Abstract Since the 2011 Zeng Nickel industry's planned private placement work has experienced twists and turns, it is still difficult to escape the fate of the veto. The company first thrown a fixed plan on July 20, 2011, and plans to issue no more than 300 million A shares. The issue price is not less than 20.36 yuan / share, raising funds...
The private placement work planned by Jean Nickel since 2011 has experienced twists and turns, and ultimately it is still impossible to escape the fate of being rejected. On July 20, 2011, the company first announced a fixed-income plan, and plans to issue no more than 300 million A shares. The issue price is not less than 20.36 yuan/share, and the raised funds are not more than 6 billion yuan, which is used to invest in "Jen Nickel." Indonesian laterite ore smelting (low nickel bismuth) project.
On May 14 this year, Jean Nickel finally issued a notice saying that the application was not approved.
However, this scene has already been foreseen by the company's tradable shareholders. Due to the lack of prospects for the company's growth, as early as February 2013, the first extraordinary shareholders meeting in 2013, for the adjustment of the company's non-public offering The resolution of the validity period of the stock resolution was not passed. The data shows that the proposal to extend the validity period of one year again is rejected by 99.92% of the tradable shareholders.
In the secondary market, the company's share price has already run below the fixed base price. As of yesterday's close, Jean Nickel closed at 10.37 yuan, down 4.69% throughout the day.
On the same day, the staff of the Jean Nickel Securities Department said that the company currently only knows the results. The reason for the failure is not clear. However, some institutional sources said that since last year, nickel prices have been The sharp decline has led to doubts about the profitability of the fixed-income project, or its root cause.
Nickel prices have fallen to "criminals"
The staff of the above-mentioned Jean Nickel Securities Department also admitted that since 2012, due to the global economic downturn and the slowdown of domestic economic growth, nickel prices have been at a low level. Especially since the second quarter of last year, the price of nickel in LME has continued. In the downturn and the increasing production of nickel-containing pig iron, the domestic spot market price has also begun to fall.
Since 2013, nickel prices have not improved. The latest statistics from Haitong Securities show that the price of nickel LME in May is $15,290.50/ton. Since the beginning of this year, this price has fallen by more than 10%.
However, the aforementioned institutions said that despite the oversupply in the market, domestic and foreign nickel producers are still investing in new projects.
"We believe that the non-ferrous metals industry has entered an era of "resources are kings". Whoever masters the upstream mineral resources will gain absolute discourse and obtain high profits. Similarly, for nickel industry companies, who Mastering the nickel resources, who will get the largest share of the nickel industry chain," the source said.
"The company's investment in Indonesia is mainly based on the fact that after 2014, Indonesia's laterite mines with less than 6% nickel content are not allowed to export. The company builds a smelter in the local area. First, Indonesia is rich in mineral resources, and second, it is banned from exporting. The company only builds a smelter in Indonesia, and after the local laterite smelting, it can be transported back to China for deep processing, providing the company with a stable source of raw materials. Moreover, it can save the company a lot of shipping compared with imported ore. Fee." The above-mentioned staff of the Jean Nickel Securities Department also said.
On the same day, the staff said that at present, the company's 6 billion clay mine smelting project invested in Indonesia has temporarily stopped. When it is restarted, it is still difficult to say.
Multinational investment has suffered huge losses
Whether the increase is negative or not, for the ambitious Jean Nickel industry, it can be said to be a good one.
In fact, in addition to the intention to set up factories in Indonesia, in recent years, Jean Nickel has been keen on multinational mineral investment, covering Australia, Canada, Papua New Guinea and other places. However, the company's overseas mining roads are not smooth. At present, the company's overseas mineral investment has been losing money, seriously affecting performance.
According to the 2012 annual report, in 2012, the company realized operating income of 24,759,852 yuan, a year-on-year decrease of 10.63%, and the net profit attributable to the parent company was -20,632,900 yuan, a decrease of 163.58% compared with the same period of the previous year. After deducting the transfer of Yuguang Energy's equity of 411 million yuan. After the investment income of the yuan, the net profit attributable to the parent company during the reporting period was RMB -329 million.
According to the annual report, following the loss of 27.69 million Canadian dollars (about 167 million yuan) in 2011, Jean Nick International, the Canadian subsidiary of Jean Nickel, once again suffered a huge loss of 46.906 million Canadian dollars in 2012, with a cumulative loss of 66.45 million Canadian dollars. Therefore, Jean International's 2012 financial report has been audited by BDO Certified Public Accountants of Canada and issued an audit report with unqualified opinions with emphasis on matters. It stated: "As of December 31, 2012, the amount owed to the parent company is not included. En International's working capital is -28,975,100 Canadian dollars... It requires the continued financial support or financing of Jean Nickel to pay the debts due. There is significant uncertainty in the continued operation of Jean International and its subsidiaries."
Previously, due to the lack of international losses and short-term solvency, the company’s 2012 annual report was also issued by Dahua Certified Public Accountants. Non-standard audit opinion".
Similarly, another overseas subsidiary of Jean Nickel, Australia's Jean Mining, also experienced operating losses. As of the end of 2012, the company achieved a net profit of -30.751 million yuan.
It is worth mentioning that, due to the company's large amount of funds for the acquisition, development and construction of overseas nickel ore resources, the company's asset-liability ratio has risen sharply. At the end of the first quarter of this year, the company's asset-liability ratio was as high as 84.69%, and short-term borrowings reached 8.2 billion. Yuan, the financial expenses in the first quarter reached 77.36 million yuan.
In this context, the company’s investment plan of up to 6 billion Indonesia is no, investors seem to be able to breathe a sigh of relief.
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