photovoltaic "unicorn" yidaxinneng starts equity transfer, and the mysterious buyer is about to surface
2024-09-22
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the mystery of who will become the new owner of yida xinneng, a photovoltaic "unicorn", is about to be revealed. several listed companies announced that the actual controller of yida xinneng will repurchase the equity and transfer it to the final acquirer, which is a sign that the "sale" transaction of yida xinneng has been substantially advanced.
yongfu shares (300712.sz) announced on september 19 that the company's board of directors reviewed and approved the "proposal on transferring equity in the affiliated company", agreeing that liu yong, the actual controller of the affiliated company yida new energy technology co., ltd., repurchased the company's 1.1594% equity in yida new energy. in view of liu yong's intention to transfer the repurchased target equity to the final acquirer, this equity transfer will take effect only after the final acquirer's review and decision. because the relevant information of the final acquirer involves commercial secrets, in order to ensure the smooth progress of this transaction, yongfu shares has handled the relevant procedures for the temporary suspension of disclosure of some information in accordance with relevant regulations.
according to the announcement, the equity transfer price is calculated based on the company's investment principal plus the capital cost. after the transaction is completed, yongfu shares will no longer hold shares in yida xinneng.
coincidentally, haulsay (002963.sz) announced that it agreed to liu yong's repurchase of the company's 0.71% equity in yida xinneng and transferred the repurchased equity to the target company's controlling equity acquirer. this equity repurchase agreement is subject to the final acquirer's internal decision-making procedures and approval before it can take effect. the agreement is established on the date that all parties to the agreement have signed it, and will take effect on the date that the final acquirer's board of directors and shareholders' meeting review and approve the equity acquisition agreement for the acquisition of the target company's controlling equity.
holsey also said that because it involves business secrets and commercially sensitive information, in order to ensure the smooth progress of this transaction, some information on the transaction content will be exempted from disclosure.
earlier, there were market rumors that the global power battery leader catl was in talks to acquire yidaxinneng. on september 10, the paper confirmed this with several yidaxinneng insiders, industry insiders, and people close to catl. people familiar with the matter revealed at the time that since the negotiations were still ongoing, it was unknown whether this landmark and large-scale transaction would eventually be completed. the paper also sought official confirmation from catl on this matter, but received no response.
is the final buyer catl? the answer is still unclear. but what is certain is that there is indeed a mysterious buyer who intends to take control of yida xinneng.
yida new energy, headquartered in quzhou, zhejiang, was established in august 2018. in the fiercely competitive photovoltaic module market where established companies gather, yida new energy, as a newcomer, has quickly entered the top ten in the world in terms of photovoltaic module shipments in recent years, and is known as the "photovoltaic dark horse". according to statistics from third-party consulting agency infolink, in the first half of this year, yida new energy became the world's eighth largest module supplier, firmly in the second echelon.
the rapid rise of yida new energy is closely related to the strong support of the three gorges investors behind it. the company's largest shareholder, beijing ruihui haina technology industry fund (limited partnership), was initiated and established by three gorges capital holding co., ltd. under the three gorges group and beijing haidian district state-owned assets investment and operation co., ltd. the fund manager is jiangxia xintai (beijing) private equity fund management co., ltd. in addition, in recent years, the three gorges group has been the largest customer of yida new energy. in 2023, sales to the three gorges group accounted for as much as 30.69% of yida new energy's current operating income.
while shipments are rising rapidly, yida new energy is burdened with a high debt ratio. according to the prospectus data, from 2021 to 2023, yida new energy's operating income will be 1.894 billion yuan, 8.606 billion yuan and 22.724 billion yuan, respectively, with a compound growth rate of 246.39%. during this period, the company's net profit attributable to its parent was approximately -147 million yuan, 203 million yuan and 460 million yuan, respectively. however, compared with its peers, its asset-liability ratio is relatively high. the consolidated financial statements have asset-liability ratios of 87.71%, 86.54% and 86.89%, respectively, and the current ratios are 0.89 times, 0.98 times and 1.04 times, respectively.
in august this year, the eight-month ipo process of yida new energy was terminated, and financing transfusion was imminent. against this background, rumors of the three gorges group's withdrawal from yida were rife: the failure to successfully exit through ipo and the need for continuous "transfusion" may be the direct catalyst for the three gorges group to consider withdrawing from yida new energy.
the winter of the photovoltaic industry has arrived, and mergers and reorganizations have suddenly heated up. in mid-august, tongwei co., ltd. announced that it plans to acquire no less than 51% of runyang co., ltd.'s equity through capital increase and acquisition, with a total amount of no more than 5 billion yuan. if this largest acquisition in the history of photovoltaics is successfully completed, runyang co., ltd. will become a holding subsidiary of tongwei co., ltd. calculated by shipments in 2023, tongwei co., ltd. and runyang co., ltd. are the world's first and fifth largest suppliers of photovoltaic cells, respectively.
there are also reports that some leading photovoltaic companies may be the main competitors of catl in acquiring yidaxinneng. however, when stockpiling food for the winter, there are actually not many photovoltaic leaders that are capable and interested in acquiring peers.
thepaper.cn reporter yang yang
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