On the evening of July 30th, Ganfeng Lithium Industry (002460) issued a number of announcements, intending to increase the capital of the holding subsidiary Ganfeng Lithium Power by 2 billion yuan with its own funds, and to introduce the employee stock ownership platform (42.1 million yuan). And Xiaomi production Capital, Jimu Venture Capital and other investors as the leading investors (the investment amount is 971 million yuan) to increase capital, the company will hold 60.87% of Ganfeng Lithium Power after the completion of the relevant capital increase.
In addition to Ganfeng Lithium, Ganfeng Lithium also plans to increase its wholly-owned subsidiaries Shanghai Ganfeng and Ganfeng International by 1.7 billion yuan and 800 million US dollars (about 5.169 billion yuan) respectively.
The registered capital of Shanghai Ganfengyuan is 1.2 billion yuan, and after the capital increase, the registered capital is 2.9 billion yuan, and the company holds 100% equity. The original registered capital of Ganfeng International is 881 million US dollars and 50 million yuan, and the registered capital after the capital increase is 1.681 billion US dollars and 50 million RMB. The company holds 100% equity.
Ganfeng Lithium also announced on the 30th that Ganfeng Lithium, a holding subsidiary, plans to buy 100% of the 100% stake in Guangdong Huixin Innovation Energy Co., Ltd., held by GE Qiaoyu and Jiang Rongjin, with its own capital of 52.4 million yuan.
According to public data, Guangdong Huichuang was established in September 2017 and is headquartered in Xiaoheng Industrial Park, Wanjiang District, Dongguan City, Guangdong Province. Its predecessor was Taiwei Technology Co., Ltd., and was established in Longgang, Shenzhen in February 2012. is a green high-tech enterprise committed to the manufacture of lithium-ion batteries, integrating product research and development, production and sales, and after-sales service.
On the 30th, the buyer and seller signed a capital increase agreement, and the seller will subscribe for 15 million new shares of Ganfeng Lithium Power at a price of 2.50 yuan per share, with a total capital increase of 37.5 million yuan, of which GE Qiaoyu should contribute 20.625 million yuan and Jiang Rongjin should contribute 16.875 million yuan. Of the total capital increase, 15 million yuan is included in the paid-in capital of Ganfeng Lithium Power, and 22.5 million yuan is included in the capital reserve of Ganfeng Lithium Power.
Ganfeng Lithium said that this acquisition is conducive to the company's lithium business development, enhance core competitiveness, in line with the company's upstream and downstream integration and new energy vehicle industry development strategy. This capital increase for Ganfeng Lithium Power will help to reduce the asset-liability ratio of Ganfeng Lithium Power, reduce financial expenses, enhance profitability, give full play to the respective advantages of various investors in the lithium power industry, and promote the rapid development of Ganfeng Lithium Power.
According to a research report released by Guoxin Securities, Ganfeng Lithium, the world's leading producer of lithium compounds, is still actively developing a vertically integrated and synergistic business model at the bottom of the lithium industry and during the epidemic, and at the beginning of the new cycle of the lithium industry, take the lead in achieving large-scale capital expenditure, and the share of lithium products in the global market is expected to further increase in the future. Among them, the layout of the company on the raw material side is of particular concern. (1) the first phase of Argentina's Cauchari Salt Lake project is expected to start production of 40,000 tons of battery-grade lithium carbonate per year in mid-2022, and the second phase of the feasibility study on production expansion has been launched; (2) Argentina's Mariana Salt Lake has been approved by the local government and will start the construction of a 20,000-ton lithium chloride plant; (3) the Mexican lithium clay project has the advantages of extracting lithium from ores and salt lakes, and is in the process of project construction; (4) it is proposed to acquire 49% equity interest in Minmetals Salt Lake. (5) it is proposed to acquire a 50 per cent stake in SPV of the Netherlands and indirectly have an interest in the spodumene project of Goulamina in Mali.
Battery net noted that on the 17th of this month, Ganfeng Lithium Industry issued an announcement that the board of directors of Ganfeng International or its wholly-owned subsidiary approved the proposal on the investment of mining rights involved in the tender offer of Canadian Millennial company by Ganfeng International or its wholly-owned subsidiary on July 16, and agreed to Ganfeng International or its wholly-owned subsidiary to make a tender offer for Canadian Millennial with its own funds.
The share price of this transaction is C $3.60 per share and the transaction value does not exceed C $353 million. Prior to the completion of this transaction, Ganfeng Lithium did not hold an equity interest in Millennial of Canada; upon completion of this transaction, Ganfeng International or its wholly-owned subsidiary will hold no more than 100% of Millennial of Canada.
Millennial's main assets are the Pastos Grandes Lithium Salt Lake project in the Argentine province of Salta and the Cauchari East lithium salt lake project in the Argentine province of Jujuy. Among them, the, Pastos Grandes Salt Lake project currently plans an annual production capacity of 24000 tons of lithium carbonate, which is still under construction.
In addition, in terms of performance, Ganfeng Lithium Industry recently updated its performance forecast, predicting a net profit of 1.3 billion yuan to 1.6 billion yuan in the first half of the year, an increase of 730.75% to 922.46% over the same period last year, compared with an estimated profit of 800 million yuan to 1.2 billion yuan.
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