin Songzheng has a net book value of 545 million yuan, and the estimated value of all shareholders' equity is 1.32 billion yuan, with an estimated value of 774 million yuan and a value-added rate of 141.94%. The estimated 52% equity of the company was estimated at 690 million yuan, with a value-added rate of 141.94%.

Among them, the listed company intends to pay 226 million yuan in cash, and the rest of the consideration is paid in the form of non-public issuance of shares to the counterparty.

Tianjin Songzheng has a total of five shareholders to be traded by CITIC Heavy Industries. Its controlling shareholder Kong Zhaosong holds 59.2466% of the shares. The remaining shares are held by Wang Min 22.7431%, Wanxiang Qianchao (000559.SZ) holds 10%, Wenshi shares (300498.SZ) wholly-owned subsidiary Guangdong Wenshi Investment Co., Ltd., and Xinqi Qichuang Investment Partnership (Limited Partnership) also holds part.

After the acquisition, in addition to Kong Zhaosong, the above individuals and legal persons will no longer hold shares in Tianjin Songzheng. At the same time, the above five shareholders will hold CITIC Heavy Industries shares. Among them, Kong Zhaosong relied on 2,647.63 million shares, and Wang Min will enter the ranks of the top ten shareholders of listed companies with 3,694,410 shares.

According to the announcement, Kong Zhaosong and Wang Min are husband-wife relations, and the total number of shares held by the two will be 64.404 million shares will enter the top five shareholders of CITIC Heavy Industries.

The main equity transfer Fang Kong Zhaosong and Wang Min also made performance compensation commitments. Tianjin Songzheng will achieve a net profit of not less than 168 million yuan and 137 million yuan in 2017-2018 and 2019 respectively. If it is lower than the current promised net profit, it will compensate CITIC Heavy Industries for the consideration shares it has obtained.

Expansion of the new kinetic energy industry sector

It is understood that Tianjin Songzheng was established in 2010, mainly engaged in research and development of electric vehicles, hybrid vehicles, and research and development, production and sales of auto parts. The products mainly include new energy vehicle power system assembly, new energy bus charging and wireless charging system.

According to CITIC Heavy Industry Announcement, the acquisition of Tianjin Songzheng is based on the development strategy of CITIC Heavy Industries, relying on the mature technology of the target company and strong research and development capabilities. The new energy motor electronic control business will inject sufficient momentum into the development of CITIC Heavy Industry's "new kinetic energy" business. .

In fact, CITIC Heavy Industry's 2016 annual report has proposed that the company will merge the business into two parts: "new kinetic energy" and "traditional kinetic energy". "New kinetic energy" mainly includes energy-saving environmental protection equipment, robots and intelligent equipment, new energy power equipment and other industrial sectors; traditional kinetic energy mainly includes heavy equipment, engineering complete sets and other industrial sectors.

The layout of the electric auto parts industry is undoubtedly an important step for CITIC Heavy Industries to expand its new kinetic energy sector.

The reporter noted that the main component of the new kinetic energy sector of CITIC Heavy Industries was the high-end smart manufacturing such as robots, which was not very relevant to the automotive industry. For the selection of new power vehicles, CITIC Heavy Industry Securities said that Tianjin Songzheng's main business is not a whole vehicle manufacturing, but an auto parts. This is an extension of the main business of listed companies, which is subject to the announcement.

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