On May 27th, the listing application of Zhongtian Submarine Cable, a holding subsidiary of Zhongtian Technology, was accepted by Shanghai Stock Exchange.
On March 5 this year, Zhongtian Technology announced that it planned to spin off its subsidiary Zhongtian Submarine Cable to the Science and Technology Innovation Board Stock Exchange for listing. After the completion of the spin-off, the ownership structure of Zhongtian Technology will not change, and it will still maintain the control right of Zhongtian Submarine Cable.
In recent years, benefiting from the upsurge of wind power installation, the performance of wind power concept enterprises has increased, and so has Zhongtian Technology. Zhongtian Technology will realize net profit of RMB18,2019,2020,193 billion,160/kloc-0 million and 2/kloc-0 million respectively.
Among them, Zhongtian Submarine Cable has made great contributions, with net profits of 654.38+004 billion yuan, 477 million yuan and 865 million yuan respectively in the past three years, making it the most attractive subsidiary of Zhongtian Technology. In the ranking of "companies that affect the company's net profit by more than 10%" given by Zhongtian Technology, Zhongtian Submarine Cable also ranks first with its excellent performance.
It is worth noting that Zhongtian Submarine Cable is also the only subsidiary of the holding company with positive net profit, and maintained its hematopoietic capacity during the reporting period. The net profits of Zhongtian Photovoltaic Materials Co., Ltd., Zhongtian Technology Brazil Co., Ltd. and Zhongtian Electronic Materials Co., Ltd. in 2020 are-94 million yuan,-34 million yuan and-22 million yuan respectively. In contrast, the operating net profit of Zhongtian Submarine Cable in 2020 is as high as 903 million yuan.
It is precisely because of the above situation that after the news that Zhongtian Technology announced the spin-off of Zhongtianhai Cable came out, investors expressed their incomprehension. What should Zhongtian Technology do if the best assets are re-listed?
For this operation, Zhongtian Technology explained that the spin-off and listing will help the company highlight its main business and enhance its independence. According to the disclosed spin-off plan, after the spin-off, Zhongtian Technology will continue to develop its main businesses such as optical communication, power grid construction, marine equipment, new energy and new materials; Zhongtian Submarine Cable will focus on the development of power and cable services such as submarine cables and land cables. Please refer to