On the evening of November 27, Skyworth Digital (00751, HK) announced that it intends to acquire the equity interest of Kaiwo New Energy Automobile Group Co., Ltd. and its subsidiaries held by controlling shareholder Huang Hongsheng or its holding company (hereinafter referred to as Kaiwo Motor). At present, the potential acquisition is still in the preliminary negotiation stage. The company has not yet entered into a formal agreement with Huang Hongsheng on the potential acquisition.
"Daily Economic News" reporter noted that Kaiwo Motors is a transformation work of Huang Hongsheng, the founder of Skyworth Group, after 2011. Huang Hongsheng currently serves as chairman of both Kaiwo Motors and Nanjing Jinlong.
Cross-boundary access to new energy buses
The Skyworth Digital Announcement shows that the company will enter into preliminary negotiations with Huang Hongsheng on a potential acquisition by Skyworth Digital to acquire Huang Hongsheng or the Kaiwo Motors held by its holding company. This negotiation may involve the terms of the potential acquisition, including transaction costs, acquisition structure and other prerequisites.
According to the official website of Kaiwo Motor, the company was established in 2011. It is principally engaged in the manufacturing and sales of large, medium and light passenger cars, passenger cars and related parts and components. It is a leader in China's new energy automotive industry. As of the end of 2016, the company's total assets were 7.838 billion yuan and its net assets were 1.429 billion yuan.
Currently, Kaiwo Motors owns Nanjing Jinlong Bus Manufacturing Co., Ltd. (hereinafter referred to as Nanjing Jinlong), Wuhan Kaiwo New Energy Automobile Co., Ltd., Shenzhen Kaiwo Automobile Co., Ltd., Nanjing Chuangyuan Tiandi Power Technology Co., Ltd. and Qingdao Kaiwo New Energy. Automobile Co., Ltd. The products cover a full range of new energy passenger cars and passenger cars from 3.6 meters to 18 meters.
"Daily Economic News" reporter learned that Skyworth Digital, together with its subsidiaries, is principally engaged in the manufacture and sale of consumer electronics products, upstream accessories and holding and development of properties. The Target Group is principally engaged in the production and sales of new energy vehicles, including buses, logistics vehicles and passenger vehicles. Skyworth Digital stated that if this potential acquisition is made, the business structure will be adjusted and optimized.
In response to the above potential acquisition, Skyworth Group's brand department personnel told the “Daily Economic News†reporter that there is no more information at the moment and the announcement information prevails.
The reporter noted that Skyworth Digital plans to cross the border to enter the new energy bus area, or related to the decline in performance in recent years.
It is understood that with the upstream screen prices engulfed the brand TV profits, and the intense market competition brought about by the saturated domestic market, the first three quarters of this year, the overall performance of color TV industry are not ideal.
The interim results disclosed by Skyworth recently revealed that for the six months ended September 30, 2017, the Group achieved a turnover of approximately HK$21,489 million, a year-on-year increase of 5.9%, and the overall gross profit was 15.8%, a decrease of 4.8 percentage points from the same period of last year; The net loss attributable to equity holders was HK$192 million, compared with a net profit of HK$836 million in the same period last year. In addition, the turnover of the Group's color TV business was HK$8.764 billion, which was 6.5% lower than the same period last year.
Industry: Nanjing Jinlong is a premium asset
Liu Buchen, a household appliance industry observer, told the Daily Economic News reporter that “in the home appliance companies based on black power, Skyworth has the highest level of reliance on color TV. If Skyworth Digital’s acquisition of the Kaiwo Automobile, I think it is understandable. Because Skyworth Digital’s business structure will be diversified after the acquisition of Kaiwo Motors, this will also allow Skyworth Digital’s revenue to grow significantly. In addition, Nanjing Jinlong, a subsidiary of Kaiwo Motors, is considered to be a very good asset.â€
The announcement shows that Huang Hongsheng and his holding company hold most of the equity of Kaiwo Motors. According to public information, Huang Hongsheng is a controlling shareholder of Skyworth Digital and indirectly holds approximately 38.89% of the total issued share capital of Skyworth Digital. His spouse Lin Weiping is an executive director of Skyworth Digital.
In 2011, Huang Hongsheng moved to the manufacturing of new energy vehicles, implemented a major restructuring of Nanjing Jinlong, a serious loss, and served as chairman of the company. After the reorganization, Nanjing Jinlong will focus on new energy vehicle product development. At present, Nanjing Jinlong has a number of models selected in the National Catalogue of New Energy Vehicles Exempted from Vehicle Purchase Taxes. Tax-free models cover the fields of public transportation, long-distance buses, and light-duty official vehicles.
It is understood that Nanjing Jinlong won the second place in sales of pure electric buses in China for two consecutive years in 2014 and 2015. According to the Securities Times, in 2016, sales of Nanjing Jinlong pure electric buses ranked fourth in the industry, and Nanjing Jinlong realized sales revenue of nearly 5.5 billion yuan.
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