SMM: on the evening of November 13th, Ganfeng Lithium Industry issued a number of major announcements one after another. The announcement shows that the 14th meeting of the fifth session of the board of directors held on November 13, 2020 examined and passed the "proposal on increasing Capital to Shanghai Ganfeng, a wholly-owned subsidiary." in order to meet the needs of the development of the company, give full play to the capital strength of wholly-owned subsidiaries and achieve the goal of making the company bigger and stronger. It is agreed to increase the capital of the wholly-owned subsidiary Ganfeng International Trading (Shanghai) Co., Ltd. (hereinafter referred to as "Shanghai Ganfeng") by RMB 200 million with its own funds. Shanghai Ganfengyuan registered capital of 500 million yuan, after the increase of registered capital of 700 million yuan, the company holds 100% of its equity.
Ganfeng Lithium said that the purpose of this capital increase is to expand the capital strength of wholly-owned subsidiaries and ensure the capital requirements for project investment of wholly-owned subsidiaries.
On the same day, Ganfeng Lithium agreed to increase the capital of Sonora by exercising the call option at the price of 0.2959 pounds per share with its wholly-owned subsidiary, Shanghai Ganfeng, with a transaction value of no more than 23 million pounds.
Sonora is a UK-based company specializing in mineral resources project management and its main assets are the lithium clay Sonora project in Mexico; as of the date of disclosure of the announcement, Shanghai Ganfeng held 22.5 per cent of Sonora, Bacanora 77.5 per cent and Shanghai Ganfeng 25.8 per cent of Sonora. After the completion of the deal, Shanghai Ganfeng holds no more than 50 per cent of Sonora.
In addition, Ganfeng Lithium Industry also announced that as part of the employee stock ownership plan, Ganfeng Lithium, a wholly owned subsidiary of the company, plans to enter into a capital increase agreement with the subscriber by December 3, 2020. the subscriber agreed to contribute a total of 415 million yuan (the same below) to increase the registered capital of Ganfeng Lithium Power from 500 million yuan to 915 million yuan. Under the capital increase agreement, it is estimated that after the completion of the transaction, the company's total equity interest in Ganfeng Lithium Power will be about 54.6%, and Ganfeng Lithium Power will remain a subsidiary of the company.
Among them, Ganfeng Lithium Power's main business is the R & D, production and sales of lithium-ion power batteries, fuel cells and energy storage batteries; R & D, production and sales of supercapacitors, battery management systems, landscape energy storage systems, related equipment and instruments; lithium power industry design services; lithium technology consulting, technology promotion and transfer services; self-management and agent commodity import and export business. Its net loss after tax in 2018 was 15.5526 million yuan, while its net loss after tax in 2019 was 18.6462 million yuan.
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