On February 24, Jiangsu Zhongli Group Co., Ltd. (hereinafter referred to as Zhongli Group, 002309.SZ) announced that the company plans to acquire Shenzhen BAK Power Battery Co., Ltd. (hereinafter referred to as BAK Battery) by issuing shares or cash. ) According to preliminary estimates, the transaction price may reach 10 billion yuan.
Zhongli Group has signed the "Agreement on Share Purchase Intention" with Bak Battery and equity holder Tibet Haoze Trading Co., Ltd.
Zhongli Group was established in 1988, formerly known as Tangshi Cable Factory in Changshu City. The company owns three complete industrial chain business lines for cables, fiber optic cables and photovoltaic power stations. The performance report released on the evening of February 26 showed that in 2017, operating income was 18.85 billion yuan, up 67% year-on-year; net profit was 307 million yuan, up 313% year-on-year. According to the company, the important reason for the growth in 2017 was the rapid progress of the photovoltaic power plant.
BAK Battery, established in 2001, is the first lithium battery company in China to land on the US Nascon trading market. According to the data, as early as 2006, BAK Battery built and completed production of a fully automated 18650-type cylindrical battery production line. At present, the company's three core businesses include lithium-ion batteries, electric vehicles, and battery recycling.
According to statistics from the Institute for Lithofium-Resistant Institute of Electric Power (GGII), the total installed capacity of battery power for new energy vehicles in China was approximately 36.4 GWh in 2017, a year-on-year increase of 29%. Among them, BAK Battery ranks fifth in the country with 1.64GWh installed capacity.
Shortly before announcing its intention to invest 10 billion yuan in the acquisition of BAK batteries, Zhongli Group also announced a capital increase of 300 million yuan. On February 7th, Zhongli Group announced that it intends to increase its capital to RMB300 million from BAK Power by cash from self-owned and self-raised funds. After the capital increase is completed, Zhongli Group holds 2.93% equity of BAK Power.
In recent years, under the influence of policies, the ternary power battery with more cruising range and energy density performance advantages is being favored by more battery companies. The data shows that in 2017, the installed capacity of Sanyuan Power Battery in the domestic new energy automobile market was 16.04Gwh, which accounted for 44.01% of the annual market installed capacity. This proportion is expected to exceed 50% in 2018.
In February this year, the Ministry of Finance and other four ministries jointly issued the "Circular on Adjusting and Perfecting the Financial Subsidy Policy for the Promotion and Application of New Energy Vehicles" to further increase the energy battery density threshold and encourage high-performance power battery applications.
The boom of the power battery industry, especially the three yuan power battery, has also attracted the cross-border layout of many companies. In 2017, more than 20 companies, including Jinshajiang Capital Co., Ltd., CITIC Guoan Wine Co., Ltd., and Yongxing Special Steel, all participated in the competition in the battery industry.
According to a research report of the China Industrial Technology Research Institute in 2017, the lithium battery industry in China will undergo a deep reshuffle within the next three to five years. More than 90% of lithium battery companies will be merged, reorganized or bankrupted, and they will be able to enter the vehicle supply system. The number will not exceed 20, and the production capacity will be highly concentrated in the top few hands.
According to the statistics of the China Battery Alliance, in the first ten months of 2017, there were 31 mergers and acquisitions of the entire industrial chain of lithium batteries, involving a purchase amount of RMB 32 billion (including three companies that announced the amount of mergers and acquisitions). In these 31 mergers and acquisitions, Jinshajiang Capital Co., Ltd., which involved the largest fund, invested RMB 6.8 billion in the purchase of Nissan batteries.
After entering the field of power batteries through capital increase, the attempt to purchase large amounts of shares later appeared in 2017. Last February, optoelectronics company Changxin Technology (300088.SZ) announced that it had increased its capital by 800 million yuan from BAK Battery and obtained a 10% stake in the latter. Subsequently, it plans to purchase a 75% stake in BAK Battery for a price of 6.75 billion yuan. However, the acquisition transaction ended in failure.
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