Foshan Lighting: The new energy strategy of controlling the company is “frustrated”


Foshan Lighting: The new energy strategy of controlling the company is “frustrated”

Foshan Lighting is committed to building a new energy industry chain. According to the company's latest announcement, several plans previously proposed have been gradually implemented: to receive a 20% stake in the Lithium Battery company Hefei Guoxuan Gaoke Power Energy Co., Ltd. (hereinafter referred to as "Hefei Guoxuan"), and to cooperate with Salt Lake Technology to develop lithium energy. The two major agreements were formally signed yesterday; the company is also planning to increase investment in new energy. However, the reporter noticed that the "good news" was mixed with some "disharmony sounds" - the lithium mine project that should have been controlled by the company. The final control right fell in the hands of Salt Lake Technology, and the participants were not originally planned. Two.

Two major projects are settled

According to the company's latest announcement, the agreement on the equity of Hefei Guoxuan has been formally signed; the lithium energy development cooperation agreement with Salt Lake Technology has also been officially signed. This means that two key links in the new energy industry chain have been “finalized”.

Since 2009, Foshan Lighting has entered the new energy field. According to Zhou Jianping, the company's director-general, it is precisely because the company's LED project involves lithium batteries, and the company has penetrated into the new energy field.

In September last year, the company suspended its trading and announced that it had cooperated with Salt Lake Technology, a company of Salt Lake Group, and signed a letter of intent for cooperation in extracting lithium carbonate. Since then, it has signed a letter of intent for equity transfer at the beginning of this year, and plans to acquire a 20% stake in Hefei Guoxuan for 160 million yuan. The announcement issued by the company also said that it is undergoing trial production of electric vehicles. At this point, the blueprint for the new energy industry chain is beginning to take shape.

At the same time as the two key projects were finalized, Foshan Lighting also stated that it should continue to increase investment in new energy and increase the registered capital of Qinghai Buddha Photo from RMB 769.23 million to RMB 100 million. The capital increase method is that the original cash funder increases the capital in the same proportion, and the proportion of the original technology funder's shareholding remains unchanged. The management of the company plans to subscribe for a registered capital of RMB 8.7693 million according to the original capital contribution ratio, and maintain the company's shareholding ratio of 38% after the capital increase.

Controlling power 旁 "side down"

However, after careful research and publication, the reporter found that one of the two key projects - the cooperation mode of lithium energy development with Salt Lake Technology and the situation disclosed last year is very different.

In the information disclosed at the beginning, its cooperation with Salt Lake Technology was jointly established by Qinghai Foshan and Salt Lake Technology Co., Ltd., a subsidiary of the company, with Qinghai Salt Lake Fossil Lithium Industry Co., Ltd., with a registered capital of 20 million yuan and Qinghai Fo Zhao with a cash contribution of 10.2 million yuan. Yuan, accounting for 51%; Salt Lake Technology accounted for 49%. The parties stipulate that no party may cooperate with a third party in China in the same form.

According to the situation provided by the company at the time, the cooperation projects between the two parties did not involve the salt lake resources, but only the brine extracted after the extraction of potassium from the salt lake was used for the extraction of lithium carbonate. Salt Lake Technology provides brine and Qinghai Buddha Photo provides technology. Technology is the key to the development of lithium carbonate, which is one of the key factors for Qinghai Fozhao to obtain a controlling stake in the joint venture.

But the final agreement signed by the two sides yesterday had a subversive change in the most critical terms.

According to Foshan Lighting, it no longer chooses to establish a joint venture with Salt Lake Technology, but instead is a controlling subsidiary of Salt Lake Technology - Salt Lake Lanke (mainly developing salt lake brine lithium resources). The original shareholder structure of Salt Lake Lanke is 51% owned by Salt Lake Technology, 45% by the Beijing Chemical Industry Metallurgical Research Institute (hereinafter referred to as “North Metallurgical Institute”), and 4% by natural person Liu Bin.

According to the final agreement, Qinghai Buddha Photo will invest in technology and cash, and ultimately hold a 30% stake in Salt Lake Lanke; while Salt Lake Technology still maintains a controlling position of 50%; natural person Liu Bin withdraws; Beiye Institute is reduced to 20%.

As a result, Foshan Lighting lost its controlling position in lithium energy development projects. The cooperation intention was signed less than one year. The essence of the cooperation is still that the salt lake provides the raw materials and the Buddha photo provides the technology. However, the cooperation form has such a major change. In this announcement, Foshan Lighting did not explain to investors.

Comparison of Qinghai Fozhao and Salt Lake Science and Technology Cooperation Projects

Original cooperation agreement content----actually signed content

The two parties jointly established the company----Qinghai Fozhao shares in the Salt Lake Technology Subsidiary

Qinghai Fozhao is a joint venture company-----Salt Lake Technology holds 50% of the joint venture company, has a controlling stake----holding, and only 30% of Qinghai Buddha Photo.

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