Yangtze River Business Daily News ● Yangtze River Business Daily reporter Xu Jia
Resolutely promoting business transformation, the city of Hong Kong (603887. SH), which is about to change hands as a state-owned asset.
On the evening of October 14, the disclosed changes in shareholders' rights and interests of Chengdi Xiangjiang showed that the company intends to issue 139 million shares to China Power Consulting Group Beijing Smart Computing Co., Ltd. (hereinafter referred to as "CLP Intelligent Computing"), and at the same time, Xie Xiaodong, the controlling shareholder and actual controller of the company, and Lu Jingfang, who acted in concert, gave up the voting rights corresponding to the 90.5152 million shares of the company they held.
After the completion of the above matters, CLP Intelligent Computing will become the controlling shareholder of Chengdi Xiangjiang, and the State-owned Assets Supervision and Administration Commission of the State Council will become the actual controller of the listed company.
The Yangtze River Business Daily reporter noted that in recent years, Chengdi Xiangjiang has accelerated the promotion of "de-real estate" and the transformation of the IDC industry, but its operating performance has been relatively sluggish. In the first half of 2024, Chengdi Xiangjiang achieved operating income of 576 million yuan, a year-on-year decrease of 37.47%; The net profit and net profit after deducting non-recurring gains and losses (deducting non-net profit, the same below) were losses of 69.2894 million yuan and 95.8072 million yuan respectively. Among them, the company has deducted non-net profit for three and a half consecutive years, with a cumulative loss of about 1.419 billion yuan.
As a core subsidiary of Chengdi Xiangjiang's IDC business, Xiangjiang Technology will lose 26.2213 million yuan in the first half of 2024. As of the end of June 2024, due to the acquisition of Heung Kong Technology, there is still 348 million yuan of goodwill on the books of Heung Kong City.
With the introduction of CLP Intelligent Computing and the private placement of 697 million yuan raised for debt repayment and replenishment, the equity structure and corporate governance structure of Chengdi Xiangjiang will be optimized, and the company will also receive financial support to further develop its main business and improve its asset-liability structure.
It is planned to raise an additional 697 million yuan to repay debts
The change of ownership of Chengdi Xiangjiang will be divided into two steps: non-public offering and the actual controller's waiver of voting rights.
Specifically, Chengdi Xiangjiang intends to issue 139 million shares to CLP Intelligent Computing at a price of 5 yuan per share, and the total amount of funds raised will not exceed 697 million yuan, all of which will be used to supplement liquidity and repay debts.
At present, Xie Xiaodong and Lu Jingfang, who acted in concert, hold a total of 90,515,200 shares of Chengdi Xiangjiang, accounting for 19.49% of the company's total share capital, and are the controlling shareholders and actual controllers of the company.
After the completion of this issuance, CLP Intelligent Computing will directly hold 139 million shares of Chengdi Xiangjiang, with a shareholding ratio of 23.08%, and will become the controlling shareholder of the listed company, and the State-owned Assets Supervision and Administration Commission of the State Council will become the actual controller of Chengdi Xiangjiang.
At the same time, Xie Xiaodong and Lu Jingfang, who acted in concert with him, will also irrevocably promise to give up the voting rights corresponding to the 90,515,200 shares of the listed company they hold within the waiver period.
The Yangtze River Business Daily reporter noted that CLP Intelligent Computing was established in March 2024, and its shareholders China Electric Power Engineering Consulting Group Co., Ltd. and Beijing Yuewang Technology Co., Ltd. held 66% and 34% of its shares respectively 601868. SH) and the indirect controlling shareholder of CLP Intelligent Computing is China Energy Construction Group. China Energy Construction Group Co., Ltd. is a comprehensive super-large group company that provides systematic, integrated, full-cycle and package development solutions and services for energy, power, infrastructure and other industries in China and even around the world.
According to the fixed increase plan, CLP Intelligent Computing focuses on industrial investment layout and project construction and operation in related fields such as national computing power integration and green smart computing infrastructure.
Chengdi Xiangjiang believes that the introduction of CLP Intelligent Computing, on the one hand, can optimize the equity structure and corporate governance structure of listed companies, form a more reasonable and effective internal decision-making mechanism, improve operational efficiency, and lay a solid foundation for the company's development; On the other hand, the issuance has obtained more sufficient funds, which can further develop the main business and improve the asset-liability structure.
IDC's subsidiary lost 26.22 million in the first half of the year
According to the data, Chengdi Xiangjiang was formerly known as Chengdi shares. In 2016, the company was listed on the main board of the Shanghai Stock Exchange, becoming the first A-share listed company on the main board of underground engineering. In 2019, the company expanded its business to the emerging data center-related business (i.e., IDC business) through the acquisition of Heung Kong Technology, and has since changed its name to Chengdi Heung Kong.
The Yangtze River Business Daily reporter noticed that after the completion of the restructuring, in 2020, the profitability of Chengdi Xiangjiang reached its peak. In the current period, the company achieved operating income of 3.933 billion yuan, a year-on-year increase of 18.49%; The net profit and non-net profit were 393 million yuan and 368 million yuan respectively, a year-on-year increase of 18.49% and 14%.
From 2018 to 2020, Heung Kong Technology deducted net profit of RMB183 million, RMB259 million and RMB276 million respectively, successfully completing its three-year performance commitment.
Since 2021, due to the postponement of some projects in the IDC business, the provision of goodwill impairment to Heung Kong Technology, and the promotion of "de-real estate", the main business of Chengdi Heung Kong has continued to be sluggish.
According to the data, from 2021 to 2023, Chengdi Xiangjiang will achieve operating income of 2.907 billion yuan, 2.684 billion yuan, and 2.37 billion yuan respectively, a year-on-year decrease of 26.09%, 7.69%, and 11.67%; The net profit was -605 million yuan, 1.1011 million yuan and -621 million yuan, and the non-net profit was -638 million yuan, -25.4722 million yuan and -660 million yuan respectively.
During the above reporting period, the net profit of Heung Kong Technology was 68.6861 million yuan, 96.65 million yuan and 47.5617 million yuan respectively. Among them, in 2021 and 2023, Chengdi Xiangjiang will make goodwill impairment provisions of 631 million yuan and 485 million yuan respectively for the asset group of Xiangjiang Technology.
In the first half of 2024, Chengdi Xiangjiang achieved operating income of 576 million yuan, a year-on-year decrease of 37.47%; The net profit and non-net profit were -69.2894 million yuan and -95.8072 million yuan respectively, a year-on-year decrease of 1300.26% and 9580.72%. Among them, the company deducted non-net profit for three and a half consecutive years, with a cumulative loss of about 1.419 billion yuan.
According to the semi-annual report, the decline in the overall revenue of Chengdi Xiangjiang is mainly due to the company's significant contraction of traditional foundation and foundation design and construction, and the related business has decreased by 88.60% compared with the same period in 2023, and the overall revenue has accounted for less than 5%. At the same time, according to the IDC system integration projects currently being carried out by Chengdi Xiangjiang, none of them reached the time point of revenue recognition, so it was unable to generate corresponding revenue and profit, which also had an impact on the reporting period.
In the first half of 2024, Heung Kong Technology's net profit was a loss of 26.2213 million yuan. As of the end of June 2024, due to the acquisition of Heung Kong Technology, there is still 348 million yuan of goodwill on the books of Heung Kong City.
It is worth mentioning that since 2024, Chengdi Xiangjiang has successively won the bid for China Mobile's "Yangtze River Delta (Yangzhou) Data Center Computing Infrastructure Construction and Maintenance Service Project" and China Telecom's "Jiangbei Data Center (Yizheng Park) 2024 Computing Infrastructure Construction and Maintenance Service Project", with winning bids of 3.304 billion yuan and 1.5 billion yuan respectively.
In this context, this fixed increase is conducive to solving the problem of increasing R&D investment in the process of urban Xiangjiang development, and is also conducive to optimizing the financial structure and improving the financial situation.
As of the end of June 2024, the total assets of Chengdi Xiangjiang were 7.252 billion yuan, and the asset-liability ratio was 61.41%. At the end of the reporting period, the book value of the company's accounts receivable was 1.468 billion yuan, accounting for about 34% of current assets.
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