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Lose money for three years in a row! Geely's holding subsidiary is proposed to be restructured

2024-04-22 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)03/03 Report--

As a member of Geely's family, Hanma Technology could not escape bankruptcy restructuring in the end.

On the evening of February 3, Hanma Technology announced that in view of the fact that the company may lose its solvency obviously, but has the value of reorganization, the company intends to apply to the people's court with jurisdiction for reorganization and pre-reorganization.

Why did Hanma Technology apply for restructuring? Hanma Technology said in the announcement that since 2020, the company has faced long-term losses and high debt pressure due to the intensification of market competition in the heavy truck industry and the transition pains brought about by the transformation and upgrading of Hanma's new energy business. At present, the company may obviously lose its solvency, but considering that the company has restructuring value, in order to avoid further deterioration of the company's debt risk, the company intends to take the initiative to apply to the people's court with jurisdiction to restructure the company. and apply to start the pre-reorganization procedure first.

Data show that the predecessor of Hanma Technology is Maanshan Construction Materials Machinery Factory, which was established in 1970. Its main business is the production, R & D and sales of heavy trucks, heavy special purpose vehicles and core parts. The company entered the capital market in 2003, but its performance has been in the doldrums since it went public.

In July 2020, Geely Commercial vehicle Group transferred 15.24% of Valin Star Horse to 435 million yuan to become the controlling shareholder of the listed company. Later, Valin Star Horse changed its name to "Hanma Technology", and Geely head Li Shufu became the actual controller of Hanma Technology. In 2021, Geely Commercial vehicle Group once again contributed 589 million yuan to participate in the fixed growth of Hanma Science and Technology, increasing its shareholding to 28.01%.

However, even with the support of Geely, it is difficult to reverse the performance of Hanma Technology. According to the announcement, Hanma Science and Technology has lost money for three consecutive years, and the loss has gradually expanded, losing 491 million yuan, 1.336 billion yuan and 1.466 billion yuan respectively from 2020 to 2022. It is worth mentioning that there will also be a loss in 2023, and the net profit is expected to be-1.07 billion yuan to-870 million yuan.

As part of Geely's commercial vehicle sector, Hanma Technology has carried out many "self-rescue" actions before restructuring. In August 2021, Hanma Technology sold its entire stake in its shareholding subsidiary Shanghai Ronghe Dianke Financial Leasing Co., Ltd for 40 million yuan. In December 2022, in order to invigorate the company's existing assets and replenish working capital, Hanma Science and Technology allowed the Tianjin Economic Development District Administrative Commission to recover the right to use a piece of state-owned land owned by Hanma Science and Technology in Tianjin. As a result, Hanma Technology received 173 million yuan in land acquisition and storage compensation.

In addition to selling assets, Hanma Technology is also trying to improve its operations with the resources of its parent company. In June 2023, Hanma Technology issued a transaction plan to buy its 100% stake in Nanchong Development from Geely Sichuan by issuing shares. Geely Sichuan, like Hanma Technology, is also part of the Geely commercial vehicle sector, while Nanchong Development is the sales company of Geely Sichuan heavy truck business. However, the deal failed in the end. In September 2023, Hanma Technology announced that due to the influence of objective factors such as the external market environment, there was great uncertainty in continuing to promote this transaction (referring to the acquisition of Nanchong development) at this stage, and the company decided to terminate the restructuring.

After being acquired by Geely, the new energy heavy truck has become the focus of the layout of Hanma Technology. In June 2022, Hanma Technology announced that it plans to stop selling traditional fuel vehicles by the end of 2025 and will fully shift its research and development and sales to new energy and clean energy-powered models. In June 2022, Hanma Technology announced a comprehensive transformation of new energy, the company will focus on pure electric, methanol, hybrid, hydrogen fuel cell and other new energy, clean energy vehicle business. Data show that for the whole of 2023, Hanma Technology sold 7876 medium and heavy truck vehicles, an increase of 32.73 percent over the same period last year, including 3276 electric medium and heavy trucks, an increase of 5.37 percent over the same period last year, and 2961 alcohol and hydrogen power systems, an increase of 642.11 percent over the same period last year.

According to the announcement, the net assets belonging to shareholders of listed companies are-928 million yuan to-728 million yuan by the end of 2023. If the company's audited net assets belonging to shareholders of the listed company at the end of 2023 are negative, the company's shares will be delisted risk warning (* ST) after the annual report disclosure. Market participants pointed out that Hanma Technology took the initiative to propose bankruptcy reorganization in order to complete the action of protecting shell and cleaning up debts within the expected time. However, it is uncertain whether Hanma Technology will enter the reorganization and pre-reorganization process, and there is also uncertainty about whether the reorganization will be successful.

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