Zhuhai state-owned assets have made another move! Zhuhai Port plans to acquire controlling stake in Xiuqiang to expand upstream photovoltaic business

000507.SZ, the state-backed port of Zhuhai, announced that it would acquire a controlling stake in Xiuqiang. The company explained that this acquisition will help the company quickly expand its business to the upper reaches of the photovoltaic industry chain and expand its layout in the new energy industry.

The acquisition of Xiuqiang shares (300160.SZ) will help the company to rapidly expand its business to the upper reaches of the photovoltaic industry chain, speed up the company's layout and extension in the new energy industry, and further broaden the scope of new energy business. At present, after a certain amount of accumulation in the field of new energy wind power, the company plans to further expand the scope of new energy business, focusing on the development and operation of inexpensive photovoltaic power stations, supporting industries for energy storage, hydrogen utilization and development, and other new energy industries, with a view to enhancing the company's competitiveness in the new energy industry. " On the evening of February 24th, the relevant staff of Zhuhai Port (000507.SZ) said in an interview with a reporter from the Financial Associated Press.

On the evening of the 24th, Zhuhai Port announced that the company intends to use self-raised funds to acquire 25.009% of Xiuqiang shares from Suqian Xinxing Investment Co., Ltd. (hereinafter referred to as Suqian Xinxing) and Hong Kong Hengtai, with a transaction price of 6.3yuan per share, with a total transaction value of 974 million yuan. After the completion of this acquisition, the company will become the new controlling shareholder of Xiuqiang shares, and Zhuhai state assets will become the new actual controller of Xiuqiang shares.

According to public data, Xiuqiang shares have returned to the main glass business after selling early childhood education business operating assets and related liabilities to Suqian Xinxing in June 2019, and its main products include home appliance glass products, photovoltaic glass products, kitchen appliance glass products, and so on.

However, according to the announcement of the proposed acquisition, as of December 31, 2020, the balance of the above equity transfer funds for early childhood education business has not yet been paid is 168.3 million yuan. In this regard, Xiuqiang shares controlling shareholders intend to hold 5% of the total share capital of Xiuqiang shares to Xiuqiang shares and its subordinate enterprises to provide pledge as a guarantee for the corresponding performance.

In addition, as of December 31, 2020, Nanjing Xiuqiang Education, Jiangsu Tongmeng Education and Xuzhou Xiuqiang Education owed a total of 55.97 million yuan in principal and interest on Xiuqiang shares. In this regard, the controlling shareholders of Xiuqiang shares agreed and promised to repay the principal and interest of the loans to Xiuqiang shares in full within 30 natural days from the date of receipt of the consideration for the transfer of shares.

With such a large cash acquisition, how will Zhuhai Port solve the capital problem? According to public data, the company announced in October last year that the accumulated new loans from January to September 2020 accounted for 60.37% of its net assets at the end of 2019. At the end of the third quarter of last year, the company's asset-liability ratio had reached 56.48%.

In this regard, the above staff said that at present, the acquisition funds have been planned, if the successful acquisition of Xiuqiang shares, the asset-liability ratio will increase to a certain extent in the short term, but it will still be within the safety line. Although the rise of the asset-liability ratio will restrict the company's future project acquisitions to a certain extent, it will not completely restrict the company's development. If there are suitable projects, the company will still choose the opportunity to promote the acquisition. In the future, the company will also increase the intensity of direct financing, adjust and optimize the financing structure, and provide low-cost and high-quality financial support for the sustained and healthy development of the company.

Zhuhai state-owned assets have been active in the capital market in recent years. Since 2020, it has taken control of six listed companies, namely, 002047.SZ, 300621.SZ, 300185.SZ, 002285.SZ, 300569.SZ and 300620.SZ.