On the evening of August 14th, Shenma Co., Ltd. issued several announcements in succession, intending to sell the company's wholly owned shares to the related party Henan Pingmei Shenma Investment Operation Co., Ltd. Subsidiary Henan Pingmei Shenma Nylon Materials (Suiping) Co., Ltd. (hereinafter referred to as "Suiping Company"), holding subsidiary Zhongping Shenma (Fujian) Technology Development Co., Ltd. (hereinafter referred to as "Fujian Company"), And acquire the equity of Pingmei Shenma Financial Leasing Co., Ltd. to speed up the adjustment of the overall planning and layout of the nylon industry, and further optimize and expand the company's nylon industry chain.
Sale of Loss-making Subsidiary
According to the announcement, Shenma plans to transfer 100% of the equity it holds in Suiping Company to a related party investment operation company at a transfer price of 219 million yuan, and the investment operation company will pay the equity consideration in cash. After this transaction, the scope of Shenma's consolidated financial statements will change, and Suiping's financial statements will no longer be included in Shenma's consolidated financial statements.
The announcement shows that Suiping Company has a registered capital of 100 million yuan, and its business scope includes polyamide film, cable ties and other plastic products, as well as light industrial textiles, polyurethane products, luggage, polyethylene, polypropylene, polycarbonate, thermoplastic resin, etc. In 2022 and the first half of 2023, Suiping Company achieved operating income of 175 million yuan and 69.5842 million yuan respectively; net profit losses were 13.4313 million yuan and 5.283 million yuan respectively.
Regarding the sale of Fujian Company’s equity, the announcement shows that Shenma Holdings holds 60% of Fujian Company’s equity and is its controlling party. According to the evaluation results, the estimated value of all shareholders’ equity in Fujian Company is 50.9952 million yuan, and the transfer price of 60% of Fujian Company’s equity is 3059.71 yuan. The investment and operation company will pay the above equity consideration in cash. After this transaction, Shenma shares will no longer hold shares in Fujian Company, the scope of the company's consolidated financial statements will change, and the financial statements of Fujian Company will no longer be included in the company's consolidated financial statements.
According to the announcement, the Fujian company has a registered capital of 40 million yuan, and its business scope includes the production of nylon 66 slices and footwear products, clothing, bags and other sporting goods, shoe machines, sewing machines and supporting products. In 2022 and the first half of 2023, the Fujian company will achieve operating income of 199 million yuan and 124 million yuan respectively; net profit losses will be 15.6723 million yuan and 10.9498 million yuan respectively.
On the same day, Shenma Co., Ltd. also issued an announcement on the acquisition of Pingmei Shenma Financial Leasing Co., Ltd. The announcement stated that the company intends to acquire 100% equity of Pingmei Shenma Financial Leasing Co., Ltd. for 523 million yuan. After the transaction was completed, Pingmei Shenma Financial Leasing Co., Ltd. became a wholly-owned subsidiary of the company and included in the scope of the company's consolidated financial statements.
Make every effort to adjust the overall layout of the nylon industry
Talking about the purpose of transferring the shares of Suiping Company and Fujian Company this time, Shenma shares stated that the two transactions are for the company to strengthen external investment management, optimize investment structure, reduce investment risks, adjust the overall planning and layout of the nylon industry, and further optimize and grow The needs of the nylon industry chain are conducive to the company's full adjustment of structure, promotion of development, and efforts to strengthen and optimize the main business of nylon. In addition, this transfer divested some loss-making businesses (assets), which can effectively improve the company's profitability.
Regarding the impact of the acquisition of Pingmei Shenma Financial Leasing Co., Ltd., Shenma shares said that through this transaction, first, it can give full play to the advantageous position of Shanghai International Financial Center, where the financial leasing company is located, and provide the company with financial tools that match industrial services; The second is to use financial leasing companies as a financial platform to actively cooperate with large financial institutions to develop large-amount and low-cost fund-raising channels that can be used for a long time, and to expand medium- and long-term fund-raising channels; third is to use financial leasing companies to provide internal and external financial leasing services , can reduce financing costs and increase revenue for the company.
Shenma Co., Ltd. is a leading enterprise in the domestic nylon material industry. In recent years, the company has followed the development strategy of "big nylon, whole industry chain, internationalization, and innovation-driven", focusing on project construction, and making every effort to adjust the overall planning and layout of the nylon industry. , and gradually built a whole industrial chain covering nylon raw materials, intermediates and nylon deep-processed products.
It is understood that Shenma's integrated nylon industry chain is centered on nylon 66 and nylon 6 related products. In the nylon 66 industry chain, the company's layout includes upstream basic raw materials hydrogen and adiponitrile, midstream products nylon 66 intermediates, nylon 66 salt, and downstream products including industrial yarn, cord fabric and nylon 66 slices, etc.; the layout of the nylon 6 industry chain has upstream The raw material is hydrogen, the midstream products are nylon 6 slices, and the downstream products include BOPA film, nylon 6 civilian yarn, nylon 6 differentiated fiber and cord fabric, etc.
In terms of capacity expansion and project investment in the above-mentioned industrial chain, public information shows that Shenma Co., Ltd. currently produces 30,000 tons of nylon 6 differentiated fiber and 25,000 tons of nylon 6 cord fabric. The sub-project of 8,000 tons/year white gray fabric has been completed and put into production. ; Shenma Puli Phase II project of 200,000 tons/nylon 6 slices is under construction; Phase II of 40,000 tons of nylon 66 slices has completed design, civil engineering, equipment bidding and procurement, and entered the equipment installation stage; Shanghai 60,000 tons of special nylon 66 The preliminary procedures of the slicing project have been completed, and the civil construction is in progress; the main workshop and warehouse of the second phase of the BOPA film project with an annual output of 15,000 tons have been capped and all equipment has been ordered; the hydrogen ammonia project supporting the nylon chemical industry has an annual output of 50,000 tons The adiponitrile project progressed smoothly as planned.
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