Leidi.com Rakuten September 15
Kunlun Wanwei Technology Co., Ltd. ("Kunlun Wanwei" for short) recently announced that it plans to merge its wholly-owned subsidiaries Ningbo Kunlun Dianjin Equity Investment Co., Ltd. ("Ningbo Dianjin" for short) and Horgos Kunluo Tianqin Venture Capital The 50% equity of Beijing Green Vanadium New Energy Technology Co., Ltd. (referred to as "Beijing Green Vanadium") held by Investment Co., Ltd. (referred to as "Kunnuo Tianqin") and the convertible bonds that can be converted into 10% equity in the future are transferred to the actual control of the company Zhou Yahui.
If this transaction is completed, the company will no longer hold the equity and claims of Beijing Green Vanadium, and Beijing Green Vanadium will no longer be included in the company's consolidated statements.
Kunlun Wanwei said that it will invest 300 million yuan in Beijing Green Vanadium at the end of 2022. As of the date of this announcement, the company’s second investment in Beijing Green Vanadium (a total of 150 million yuan) has not yet been paid. This time it withdraws from IRR (Internal Rate of Return (internal rate of return) is expected to be between 60% and 100%, resulting in a higher investment rate of return.
No revenue yet, loss of RMB 6.23 million in half year
According to reports, Beijing Green Vanadium was established in October 2022. Several core members of the team graduated from well-known universities such as Tsinghua University. They have the ability to develop top energy storage stack system technology and are developing new energy storage systems with independent intellectual property rights. Battery stacks and corresponding advanced energy storage systems.
In December 2022, Ningbo Dianjin Equity Investment Co., Ltd. ("Ningbo Dianjin"), a wholly-owned subsidiary of Kunlun Wanwei, and Horgos Kunnuo Tianqin Venture Capital Co., Ltd. ("Kunuo Tianqin") respectively With its own capital of 220 million yuan and 80 million yuan as investment, it increased capital in Beijing Green Vanadium and obtained 60% of Beijing Green Vanadium's equity. Beijing Green Vanadium was included in the company's consolidated scope.
Recently, Beijing Green Vanadium and Chengde Yanbei Metallurgical Materials Co., Ltd. (referred to as "Chengde Yanbei") reached a cooperation agreement, and the two parties decided to jointly establish an electrolyte manufacturing joint venture.
The total investment of the project is expected to be 800 million to 1 billion yuan. The construction funds and production start-up funds of the cooperative project will be jointly paid by both parties according to the equity ratio. That is, the total investment amount of Beijing Green Vanadium is expected to be approximately 392-490 million yuan. The investment amount will be invested in stages according to the progress of the project.
Beijing Green Vanadium currently has no revenue. Its net loss in 2022 will be 1.31 million yuan, and its net loss in the first half of 2023 will be 6.23 million yuan.
The sale was strongly recommended by new chairman Fang Han
The main reason for this transfer is that Kunlun Wanwei has just re-elected its board of directors. Under the strong suggestion of new chairman Fang Han, the board of directors negotiated with the company’s actual controller Zhou Yahui to better focus on AGI and AIGC businesses and reduce The outside world has doubts about the company's diversified development direction.
Kunlun Wanwei has also made it clear that in the future, except for the minority equity financial investment of the technology VC fund of the company's Kunlun Capital, the company will no longer make any holding or long-term investment in other industries other than the upstream and downstream industries of artificial intelligence.
Kunlun Wanwei said that in early 2023, the company formulated the long-term strategy of "All in" AGI and AIGC. This intention to transfer Beijing Green Vanadium is in line with the company's development strategy and will help further optimize the company's assets and business structure and improve the company's resources. Leveraging efficiency and focusing on the business development of AGI and AIGC is deeply in line with the company's long-term strategic plan of "All in" AGI and AIGC, and is conducive to establishing and maintaining long-term core competitive advantages in the artificial intelligence track.
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