On May 30th, Guangdong Securities Regulatory Bureau issued a timetable for counseling of listed companies, indicating that the counseling of Zhuhai Yinlong New Energy Co., Ltd. has been terminated. Before Zhuhai Yinlong raced for a large scale, it needed a lot of financing to make up for the gap. Now, the IPO counseling is terminated, the listing is blocked, and Dong Mingzhu's car-making plan is frustrated again.
Dong Mingzhu can be said to have contributed a lot to Zhuhai Yinlong, and has become the focus of public opinion from an unknown enterprise that has repeatedly lost money. "Dream of building a car" is Miss Dong's obsession, and Yinlong is the place where the dream begins.
First, Gree is strongly urged to acquire Yinlong. After being rejected by shareholders, Dong Mingzhu bought Yinlong out of his own pocket, and invited Wang Jianlin, the former richest man, and his boss Liu Xiangyinlong to inject capital. For Yinlong, Dong Mingzhu is all in.
Yinlong is actually Gree's dream.
Dong Mingzhu emphasized the importance of Yinlong to Gree more than once. In fact, it is almost an inevitable choice for Gree to enter the new energy automobile industry. Gree has almost touched the ceiling in the home appliance industry, and the room for growth has been very limited. Gree must expand its own industrial chain to continue to develop.
"Made in China 2025" announced the key direction of China's industrial upgrading, among which ten areas directly related to Gree's business are robots and new energy vehicles. New energy vehicles are not only cars, but also platforms for smart devices, which provide a huge imagination space for Gree's future development. Gree can only ensure that it will not be eliminated in the future competition if it grasps the new energy vehicles.
This is why after Gree refused to buy Yinlong, Dong Mingzhu maintained the connection between Gree and Yinlong in the form of personal investment. After Dong Mingzhu became a shareholder in Yinlong, Yinlong actually became a testing ground for Gree's intelligent equipment. Gree is using Yinlong to enter the new energy automobile industry chain and even the fields of battery manufacturing and energy storage. Although Gree did not acquire Yinlong, Gree has been enjoying the convenience brought by Yinlong. This is due to Miss Dong's persistence.
Dong Mingzhu's friends Wang Jianlin and Liu hold shares in Yinlong. Although there are artificial reasons, it is more important to consider the long-term layout of our own enterprises. JD.COM should engage in new energy logistics; Wanda failed to test water in the energy storage industry in its early years, while Yinlong has a certain foundation in the energy storage field.
Not only JD.COM and Wanda, but also leaders from all walks of life are actually laying out the new energy steam industry. Baidu's driverless driving is already very hot; Ali, Tencent and Huawei also have their own plans. Apple, Google and other foreign giants have not stood by.
New energy vehicles are a new outlet, and everyone doesn't want to miss it. This is not only the temptation of profiteering, but also the power of industrial upgrading-a little behind, the advantages accumulated by these giants may be subverted. What's more, the new energy automobile industry also has generous subsidies and various preferential policies. It is unreasonable not to seize the opportunity and lay out as soon as possible.
Without subsidies, Dong Mingzhu's dream of building a car would be shattered?
New energy vehicles are indeed a vent, but this vent is very crowded now.
By 2020, the planned production capacity of pure electric vehicles and hybrid electric vehicles in China will reach 2 million. However, at present, the total production capacity planning of various car companies has exceeded 20 million. The tuyere can blow the pig up, but it can't blow the pig. There is no doubt that a large number of projects that follow suit will die.
As a product of the previous Sino-US trade game, China drastically reduced the tariffs on imported cars, among which foreign fuel car manufacturers benefited the most. In order to prevent fraudulent compensation, China is currently significantly reducing subsidies for new energy vehicles, while improving the conditions for granting subsidies. Compared with fuel vehicles, new energy vehicles that originally relied on subsidies have an enlarged price disadvantage, which is not conducive to stabilizing high R&D costs by expanding production scale.
Moreover, the domestic new energy industry has a certain foundation, and the state is more inclined to promote industrial development through policy and market, rather than relying on subsidies blindly. In the future, China's new energy vehicles will be further opened, and the influx of foreign new energy vehicles will make the market competition more intense.
Under the crisis, the industry will inevitably face a large-scale reshuffle, and naturally a large number of new energy automobile companies with poor strength will be acquired or directly bankrupt. The production capacity with unstable foundation and backward technology will undoubtedly become the first victims.
There is no doubt that Dong Mingzhu's sincerity in building a car is not the so-called malicious deception. However, Yinlong relies heavily on subsidies. The net profit of Yinlong in 20 16 was 836 million yuan, while the amount of state subsidy declared by Yinlong in the same year was as high as 265,438+35 million yuan.
And at present, Yinlong's financial situation is very bad. By the end of 20 17, Yinlong's total assets were 3151200 million yuan and its total liabilities reached 23.767 billion yuan. Recently, it was reported that Yinlong's factory in Hebei had stopped production and workers had not been paid for several months.
In this situation, Yinlong's previous large-scale expansion is hard to blame. At present, Yinlong has laid out 1 1 industrial park in China. The total investment of the newly-built industrial park after Dong Mingzhu's shareholding exceeds 80 billion yuan. The slow sales of Yinlong products make these investments a heavy burden. This large-scale expansion is likely to catch up with the last batch of state subsidies.
The new energy is right, and Yinlong is a failure.
Dong Mingzhu once said that he was very optimistic about Yinlong's technology. But what caused Yinlong's predicament today is precisely because of its own technology.
Yinlong focuses on lithium titanate battery technology, which is very unpopular. In 20 16, 77 domestic enterprises produced lithium iron carbonate batteries and 75 enterprises produced ternary batteries; There are only four companies that produce lithium titanate batteries in all material systems.
Yinlong's battery technology comes from Austrian titanium in the United States. Austrian titanium also lost money before being acquired by Yinlong, and even was forced to withdraw from the market in the United States. I don't know why Dong Mingzhu thinks that a technology abandoned in the American capital market can also shine in China.
In addition, Gree shareholders vetoed the acquisition of Yinlong. In fact, the market has voted with its feet many times, indicating that Yinlong's main lithium titanate battery technology has little prospect.
However, Dong Mingzhu has always been bent on her own way. No matter how strong Dong Mingzhu's ability and belief are, he can't change the laws of nature and the characteristics of low energy density and short cruising range of lithium titanate batteries. This is the main reason why the Yinlong market is cold. Poor endurance and high cost. Not only did buyers refuse to buy, but state subsidies also began to look on coldly.
Lithium titanate battery is not useless, on the contrary, it has many advantages. Lithium titanate battery has high safety, fast charging and long cycle life, and can work in the range of -40℃ to 50℃. But the disadvantages are also obvious: high cost and low energy density.
Based on the principle and performance of lithium titanate, it is difficult to make a big breakthrough in its energy density. International mainstream enterprises can't do lithium titanate battery technology well. However, there is a big gap between China's basic research and the international level, and it is more difficult to make a breakthrough.
Gree wants to integrate into the new energy automobile industry chain, but Dong Mingzhu's shareholding in Yinlong is actually a gamble. Dong Mingzhu's dream of building a car is no problem, but he can choose a safer and more universal battery technology path.
The best way for Dong Mingzhu and Gree to enter the new energy automobile industry is actually to acquire an automobile company. New energy vehicles are automobiles first, and Dong Mingzhu can enter automobile manufacturing first, and then choose battery suppliers. If lithium titanate doesn't work, replace it with lithium iron carbonate, and if lithium iron carbonate doesn't work, replace it with ternary battery. Now betting all the chips on lithium titanate is actually gambling. Once it fails, it is likely to lose everything.
At present, Gree Group is planning to acquire Changyuan Group. Changyuan Group specializes in electric vehicles, smart factory equipment and smart grid equipment. This shows Gree's determination to enter new energy vehicles. Investing in Changyuan is obviously safer for Gree than investing in Yinlong.
However, Yinlong was not sentenced to death. However, the first thing to be solved in Yinlong's self-help transformation is the financial problem, and Yinlong has been heavily in debt in the last round of expansion. Now IPO counseling has been terminated, blocking the way of listing financing.
I wonder if Miss Dong Can can survive the Yinlong crisis.
Source: Phoenix Net Technology