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On the evening of August 17, Mengshi Technology released the Reply to the Concern of Shenzhen Stock Exchange, stating that the company had recently received the Concern Letter on Guangdong Mengshi New Energy Technology Co., Ltd. from the management department of small and medium-sized board companies of Shenzhen Stock Exchange, and the company checked, implemented and replied to the questions raised item by item. Fujian Mengshi, a subsidiary of Mengshi Technology, has sent a lawyer's letter to request it to correct its wrong behavior, and the company and the sponsor are negotiating with it to request its return. If the negotiation fails, the Company will ask the regulatory authority to intervene and assist in communicating with the Shenzhen Branch of Zhejiang Merchants Bank, and may even take legal action to safeguard the Company's legitimate rights and interests.
Fujian Mengshi raised capital account 62.95 million yuan was transferred
In March 2018, Fujian Mengshi's financial personnel found abnormal accounts in the process of online banking operations. After inquiry and confirmation, Shenzhen Branch of Zhejiang Merchants Bank, fearing that the company could not return the loans to Shenzhen Branch of Zhejiang Merchants Bank on schedule, took measures to stop payment of the raised funds account opened by Fujian Mengshi in Shenzhen Branch of Zhejiang Merchants Bank, but did not issue the relevant written notice to the company. The chairman, chief financial officer and financing department of the Company have communicated with Shenzhen Branch of Zheshang Bank for many times, clarifying that the funds in the raised funds account can only be used for the investment and construction of raised funds projects, and requiring them to remove the stop payment measures. However, Shenzhen Branch of Zheshang Bank did not adopt the Company's opinion until it directly transferred RMB 62.95 million from Fujian Mengshi's raised capital account without the consent of the Company, Fujian Mengshi and the sponsor and without informing the above parties.
Mengshi Technology replied that some bank accounts of the Company and its subsidiaries were frozen due to disputes with people such as loan contracts and financial leasing contracts. The Company has signed the Agreement with Xinhua Trust Co., Ltd. (hereinafter referred to as "Xinhua Trust"), and both parties have preliminarily reached a settlement on the loan contract dispute. Xinhua Trust has applied to the executive and has completed the unfreezing of 18 bank accounts of the company.
Suspension of lithium ion battery production project
Fujian Mengshi has started the construction of the "core component of new energy vehicles - lithium-ion battery production project" since 2015. Line A of the 1 # plant has been officially put into production in March 2017, and has now reached the production capacity of 18650 battery cells per day of 220000. At present, the installation and commissioning of the front section of the equipment of Line B has been completed, and the later section of the equipment has been detained in the customs for many days due to the early limitation and late freezing of the raised funds account. The remaining part of the equipment has been pre accepted and still needs to be paid. The completion degree of the whole line of Line B equipment has reached 50%, and the latter section of the equipment can be put into production after installation and commissioning in the factory. About 60% of the newly-built civil engineering project has been completed, and the remaining part of the project is in a state of suspension due to the failure to pay the funds. At present, the balance of Fujian Mengshi's raised capital account is about 129 million yuan, which has been frozen by Great Wall Guoxing and required to return its finance lease equipment funds in advance. Fujian Mengshi is negotiating with Great Wall Guoxing on a repayment plan to reach a settlement.
As for the current investment progress and subsequent investment arrangements of the lithium-ion battery production project, as well as the specific measures taken by the company to ensure the fund supply of the raised investment project, Mengshi Technology replied that the company plans to use the completed projects of Fujian Mengshi to refinance, increase the support of financial institutions, and plan to introduce strategic investors at the appropriate time. The company will use supply chain finance, order financing and other means to ensure the smooth operation of Fujian Mengshi's production line that has been put into operation, to produce products with quality and quantity guaranteed, to increase the output and sales of lithium batteries, to improve the economic benefits of the company, and to accelerate the return of funds.
In addition, due to the changes in the subsidy policy for new energy vehicles and the impact of the company's strategic adjustment, the main businesses of Taizhou Taiying Electric Vehicle Co., Ltd. (hereinafter referred to as "Taizhou Taiying"), a subsidiary of Lion Technology Holding, and Zhejiang Yulu Automobile Sales Co., Ltd. (hereinafter referred to as "Zhejiang Yulu") (i.e., the new energy vehicle business in cooperation with Dongfeng Yulong Automobile Co., Ltd.) have been suspended. However, as Taizhou Taiying and Zhejiang Yulu are not the main business entities of the company's main business, the freezing of bank accounts of Taizhou Taiying and Zhejiang Yulu has not had a significant impact on their production and operation activities.
The outstanding principal balance of bank loans is 1.982 billion yuan
The financial report data shows that as of March 31, 2018, the balance of short-term loans of Mengshi Technology was 2.187 billion yuan, the balance of long-term loans was 449 million yuan, and the non current balance due within one year was 1.574 billion yuan. In this regard, Shenzhen Stock Exchange also requires Mengshi Technology to sort out the situation of maturity within one year, whether it is facing debt repayment pressure and proposed countermeasures.
According to the disclosure of Mengshi Technology, as of August 12, 2018, the outstanding principal balance of bank loans of the Company and its subsidiaries was 1.982 billion yuan, of which the outstanding principal balance was 146 million yuan and the outstanding principal balance of bank loans was 1.836 billion yuan. Mengshi Technology and its subsidiaries are negotiating with Party about 709 million yuan of financing outstanding at maturity, including about 113 million yuan of financing in the process of borrowing new and returning old, about 549 million yuan of trust financing in the process of negotiating repayment at maturity, and about 47 million yuan of other financing such as bill discount that cannot be renewed; The financing of the Company and its subsidiaries required by financing institutions to recover the principal and interest in advance is about 213 million yuan; The Company and its subsidiaries failed to pay financing interest or finance lease rent of about 74 million yuan due to capital shortage.
In this regard, Mengshi Technology replied that the long-term and short-term financing of the Company and its subsidiaries due in 2018 was about 2.8 billion yuan, which put great pressure on repayment. At present, the Financial Work Bureau of Shantou Municipal People's Government has participated in helping coordinate the company's relevant financing banks, and the maturity renewal of the company's short-term loans is relatively optimistic.
Mengshi Technology said that the company is actively coordinating with everyone to develop a reasonable repayment plan and properly dispose of the company. The Company will accelerate the asset disposal of non core subsidiaries and non core business assets to raise funds to repay and guarantee the production and operation of the Company by activating assets. At the same time, due to the large amount of capital occupied by repayment, the company may choose the opportunity to introduce competent industrial investors to participate in the construction of some subsidiary projects, so as to ensure the smooth renewal of the funds needed for the development of the company and the existing financing.
Mengshi Technology is a joint-stock enterprise initiated by Shantou Humei Battery Co., Ltd. in 2001. It has more than 30 years of experience in battery manufacturing and was listed on the Shenzhen Stock Exchange in 2012. The company takes lithium battery industry chain as the core, supplemented by clean energy power generation and energy storage, new energy vehicle core parts and operations, to create a large clean energy ecological chain with global competitiveness. There are more than 80 enterprises at home and abroad in which the company holds shares, and the business scope covers the three major links of clean energy production, storage and application, including high-end lithium battery manufacturing, renewable energy power generation, smart energy management and power transmission and distribution, construction and operation of energy storage systems and power stations, design, development and manufacturing of electric intelligent transportation tools, and new energy car rental operation.
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