Meijin Energy: plans to split the holding subsidiary Flying Motor into a listing on the growth Enterprise Market

SMM5 May 22: may 20, Shanxi Meijin Energy Co., Ltd. issued a "general risk warning announcement on the listing of spin-off subsidiaries." Shanxi Meijin Energy Co., Ltd. (hereinafter referred to as "the company") plans to spin off Foshan Feichi Automobile Manufacturing Co., Ltd. (hereinafter referred to as "Flying Automobile") to gem for listing.

After the completion of this spin-off, the ownership structure of Meijin Energy will not change, and will still maintain the controlling stake in Flying Motor. On May 20, 2020, Meijin Energy held the 46th board meeting of the eighth session, deliberated and passed the "motion on the conditions for divestment and listing of Foshan Feichi Automobile Manufacturing Co., Ltd." and "the motion on the initial public offering of Foshan Feichi Automobile Manufacturing Co., Ltd. and listed on the gem of the Shenzhen Stock Exchange" and other motions related to this spin-off.

Feichi Automobile is mainly engaged in the research, development, production and sales of new energy vehicles based on hydrogen fuel cell vehicles. In 2012, the company began to enter the new energy vehicle market, with all-aluminum body manufacturing, body assembly, side skin rolling, body electrophoresis and other advanced bus production equipment and perfect assembly line production workshop. It is a large-scale new energy bus and the largest production base of hydrogen fuel cell bus in South China.

Financial data show that Flying Motor's total assets in 2018 and 2019 were 860 million yuan and 1.042 billion yuan respectively; revenue in the same period was 430 million yuan and 537 million yuan respectively, with a total revenue of 967 million yuan in two years; net profits were 32.4746 million yuan and 36.5643 million yuan respectively, with a cumulative net profit of 69.0389 million yuan in two years; net profits after deducting non-recurring profits and losses were 32.2045 million yuan and 25.6835 million yuan respectively.

As the core of the company's layout in the hydrogen energy industry, Flying Motor has developed well in recent years.

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