In 2016, A-share listed company Jianrui Fire (later renamed 'Jianrui Wooleng'), after the acquisition of Watmar with a price of 5.2 billion yuan more than four times the price of Wattmar at the time of 900 million yuan, the performance of the year It was once soaring. However, as a domestic power battery company that researched and developed lithium iron phosphate vehicle batteries and engaged in the operation of new energy vehicles on a large scale. In 2013, Watermain formed the 'Watma Innovation Alliance' with nearly 1,000 companies. The model entered the industry's sight, and invested in more than 20 new energy industrial parks across the country, and its shipments jumped to the third place in the country. After the break of the capital chain, it faced bankruptcy and collapse, and it took less than three years.
After being blocked by suppliers in March this year, on April 2 this year, Jianruiwo, who is in the midst of planning a major asset restructuring suspension, issued an announcement stating that the company has already had a debt overdue of 1.998 billion yuan, facing creditors. As of the end of March, the company's total debt reached 22.138 billion yuan. Under the debt repayment risk, the company's acquisition of the Australian lithium mine, the introduction of strategic investors and other major asset projects are facing the possibility of termination. Subsequently issued multiple risk tips The overall pledge rate of the shares directly held by the owner of the listed company Guo Hongbao is 94.95%. If the company's share price continues to fall, there is a risk of liquidation; the major shareholder and managing director Li Yao holds all the listed companies of 330 million. The stock has been frozen by the judiciary; a total of 13 bank accounts under the name of the listed company and its subsidiary Waterma were frozen by the Intermediate People's Court of Wuhan City, Hubei Province.
The sudden break of the capital chain has caused Waterma's aura of power battery giants to disappear instantly. Its business model, product line, and continuous debt investment, which are bet on new energy subsidies, have also become targets of torture and new The opposite of the transitional investment in the energy automotive industry. But in the eyes of Waltma insiders, things are not so simple, the technical route, the pace is too radical, and the policy adjustments are only superficial, non-primary reasons. 'More accurate It is said that Waterma is defeated by management out of control, improper employment, and the style of family business, 'The above insiders said. After listing in 2016, Waterma still uses the extensive management culture and methods of private family-owned enterprises to govern the company. The management lacks decision-making mechanisms in procurement, finance, supplier management, etc., especially the major mistakes in the late financing decisions. The crisis that has caused the capital chain to be tight is not solved in time. The person said that the crisis occurred. Afterwards, in fact, the capital market gave half a year to correct the error, but ultimately the management still missed the first time to take protective measures. The timing.
'A carelessness' that led to the defeat
On June 28th, Watmar Battery Co., Ltd. issued a notice to all employees, saying that the company had a tense situation of financial difficulties. In order to solve the occupational development impact caused by insufficient funds and difficulties for all employees, it was decided from July 1 Since the beginning of the day, all employees have been on holiday for 6 months. It is reported that after the 'Notice of Holidays' was issued, the watermark of Voltma employees resigned.
At this time, according to the leak of supplier dunning in March this year, only three months, why is the crisis of Waterma developing so fast? The above-mentioned insiders told the Economic Observer that the liquidity crisis of Waterma under 2017 Half a year has already appeared. After the outbreak in November, through the circumstance of Chairman Li Yao, it was spent in the short term by borrowing. But the mistakes in financing and crisis management led to total loss of control. This mistake is not accidental, it is Water. The inevitable result of the chaotic management of the company.
Jianruiwo can announce that Waterma Chairman Li Yao and President Li Jinlin are brothers. Li Yao, who has been a senior executive of BYD Lithium Battery Company, is responsible for the strategy. The actual management and execution level are handled by Li Jinlin, and the procurement manager It is also a family close relative, this family-style management and employment style is also mapped to the most important financial system. The above-mentioned insiders said, 'The lack of professional financial team and responsible person with financing experience directly leads management to not understand The real capital situation of enterprises, the confusion of funds, and the struggle for power and guilt in the procurement and financial management departments have intensified the situation that funds can't keep up.
It is reported that in the early stage of this crisis, Li Yao, who is the chairman of the board, has been in a state of being "hidden", and he does not even know that Watmar has been in danger. A capital market person told the Economic Observer, 2018 After the New Year's Day, due to the deterioration of the capital situation, the bank began to lend, and the financing channel of the new energy industry tightened. The financial team of Waterma now bet on the rescue of the Shenzhen Municipal Government and the Pingshan District Government, which are based on the headquarters. But in fact, although the Shenzhen Municipal Government will write the growth of Waterma into the 2018 government work report, but facing the situation that Waterma is hard to return, it did not succeed in the rescue. At this time, Watmar also missed the first Time and opportunity to implement layoffs, asset sales and other protective measures.
After the Lunar New Year in February 2018, the financial system lending was further tightened, and Waterma was in a hurry. 'Reliably relying on local governments is the biggest mistake. Local governments cannot give money, and Shenzhen has no more market to expand. At this time, I can only rely on self-disarming and seeking other ways of financing the market to survive. ' Nearly informed by Waterma's people. After being acquired by Jianruiwo in 2016, Watmar became the new favorite of the capital market, but according to According to the person, the corporate system, as well as the understanding of the capital market and the awareness of the rules, did not seem to improve.
According to various sources, the Waterma executives themselves did not realize that the crisis would deteriorate so quickly. In an interview with the media in early April 2018, Waterma executives still publicly stated that the company is only facing short-term cash flow tensions. In many interviews, Wattmar emphasized that high debt ratio is the commonality of the power battery industry, especially Waterma, which not only produces and sells batteries, but also purchases electric vehicles for operation, which inevitably involves upstream and downstream payment. The period is longer, and the time difference between waiting for subsidies is in place. It is pointed out that while the total debt is as high as more than 20 billion yuan, Watmar's accounts receivable is also as high as 10 billion yuan.
It is reported that the main foreign management team members of Waterma have already left, and the outside world is quite embarrassed by the overnight drop that Watmar can avoid. Although the accounts receivable is high, the cash flow is tight for a long time, but Waterma 2017 Still ranked third in domestic power battery shipments, second only to the Ningde era and BYD.
The alliance is already 'empty shell'
The timing of the loss of self-help in financing decisions is only the last step of Wattma's fall. In fact, long before this, Waterma has misjudged the situation in terms of technical routes and corporate development. Starting in 2017, the ternary lithium battery has become Inevitable government-led trend, but until today, Waterma’s ternary lithium battery has not yet been put into production. Jianruiwo said in a reply to the Shenzhen Stock Exchange’s annual report on June 3 that the company’s ternary lithium battery has been developed. Upon completion, the progress of the production of the ternary lithium battery will be suspended due to the current fund and debt situation of the company. It will be restarted after the company's funds and debts are properly handled.
The construction of the ternary lithium battery production line is estimated to be 1.5 billion yuan. The construction fund comes from commercial financing and self-raised by the company. It is currently in the design stage and the estimated production capacity is 3GWh, but it has not started construction yet. In Waterma 2017 Among the sales revenue, the power battery revenue of 115Wh/kg or more accounted for only 14.29%; the power battery revenue of 95-115Wh/k accounted for 11.24%. According to the new subsidy policy of 2018, the battery energy density only reached 105Wh/ Above k, you can enjoy the subsidy.
Product technology can not meet market demand, which seriously consumes Walter's market competitiveness. Jianrui Woon's 2017 annual report disclosed that the total sales contract (over 400 million yuan) has been signed, totaling about 10.73 billion yuan, but as of the end of the reporting period. Only 4.157 billion yuan was executed, and a major contract of about 6.14 billion yuan was cancelled. The cancellation of the order amount of about 5.2 billion yuan was due to the change of battery specifications required by the other party, and Watmar could not be satisfied.
In addition, it has to be pointed out that although insiders stressed that internal management out of control is the main reason for Wattma's fall to the 'Altar of the Altar,' the development of the 'gambling style' in the first half of the process has already been buried for the late dilemma. The line.
Waterma will bet on the industrial chain of subsidized asylum and the solid interests of the alliance. This has also made its development in the past three years always accompanied by the question of 'barbaric expansion'. In 2013, Watmar New China was formed. When the Energy Automotive Industry Innovation Alliance (hereinafter referred to as the Waterma Alliance), Waterma, which focuses on lithium iron phosphate batteries, is the industry leader. In the initial coverage of the 'three power' system, upstream material suppliers, downstream operating companies, etc. Among the members of the entire industry chain, Waterma is the only power battery manufacturer, which brings a stable order for Waterma.
However, the industry immediately questioned Watmar's order to obtain orders through the alliance's 'reverse customization'. The most typical representative is that Wattmar is operating to the auto company through the operating company Shenzhen Xinwo Transportation Co., Ltd. (hereinafter referred to as 'Xinwoyun'). Released the purchase order, but designated it to purchase the Waterma battery. Although Watmar denied the relationship with Xinwo Power, this 'left-handed, right-handed' approach ultimately accumulates the pressure of funds back. On your own body.
The 2017 financial report shows that Waterma still has nearly 30% of orders from the league. But at this time, the alliance has deteriorated, 'the alliance is already empty,' said the insider, the model of the Waterma Innovation Alliance itself does not The problem, and in the early stage of new energy development, is to reduce the cost and the advanced nature of the model innovation. However, driven by the interests, there is gradually a phenomenon of 'who gives more discounts'. Who is supporting the corruption phenomenon? In addition, the alliance is blind. The expansion has also become one of the reasons why this model is difficult to maintain.
Although the inside of the alliance is close to falling apart, in the foreign investment, the Waterma Innovation Alliance is still a 'seat guest' of the local government, and invests in the industrial park. In the first two months of the supplier's siege of the Waterma headquarters, Wo Tema still led the alliance to sign the Luzhou New Energy Automobile Town Project with a total investment of 20 billion yuan, and the Pingshan District New Energy Automobile Industry Fund with a total amount of 3 billion yuan.
In September 2017, when the Alliance successively signed two major new energy automobile industrial park projects with a total amount of 15 billion yuan in a week, some insiders questioned that the Waterma Alliance has more than 20 industrial parks across the country, and all industrial parks have power batteries. After the construction capacity is reached, it is the first in the world. In addition to the alliance to build an industrial park, Waltmar's own expansion also deviates from rationality.
Watmar, vice president of the company, when the company’s spokesperson Zhong Mengguang explained the reasons for the tightness of the Waterma’s capital chain in April this year, he acknowledged that the company’s decision-making mistakes in three aspects, first of all, underestimated the state’s policy adjustments to the electric vehicle industry in 2017. In particular, the impact of the operating threshold of 30,000 kilometers; Secondly, the industry is too optimistic, in the case of shortage of funds, it will increase the speed of expansion, build factories across the country, comprehensive technical reform, and hope to make use of scale expansion to make up for loss of profits. Third, long-term The use of short-term debt long-term investment to expand the scale of operations, leading to the capital directly in trouble when the monetary tightening.
Since the rapid expansion in the country since 2016, Waterma has 11 production plants in the country. The company has reached 10,000 employees during its peak period, and the comprehensive cost behind it is enough to be daunting. The company learns the model of the Waterma Alliance, but it should be fully vigilant about the formation of the Waterma crisis, especially after the listing of corporate governance. 'Watma, an employee who did not want to be named, said.
Approaching the industry's big warning
Watermar's financial conference on 'self-digging graves' was considered to be the 'last straw' that pushed Waterma into desperation. According to insiders, the seniors at Waterma were shocked to express themselves. When faced with short-term funding problems, the banking system has actually completely squandered Waterma. The key to this result is Waterma’s step-by-step move – pushing the Shenzhen Financial Office to hold a financial meeting to discuss how Saving Wattmar. An insider who knows the inside story said that the meeting was held at 4 o'clock that day, and it was spread in the national financial circle at 7 o'clock. Finally, it was rumored that the 'Banking Regulatory Bureau required all financial institutions not to lend to the company. At one time, all banks announced that they had stopped lending and demanded a refund. It was reported that within one day, under the market panic, 20 banks had one-time take away of Watmar’s 1.6 billion in cash. The upstream suppliers and downstream The customer apparently felt the crisis and the order dropped sharply.
'Wotma is not a case, it is the general state of the industry today.' Zhang Junyi, a partner of Weilai Capital, said that all companies are betting that they can support the new energy vehicle industry with a self-healing capacity, but with the due response The continuous accumulation of accounts, as well as the expansion of investment in R&D and production, the reliance of enterprises on financing. In the third quarter of 2017, the accounts receivable in Jianrui Wo reached 9.9 billion yuan, and the net cash flow from operations When the amount was 2.6 billion yuan, the industry once commented that 'it is completely taking money to grab orders.'
As an emergency measure to save the capital chain, Waterma plans to sign a syndicate agreement with 16 banks in May, involving an initial loan amount of about 4.234 billion yuan. To maintain bank stability, take the patent of Waterma, land, should The bank will increase the letter to the syndicate, and the bank promises not to lend.
On June 29, Jenwengeng responded to the report of Waterma’s six-month holiday, saying that the holidays involved only employees in the Waterma Shenzhen area, and other parts of the Waterma area, the factory is not included. At present, Waterma's production line has been discontinued on a large scale, specifically the operating rate of the Shenzhen battery cell production line is 4%, and the battery production line in other regions is shut down; the operating rate of the Shenzhen PACK (battery unit) production line is 24%, Shucheng PACK production line The operating rate is 9%, and the PACK production line in other regions is shut down.
The announcement also pointed out that through the inventory sales and sales of fixed assets, the debts payable to the relevant suppliers will be deducted, and the company's liabilities will be reduced. Up to now, the total amount involved is about 2.9 billion yuan. Currently, the company's bills payable is over 2.595 billion yuan, bank loans. Overdue 1.173 billion yuan, financial leasing long-term payables 218 million yuan, other non-financial institutions borrowed 329 million yuan.
'For the automotive supply chain sector, there is currently no suitable financial product to support', Zhang Junyi pointed out that at present, the medium and large enterprises in this industry rely on multiple mortgages to obtain the required loans. After the bank fully tightens the loan loans, interest, The cost of capital and the threshold have been raised, and the current requirements for mortgages are also increasing, not only for collateral, but also for the actual controller of the company. The current equity of Waterma is almost collateralized, leaving only the assets to be sold. This fastest way to get urgently needed funds.
According to the announcement of Jianrui Woeng on July 4, most of the bank accounts have been frozen, some equipments have been sealed up, production and operation have been greatly affected, and orders have also been greatly reduced. The Shenzhen Pingshan District Government has requested Wattmar. The employee's salary and social security issues must be resolved as soon as possible. Therefore, the implementation of asset discount realisation is initiated.
'Wotma is only the first to fall, and the situation will be more severe next year'. Zhang Junyi said that companies with funds can prepare for low-priced acquisitions.