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[original] split the lithium battery business and go public!


In the post subsidy era, it is becoming a trend for listed companies to spin off lithium electronics companies and sprint for IPO.

Recently, Jiangsu Cathay Pacific (002091) released the "plan for the spin off of its subsidiary Jiangsu Ruitai new energy materials Co., Ltd. to the GEM Listing (Revised Draft)".

Jiangsu Cathay Pacific's main businesses include supply chain services and chemical new energy business. After the spin off and listing, Ruitai new energy will become an independent listing platform for new chemical materials and new energy business under Jiangsu Cathay Pacific. Through fund-raising, it will further expand production capacity and strengthen product research and development, which is conducive to improving the competitiveness of its electrolyte business.

Ruitai new energy was founded in 2017. The main business of Huarong chemical and Chaowei new materials, the holding subsidiaries of the company, is to carry out the production, sales and R & D of lithium-ion battery electrolyte, silane coupling agent and electronic chemicals.

The report shows that from 2017 to 2019 and from January to June 2020, Ruitai new materials achieved revenue of 1.14 billion yuan, 1.29 billion yuan, 1.66 billion yuan and 700million yuan respectively; The net profit attributable to the shareholders of the parent company is about 164 million yuan, 90 million yuan, 177 million yuan and 124 million yuan.

Among them, Huarong chemical achieved revenue of 1.09 billion yuan, 1.19 billion yuan, 1.53 billion yuan and 600 million yuan from 2017 to 2019 and January to June 2020 respectively; The net profit is 190million yuan, 100million yuan, 200million yuan and 110million yuan.

At present, the current production capacity of lithium-ion battery electrolyte of Huarong chemical is 30000 tons / year, and the annual production capacity of lithium-ion power battery electrolyte of ningdehuarong is 40000 tons. The project is currently in trial production.

At the same time, the Polish subsidiary established by Ruitai new energy and Huarong chemical is building a 40000 t / a lithium-ion battery electrolyte project in Poland, mainly to provide nearby supporting services for key customer LG Chemical.

After the completion of the above projects, the competitiveness of Ruitai new energy's lithium battery electrolyte in terms of capacity scale, market development, cost optimization and so on is expected to be further improved. The split listing will also provide financing facilities for them to achieve the above goals and speed up the project construction process.

It is worth noting that, in addition to Jiangsu Cathay Pacific, many listed companies have announced that they will spin off their lithium battery business segment for independent IPO.

On February 20, Zijiang enterprise (600210) announced that it planned to spin off its holding subsidiary Zijiang new materials to the science and technology innovation board for listing;

On March 13, Xiamen tungsten (600549) announced that it planned to spin off its subsidiary Xiamen tungsten new energy to be listed on the science and technology innovation board, which has been accepted;

On March 25, Yan'an Bikang (002411) announced that the company planned to spin off its holding subsidiary Jiujiu to the gem for listing;

On June 24, tiannengli (00819) announced that it would update the plan to list the battery business on the science and technology innovation board, which has been passed;

On September 1, Tongling Nonferrous Metals (000630) announced that the company plans to spin off its holding subsidiary Tongguan copper foil to the gem.

After the split listing, it is conducive to strengthening the R & D and innovation ability and professional operation level of its subsidiaries in the lithium battery segment, and enhancing market competitiveness. It is expected that more lithium battery enterprises will embark on the path of split IPO in the later stage.

More and more listed companies spin off their lithium electronics companies for listing. On the one hand, the current capital market is relatively open to the lithium battery industry chain. The opening of the science and technology innovation board and the gem provides a new financing channel for a number of high-quality lithium battery enterprises;

On the other hand, with the further decline of subsidies and the intensification of market competition, lithium battery enterprises as a whole are facing pressures such as the decline of product gross profit, the continuous improvement of market concentration, and the tight cash flow of enterprises, which are in urgent need of "blood transfusion" self-help.

It is worth noting that although it has become an industry development trend for listed companies to spin off the IPO of lithium electronics companies, this does not mean that there is no risk.

If the lithium battery enterprises to be spun off have weak profitability or lack competitiveness in market, technology and other aspects, the spin off and listing will bring great pressure and challenges to them, which requires enterprises to consider carefully.

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