公司今日晚间发布公告，计划向不超过35名特定投资者，发行股票不超过本次发行前公司总股本的30%（即约3.98亿股），发行价格不低于定价基准日前20个交易日公司股票交易均价的80%。此次募集资金总额不超过20亿元，主要用于航空电气系统系列化研制及产业化项目、磁悬浮轴承高速电机系统研发及产业化项目和补充流动资金。Xiangtan Electric Manufacturing plans to raise no more than 2 billion yuan through a private placement for the development and industrialization projects of aviation electrical systems, research and development and industrialization projects of magnetic levitation bearing high-speed electric machine systems, and to supplement working capital.
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According to Caijing Network on November 25 (Reporter Huang Lu), two rounds of private placements have been completed in four years, with the previous round of investment still in the investment phase. Xiangtan Electric Manufacturing (600416.SH) announced a new round of private placement fundraising plan tonight. The company indicated that the fundraising investment projects are an improvement and expansion of its main business.
The company announced this evening its plan to issue stocks to no more than 35 specific investors, with the number of shares not exceeding 30% of the company's total share capital before this issuance (approximately 0.398 billion shares), at a price not less than 80% of the average trading price of the company's stocks over the previous 20 trading days before the pricing benchmark. The total amount of funds to be raised will not exceed 2 billion yuan and will mainly be used for the development and industrialization projects of aviation electrical systems, the research and development and industrialization projects of magnetic levitation bearing high-speed electric machine systems, and to supplement working capital.
(The above table is sourced from the company's announcement.)
The specific allocation of the raised funds for the above projects is: 0.97 billion yuan for the aviation electrical system project, 0.52 billion yuan for the magnetic levitation bearing high-speed electric machine project, and 0.51 billion yuan to supplement working capital.
Regarding the aviation electrical system project, Xiangtan Electric Manufacturing stated that this project will research and produce electromechanical energy conversion devices and their controllers used in aircraft, eVTOL (electric Vertical Takeoff and Landing aircraft), flying cars, drones, etc.
In addition, after the issuance, the company's controlling shareholder and actual controller will remain unchanged. The controlling shareholder, Xiangtan Electric Group, and its concerted actors hold a total of 30.70% of the company's shares, and it is expected that this will not lead to a change in control of the company.
At the same time, the company disclosed the "Report on the Use of Previously Raised Funds," showing that in 2021, the company raised approximately 1.07 billion yuan entirely for the replenishment of working cash; in 2022, the company successfully raised about 3 billion yuan, which involved four investment projects. Among them, the vehicle-mounted special launch equipment system series development and industrialization project, and the efficient traction system and energy-saving equipment for rail transit series development and industrialization project have not yet been completed and are still in the investment phase.
The aforementioned "vehicle-mounted special launch equipment system series development and industrialization project" is expected to reach its predetermined usable state by January next year; meanwhile, the "efficient traction system and energy-saving equipment for rail transit series development and industrialization project" is expected to reach its predetermined usable state by December this year.
It is worth mentioning that at that time, among the institutions participating in this large 3 billion yuan fundraising, there were both public and private institutions, as well as industry private equity tycoon Ge Weidong (who received 15.34 million shares with a funding allocation of 0.27 billion yuan). However, before the aforementioned two major projects fully commenced production and achieved results, Ge Weidong had already exited the top ten shareholders of xiangtan electric manufacturing in the third quarter of 2023.
(The above table is sourced from the company's announcement.)