China Fund News Jiang You
In the extremely "involution" automobile market, Haima Automobile, which has been losing money year after year, is constantly disposing of assets. The latest 12% equity of Hainan Bank will be listed and transferred, and the latest total assets of Hainan Bank will be 118.7 billion yuan.
Haima Automobile's share price last closed at 3.06 yuan, and the company's total market value was 5.03 billion yuan.
Haima Motor plans to transfer all 12% of the equity of Hainan Bank
On the evening of June 28, Haima Automobile disclosed that Haima Finance Co., Ltd. (hereinafter referred to as Haima Finance), a subsidiary of the company, intends to transfer all the shares (360 million shares, accounting for 12% of the total shares of Hainan Bank) held by Hainan Bank Co., Ltd. (hereinafter referred to as Hainan Bank), and plans to pre-list on national property rights exchanges such as Shanghai United Equity Exchange in the near future.
Regarding the transfer of the equity of Hainan Bank, Haima Motor said that it is in accordance with the relevant provisions of the "Measures for the Management of Financial Companies of Enterprise Groups", and in order to further optimize the company's asset structure and concentrate resources on innovation and cooperation in its main business.
Haima Motor said that this pre-listing is only a pre-disclosure of information, and the purpose is to extensively solicit the intended transferee of the target equity, and does not constitute a transaction offer or transaction. Subsequently, according to the progress of the pre-listing work, the company will carry out the audit and evaluation of the target equity in a timely manner, and after the completion of the relevant work, the company will perform the corresponding approval procedures to determine the transaction conditions of the target equity transaction, the transfer reserve price and other matters. After the above relevant matters are determined, the underlying equity will be officially listed for transfer.
As of May 31, 2024, Hainan Bank had total assets of RMB118.739 billion and net assets of RMB8.714 billion, operating income of RMB1.102 billion and net profit of RMB555 million (unaudited) from January to May 2024.
Hainan Bank currently has 11 shareholders, and Haima Finance is the third largest shareholder, holding 12% of the shares. Previously, in 2020 and 2021, the leaders of Hainan Bank revealed the plan for listing and financing, but there has been no substantial progress so far.
The performance has been losing money year after year, and the assets have been disposed of
In the unusually involuted automobile market, Haima Motor's operating conditions have been poor in recent years. The revenue in the first quarter of this year was only 444 million yuan, a sharp decrease of 57%, and the net profit loss attributable to the parent company was 85.91 million yuan. In 2022 and 2023, it will lose 1.574 billion yuan and 202 million yuan respectively. From 2017 to 2021, Haima Motor's net profit totaled more than 3.7 billion yuan in the past five years.
Haima Motor's main business is the R&D, manufacturing, sales and financial services of automobiles and automotive powertrains, and its main products include Haima 7X-E, Haima 7X and Haima 8S, etc., and the target markets include overseas markets and key regional markets in China.
In the past year, Haima Motor has repeatedly transferred the equity of its subsidiaries. Just over half a month ago, Haima Automobile said that in order to further optimize the allocation of resources and revitalize the stock assets, Haima Automobile Co., Ltd. intends to sign an "Equity Transfer Agreement" with Henan Haima Property in Zhengzhou to transfer 95% of the equity of new energy technology held by it to Henan Haima Property, with a transfer price of 529 million yuan and a profit or loss during the equity transition period.
At the end of October last year, Haima Automobile said that the company and Jinpan Property signed the "Equity Transfer Agreement" in Haikou City on October 27, 2023, to transfer 100% of the equity held by Haima Property to Jinpan Property, and the transfer price was 22.0662 million yuan plus the profit and loss of the equity transition period.
Editor: Captain
Review: Muyu