On July 12th, Skyline (002759) issued an announcement, and the second interim shareholders' meeting of the company in 2021 examined and passed the motion on the establishment of a joint venture between a wholly-owned subsidiary and a related party and related party transactions.
According to the previous announcement of Tianji shares, Xintai Materials, a wholly owned subsidiary of the company, and Xinhua Chemical, the company's second largest shareholder, jointly invested in lithium hexafluorophosphate, battery electrolyte additives and other product production projects, with a total investment of 600 million yuan. Xintai material is contributed in currency, accounting for 51% of the total investment; Xinhua Chemical Industry uses its asset evaluation as the price and currency to contribute, accounting for 49% of the total investment. The two sides plan to jointly set up a joint venture company, which will be named "Jiangsu Tianhua material Science and Technology Co., Ltd." (subject to the name approved by the industrial and commercial registration authority), with a registered capital of 250 million yuan.
It is reported that Xintai Materials, a wholly-owned subsidiary of Tianji shares, is mainly engaged in the production and sales of lithium hexafluorophosphate. Among them, lithium hexafluorophosphate has an annual design capacity of 8160 tons. The main products of this joint investment project are: 10, 000 tons of lithium hexafluorophosphate, 76000 tons of by-product hydrochloric acid, 500 tons of new battery electrolyte additives, 47000 tons of fluoride salt, etc.
On the same day, Skyline also disclosed the progress of joint ventures and related transactions between wholly-owned subsidiaries and related parties. On July 11, Shenzhen Huaxing Asset Evaluation Co., Ltd. assessed the assets of Xinhua Chemical Industry and issued the inventory, machinery and equipment, construction under construction and land use right value project asset evaluation report held by Changshu Xinhua Chemical Co., Ltd., which is to be invested abroad by Jiangsu Xintai Materials and Technology Co., Ltd., taking June 30, 2021 as the evaluation base date, using the asset-based method, after evaluation, The book value of the assets within the evaluation base day of Xinhua Chemical Industry is 234.8506 million yuan, the evaluation value is 264.1884 million yuan, the added value is 29.3378 million yuan, and the value-added rate is 12.49%.
To sum up, Xinhua Chemical intends to inject assets into the joint venture with a total value of 264.1884 million yuan on June 30, 2021. According to the agreement of both parties to the transaction, and based on the valuation of the underlying asset evaluation report, it is determined that the asset value injected by Xinhua Chemical into the joint venture company is 264.1884 million yuan.
It is worth noting that on July 9, Skyline said on the investor interactive platform that the joint venture expansion project plans to complete the construction and supporting of all the projects in the first quarter of 2022, and enter the overall acceptance, commissioning and trial production of the project in the second quarter of 2022.
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