Original title: Xiamen Tungsten New Energy Science and Technology Innovation Board is listed: Rare Earth Group with a market value of 30.6 billion is the controlling shareholder Source: Leidi.com
Lei Jianping reported on August 5
Lithium-ion battery cathode material supplier-Xiamen Xia Tungsten New Energy Materials Co., Ltd. (stock code: 688778, abbreviated as “Xia Tungsten New Energy”) was listed on the Science and Technology Innovation Board today.
Xiamen Tungsten New Energy issued 62,893,100 shares at an issue price of RMB 24.5 and a total fund-raising of RMB 1.54 billion.
The opening price of Xiamen Tungsten New Energy was 125.12 yuan, an increase of 410% from the issue price; the closing price was 121.66 yuan, an increase of 396.57% from the issue price. Based on the closing price, Xiamen Tungsten New Energy has a market value of 30.6 billion yuan.
8 billion in annual revenue
The main business of Xiamen Tungsten New Energy is the research and development, production and sales of cathode materials for lithium-ion batteries. During the reporting period, the main products are lithium cobalt oxide, nickel-cobalt-manganese ternary materials, etc. The company is located in Xiamen City, Fujian Province.
The predecessor of Xiamen Tungsten New Energy is the battery materials division of Xiamen Tungsten Industry. Since 2004, it has started the research and development and production of lithium-ion battery cathode materials. In December 2016, it established a new company to operate independently and became a professional subsidiary of Xiamen Tungsten Industry. Subsidiary for the research and development, production and sales of lithium-ion battery cathode materials.
As of the end of 2020, Xiamen Tungsten New Energy has total assets of 6,221.8254 million yuan. In 2020, it will realize operating income of 7.99 billion yuan and net profit of 252 million yuan.
Xiamen Tungsten New Energy’s revenue from January to March 2021 was 2.9 billion yuan, and the net profit attributable to shareholders of the parent company was 112 million yuan. After deducting non-recurring gains and losses, the net profit attributable to shareholders of the parent company was 107 million yuan.
Xiamen Tungsten New Energy expects revenue of 2.6 billion to 3.2 billion in the second quarter of 2021, an increase of 60% to 97% from the same period last year; the expected net profit range is 110 million to 130 million, an increase of 88.18% to 122.39% from the same period last year ; The expected net profit range after deduction is 95 million to 115 million, an increase of 68.85% to 104.40% over the same period last year.
Rare Earth Group is the controlling shareholder
Before the IPO, Xiamen Tungsten, the controlling shareholder of Xiamen Tungsten New Energy, held 115,649,600 shares of the company, accounting for 61.29% of the company’s total shares;
Rare Earth Group directly holds 450.5827 million shares of Xiamen Tungsten, accounting for 31.76% of the total shares of Xiamen Tungsten, and indirectly holds 0.23% of Xiamen Tungsten’s shares through its wholly-owned subsidiary, Fujian Panluo Iron Mine Co., Ltd. It has a 31.99% stake in Xiamen Tungsten and is the controlling shareholder of Xiamen Tungsten.
Metallurgical Holdings holds 85.26% of the shares of the Rare Earth Group, which is the controlling shareholder of the Rare Earths Group; the State-owned Assets Supervision and Administration Commission of Fujian Province holds 100% of the shares of Metallurgical Holdings, and performs its investor duties to Metallurgical Holdings.
In summary, the State-owned Assets Supervision and Administration Commission of Fujian Province is the actual controller of the company, and there has been no change during the reporting period.
In addition, Ningbo Haicheng holds 11.71% of the shares, Fujian National Reform Fund, Metallurgical Control Investment, and Guoxin Hopu each hold 5%, Minluo Investment holds 4%, and Tianqi Lithium and Shengtun Mining hold respectively. The shares are 3%, and Golden Circle Capital holds 2%.
After the IPO, Xiamen Tungsten Industry held 45.97%, Ningbo Haicheng held 8.78%, Fujian National Reform Fund, Metallurgical Investment, and Guoxin Hopu each held 3.75%, and Minluo Investment held 3%. Tianqi Lithium and Shengtun Mining hold 2.25% respectively, and Golden Circle Capital holds 1.50%.
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