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[Associated Press of Finance] (Reporter Chen Mo) Jianrui Voneng (300116, SZ) announced on the 29th that Li Yao, the major shareholder, had confirmed that he could not fulfill his performance commitment to the company and agreed to pay 962 million yuan (for Watma) as part of the compensation payable to the company in advance.

It is this part of compensation that keeps the net assets of listed companies positive and avoids the risk of suspension of listing. On October 30, Jianrui Voneng rose to the limit and closed at 1.77 yuan per share.

However, judging from the current pattern of vehicle power batteries, it is quite difficult for the company to save itself in the future.

Major shareholders timely compensated 962 million yuan

Jianrui Voneng said in its announcement on the 29th that Li Yao, the performance compensation obligor, had confirmed that she could not fulfill her performance commitment to the company. According to the operating status of Waterma, the amount of compensation was expected to be the upper limit of compensation of 5.2 billion yuan. Li Yao agreed to pay 962 million yuan as part of the compensation payable to the Company in advance.

The Company will account for the amount received, which has a significant impact on the reduction and enrichment of net assets. However, it is uncertain whether this part of compensation can be recognized in the net assets of 2018.

Why does Jianrui Voneng care so much about the company's net assets? The answer must be found in the announcement on November 23. They disclosed in that announcement that as of September 30 this year, the company's net assets attributable to shareholders of listed companies were 1.22 billion yuan, and the net profit from January to September was - 2.91 billion yuan, of which the third quarter was a loss of 1.24 billion yuan.

Jianrui Voneng expects that the depreciation and amortization, personnel expenses, financial expenses, lease expenses and impairment reserves accrued in accordance with accounting policies in the fourth quarter of the Company will reach 750 million yuan, which does not include the losses incurred in the business process, as well as the impairment reserves that the Company must separately accrue for individual assets for other reasons. The above events will cause the company to continue to lose money in the fourth quarter, and the net assets may be negative.

According to the preliminary calculation of the third quarter financial data of Jianrui Voneng, a reporter from the Associated Press of Finance, the total amount is 2.162 billion yuan, with 1.2 billion yuan of net assets and 962 million yuan of compensation; If the loss amount in the fourth quarter is estimated at the level of the third quarter (1.2 billion yuan), plus 750 million yuan of impairment reserves and other expenses, the total amount is 1.95 billion yuan. By the balance of the two items, the net assets of Jianrui Voneng can be maintained above 0 yuan, just avoiding the risk of suspension of listing.

Crisis after two years of transformation

Why did Jianrui Voneng fall into the situation of shell preservation? It also starts with a reorganization in 2016.

In April 2016, Jianrui Fire, who was originally engaged in fire protection, announced that it planned to acquire 100% of the equity of Waterma from all shareholders of Waterma by issuing shares and paying in cash, with a transaction consideration of 5.2 billion yuan. As the compensation obligor of performance commitment, Li Yao has promised that the net profit deducted by Waterma from 2016 to 2018 will not be less than 404 million yuan, 909 million yuan and 1.518 billion yuan respectively.

In October of that year, the stock abbreviation of the company was immediately changed to "Jianrui Voneng", marking their transformation into a vehicle power battery enterprise.

It's just that the cross-border good times are not long. In April 2018, Jianrui Voneng was found to be overdue, with an overall amount of 22.1 billion yuan, and admitted a loss of 3.684 billion yuan in 2017.

At that time, the company explained that "due to the adjustment of the national new energy automobile industry policy subsidies, the rapid expansion of the subsidiary's business, the slow collection of accounts receivable, tension and other comprehensive factors, the subsidiary's net profit did not meet expectations."

In the face of large-scale overdue, a large number of Watma's bank accounts have been frozen, operational assets have been frozen, and personnel have been lost. Jianrui Voneng has also actively carried out self rescue.

In addition to requiring major shareholders to compensate, strengthening account collection, and negotiating with suppliers to pay debts with goods, the most important thing is to introduce strategic investors. On October 21, the Company, together with four enterprises and natural persons, established the "Shaanxi Litong No. 1 New Energy Limited Partnership" to raise funds for the restoration of production and operation of Shaanxi Watma in Weinan. At the same time, Jinping Technology, one of the above partners, is committed to introducing international funds in the same industry and advanced battery manufacturing technology while helping the company actively carry out self-help and production recovery.

The Company also actively promoted Tianjin Jinpingke or its designated third party to participate in the Company's assets and restructuring, including but not limited to major asset restructuring, bankruptcy restructuring, asset replacement, equity transfer, asset stripping, etc., until becoming a shareholder of the Company. The relevant personnel of Kinrui Voneng disclosed to the Associated Press of Finance that behind Kingpin Technology is Kingpin Electronics of South Korea. In terms of technology, foreign enterprises have advantages over domestic enterprises.

According to the current situation of the domestic automotive power battery industry, insiders believe that it is quite difficult for the company to save itself. Although the market scale of China is expanding rapidly, due to the long investment cycle of power battery and considerable investment in technology research and development, it is impossible to do without considerable financial resources. In the case of subsidy withdrawal, the opportunities are only reserved for industry leaders, and there are few opportunities for other small enterprises.

It should be noted that at present, the domestic leaders in this industry are BYD and Ningde Times.

Although the dispute with the supplier was handled slowly, the production of Shaanxi Watma in Weinan has not resumed. The above-mentioned people of Jianrui Watma still disclosed to the Associated Press of Finance that in the future, the company's main business will still be vehicle batteries and energy storage equipment, because the vehicle battery market is large enough.

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