·Guoxuan Hi-Tech plans to increase 3.6 billion yuan to strengthen ternary lithium battery business

Guoxuan Hi-Tech, the leader in the power lithium battery industry, is accelerating the pace of strategic shift. The company announced on the evening of November 14, 2016 that it plans to make a non-public offering of no more than 115 million shares to 8 specific investors including the actual controller at a price of 31.18 yuan per share. The total amount of funds raised does not exceed 3.6 billion. Yuan, after deducting the issuance costs, will be used for the industrialization of high-powered lithium batteries, the annual production of 10,000 tons of high-nickel ternary cathode materials and the industrialization of 5,000 tons of silicon-based anode materials. The company's stock resumed trading on November 15, 2016.

Since 2016, the structure of the new energy vehicle market has undergone a major transformation. In the case of a significant slowdown in the growth rate of new energy commercial vehicles, new energy passenger vehicles still maintain rapid growth. At the same time, the ternary lithium battery is connected to the lithium iron phosphate battery to become the future "window" of the new energy vehicle power battery. In this context, Guoxuan Hi-Tech increased the production capacity of ternary lithium batteries.

The actual controller has 1.25 billion yuan to join

The plan shows that the non-public offering targets are Li Wei, SAIC Investment, Bosera Fund, Cornerstone Investment, Jinniu Investment, Xinwo Fund, Yi Da Investment, and Southern Capital, a total of 8 specific investors, with a lock-up period of 36 months.

Among them, Li Wei is the actual controller of the company. This time, he plans to subscribe for 40,089,800 shares for 1.25 billion yuan. After the completion of this non-public offering, Zhuhai Guoxuan accounted for 21.9% of the company's total share capital, still a controlling shareholder. Li Wei holds 80.69% of Zhuhai Guoxuan shares and directly holds 14.36% of the company's shares, holding a total of 36.26% of the company. The shares are still the actual controller of the company.

At the same time, SAIC Investment subscribed for 112.251 million shares for 350 million yuan. The data shows that SAIC Investment is a wholly-owned subsidiary of SAIC, and SAIC has established a strategic partnership with Guoxuan Hi-Tech. “SAIC Group has always been our important partner. As early as 2013, when we entered the province, the first foreign customer was the Shenwo Bus, a subsidiary of SAIC. Later, SAIC’s subsidiary SAIC Datong also became Our important customers. In the future, we will strengthen cooperation with SAIC. This increase is highly recognized by many industrial capitals including SAIC.” Guoxuan Hi-Tech Dong Jun Wang Yong told China Securities Journal.

By introducing SAIC, Guoxuan Hi-Tech will further strengthen its capital integration with downstream customers. Previously, the company participated in the capital increase and expansion of BAIC New Energy, and subscribed for a new registered capital of RMB 120 million for BAIC New Energy for RMB 307 million. Upon completion, it will hold a 3.75% stake in BAIC New Energy. At the same time, the company set up Qingdao Guoxuan, relying on the construction of 150,000 new energy vehicles with an annual output of 150,000 new energy vehicles in Beiqi New Energy Laixi production base, supporting the construction of an annual production capacity of 1 billion AH power battery production base.

In addition, Bosera Fund subscribes for the combination of the National Social Security Fund 501 and the National Social Security Fund 102 managed by it. Among them, the National Social Security Fund 501 has subscribed for 220 million yuan, and the National Social Security Fund 102 has subscribed for 180 million yuan. The amount of the subscription capital of Yida Capital and Cornerstone Capital is 300 million yuan and 400 million yuan respectively.

Strengthen the ternary lithium battery business

Among the five fundraising projects to be added, the annual production of 10,000 tons of high-nickel ternary cathode materials and 5,000 tons of silicon-based anode materials industrialization projects is the biggest highlight, and it is planned to use 500 million yuan of investment funds. According to Wang Yong, with the rapid development of electric vehicles, the requirements of the power battery industry for positive and negative materials have gradually increased. Traditional cathode materials and graphite anode materials have been difficult to achieve the development of electric passenger vehicles in terms of energy density and cruising range. demand. High-nickel ternary cathode material and silicon-based anode material have high energy density and excellent comprehensive performance, which is in line with the application trend of pure electric passenger vehicles.

"From a global perspective, the development of high-energy-density power batteries is a technological breakthrough in the field of electric vehicles. In terms of cathode materials, lithium nickel oxide-modified high-nickel ternary cathode materials are currently the most promising in full-cell batteries. A positive electrode material with an energy density of 300 Wh/kg. In the negative electrode material, the silicon material has a high theoretical specific capacity and a moderate intercalating and deintercalating lithium potential. With the continuous improvement of battery material technology, high nickel ternary positive electrode material and silicon The base anode material has been gradually promoted and applied in the positive and negative materials of power lithium batteries," said Wang Yong.

At the same time, it is planned to use the investment of 1.95 billion yuan to invest in three high-energy-power lithium battery industrialization projects in Hefei, Qingdao and Nanjing to further break through the capacity bottleneck; 300 million yuan to invest in an annual output of 210,000 sets of new energy vehicle charging facilities And key component projects, further extending the company's industrial chain; 250 million yuan invested in 200,000 sets of electric vehicle powertrain control system construction projects, forming a good synergy with the company's existing power battery products; 600 million investment in engineering research The hospital construction project will broaden the research and development pattern and refine the R&D division of labor.

The implementation of the above fundraising projects will help improve the company's capabilities in new materials and key technologies. The company said that it plans to increase R&D investment and build high-quality power battery innovation and research based on the 2016 national key R&D plan new energy vehicle key project “High-energy-energy lithium-ion battery R&D and integration application”. The Center will further improve the strategic layout of the various R&D branches of the lithium-ion battery system, promote the development of the branches of the power battery industry, and develop synergistic technologies such as materials, batteries and control systems.

Accelerate the pace of strategic transfer

With the implementation of this fundraising project, the company will accelerate the strategic shift to the passenger car power battery. It is understood that in the 1.2 billion Ah high-energy-power lithium battery industrialization project in Hefei, Qingdao and Nanjing, the ternary lithium battery for new energy passenger vehicles will occupy an important proportion. The industrialization of 10,000 tons of high-nickel ternary cathode material and 5,000 tons of silicon-based anode material will match the 5G watt-hour ternary lithium battery.

Since 2016, the growth rate of the domestic new energy vehicle market has slowed down, and the structure of the market has also undergone a significant change. According to the October production and sales data released by the China Automobile Association, in October, the sales volume of new energy vehicles was only 44,000 units, an increase of 8.1% year-on-year, and the growth rate was not as good as before. In particular, new energy commercial vehicles sold only 12,000 units in October, down 11.6% year-on-year. Relatively speaking, the sales of new energy passenger vehicles were 32,000, a year-on-year increase of 17.8%. The main driving force for the growth of the new energy vehicle market is the shift from the new energy commercial vehicles to the new energy passenger vehicles.

At the same time, the market structure of power lithium batteries is also changing, and the ternary lithium battery is being connected to the lithium iron phosphate battery to become the “window” of the new energy vehicle power battery in the future. Under the above background, major power lithium battery manufacturers including Guoxuan Hi-Tech are speeding up the launch of ternary lithium batteries. It is understood that the capacity of Guoxuan High-tech power lithium battery will reach 1.65 billion Ah this year. Among them, the production capacity of ternary lithium batteries will reach 650 million Ah. "The growth momentum of the new energy vehicle market is shifting from new energy commercial vehicles to new energy passenger vehicles. In order to adapt to the changes in market structure, we are also accelerating the transfer to ternary lithium batteries, and production capacity will be released next year." Wang Yong said.

While accelerating the layout of ternary lithium battery capacity, the company is actively expanding its downstream customers. According to Wang Yong, while continuing to consolidate and expand domestic new energy passenger car customers, the company has conducted technical exchanges and contacts with international auto giants such as Daimler, GM and Renault, striving to become the world's leading passenger car brand power battery. supplier.

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