After the delay in mass production of passenger car products, Zhuhai Yinlong New Energy Co., Ltd. hit a wall again on the manufacturer's journey. On June 7, a reporter from Beijing Commercial Daily found out that the official website of the Guangdong Securities Regulatory Bureau found that as a company to be listed, The listing process of Yinlong has now been suspended. Industry insiders stated that the listing has always been the goal of Yinlong’s previous efforts. After the listing of the road was blocked, it faced the huge funding gap left by its rapid expansion. Yinlong’s development prospects will be very high. not optimistic.
IPO process brakes
On June 7, the latest disclosure in the Guangdong Securities Regulatory Bureau's official website in Guangdong Province has reported the preparation of listed company counseling work schedule. Yinlong's coaching progress bar shows 'counselling'. The latest progress time is January 17 of this year. This means that after only 8 months from the introduction of counselling by China Merchants Securities, Yinlong's sprint on the listing tour has abruptly ended.
As for the reasons for this 'counselling termination', a reporter of Beijing Commercial Daily tried to interview Yinlong but did not respond.
In fact, Yinlong had an early plan to list on the A-share market. In 2014, Yinlong’s desire to report backdoor listing was of great concern in the industry. In 2015, Sanyou Chemical had wanted to obtain a 21% stake in Yinlong, but In the end, Zhongyeda, Beiba Media, and Gree Electric Appliances all successively planned to acquire Yinlong and eventually gave up due to various reasons.
In December 2016, Dalian Wanda Group, CIMC Group, Gree Electric Appliances Chairman Dong Mingzhu and other parties signed a capital increase agreement of RMB 3 billion with Yinlong, and the former obtained a 22.39% stake in Yinlong. After the capital increase, Yinlong's valuation It was 13.4 billion yuan.
In addition to equity financing, Yinlong also has some debt financing. In August 2017, Yin Longcang, chairman of Yinlong, once said publicly that Yinlong has obtained the support of many banks such as China CITIC Bank, among which CITIC Bank's comprehensive credit line is 27.6 billion yuan. It is reported that this amount mainly includes the entire period of Yinlong's operation financing, project loan financing and equity financing. At the same time, Yinlong has also received a number of banks including China Construction Bank, Ping An Bank, Zhejiang Commercial Bank, and Guangzhou Rural Commercial Bank. Credit support.
In March 2017, Yinlong completed the reform of its shareholding system and changed from 'limited liability company' to 'corporation limited company'. On May 17th, under the assistance of China Merchants Bank, Yinlong handled the registration of counseling in the Guangdong Securities Regulatory Bureau, and Acceptance of publicity.
According to Cao He, Secretary-General of the All-China Federation of Automobile Manufacturers, “General IPO counseling is terminated, either as an official act, or it is terminated on its own initiative. Yinlong New Energy is likely to be the latter’. According to him, the regulatory agency forced the termination of IPO counseling. The situation is: The company's illegal activities or violations of the 'hard injury'. According to the current situation of Yinlong, it is likely that enterprises do not have the conditions to give up on their own to give up.
High-speed expansion to stay hidden
Yin Long’s concern in the last two years is inseparable from Dong Mingzhu’s series of actions. In December 2016, Dong Mingzhu invested Yinlong in his personal name, and Wang Jianlin, Chairman of Wanda Group, and Liu Qiangdong, Chairman of Jingdong Group’s Board of Directors. Etc. In May 2017, Dong Mingzhu's stake in Yinlong increased to 17.46%. She also became Yinlong's second largest shareholder.
After getting funding from Dong Mingzhu and others, Yinlong began to accelerate the pace of expansion. As of today, Yinlong has established industrial parks in Chengdu, Tianjin, Lanzhou, and Nanjing, with a total investment of 28.5 billion yuan. Meanwhile, silver Long's base in Changsha is also being planned. In addition, the production capacity layout in Hefei, Anhui Province has also been finalized. Together with Yinlong's production bases in Zhuhai, Guangdong, Shijiazhuang, Hebei and Wu'an, Hebei, Yinlong’s map across the country is gradually In accordance with the plan, the 2020 Yinlong capacity target is 100,000 units.
However, at the same time as its high-speed expansion, Yinlong's performance was not optimistic. The Yinlong-related operations disclosed by Gree Electric showed that Yinlong's net profit declined by nearly 70% while its revenue rose slightly in 2017. After auditing, Yinlong's operating revenue in 2017 was 8.752 billion yuan, and net profit was 268 million yuan. As of December 31, 2017, total assets were 31.512 billion yuan, and liabilities totaled 23.776 billion yuan.
After examining the sales of new energy buses, Beijing Commercial News reporters found that Yinlong Automobile sold only 3355 pure electric passenger cars in 2017, and its sales volume was almost the same as that of 6,200 cars in 2016. Entering 2018, Yinlong's sales have not recovered. In March, Yinlong bus sales were only 68 vehicles, and bus sales were only 45 vehicles.
Jia Xinguang, an auto analyst, said that due to the “swindling” incident, the subsidy standard for new energy buses was lowered by 20%, and the prospects for the policy of relying on new energy buses are not clear. Although Yin Long’s driving force under Dong Mingzhu quickly became Star enterprises, and crazy expansion, but if there is no technical and product support, Yinlong's prospects will be full of uncertainty.
On the other hand, the declining performance has adversely affected Yinlong's expansion plan. Since 2018, Yinlong has been in constant trouble. On January 10, a Zhuhai Yinlong supplier - Zhuhai Siqi employees in Zhuhai Photographs of Yinlong’s debt collection at the door were hotly debated on the Internet. Although Zhuhai Yinlong later denied that it was maliciously delinquent, it admitted the fact that it refused to pay part of the money from Zhuhai Siqi. On May 16th, some media reported that due to reduced battery orders. , Hebei Yinlong production line appeared a large area of production.
The outlook is still uncertain
'I hope everyone will sit in Gree's car, call Gree's mobile phone, control the temperature of air-conditioning in the home, and enjoy the delicious food that Gree will bring to you. ' Dong Mingzhu's dream of building a car has long been known to the world.
In order to achieve these goals, in supporting Yinlong in the past two years, Dong Mingzhu has not only invested huge amounts of money in Yinlong but also used his personal influence to stand up to Silver Dragon.
At present, Yinlong's main business focuses on lithium battery materials, expanding to lithium batteries, electric vehicle powertrains, vehicle manufacturing, and research and development, production, and sales of smart grid energy storage systems.
From 2015 to 2016, the new energy automotive market developed rapidly, and Yinlong’s main business was in the limelight. Yinlong’s operating performance also grew at a rapid rate. However, as the country’s new energy vehicle subsidies gradually declined, Yinlong’s performance began to appear. Sliding.
At the same time, many of Yinlong's technologies have also been controversial. It is understood that Yinlong mainly produces lithium titanate batteries. The energy density of lithium titanate batteries is between 58-91 wh/kg. This value is in line with the other two mainstream phosphoric acids. There is a big gap between Lithium Lithium and Ternary Lithium. Although lithium titanate batteries have advantages in terms of lifetime and charging speed, there are problems such as low density and large volume.
Jia Xinguang stated that Yinlong's battery capacity is not a simple excess. Unlike the ternary material battery technology line in Ningde's era, Yinlong has been the main pusher of lithium titanate batteries, and the future direction of automotive battery technology is not yet clear. .
It is worth noting that with the cold energy of the new energy bus market in the past two years, Yinlong has also planned to shift to the passenger vehicle market. Last year at the Beijing New Energy Auto Show, a new energy electric SUV from Yinlong was officially publicly unveiled. It is regarded as Yinlong's signal to enter the passenger car market.
However, one year later, Yinlong’s passenger car products had not been put into production for a long time. At the same time, it was reported that Dong Mingzhu’s team with Gree intends to invest in Tianjin FAW to seek passenger car resources. In recent days, , Gree Group again part of the tender offer to purchase Changyuan Motor's move, but also gave rise to Gree gradually gave up speculation with Yinlong related transactions.
Regarding the future of Yinlong, people in the industry said that Dong Mingzhu’s reelection as chairman of Gree will be a foregone conclusion. After she is re-elected as chairman of Gree, she will definitely return her full attention to Gree Group. Once she loses the protection of stars, Yinlong Will face more uncertainties and hidden risks, has gone on the road of high-speed expansion of the silver car development prospects have become elusive.