Strengthen the competitiveness of central air-conditioning Midea over 700 million shares acquired Hekang New Energy Holdings

Strengthen the competitiveness of central air-conditioning Midea over 700 million shares acquired Hekang New Energy Holdings
On the evening of March 25, Midea Group announced that it intends to pass the subsidiary of Midea HVAC to 7.4.3 billion acquisition of Hekang New Energy 18.73% of the shares, obtained a controlling stake.The announcement shows that on March 25, Midea HVAC and Shangfeng Group and Liu Jincheng signed the “Share Transfer Agreement”, of which Midea HVAC was the purchaser; Shangfeng Group and Liu Jin became the transferors of this acquisition,The group is the controlling shareholder of Hekang Xinneng; Ye Jinwu is the actual controller of Shangfeng Group.The total shares of Hekang New Energy acquired this time totaled 2.0.9 billion shares (approximately 18% of the total share capital of Hekang New Energy).73%), of which, Suncom Group acquired Hekang New Energy 1.9.8 billion shares; acquired 11.14 million shares of Hekang New Energy from Liu Jincheng.The total purchase price is 7.4.3 billion yuan, of which the total price paid by Shangfeng Group was 7.03 trillion; the total price paid to Liu Jincheng was 39.65 million.In addition, Midea HVAC signed the “Vote Right Entrustment Agreement” with Shangfeng Group and Ye Jinwu. Shangfeng Group and Ye Jinwu agreed to transfer their voting rights to 55.75 million shares of Hekang New Energy的 5%)不可撤销地委托给美的暖通,委托期限为自本次收购的交割日起15个月。After the completion of this acquisition, Midea Group will hold Hekang New Energy 2 through Midea HVAC.09 billion shares, and through the voting rights of 55.75 million shares entrusted by Shangfeng Group and Ye Jinwu, total control of Hekang New Energy2.6.4 billion shares of voting rights (approximately 23 of the total share capital of Hekang Xinneng).73%).The company will become an indirect controlling shareholder of Hekang New Energy.Hekang New Energy is a listed company on the Shenzhen Stock Exchange GEM with a registered capital of 11.2.9 billion US dollars, business scope includes solar, photovoltaic, wind power, high-voltage inverters, new energy vehicles and its charging pile industry chain operation; manufacturing high-voltage inverters, etc.The announcement showed that the operating income of Hekang New Energy in 2017 and 2018 was 13, respectively.5.1 billion yuan, 12.06 trillion; the asset budget is 46.8.6 billion, 41.5.3 billion yuan; net assets attributable to the mother were 24.8.1 billion, 22.3 billion yuan.For the purpose of the acquisition, Midea Group believes that the core business of Hekang New Energy includes industrial inverters and servo systems, which belong to the field of electrical industrial control and are the core control systems closely related to industrial automation in the industrial Internet architecture.In the context of new infrastructure, it is facing huge development potential.Midea Group will further strengthen the industrial layout in the fields of industrial automation and power electronics software drive, enhance the industrial automation industry chain collaboration opportunities, expand Midea Group’s ToB business scale, and strengthen the ToC and ToB business “two-wheel drive” business model.Midea Group believes that it will help accelerate the frequency conversion process of Midea’s large central air conditioners and enhance its competitive advantage over traditional fixed-frequency products.The business layout of Hekang New Energy in energy conservation and environmental protection, new energy vehicles and other businesses has increased the diversity of Midea Group ‘s business and also provided a positive and effective exploration basis for Midea Group ‘s new business and new model expansion.According to the data monitored by “Mechatronic Information · Central Air Conditioning Market”, the total market share of the “Top Ten” brands in China’s central air conditioning industry in 2019 has exceeded 70%, in order: Midea, Gree, Daikin, Hitachi, Haier, McQuay, Toshiba, Johnson Controlled York, Cool Wind, Tianjia.Sauna, Ye Wang Chen Weicheng Editor Wang Jinyu Proofreading Liu Baoqing