Kewell, the test power supplier, plans to set up a subsidiary in the field of coded hydrogen fuel cells.

On the evening of May 27th, Kewell (688551) announced that the company intends to use its own capital of 20 million yuan to invest in Daxing International hydrogen Energy demonstration Zone to set up a wholly-owned subsidiary, tentatively named Kewell (Beijing) Technology Development Co., Ltd.

According to the announcement, Kewell (Beijing) Technology Development Co., Ltd. is mainly engaged in the development and sale of hydrogen energy and fuel cell test equipment, fuel cell test, diagnosis and simulation technology development and services, technology transfer, test services, consulting services, engineering development, simulation testing, data management and laboratory management software development and sales.

Kewell said that the hydrogen fuel cell industry is one of the company's important downstream application industries, and the purpose of this foreign investment in setting up a wholly-owned subsidiary is to increase investment in the hydrogen fuel cell industry according to the current development needs. The aim is to make full use of the window role of Daxing International hydrogen Energy demonstration Zone and the advantages of resources and talents in Beijing, Tianjin and Hebei to enhance the product development and verification capability of the hydrogen fuel cell industry. At the same time, improve the company's technical level and market recognition of hydrogen energy and fuel cell testing equipment, enhance the company's market competitiveness and profitability, and further improve the company's industry position, market share and profitability.

According to official data, Kewell is a comprehensive test equipment supplier specializing in the test power industry, providing customers with test power and test system solutions based on test power. Science and Technology Innovation Board was listed in September 2020 and officially entered the capital market. At present, the company's products are mainly used in new energy power generation, electric vehicles, fuel cells and power semiconductor IGBT and other industry testing fields.

In terms of users, Kewell's users in the new energy power generation industry are: sunshine Power, Huawei, SMA, Delta, Jinlang Technology, Special Electrical Engineering; users in the electric vehicle industry are: BYD, Geely, Great Wall, General Motors, Bosch, ABB, Valeo Siemens, Natefo Transmission, Schaeffler; Fuel cell industry users are: SAIC, Yutong bus, Beijing Yihuatong, Weichai Power, reshaping, Guangdong Guohong and other domestic and foreign well-known enterprises; power semiconductor IGBT industry customers are: Hefei Zhongwei, Shandong Slim Microelectronics, Henan Regent Mineng Electronics, etc., while actively participate in the industry leader in the car Semiconductor, the Chinese Academy of Sciences Electrical Institute and other product delivery testing.

Battery Network noted that on the 27th, Kewell also announced that the company intends to use part of the overraised funds of RMB 120 million for permanent replenishment of working capital, mainly for production and operation related to the company's main business.

It is reported that Kewell made an initial public offering of 20 million RMB common shares (A shares), raising a total of RMB 759 million yuan. After deducting the issuance fee of RMB 69.2481 million yuan, the net amount of funds raised is about 690 million yuan. All the funds raised were put in place in September 2020. In order to standardize the management and use of the funds raised by the company and protect the rights and interests of investors, the company has deposited the raised funds in a special account.

According to the "prospectus for initial public offering and listing in Science and Technology Innovation Board" disclosed by Kewell on September 3, 2020, the investment projects raised by the company are high-precision and low-power test power supply and fuel cell, power semiconductor test equipment production base construction project, test technology center construction project, global marketing network and brand building project and supplementary liquidity, the amount of capital raised is planned to be 276 million yuan.

Kewell said that the total amount of excess funds raised by the company was 413 million yuan, and the amount proposed to be used for permanent replenishment of working capital this time was 120 million yuan, accounting for 29.05% of the total overraised funds. The accumulative total amount of over-raised funds used by the company to permanently replenish current funds in the last 12 months shall not exceed 30% of the total amount of over-raised funds. Under the premise of ensuring the fund demand for the construction of the fund-raising investment project and the normal progress of the fund-raising project, in order to meet the needs of the company's liquidity, improve the use efficiency of the funds raised, reduce the financial cost, and further enhance the company's profitability, the company intends to use part of the super-raised funds to permanently supplement the working capital for the production and operation related to the company's main business, which meets the needs of the company's actual business development.

In addition, according to Kewell's 2020 annual report, the company achieved revenue of 71.6792 million yuan in the electric vehicle industry last year, down 31.83% from the same period last year; 42.4124 million yuan in the fuel cell industry, up 15.54% from the same period last year; and 40.2078 million yuan in the new energy power generation industry. an increase of 108.27%.

Kewell said that last year, the international photovoltaic industry showed a good trend, and the company's revenue in the new energy power generation industry increased by 108.27%; in the fuel cell industry, the process of automobile industrialization was accelerated, and the demand for R & D and test equipment was strong. The company's annual revenue in the fuel cell industry grew; in the power semiconductor industry, the company continued to launch new products and was supported by many industry leaders, and the industry's business income also increased. Affected by the epidemic and other related factors, the company's sales in the field of electric vehicles have been affected, and the annual revenue of the electric vehicle industry has declined.

According to the future development plan, Kewell will continue to expand downstream application industries and market areas through the platform application of core technologies and the global layout of market channels. to provide customers in different industries with accurate and convenient test power supplies and system products.

It is worth noting that in the first quarter of this year, Kewell achieved operating income of 36.9263 million yuan, an increase of 163.96% over the same period last year; the net profit belonging to shareholders of listed companies was 12.7418 million yuan, compared with-1220.76 yuan in the first quarter of last year, reversing losses over the same period last year.