On August 30, Qingdao Han Cable Co., Ltd. announced that its holding subsidiary "Shanghai Hengjin Power" intends to dissolve and liquidate. Han Cable shares said that due to the breakdown of Shanghai Hengjin's capital chain, difficulties in operation, and the failure of relevant measures, shareholders voted to suspend the operation and liquidation of Shanghai Hengjin.
It is understood that Shanghai Hengjin Power Technology Co., Ltd. was established on June 24, 2009, mainly engaged in fuel cell technology and related new energy products research, design, development, transfer of its own research and development results, and provide related technical advice and technical services. At present, its controlling shareholders include GREATWOOD INTERNATIONAL, Suntech New Energy and Longsheng China besides Han Cable shares. According to the information
, Gao Yong, the founder of Hengjin Power, was a master of engine design from Northwest Polytechnic University of China, a doctor of chemical engineering from McGill University of Canada, and a chief engineer from Ballard Company. It has participated in the design and transformation of household cogeneration, 250kW distributed generation, bus power and the former flagship 9 series and Hiway series stacks. After returning to China in 2006, Gao Yong taught at Tongji University, founded a fuel cell company in Wuhan, and founded Hengjin Power in Shanghai in 2009. Hengjin Power was exclusively selected as the customized 400 kW hydrogen power supply vehicle
for the 2020 Beijing Winter Olympics (tender contract). On February 10, 2020, Hanhe Cable Co., Ltd. and Hanhe Group signed the Equity Transfer Agreement to acquire 34.26% of Shanghai Hengjin's equity held by Hanhe Group for 260 million yuan. Han Cable Co., Ltd. holds 34.26% of the equity of Shanghai Hengjin. The appraisal value of Shanghai Hengjin at that time was 801 million yuan. Han Cable said at the time that it would quickly enter the field of fuel cell technology and related new energy products, thus forming the company's business layout in the field of fuel cell technology and related new energy products.
As for the reasons for bankruptcy liquidation, Han Cable said that the capital chain was broken, the operation was difficult, and the relevant measures failed.
At the same time, Han Cable said that the dissolution and liquidation of Shanghai Hengjin will not adversely affect the company's main business, and the impact on the development of hydrogen energy business is uncertain. By the end of June, the book value of Han Cable's long-term equity investment in Shanghai Hengjin was 89.25 million yuan, and there was a certain risk of impairment. The final impact and related accounting treatment were based on the liquidation results and the data confirmed by the accountant.
However, it is worth noting that Shanghai Hengjin Power is not the only hydrogen energy company of Han Cable Stock. Shortly after the acquisition of Shanghai Hengjin Stock, Han Cable Stock and Shanghai Hengjin Power jointly invested 400 million yuan to set up a joint venture company, Qingdao Hanhe Hydrogen Energy Equipment Technology Co., Ltd., in which Han Cable Stock invested 300 million yuan, accounting for 75% of the joint venture company. Shanghai Hengjin Technology invested 100 million yuan. The joint venture company is engaged in the application of hydrogen standby power supply technology and equipment manufacturing and investment.
In the 2022 report, Han Cable also proposed that it was developing a hydrogen fuel cell composite bipolar plate and a 70 kW hydrogen fuel power generation system, in which the fuel cell power generation system was customized for the Hangzhou Asian Games. In the semi-annual report of 2023, Han Cable said that the research and development of key new products in the first half of the year included the research and development of high-power hydrogen fuel power generation system technology.
According to the Equity Transfer Agreement signed by Hanhe Group and Hanhe Cable Co., Ltd., Hanhe Group promises that the net profit of Shanghai Hengjin after deducting non-recurring gains and losses in 2020, 2021 and 2022 will not be less than 2.7173 million yuan, 10.4499 million yuan and 15.28 million yuan, respectively. If Shanghai Hengjin fails to reach the promised net profit during the performance commitment period, Hanhe Group will compensate the difference between the realized net profit and the promised net profit according to the agreement between the two parties. On February 11,
2020, Hanhe Cable Co., Ltd. acquired 34.26% of the shares of Shanghai Hengjin Power Technology Co., Ltd. held by Qingdao Hanhe Group Co., Ltd. The audited net profits of Shanghai Hengjin Power Technology Co., Ltd. after deducting non-recurring gains and losses in 2020, 2021 and 2022 are not less than 2.7173 million yuan, 10.4499 million yuan and 15.28 million yuan respectively.
In fact, the net profit of Hengjin Power in 2020-2022 is 15.0993 million yuan, 41.5417 million yuan and -21.723 million yuan, and the amount of non-recurring gains and losses is 11.7159 million yuan, 93.5438 million yuan and 4.6678 million yuan. After deducting non-recurring gains and losses, the net profit attributable to the parent company was 3.3834 million yuan, -52.0021 million yuan and -26.3908 million yuan.
As of December 31, 2022, the accumulated committed net profit of Hengjin Power is RMB 28.4472 million, and the accumulated net profit attributable to the owner of the parent company after deducting non-recurring gains and losses is RMB -75.0095 million, which is lower than accumulated committed net profit of RMB 103.4567 million. Hanhe Group shall compensate Hanhe Cable Co., Ltd. for RMB10,345.67 × 34.26% -2,116.78 = 14.2765 million in 2022.
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