Will musk participate in the 170billion lithium mining giant's listing in Hong Kong?

36kr2022-06-23 19:31:39

Four years ago , a 40 Billion dollars of overseas M & a gambling , Give Way A Tianqi lithium, a lithium mining giant (002466.SZ) Once in a financial crisis . In the last year 159 In the case of the premature failure of the 100 million yuan refinancing plan , The company went to Hong Kong to raise funds , Is expected to unload the debt burden . 

6 month 22 Sunday night , Tianqi lithium announcement , The board of directors deliberated and passed relevant proposals , determine H Global offering of shares and listing on the Hong Kong stock exchange . Three days ago , The company heard through the HKEx , Morgan Stanley 、 CICC and CMB international acted as co sponsors . 

According to a source , Tianqi lithium IPO To be raised 10 Billion -15 Billion dollars , Or in 7 In June, it was officially listed on the main board , It is expected to become the largest stock market in Hong Kong this year IPO. meanwhile , The company will also become the successor to Ganfeng lithium , The second in China “A+H” Lithium industry giants listed in two places .

The predecessor of Tianqi lithium is a county state-owned enterprise on the verge of bankruptcy —— Shehong lithium salt factory . After the founder jiangweiping took over , The company gradually turned its losses into profits , And in 2010 Listed on Shenzhen Stock Exchange in . thereafter , taking risk 、 Jiangweiping, with a fierce eye , Pass twice “ A snake swallows an elephant ” Cross border M & A , Let Tianqi lithium become the king of lithium in China 、 Global lithium mining giant .

According to the wood Mackenzie report , Press 2020 In terms of annual production , Tianqi lithium is the world's largest producer of lithium ore ; Press 2020 Calculation of annual revenue generated by lithium , Tianqi lithium ranks third . 

However, the highly leveraged M & A also made Tianqi lithium owe a huge amount of debt , And bring huge financial expenses , Plus 2019 year -2020 Lithium ore prices were running at a low level in , Tianqi lithium suffered continuous losses , Non standard audit opinions have been issued continuously , The capital chain was once very tight . until 2020 After the introduction of Australian strategic investors at the end of the year , The company was able to breathe a sigh of relief . 

The so-called timing is also good luck . In a moment to 2021 year , The explosion of new energy vehicle market has saved Tianqi lithium . With the improvement of lithium ore market 、 The price has increased significantly , The company's performance is reversed , Decrease in debt ratio , Share prices hit record highs , Nearly doubled in the last two months . 

Lithium is called “ White oil ”, It is one of the most critical raw materials for manufacturing lithium batteries . Benefit from the hot sales of new energy vehicles and the vigorous development of energy storage industry ,2021 Since the beginning of the year, the price of lithium has risen by nearly 10 times . The first quarter of this year , The growth rate of net profit attributable to the parent company of several lithium mining enterprises was as high as 5 Times even 10 times . 

‍ But this is for the downstream auto companies 、 For battery enterprises , But not good news . Under the cost pressure brought by the rising price of raw materials , More and more new energy vehicle enterprises began to directly take shares in lithium mining enterprises , Or sign a long supply order with the battery supplier , Intended to seize the discourse power of the industrial chain . in fact , As A The listing value of the stock market is close to 1700 A billion yuan lithium giant , In recent years, Tianqi lithium Co., Ltd “ A snake swallows an elephant ” A huge amount of M & A , The capital chain was once tight . From the investment direction of this fund-raising , Tianqi lithium IPO One of the purposes of , To relieve the company's huge debt pressure . 

From going to Hong Kong to raise funds to repay debts

in fact , As A The listing value of the stock market is close to 1700 A billion yuan lithium giant , In recent years, Tianqi lithium Co., Ltd “ A snake swallows an elephant ” A huge amount of M & A , The capital chain was once tight . From the investment direction of this fund-raising , Tianqi lithium IPO One of the purposes of , To relieve the company's huge debt pressure .

According to the prospectus previously submitted by the company , The raised funds are intended to be mainly invested in the repayment of the merger and acquisition of Chilean mining and chemical industry (SQM) Outstanding debt of loans owed and related transaction costs , Allocate funds for the construction of phase I of Anju factory , Supplement working capital, etc . 

By 2022 year 6 month 10 Japan ,SQM The outstanding principal amount of the debt is 11.3 Billion dollars . Compare the estimated fundraising amount , repay SQM After debt , There is not much money left . 

“ The purpose of Tianqi lithium's listing in Hong Kong this time is very clear , Is to get rid of the burden of historical debt , Before, because of the debt problem, the funds were tight , The company's capacity expansion has been difficult .” An investment banker told me 《 Finance and economics, 》 The reporter .

The large amount of debt of Tianqi lithium mainly comes from 2018 A highly leveraged M & A in .

2018 year 5 month 31 Japan , Tianqi lithium released an announcement , The proposed 65 dollar / stocks , Acquisition SQM company 23.77% Of A Class equity , The total turnover is 40.66 Billion dollars . Final , Tianqi lithium completed the transaction in the form of cash acquisition , among , Yes 35 Billion dollars ( About us 223 RMB 100 million ) The acquisition fund of is borrowed from domestic and foreign syndicates . At the time , The net assets of Tianqi lithium are only 119.37 One hundred million yuan . 

Before that , The company has also made a number of mergers and acquisitions . among ,2013 year , The company has also conducted a “ A snake swallows an elephant ” An acquisition . At the time , The company is ahead of Lockwood, an American lithium giant 、 With 50 It bought talison of Australia at a price of billion yuan , The latter has the largest spodumene mine in the world . That year , The operating income of Tianqi lithium is only 4.15 One hundred million yuan , Net assets are 8.65 One hundred million yuan . 

The two overseas acquisitions were compared to one “ Gamble ”. Regarding this , Jiangweiping, chairman of Tianqi lithium, once said in an interview :“ Overseas acquisitions do not always happen when you are well prepared , But just in this window period , When it's time to do it, do it .” 

but “ A snake swallows an elephant ” An acquisition , Or has it brought huge debt pressure to the company . In this case ,2018 year 8 month , Tianqi lithium submitted an application for listing to the Hong Kong stock exchange . however , Due to the SQM Capacity gains have not yet been realized 、 The global lithium price is low , The company's listing in Hong Kong finally failed . 

thereafter , Tianqi lithium has been moving forward with huge debts .2020 year , For a time, the company was caught in “ The edge of life and death ”.2020 year 11 Mid month , The company issued a notice , Unable to pay the loan interest arising from the merger 4.71 One hundred million yuan , At the same time, M & A loans include 18.84 $billion will be 11 Due at the end of the month , Accounting for the latest audited net assets of the company 179.35%. At the time , The company's breach of contract is imminent , Final , It indirectly sold talison 24.99% Equity of , For the time being . 

Now , Benefit from the high prosperity of the new energy market , Tianqi lithium industry has also entered a rising cycle with the industry , To open the door of HKEx again . It is estimated that the amount of funds raised will exceed 10 Tianqi lithium Co., Ltd. with a total of US $billion , It is undoubtedly equivalent to Hong Kong stocks IPO A dose of the market “ A heart strengthening needle ”. 

First half of this year , Hong Kong IPO The market is extremely bleak , The amount of financing dropped by 90% simultaneously . Deloitte 6 month 22 The report is expected to be released on the th ,2022 In the first half of, Hong Kong will have 24 New shares , Financing agreement 178 Million Hong Kong dollars , relative 2021 In the first half of 46 Only new share financing 2130 Million Hong Kong dollars , The number of new shares fell 48%, The total amount of financing shrank 92%.2022 In the first half of , Only one company in the Hong Kong market is listed on a large scale , Like a shell 、 Enterprises like Wei Lai are introduced to the market ( Do not issue new shares ), The total amount of Hong Kong stock financing shrank further . 

According to Wind( Wande ) Data statistics , since this year on ( By 6 month 22 Japan ), The Hong Kong stock market totaled 22 Only new shares are listed , Among them, the company with the largest fund-raising scale is Jinli permanent magnet , The fund-raising scale is 42.4 Million Hong Kong dollars . 

Lithium ore welcomes the strongest air outlet

Benefit from the hot sales of new energy vehicles and the rapid development of energy storage , Market demand for lithium carbonate 、 The demand for lithium concentrate has increased significantly . Under the supply and demand gap ,2021 Since then , The prices of lithium carbonate and other products rose sharply , The advantages of lithium mining enterprises have become increasingly prominent .

Wind data display , The average price of battery grade lithium carbonate ranges from 2020 About the end of the year 5 Ten thousand yuan / Tons of , Up to now 47 Ten thousand yuan / Tons of , This year, 3 The month also broke through 50 Ten thousand yuan / The high level of tons . It is widely expected in the industry that lithium prices will remain high and volatile this year . 

Lithium products “ Quantity and price rise together ”, Lithium mining enterprises are naturally the biggest beneficiaries . 2021 year , Tianqi lithium relies on the soaring lithium price , To turn losses into profits , Return to mother net profit 21 One hundred million yuan . The first quarter of this year , Tianqi lithium achieved revenue 53 One hundred million yuan , Year-on-year growth 481%; Net profit 33 One hundred million yuan , rose 14 times , Has more than 2021 Annual net profit . 

In the context of the continued high price of lithium , The lithium sector has experienced a happy rebound recently , The share price of Tianqi lithium also increased from 4 month 26 Daily range low 59 element / Stocks rebounded to 6 month 23 The latest closing price of the day 119 element / stocks , Nearly doubled , Restored to 2021 year 11 Month end level , It is less than the historical high 15% The gap between . 

Against the background of both performance and share price , A number of lithium ore and battery enterprises have taken advantage of the theme heat to increase financing “ blood ”, No one wants to miss this good opportunity to expand the investment territory . The lithium battery sector has set off a wave of refinancing .

Wind data display ,2021 So far this year , The lithium mine and lithium battery sector has completed more than 100 billion of additional financing , There are more than 100 billion on the road . The specific term ,2021 Years have 19 The company raised funds at a fixed increase 499 One hundred million yuan ;2022 Since, there have been 6 The company will raise additional funds 544 One hundred million yuan . From the perspective of raised investment projects , Most of the fixed increase investment is for capacity expansion projects . 

among Ningde era (300750.SZ) One family owns 450 A fixed increase of one hundred million yuan .6 month 22 Japan , Ningde times disclosed the fixed increase results , The issue price is 410 element / stocks , share 22 Institutional investors are allocated , Including Morgan Stanley 、 Morgan chase 、 Guotai Junan Securities 、 Taikang assets 、 Ruiyuan fund 、 Hillhouse and other well-known institutions at home and abroad . 

Besides , And GuoXuan high tech (300207.SZ)、 Xinwangda (300207.SZ)、 Huayou cobalt Co., Ltd (603799.SH) Wait for eight companies to complete the super 30 Fixed increase of 100 million yuan . 

meanwhile , And about 26 The fixed increase plan of listed companies is being handled , Total proposed fundraising 1027 One hundred million yuan . among , Enjie Co., Ltd (002812.SZ)、 Huayou cobalt Co., Ltd. plans to raise more than 10 billion yuan , Yiwei lithium energy (300014.SZ)90 The fixed increase of RMB 100 million will be covered by the actual controller . 

It is worth mentioning that , In the list of investors to be introduced by these lithium battery enterprises , Many new energy vehicle enterprises have been found .

Introduced by Xinwangda 19 List of investors , Wei to 、 Ideal car Xiao peng car Impressively listed . Shengli Xinneng (002240.SZ) BYD is proposed to be introduced through fixed increase (002594.SZ) As a strategic investor , After the release , BYD's shareholding is expected to exceed 5%. 

There is a rumor in the market that , Tesla intends to participate in Tianqi lithium's Hong Kong shares IPO Subscription for . Regarding this , Tianqi lithium responded that “ Everything is subject to the company's announcement ”. 

This year, 4 month , tesla CEO Musk once expressed his intention to enter lithium mining . Musk said :“ The price of lithium has risen to a crazy level . Unless the cost pressure eases , Otherwise Tesla may have to go directly into large-scale ( Lithium ore ) Mining and refining business .” 

Under the favorable situation of new energy vehicles , As a new energy vehicle “ The heart ” The power supply of lithium battery is weak , This will directly limit the production scale of the new energy vehicle factory . 

In order to stabilize the cost pressure brought by the rising lithium price , Stabilize the supply of raw materials , More and more automobile factories 、 Power battery manufacturers are beginning to get involved in the upstream , Signing cooperation agreement 、 Shareholding in lithium mining enterprises , Or go to the site to sweep the ore . 

This year, 5 month , Zhongchuangxin aviation, a power battery manufacturer, has reached a strategic cooperation agreement with Tianqi lithium 、 Lithium carbonate supply framework agreement ; It is reported that BYD found... In Africa 6 Lithium mine , At present, both parties have reached an intention to acquire ; Sichuan Yajiang snowway Mining Co., Ltd 54.29% equity , On the Jingdong bankruptcy auction platform 20 Billion yuan deal , It's the starting price 335 Ten thousand yuan 597 times , It has set a rare auction record in the industry . 

The whole lithium resource market seems to have fallen into a crazy situation , But is this prosperity rational ? How long will it last ?

Musk once mentioned ,“ The earth does not lack lithium , It's just that the speed of mining and refining is very slow .” In the future, with more capital pouring into the upstream lithium resource mining field , Lithium mining progress will be accelerated , Lithium supply will also continue to increase , The price of lithium may drop . 

This article is from WeChat official account. “ The reading is a flag ”(ID:dushuyizhi007), author : Wang Ying Yang Xiuhong , edit : Wang Lifeng Lu Ling ,36 Krypton authorized release .