EnergyTrend learned that on July 28, CALB issued an announcement disclosing connected transaction matters regarding the acquisition of a 12.7230% equity interest in its Hefei subsidiary.
According to the announcement, CALB successfully won the bid for the 12.7230% equity interest in CALB Technology (Hefei) Co., Ltd. held by Hefei Beicheng Industrial Investment Guidance Fund Co., Ltd. through public bidding at the Hefei Property Rights Exchange, with a cash consideration of RMB 690 million.
Prior to the completion of the transaction, CALB directly held a 29.3852% equity interest in the Hefei company, while the seller, Hefei Beicheng Industrial Investment Guidance Fund Co., Ltd., held 70.6148%. Upon completion of the equity acquisition settlement, CALB's direct shareholding ratio in the Hefei company will increase to 42.1082%. The target company will remain a non-wholly owned subsidiary of the Group and continue to be consolidated into the company's financial statements.
The reserve price for this public listing of equity transfer was RMB 690 million, with CALB being the sole bidder, and the final transaction price was consistent with the reserve price. The source of funds for this transaction is the Group's internal self-owned funds.
Previously, CALB had paid a transaction margin of RMB 2 million, and the remaining amount after deducting transaction service fees will be credited against the transfer price. According to the transaction arrangements, the company will sign an equity transfer contract with the seller within 5 working days from the release of the announcement, and pay the remaining equity transfer consideration within 5 working days after the contract takes effect.
The equity transferor, Hefei Beicheng Industrial Investment Guidance Fund Co., Ltd., is a wholly owned subsidiary of Hefei Beicheng Capital Management Co., Ltd. and is ultimately controlled by the State-owned Assets Supervision and Administration Commission of Hefei Municipality. As of the date of the announcement, Hefei Beicheng Investment is a substantial shareholder of the target company and constitutes a connected person at the subsidiary level of CALB; therefore, this acquisition constitutes a connected transaction under the HKEX Listing Rules.
Information shows that CALB Technology (Hefei) Co., Ltd. is mainly engaged in the research and development, production, and sales of power batteries and energy storage system products. According to the announcement, the Hefei company has successfully completed line construction and put them into production, achieving steady growth in overall revenue, continuous improvement in profitability, and maintaining an asset-liability ratio within a controllable range.
Based on positive expectations for the future development of the Hefei company, CALB participated in this public bidding. This shareholding increase will raise the company's equity ratio in the Hefei production base, further sharing in the long-term operational returns of the target company and optimizing the Hefei company's equity structure. This transaction represents a market-oriented exit by a state-owned fund, conducted publicly and in compliance with regulations through the property rights exchange platform throughout the process.
Source：EnergyTrend