"Jinyu Car City" Bid Farewell To A Shares, The North Control Department Seized Power, And The North Controlled Energy Company Was Born.

In the evening of June 13th, Jinyu City, which is short for the securities market, will be separated from the capital market. The struggle for control over the two years of Jinyu car city seems to have come to a close. The North control system of the big family is slightly better than that of the North control group. The listed company of the North control department will also usher in twelfth members.

"Jinyu car city" will become a history.

On the night of June 13th, Jinyu car city issued a notice on the change of company name and securities abbreviation. Jinyu city held the forty-fourth meeting of the ninth board of directors in June 12, 2019. It passed the "motion to change the company name and securities abbreviation". It agreed to change the name of the company (Chinese and English), the company's English abbreviation (English), and the securities abbreviation. The short note of the listed company will be changed from Jinyu car city to North control energy gathering. The full name of Chinese will be changed from Sichuan Jinyu Motor City (Group) Limited by Share Ltd to Sichuan North control energy group Limited by Share Ltd. The bill still needs to be submitted to the shareholders' meeting for consideration.

The reason for the change of company name and securities abbreviation is that the company's main business has changed from silk, real estate and automobile to new energy investment, service, equipment and other fields since 2017. In 2018, the company's new energy related business revenue has accounted for 84.45% of the company's total revenue, and has initially achieved the strategic goal of the company's business spanformation. In order to clarify the company's current shareholding relations and business and strategic positioning from the company name, avoid misleading investors and more accurately convey information to the market, the company decided to make changes to the company's full name and securities abbreviation.

The dispute of share ownership is temporarily suspended, and ten thousand yuan is sold for Jinyu real estate.

North controlled clean energy Co., Ltd. (hereinafter referred to as "North control clean"), North controlled clean wholly owned subsidiary, Tianjin Fuhuan Business Management Consulting Co., Ltd. (hereinafter referred to as "Tianjin Fuhuan"), Beijing Beikong photovoltaic technology development Co., Ltd. (hereinafter referred to as "North control photovoltaic"), Tianjin Fuhua Enterprise Management Consulting Co., Ltd. (hereinafter referred to as Tianjin Fuhua), Tianjin Fuyi Business Management Consulting Co., Ltd. (hereinafter referred to as "Tianjin Fuyi"), and Beiqing Clean Energy Investment Co., Ltd. (hereinafter referred to as "North Qing energy investment"), during May 3, 2017 to May 11, 2017, through the two tier market, the company held a total of 19 million 159 thousand and 700 shares, accounting for 15% of the total share capital of the company. Back to May 12, 2017, Jinyu car city was in the shell year. At that time, Jinyu holdings, a controlling shareholder, was handicapped.

In November 8, 2017, North control and its subsidiaries held 17.72% of Jinyu car city, and formed a joint action with shareholders, Nanchong state owned assets investment and operation limited liability company (holding 12.14% shares jointly entrusted by the Nanchong Municipal Finance Bureau to manage the listed companies), together holding 29.86% of Jinyu City, becoming the largest shareholder of the listed company. Hu Xiancheng, the original controller, held 30 million 26 thousand shares of Chengdu Jinyu Holding Group Co., accounting for 23.5% of the total share capital of the company, and became the second largest shareholder of Jinyu car city.

After holding the stake, the North control department further took the seat of the board of directors. In November 14, 2017, Paul Liu, chairman of Jinyu car city, independent director Li Xinwei and independent director Yang Yongzhong submitted the resignation report to the board of directors of the company. At the same time, Jinyu city held the sixteenth meeting of the ninth board of directors, and deliberated and voted for the appointment of general manager and chief financial officer of the state investment company, North control clean recommendation, and a director candidate and two independent board candidates nominated by the state investment company and North control. Among the remaining directors, Yang Jinzhen, Yang Xin and Wu Xiaohui acted on behalf of the CIC and the North controller in clean and concerted action. In December 4, 2017, the second extraordinary shareholders meeting of Jinyu city was elected by a board of directors and two independent directors, representing 4 non independent directors acting on behalf of the national investment company and the North controlled clean action agreement. The number of candidates who exceeded the non independent directors was 4. The voting power of the national investment company and the North control company through the actual control of the listed company has been able to decide more than half of the members of the board. The actual controller of Jinyu car city was changed to the North controller clean and national investment company acting in accordance with the regulations. After the disclosure, it was Beijing SASAC and Nanchong SASAC.

Jinyu Holdings has also been fighting for control of listed companies. As early as December 2017, Jinyu car city launched a fixed increase plan. The target of non-public offering is Beijing North control PV Technology Development Co., Ltd. and Nanchong state owned assets investment and Operation Co., Ltd., Beijing North control PV Technology Development Co., Ltd. subscribe for 22 million 400 thousand shares of the non-public offering stock in cash. Nanchong state owned assets investment and Operation Co., Ltd. subscribe for 3 million 100 thousand shares of the non-public offering stock in cash. The total amount of raised funds raised by the non-public offering is not more than 560 million yuan. After deducting the issuance cost, the net proceeds will be used to repay bank loans and supplement working capital, of which 264 million 800 thousand yuan will be used to repay bank loans and the rest will be used to supplement liquidity. After the completion of this non-public offering, according to the 25 million 500 thousand cap of the issuance limit of the number of non-public offering shares, the North controlling subsidiary company and the Nanchong state owned assets investment and operation limited liability company held 41.53% of the total share capital of the company. And the North control cleanliness will become the largest shareholder with the largest share.

But by the end of 2018, fixed growth has not yet been formed. In December 25, 2018, the North controlled PV and Nanchong state owned assets investment and Operation Co., Ltd. issued a notice. The listed company continued to lose money and deteriorated its financial position during its holding as a controlling shareholder. Private placement is the only feasible way of equity financing for listed companies. The North controlled PV and Nanchong state voted to inject funds into the listed companies by participating in the private placement, which is in line with the legitimate interests of listed companies and all shareholders in order to support the listed companies to resolve the debt crisis and reverse the operational difficulties. Jinyu Holdings has not expressed any intention to participate in the private placement of Listed Companies in the previous board meetings and general meeting resolutions of listed companies.

In May 30th, Jinyu car city once again disclosed the fixed increase plan. All the non-public offering shares were issued in a non-public way to specific objects. The number of non - publicly issued shares is not more than 25 million 500 thousand shares (including 25 million 500 thousand shares), and the total amount of funds to be raised is not more than 380 million yuan. After deducting the cost of issuance, they are all used for 2.0GW efficient PERC solar cell production in Nanchong.

At the same time, the Nanchong City JINYU Real Estate Development Co., Ltd. (hereinafter referred to as "Jinyu real estate") will be sold for 100% of the shares. Notice shows that in view of the weak profitability of listed companies' real estate business, the company's lack of land reserves is not enough to support the sustained development of real estate business. The company began its business spanformation after acquiring Jiangsu Zhi Lin Electric Technology Co., Ltd. in 2017, and was spanformed into new energy related business by the end of 2018. Finally, Shanghai Rui Cong Cci Capital Ltd bought a 100% stake in Jinyu real estate at a price of 10 thousand yuan.

Acquisition of Chi Lin Electric, the performance of gambling can not be completed, the North control system will be put into assets?

In 2017, Jinyu car city started the business spanformation after acquiring Jiangsu Zhi Lin Electric Technology Co., Ltd. (hereinafter referred to as "Jiangsu Zhi Lin"), and the cost of acquiring equity was 383 million yuan. By using the income approach, the value of all shareholders of Jiangsu Zhi Lin shareholders is 645 million yuan, net assets appreciation is 535 million 699 thousand and 800 yuan, and the appreciation rate is 490.12%.

In 2017, after the implementation of Chi Ling in Jiangsu, the annual report in 2017 showed that the sales revenue in Jiangsu was 210 million yuan, the net profit was 52 million 124 thousand and 200 yuan, the combined income amounted to 52 million 124 thousand and 200 yuan, and the cash flow from operating activities was -2372.64 yuan. In 2017, Jinyu car city realized its preservation.

In 2018, Jiangsu Zhi Lin seemed to be the "lifeline" of Jinyu car city. In 2018, the annual report showed that Jinyu car city had prepared 187 million yuan for goodwill in Jiangsu. But because of the 2018 year's uncompleted performance pledge of Jiangsu Zhi Lin, Jinyu car city has calculated Jiangsu yuan's 2018 performance compensation of 120 million 459 thousand and 600 yuan into its operating income, which has further affected its profits. It is expected that Chi Lin Electric can not complete its performance commitments in 2019. It is estimated that the current value of performance compensation is 130 million 348 thousand and 400 yuan, which is included in the profit and loss of fair value change, which constitutes the main source of profits.

In the case of poor profitability, what will the North control department bring to Jinyu car city? In June 14th, the Beijing News reporters called Jinyu car city secretaries office, and the relevant staff members said that the follow-up situation was based on the announcement.

From the official website of Bejing control group, there are 11 listed companies of Bejing control group, namely, Beijing holding, North control water, Beijing construction, Beijing holding environment group, China gas, blue sky power, Bejing clean energy, Bejing medical health, Si Cheng holdings, Yan Jingpi liquor and Huiquan beer. Among them, Yanjing beer and Huiquan beer are listed as A shares, and the remaining nine are listed on Hong Kong stock market. The North control group will become the twelfth listed companies of the North control system and the third listed companies of A shares.