-Dong Mingzhu and Wanda Jointly Invest in Zhuhai Yinlong Bet Energy Storage

Dong Mingzhu and Wanda Jointly Invest in Zhuhai Yinlong Bet Energy Storage
author:enerbyte source:本站 click310 Release date: 2023-10-16 08:40:56
abstract:
Gree Electric failed to acquire Zhuhai Yinlong, but Dong Mingzhu refused to give up easily. On December 15th, Dong Mingzhu, in collaboration with Wanda, JD.com, CIMC Group, and Beijing Yanzhao Huijin, jointly increased their capital by 3 billion yuan and obtained 22.388% equity in Zhuhai Yinlo...

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Gree Electric failed to acquire Zhuhai Yinlong, but Dong Mingzhu refused to give up easily. On December 15th, Dong Mingzhu, in collaboration with Wanda, JD.com, CIMC Group, and Beijing Yanzhao Huijin, jointly increased their capital by 3 billion yuan and obtained 22.388% equity in Zhuhai Yinlong. Dong Mingzhu and the aforementioned companies announced the above information during their participation in the China Manufacturing Summit Forum in Beijing.

Dong Mingzhu and other companies have not disclosed their investment proportion to the public, except for CIMC Group's confirmation of obtaining approximately 1.5% of Zhuhai Yinlong's shares for 200 million yuan. A person close to the aforementioned company told Caixin that Dong Mingzhu's personal investment accounted for the majority, and other companies participating in the capital increase were also invited by Dong Mingzhu. At the forum, Wei Yincang, Chairman of Zhuhai Yinlong, stated that the above-mentioned capital increase and equity investment had not even undergone comprehensive due diligence.

Zhuhai Gree Electric Appliances Co., Ltd. (Gree Electric Appliances, 000651. SZ) began planning to issue shares to acquire Zhuhai Yinlong New Energy Co., Ltd. (hereinafter referred to as Zhuhai Yinlong) in February 2016. On August 18th, Gree Electric Appliances announced its acquisition transaction report, accompanied by a fixed increase fundraising method. Due to the acquisition and fundraising being carried out through the issuance of shares, Gree Electric's total share capital will increase by 24%. Except for the trading and subscription targets, the shares of small and medium-sized shareholders will be severely diluted.

On October 28th, the above method was rejected by Gree Electric's shareholders' meeting. Gree Electric Appliances has made adjustments to the fixed increase fundraising method, but the revised method has not been approved by the acquisition target Zhuhai Yinlong. On November 16th, Gree Electric announced the termination of its acquisition of Zhuhai Yinlong.

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