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Liabilities of 19.7 billion yuan watmar fell in the "cold winter"

时间:2019-11-20        阅读

Recently, the administrator of Shaanxi Jianrui voneng Co., Ltd. (hereinafter referred to as "Jianrui voneng") announced that the Shenzhen intermediate people's Court of Guangdong Province issued the announcement on the appointment of administrator in the bankruptcy liquidation case of Shenzhen watmar Battery Co., Ltd., which means that the former battery giant Shenzhen watmar Battery Co., Ltd. (hereinafter referred to as "watmar") is about to enter the bankruptcy liquidation proceedings.



With a debt of 19.7 billion yuan, Waterma fell in the "cold winter"

According to the announcement issued by Jianrui voneng on November 13, Shenzhen intermediate people's court ruled to accept Huang Ziting's application for bankruptcy liquidation of Shenzhen watmar Battery Co., Ltd. on November 7, 2019. According to the preliminary investigation of Shenzhen intermediate people's court, Shenzhen watmar Battery Co., Ltd. is still in operation, with more than 800 employees and about 19.7 billion yuan of external liabilities, including about 5.4 billion yuan of debt owed to 559 suppliers. The existing assets of the company are the construction land (59030.15 square meters) located in Kengzi street, Pingshan District, Shenzhen, as well as foreign equity investment, vehicles, inventories, machinery and equipment, accounts receivable, etc.

Founded in 2002, Shenzhen watmar Battery Co., Ltd. is one of the first batch of enterprises in China to carry out research and development of new energy vehicle power batteries and achieve large-scale production and batch application. According to the data statistics of China Automotive Technology Research Center in december2015, the matching quantity of watmar battery ranked second in China at that time. The company has also cooperated with China FAW, Dongfeng Motor, Zhongtong bus and other automobile enterprises.

In february2016, jianruivoneng acquired Waterma with RMB 5.2 billion through major asset restructuring. Jianruivoneng has also become the sole shareholder of Waterma. However, in the following years, Waterma experienced production stoppage, shutdown, sales decline, capital rupture, etc., and it has long been invisible in the top ten power battery installed capacity. According to the latest financial report of Jianrui voneng, the operating income of the company in the first three quarters of 2019 was 430million yuan, the net profit attributable to the shareholders of the listed company fell year after year, and the loss in the first three quarters was 2.6 billion yuan. In addition, Li Yao, a non independent director of the company, also submitted an application during the reporting period to resign as a director of the company, the legal representative of watmar, a wholly-owned subsidiary of the company, and the chairman of watmar. The announcement said that this is to cooperate with and assist the company to properly solve the debt crisis and protect the interests of listed companies. However, Li Yao still remains a director of watmar.

On the day of the announcement of Waterma bankruptcy liquidation, Jianrui voneng also issued a progress announcement on the introduction of strategic investors on November 13, and reminded in the announcement that the court has ruled that the company has entered the reorganization process. If the company successfully implements the reorganization and completes the reorganization plan, it will be conducive to improving the company's asset liability structure. If the reorganization fails, the company will be declared bankrupt.

In the "cold winter" of the automobile market, Waterma has become the loser of the power battery reshuffle, and its listed entity, namely the parent company Jianrui voneng, has experienced a roller coaster like rise and fall. Now, its stock price has fallen by nearly 85% and its market value is 3.892 billion yuan.

What happened to the giants in the past when they were eliminated

A-share listed jianruivoneng took advantage of the "east wind" of the new energy automobile industry to achieve a sharp increase in performance. It can be seen from the first quarter report of 2017 that the sales revenue of jianruivoneng was 2.783 billion yuan, a year-on-year increase of 3615.27%; The net profit attributable to shareholders of the listed company was RMB 254million, a year-on-year increase of 168130.26%; The company explained that the reason for the sharp increase in performance in the first quarter was that "after the company completed the M & A of watmar in 2016, the new business in the new energy field led to the rapid growth of performance".

However, in the second half of 2017, especially after 2018, Jianrui voneng reported continuous losses, facing many problems and risks. According to the performance commitment of Jianrui voneng's merger and acquisition of Waterma, Li Yao, as a performance compensation obligor, promises that the accumulated net profits attributable to the parent company after deducting non recurring profits and losses realized by Waterma as of December 31, 2016, 2017 and 2018 will not be less than 403.5 million yuan, 909 million yuan and 1518 million yuan respectively from January 1, 2016. As a matter of fact, in 2018, the net profit attributable to the shareholders of the parent company decreased significantly after watmar's deduction, amounting to - 3474.7232 million yuan.

As for the main reasons for the unrealized profit forecast, jianruiwo can explain that due to the strategic decision-making mistakes, the rapid expansion, the adjustment of the national subsidy policy for electric vehicles, and the deleveraging policy of the macro environment, it is more difficult for watmar to renew its loans in banks and other financial institutions. At the beginning of 2018, watmar had an extremely tight cash flow situation and was unable to repay the banks Arrears of creditors such as suppliers and non bank financial institutions. The large-scale overdue debts also caused a large number of bank accounts of Jianrui voneng and Waterma to be frozen, a large number of operational assets to be sealed up, serious loss of personnel and serious impact on production and operation.

2018 will be a tough year for watmar. For example, in June last year, watmar issued a notice to all employees, saying that the company was once in a tense situation of financial difficulties, and the employees of Shenzhen headquarters had a holiday of six months. In July, the announcement released by Zhuo Neng materials showed that watmar was sued by Zhuo Neng materials to recover the arrears due to the arrears of about 140million yuan.

Shutdown behind closed doors, unpaid wages and being sued... These are just the tip of the iceberg that watmar has experienced rout since 2018. For watma, who is hard to return, in the past year or so, although she kept looking for the "white horse Knight" to carry out self-help, they all ended in failure.

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