Western resources seem to be determined to build a new energy vehicle industry chain. The company disclosed today the acquisition of 59% equity of Chongqing Hengtong Bus Co., Ltd. (referred to as “Hengtong Bus”), 57.55% equity of Chongqing Transportation Equipment Finance Leasing Co., Ltd. (referred to as “traffic lease”) and Chongqing Hengtong Electric Bus Power System Co., Ltd. Referred to as “Hengtong Electric”, the detailed plan of 35% equity, the total transaction amount is 1.266 billion yuan. As the major asset restructuring matters still need to be reviewed by the Shanghai Stock Exchange, the company will continue to suspend trading.
The acquisition of Hengtong Bus has already intersected with the company. In March of this year, the company acquired its 7% equity at a price of 38.72 million yuan. The company plans to continue to acquire a 59% stake in Chongqing Kaitou Group. According to the announcement, Hengtong Bus currently produces buses that can be divided into city buses, buses, medical vehicles, etc., with 83 nationally announced product models, of which 11 are recommended for new energy. As of the end of August this year, Hengtong bus assets totaled 1.06 billion yuan, owner's equity was 337 million yuan; in the first 8 months of this year, operating income was 570 million yuan and net profit was -68.01 million yuan. Based on the estimated value, the transaction will require approximately 326 million yuan. Currently, the company has completed the bidding through the stock exchange.
According to the announcement, the company also signed the “Hengtong Bus Equity Transfer Agreement” with the counterparty. The company promised to form an annual output of no less than 15,000 passenger cars within 3 years after the completion of the acquisition of Hengtong Bus. If the company violates this commitment, In addition to paying a breach of contract of RMB 65 million to the Kaitou Group, if the losses caused to the Kaitou Group exceed RMB 65 million, the company should also compensate the Kaiping Group for the direct losses suffered by the Group.
At the same time, the company also completed the bidding for the 57.55% equity of the transportation lease, the price is 870 million yuan, and promised to realize the transferable net profit of not less than 350 million yuan per year in the first five fiscal years after the completion of the transaction. According to the transaction plan, the transportation lease is also affiliated to the Chongqing State-owned Assets Supervision and Administration Commission [microblogging]. As of the end of August this year, the transportation lease assets totaled 2.636 billion yuan, the owner's equity totaled 1.137 billion yuan; the first eight months of this year, the operating income was 130 million. Yuan, net profit of 59.54 million yuan. Sichuan Hengkang, the controlling shareholder of the company, promised that if the annual distributable profit realized by the transportation lease is less than 350 million yuan (excluding 350 million yuan), the compensation to be made by the company will be borne by Sichuan Hengkang.
In addition, the company also plans to acquire a 35% stake in Hengtong Electric at a price of 70 million yuan, increasing its shareholding ratio to 66%. The main products of Hengtong Electric are fast-charge plug-in hybrid, pure electric bus and its power system, with the capacity of 2000 new energy buses per year. As of the end of August, Hengtong Electric had total assets of 298 million yuan and owner's equity of 164 million yuan. In the first eight months of this year, it achieved operating income of 198 million yuan and net profit of 6.11 million yuan.
Since 2014, Western Resources has gradually accelerated its investment in the new energy industry. Through the acquisition of 85% equity of Longneng Technology, it has established a joint venture with Suzhou Lineng to establish a capacity of 80%, and acquired 40% of Weiwa Energy and increased its capital to Holding 51% equity, the business has covered the research and development of lithium battery materials, lithium battery cells and switched reluctance motors and control systems. In addition, the company has also hired a group of well-known industry experts as the research and development leader, trying to achieve a comprehensive breakthrough in the production technology of lithium battery positive and negative materials, electrolyte, diaphragm and lithium battery, independent research and development production technology, stable performance Lithium battery power system. After the completion of the transaction, the company will realize the whole industrial chain layout of new energy vehicles such as lithium ore mining, lithium battery materials, lithium battery assembly, new energy vehicle development, manufacturing and sales, and customer financing integration.

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