Zhuhai Silverson - this bearing Dong Mingzhu dream of new energy vehicles in May last year, the Guangdong Securities Regulatory Bureau handled the registration of counseling and formally set foot on the IPO road However, eight months later, not only Zhuhai Silver Dragon (hereinafter referred to as Silver Long) IPO has not been significant progress, it also fell into arrears, cheating fill the whirlpool.
'Silver Long's IPO may be postponed.' A source close to the silver Long revealed. 'At present, Silver Dragon has a series of problems to be solved, the internal organizational structure and the relationship between the strata have not yet straightened out, the technology is controversial, the profit is still There is no support, may not be able to get the approval of investors.At the same time silver frequent incidents recently, and now is not a good time to list Silver Dragon.
Gree troops and the original management
Relationship needs to be streamlined?
Encounter with suppliers came to collect debts, allegedly owed $ 1 billion, suspected of cheating, recently, Zhuhai Silver was pushed to the spotlight again .And a few months ago, this is rapidly expanding company is still running around for the IPO With
In fact, Silverson was the first one to be listed on the A-share market four years ago, and the silver backdoor news in 2014 skyrocketed in the industry.In 2015, Sanyo Chemical had a 21% stake in Silver Dragon, but in the end, Both sides talk unconsciously on the conditions of capital increase, etc. Afterwards, all Opus Dealers, Beiba Media, including the acquisition of Yinlong by Gree, are all gone.
Finally, after Dong Mingzhu entered, Yinlong ushered in the market opportunity.In May last year, Zhuhai Silon in Guangdong Securities Regulatory Bureau handled counseling and registration, and accept the publicity, Yinlong formally embarked on the IPO road.
This opportunity is extremely valuable to Silverstone, who has experienced many ups and downs in its listing on the market. To speed up the expansion of its scale, Silverstone opened up a path of rapid expansion.
After the defeat of Gree's acquisition of Silver Dragon, Dong Mingzhu still managed to build Yinlong, but also brought Wang Jianlin and Liu Qiangdong to invest in it.In the period of Yinlong's expansion, Dong Mingzhu even appeared many times in the production sites of Yinlong , Followed by Gree staff frequently Yinlong quit.
Recently, Yinlong was the supplier debt collection event attracted the attention of the industry.Yinlong suppliers Zhuhai Siqi more than 30 employees gathered in the gate of Yinlong, pulled up the banner, hoping to recover the money owed.After the news continued fermentation, Was exposed to defaulting suppliers more than 1 billion payment of goods, but this aspect of silver is that the quality of the other product there is a problem, both parties have sued to court.
'Gree Department of troops stationed in Silverstone, and the company's original management there was a serious disagreement, the supplier debt collection event, Gree Department of personnel is to touch the original high-level and the interests of suppliers reflects.' One close to silver Long Person revealed.
Dong Yinzhu or will soon grasp the real power, but after the silver silo to be listed, will face many problems. At present, the internal silversmith The relationship between the management and the new forces has not been properly handled, at the same time the relationship between the various organizational structures has not yet been straightened out. "An insider said.
According to the insiders, 'Generally, counseling and filing registration is just a pre-IPO preparation for an enterprise. Companies still need to enter the counseling period before they can formally declare an IPO. It also takes more than one year from filing to issuing an audit. Strict at this time, silversmith into arrears of swirling in terms of its listing is not good news.
Technology is controversial
Can it be recognized by the market?
Although Dong Mingzhu emphasized on many occasions that he was optimistic about Silverstone and did not hesitate to invest Silverstone in all his family members, the controversy over the value of Silverselone has never stopped. This controversy first focused on the future of Silonatom lithium-ion battery technology .
At present, Zhuhai Silversmith is mainly engaged in the research and development, production and sales of lithium titanate materials and battery technology research and development and manufacturing capabilities. The company focuses on the research, development, production and sales of lithium titanate batteries, new energy vehicles, energy storage systems and supporting charging facilities.
Lithium titanate battery charging speed, suitable for frequent short trips, suitable for electric buses, but its drawback is also very obvious is the low energy density, which makes the total battery capacity is limited, the life cycle is relatively short.This also makes Silverson difficult In the field of passenger cars for new energy vehicles to quickly open the situation.Although Silver Long claims to be a new energy industry covering both upstream and downstream of the whole industry chain integrated new energy companies, but the current sales of products mainly to new energy buses, its multiplication Car products are still in the preparation stage.
Dong Mingzhu initial investment Silver Dragon fancy battery technology, but this technology has always been criticized, the battery for the bus, you need to repeatedly charge, does not apply to passenger cars, and passenger cars is the future of corporate car development Direction.Yunlong in the unsolved problem before the listing, it will be difficult to get investors optimistic. 'Appliance industry observer Liu Buchen think.
Was accused of cheating
Over-reliance on subsidies?
For cheating to make up for the statement, Silver Dragon insiders to accept "Securities Daily" interview, said: 'does not exist (cheat).'
However, it is undeniable that, at present, state subsidies are indeed an important part of the revenue of Silver Dragon.Read the last three years of the company's financial statements, its revenue from 2014 to 2016 were 248 million and 386.2 million respectively Yuan, 7.898 billion yuan, respectively, net profit of -2.66 billion yuan, 416 million yuan, 836 million yuan in 2016 Yinlong revenue is 32 times three years ago.
At the end of these three years, the balance of accounts receivable of Zhuhai Silverson reached 300 million yuan, 3.18 billion yuan and 4.77 billion yuan respectively. Except for 2016, the accounts receivable of Silversmith both accounted for the whole year More than 80% of revenue. That is to say, state subsidies become an important source of current income.
The industry believes that: 'Zhuhai Silver Dragon's main product is a bus and other commercial vehicles, the main customers are public utilities, these companies usually pay longer. At the same time as the subsidy policy changes, this phenomenon does not Continued, Silver Dragon also need to establish sustainable profitability.
At present, Zhuhai Silversmith has opened the road to rapid expansion of its base construction in Chengdu, Nanjing and other passenger car and battery construction.Yinlong previously claimed that in 2017 to achieve operating revenue of about 30 billion yuan, the revenue target will be higher than the previous year An increase of 280% .Nowadays, Silver Dragon can achieve this goal, a suspense.