Every reporter: Zhao Linan Every editor: Chen Junjie
On September 30, CATL (300750, SZ) issued an announcement stating that it had recently received the “Audit Inquiry Letter” issued by the Shenzhen Stock Exchange.
The scale of financing of up to 58.2 billion yuan has become one of the core points. The Shenzhen Stock Exchange required Ningde Times to demonstrate in detail that under the condition of holding large monetary funds, high cash inflows, and continuous large-scale foreign investment, the financing Necessity and reasonableness of scale.
The “Daily Economic News” reporter noted that, in addition to the focus on the scale of funds raised, the Shenzhen Stock Exchange is also concerned about the decline in gross profit margin of the CATL era, changes in the unit investment cost of new capacity, whether the project benefit calculation is reasonable and prudent, and the subsidiaries are affected. Administrative penalties and inquiries were made about the investment attributes in the insurance and consumer finance sectors.
In addition, in recent years, the gross profit margins of major listed companies of CATL and power batteries have shown a downward trend, and the overall industry competition has become increasingly fierce. According to incomplete statistics from Gaogong Lithium Battery (GGII), the planned new capacity of power batteries reached 745GWh in the first half of this year. Gaogong Lithium said that large-scale capacity planning may lead to overcapacity in the next industry.
Asked to explain the necessity of financing
At the beginning of August this year, CATL issued the “Preplan for Issuing Shares to Specific Objects”, with plans to raise no more than 58.2 billion yuan and invest in 7 projects. According to CATL, these projects will add about 137GWh of lithium-ion battery annual capacity and about 30GWh of new energy storage cabinets.
Image source: Screenshot of Ningde Times Announcement
It is worth noting that there have been a lot of fundraising actions in the Ningde era in recent years. The Shenzhen Stock Exchange stated in its “Examination Inquiry Letter” that as of June 30, 2021, CATL held 74.687 billion yuan in monetary funds. From January to June 2021, the net cash flow generated by CATL’s operating activities was 25.742 billion yuan. . In 2018, the initial public offering raised 5.352 billion yuan, and in 2020, the non-public issuance of shares raised 19.618 billion yuan.
In addition to the above-mentioned equity fundraising, Wind data shows that CATL will raise 1.5 billion yuan and 3 billion yuan by issuing corporate bonds in 2019 and 2020, respectively.
The Shenzhen Stock Exchange requires Ningde Times: “Combine the latest year and the first period of foreign investment (including but not limited to investment amount, investment purpose, investment income, etc.), future investment plans, cash inflows from operating activities, holding currency funds and wealth management products Circumstances, direct and indirect financing conditions, bank credit lines, etc., detailed demonstration and explanation of the necessity and reasonable scale of the financing of the issuance under the circumstances of holding large monetary funds, high cash inflows, and continuous large-scale foreign investment sex.”
Every reporter: Zhao Linan Every editor: Chen Junjie
On September 30, CATL (300750, SZ) issued an announcement stating that it had recently received the “Audit Inquiry Letter” issued by the Shenzhen Stock Exchange.
The scale of financing of up to 58.2 billion yuan has become one of the core points. The Shenzhen Stock Exchange required Ningde Times to demonstrate in detail that under the condition of holding large monetary funds, high cash inflows, and continuous large-scale foreign investment, the financing Necessity and reasonableness of scale.
The “Daily Economic News” reporter noted that, in addition to the focus on the scale of funds raised, the Shenzhen Stock Exchange is also concerned about the decline in gross profit margin of the CATL era, changes in the unit investment cost of new capacity, whether the project benefit calculation is reasonable and prudent, and the subsidiaries are affected. Administrative penalties and inquiries were made about the investment attributes in the insurance and consumer finance sectors.
In addition, in recent years, the gross profit margins of major listed companies of CATL and power batteries have shown a downward trend, and the overall industry competition has become increasingly fierce. According to incomplete statistics from Gaogong Lithium Battery (GGII), the planned new capacity of power batteries reached 745GWh in the first half of this year. Gaogong Lithium said that large-scale capacity planning may lead to overcapacity in the next industry.
Asked to explain the necessity of financing
At the beginning of August this year, CATL issued the “Preplan for Issuing Shares to Specific Objects”, with plans to raise no more than 58.2 billion yuan and invest in 7 projects. According to CATL, these projects will add about 137GWh of lithium-ion battery annual capacity and about 30GWh of new energy storage cabinets.
Image source: Screenshot of Ningde Times Announcement
It is worth noting that there have been a lot of fundraising actions in the Ningde era in recent years. The Shenzhen Stock Exchange stated in its “Examination Inquiry Letter” that as of June 30, 2021, CATL held 74.687 billion yuan in monetary funds. From January to June 2021, the net cash flow generated by CATL’s operating activities was 25.742 billion yuan. . In 2018, the initial public offering raised 5.352 billion yuan, and in 2020, the non-public issuance of shares raised 19.618 billion yuan.
In addition to the above-mentioned equity fundraising, Wind data shows that CATL will raise 1.5 billion yuan and 3 billion yuan by issuing corporate bonds in 2019 and 2020, respectively.
The Shenzhen Stock Exchange requires Ningde Times: “Combine the latest year and the first period of foreign investment (including but not limited to investment amount, investment purpose, investment income, etc.), future investment plans, cash inflows from operating activities, holding currency funds and wealth management products Circumstances, direct and indirect financing conditions, bank credit lines, etc., detailed demonstration and explanation of the necessity and reasonable scale of the financing of the issuance under the circumstances of holding large monetary funds, high cash inflows, and continuous large-scale foreign investment sex.”Return to Sohu to see more
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