On September 12, Jiaotong Construction Co., Ltd. intends to acquire 70% of Boda Xinneng's cross-border photovoltaic, which is mainly engaged in research and development, production and sales of solar cells and photovoltaic modules , mainly for the North American market.
The announcement lasted only 10 days, and the inquiry letter from the Shanghai Stock Exchange arrived first.
On September 22, Jiaotong Construction announced that on the same day, the company received a letter of inquiry from the Shanghai Stock Exchange on the company's plan to issue shares and pay cash to purchase assets and raise funds and related transactions.
In the inquiry letter, the Shanghai Stock Exchange requested that the construction shares should be combined with the main product composition, market space, future growth rate, existing capacity, downstream demand, as well as the industry status of the target company and recent industry fluctuations . Analyze whether there is overcapacity in the related products and industries of the target company, and whether the related products can be sold smoothly in the follow-up . And whether there may be a sharp decline in prices.
At the same time, the main customers, market conditions, exchange rate fluctuations and liabilities of the target company Boda Xinneng are explained in detail, and the risks are fully indicated.
Finally, whether there is a concerted action relationship between the natural persons Liu Jingqi and Huang Jiurui of the counterparty Boda Unity and the employee stock ownership platform Wuxi Botai, and whether the counterparty Boda Unity is specially set up for this transaction in combination with the time when the above subjects continue to hold the rights and interests, if so, please supplement and disclose the lock-up arrangement of the final investor after the completion of the transaction. According to the
data, Jiaotong Construction Co., Ltd. was founded in 1993 and listed on the Shanghai Stock Exchange in 2019. The company's main business is engineering construction business, mainly engaged in highway and municipal infrastructure construction related engineering construction, survey and design, test and inspection, and housing construction. In this acquisition, Jiaotong Construction Co., Ltd. not only broadened its business scope, but also formally crossed the border into the photovoltaic industry . Through
the acquisition of Boda Xinneng Cross-border Photovoltaic, the outside world believes that it may be related to the intensified competition in the field of engineering construction and the pressure on the company's profits. From 2020 to 2022, the company's profit margins were 3.06%, 2.9% and 2.79% respectively, showing a downward trend as a whole.
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