2 The musk “ A good friend ”, impact 2022 Largest Hong Kong stock IPO

source ： Hit the net （ID：China-Venture） author ： Li Tongwei

This will be the largest stock market in Hong Kong this year IPO.

6 month 19 Sunday night , According to the documents disclosed on the official website of the Hong Kong Stock Exchange , Tianqi lithium passed the listing hearing of HKEx , The specific fund-raising scale has not been disclosed , Morgan Stanley 、 China international capital corporation 、 CMB international is its co sponsor .

Tianqi lithium will become another after Ganfeng lithium “A+H” Two listed lithium companies . It was previously reported that , Tianqi lithium is expected to raise funds 10 to 15 Billion dollars .

Jiangweiping, the founder, was an employee of a state-owned enterprise ,1997 Start a business in ; The predecessor of Tianqi lithium is a state-owned enterprise with a lot of debts . Jiangweiping accepted this state-owned enterprise owned by the county , renamed 、 Reform 、 list , Then through two cross-border mergers and acquisitions , Let it step into the ranks of leading enterprises .

Tianqi lithium is the core material supplier of lithium new energy , The main products are lithium concentrate and lithium compound derivatives , Collect upstream lithium resource reserve 、 Develop and midstream lithium chemical products . be based on 2020 Annual output , It is the largest lithium producer in the world , It is also the fourth largest lithium compound producer in the world and the second largest lithium compound producer in Asia .

Lithium price is still at a high level recently , To reduce costs , It's not exciting for automobile manufacturers to seize lithium raw materials . There was Xinwangda before 2 In January, the company announced the introduction of 19 Investors , Wei Xiaoli 、 BYD is among them ; Later, Shengli Xinneng announced the introduction of strategic investment , It's BYD . This time, Tianqi lithium IPO, There is a rumor in the market that , Tesla participated in Tianqi lithium Hong Kong shares IPO Subscription for , Tesla responded vaguely ：“ Unclear , No information to disclose .”

Two snake swallow elephant acquisitions

The entrepreneurial story of Tianqi lithium started with a 50 Post SOE employees .

Founder jiangweiping 1955 Born in Suining, Sichuan, in , Before the college entrance examination system was restored, he used to plant rice seedlings in the countryside in Puxing commune of Xinjin, Sichuan Province as an educated youth . The college entrance examination system was restored , Jiangweiping seized the opportunity to enter Sichuan Institute of technology （ The predecessor of Xihua University ）.

1982 year ,27 Jiangweiping was assigned to Chengdu Machinery Factory , It starts long 3 Years of technician life , And then , He passed through 3 Years of administrative work 、10 Years of life as a sales engineer , He is an ordinary employee of a state-owned enterprise . For many years, I have been with machines , Jiangweiping himself said that he likes to deal with machines .

That's it 1997 year , Jiang Weiping 42 Year old . He decided to start a business in the sea , Chengdu Tianqi Industrial Co., Ltd. was established , What we do is import and export trade , Including the import of lithium resources . At that time , There is a county owned enterprise in Shehong County, Sichuan Province —— Shehong lithium salt factory , It is the supplier of Tianqi industry , But it has been losing money for years , It is a heavy burden on the local government .

The county government found several suppliers and hoped they would save the company , A lot of people don't want to , But jiangweiping became interested , Accepted the factory and all the debts , Also renamed Tianqi lithium . This is the Tianqi lithium industry today .

Next , Jiangweiping acquired through two snake swallowing elephants , Let Tianqi lithium gradually become a giant .

For the first time 2012 year 、2013 year , The background was , As a processor of solid lithium ore , Tianqi lithium is the main raw material to be processed —— spodumene , And this raw material comes from an Australian company —— Talison .

2012 year 8 In June, jiangweiping saw a piece of news that shocked him , Talison will be acquired by Lockwood, a global lithium giant .

Why shocked ？ Talison accounts for about of the global lithium resource supply 35% Market share , As early as 1996 In, Tianqi lithium imported lithium concentrate from talison , His family will buy talison in the rush hour 1/3 Lithium concentrate . Of course , This is also because talison has the highest taste in the world 、 The Greenbush spodumene mine with the largest reserves .

Need to know , Although China is the fourth largest lithium resource country in the world , But there is a large amount 、 Low quality 、 Mining is difficult 、 The problem of high cost , So we are also the largest importer of lithium resources in the world . meanwhile , China is the world's largest lithium consumer , Control the world 80% Refining of raw materials 、77% Battery capacity and 60% Manufacturing of parts and components .

If talison is acquired by Lockwood , Not only is Tianqi lithium once again blocked , For a country as heavily dependent on imports as we are , More harm than good .

Jiangweiping has great courage , Dare to think and do , Such a small company wants to buy talison ？ Lockwood certainly doesn't take Tianqi lithium seriously , Obviously, after that, look back , Lockwood did underestimate the enemy 、 Arrogant , Lost this opportunity . This is also because Lockwood directly wants to take 50 Million acquisition , It doesn't seem very variable to anyone .

Jiangweiping thought of a way , First, he borrowed usury from foreign financial institutions , Secretly registered a wholly-owned subsidiary in Australia —— Windfield , Transfer through secondary market transactions and over-the-counter agreements , I've had enough of talison 9.99% and 10% Equity of , Become the second largest shareholder of talison .

After that 2012 year 11 month , When Lockwood was preparing to buy , Windfield exercised a veto as a major shareholder . If not, jiangweiping needs money to buy , Jiangweiping is going to 2013 year 3 month 20 Pay by 53.3 RMB . After that, the state made a move , CIC's strategic stake in windfield , Industrial and Commercial Bank of China has given a loan .

Final , Jiangweiping is higher than Lockwood 15% Our offer won talison .

After that , Jiangweiping again took talison 49% To Lockwood , He scored 51% The control of , Paid off most of the bank loans and usury , CIC earned 6 $ .

The story of this acquisition is over , The second time was in 2018 year , Let Tianqi lithium become the king of lithium in China 、 Global leader in lithium industry .

The main source of lithium production is salt lake , It occupies more than... Of the world's discovered reserves 50% The three major salt lakes are ： The Uyuni salt lake in Bolivia （Salarde Uyuni）、 Atacama Salt Lake in Chile （Salarde Atacama） And Argentina's ombreme Alto Salt Lake （Salar del Hombre Muertto）, This is called lithium triangle . These three salt lakes are also SQM、 Yabao 、FMC Three giants control .

and SQM The concentration of lithium in the controlled Atacama Salt Lake is high 、 Large reserves 、 The mining conditions are mature , It is one of the largest mature salt lakes in the world .

2016 year , Two fertilizer giants in Canada —— Potash Corporation of Canada 、 Jiayang company merged , Won the SQM32% Equity of . then , The United States 、 China 、 India has waited for an antitrust investigation , Potash Canada needs to divest several chemical companies , Include SQM.

Can't ,2017 year 10 month , Potash Canada announced 18 Divestiture of... Held within months SQM Equity of , This makes countless hunters moved by the wind , Including Sinochem Group 、 Tianqi lithium Co., Ltd 、 Jinsha River 、 Yabao et al .

Actually , Consider it from another angle , This great salt lake in Chile , The two most important buyers are from the United States and China . This is related to the national game at that time , It's not just purely driven by commercial interests . Final , Tianqi lithium has become the second largest shareholder .

in any case , Tianqi lithium Co., Ltd 2010 Annual listing , The next two big events —— Two acquisitions , Help him in less than 10 In, it has become a leading enterprise with more say in the global lithium industry .

Debt repayment is urgent

Prospectus disclosure , Tianqi lithium this time IPO The purpose of the raised funds is mainly to repay SQM Debt of , The rest will be used to expand the project .

This is due to the fact that not every huge acquisition can successfully tide over the difficulties , Although the first acquisition finally settled the debt with fixed increase and selling equity , But the second time , Not so smooth .

2018 year 12 month , Tianqi lithium Co., Ltd 40.7 A consideration of US $billion to complete the purchase by Nutrien Held SQM Of 6256 stocks A stocks . Same year , Entered into two financing agreements （ Syndicated loan A And syndicated loans B、 Syndicated loan C）, Withdraw all available financing under it 35 Billion dollars is SQM Transaction consideration allocation .

It means , Tianqi lithium has 35 $billion from syndicated loans . Because of the huge debt , Tianqi lithium Co., Ltd 2018 In, he submitted a listing application to the Hong Kong stock exchange , but SQM Before capacity gains are realized , The company is also losing money for years , Failed to succeed .

The lithium resource industry has periodicity .

before , The rapid growth of lithium industry demand comes from the explosive growth of electric vehicles and energy storage demand , And that leads to this 2016 Year to 2018 year , The net profits of Tianqi lithium are 15.12 One hundred million yuan 、21.45 One hundred million yuan 、22 One hundred million yuan . But the next slide has already been foreshadowed , although 2018 Net profit for the year 22 One hundred million yuan , But year on year growth is only 2.56%, The decrease in operating income was 50% above .

at that time , The net assets of Tianqi lithium are only 119 One hundred million yuan , At the same time, M & a syndicated loans 、 Overseas fund raising 、 There are three ways of self financing , The debt ratio is as high as 75%.

Next , Because of the strong demand , The subsequent overproduction of the lithium industry led to overcapacity 、 The price of the product fell , Plus the decline of subsidies for new energy vehicles , The government has also weakened the demand for upstream lithium carbonate .2018 Year to 2020 year , The revenue growth of Tianqi lithium industry fell , Negative net profit .

2019、2020 Years and 2020 The first three quarters of the year and 2021 First three quarters , The business income of Tianqi lithium is about 48.16 One hundred million yuan 、32.15 One hundred million yuan 、24.17 One hundred million yuan 、38.49 One hundred million yuan , The growth rate of revenue has decreased , At the same time, the net profit of the company is about -54.8 One hundred million yuan 、-11.25 One hundred million yuan 、-5.79 One hundred million yuan .

Besides , High debt , The company is also tightening its spending on research and development .2019 year 、2020 Years and 2021 The first three quarters of the year were 4840 Ten thousand yuan 、2430 Ten thousand yuan, and 1490 Ten thousand yuan , Showing a rapid downward trend .

after , Introduce Australian listed companies IGO After investment , Tianqi lithium is relieved . Now the industry is experiencing a high boom again , The price of lithium salt has increased significantly , It also increased the profits of lithium salt enterprises . This has also become the living water and source of Tianqi lithium industry , Decrease in debt ratio , Performance pick up .

2021 Year begins , The supply and growth rate of lithium salt are difficult to match the growth rate of downstream demand , Some enterprises have time limit for production expansion 、 Lithium resources are difficult to produce at full capacity , The actual supply falls short of expectations .

2021 year , Tianqi lithium began to turn losses into profits , Realize operating revenue 76.63 RMB 100 million , Year-on-year growth 136.56%; Net profit 20.79 RMB 100 million , Year-on-year growth 213.37%.2021 year 9 month , Tianqi lithium announced the launch H Shares of the listed , It is said that the raised funds after deducting the issuance expenses , Used to repay existing debts 、 Capacity expansion and replenishment of working capital .

WIND The data shows , In the last six months , existing 12 An investment agency rated the company , Are all “ purchase ” or “ Overweight ”. By 6 month 16 Closed yesterday , Tianqi lithium Co., Ltd A Stock Report 114.75 element / stocks , Market value 1694.97 One hundred million yuan .

at present , Tianqi lithium owns 400 More than 100 million assets ,1600 Ten thousand tons of LCE reserves .

At the lithium end , The chemical grade lithium concentrate phase III expansion project under construction is expected to be completed in 2025 Completed in , Expected to increase 52 Ten thousand tons of / Annual capacity , Thus, the total capacity of talison lithium concentrate is 2025 The year is about 210 Ten thousand tons of / year . Besides , Tianqi lithium strategically laid out the Cuola lithium mine in Yajiang, Sichuan many years ago , To cope with the possible lack of lithium resources and the risk of raw material import in the future .

Lithium chemical products , Currently in Shehong, Sichuan 、 Zhangjiagang, Jiangsu 、 Chongqing Tongliang has three production bases 4.48 Ten thousand tons of / Lithium chemical product capacity in , Chongqing Tongliang production base is planned to be expanded in two phases 2000 Ton metal lithium project , Suining Anju, Sichuan 2 The 10000 ton battery grade lithium carbonate project is gradually resuming its construction rhythm , It is expected that 2023 Completion and commissioning in the second half of . The first phase of quinana in Australia produces 2.4 The first batch of lithium hydroxide products of the 10000 ton battery level lithium hydroxide project , Has passed the internal laboratory sampling test , Confirm that all parameters are up to standard .

Musk wants to take a stake in

tesla CEO musk 4 When replying to lithium price data on social media in June, he mentioned , The price of lithium salt has been ridiculously high , Unless the cost is improved , Otherwise, Tesla may have to start large-scale personal participation in lithium mining and refining . Power battery is the biggest cost of the whole vehicle , about 40%, According to the measured , The price of lithium carbonate has risen 10 ten thousand , The corresponding cost of power battery shall at least rise accordingly 5000 element .

The automobile factory has started a new trend of taking a stake in lithium mining company .

Wei Xiaoli was also in this year 2 In June, we jointly invested in Xinwangda, a battery manufacturer ;3 month , Shengxin lithium energy once announced that , The company plans to issue shares by private placement , Introduce BYD as a strategic investor , Raise no more than 30 One hundred million yuan . After the completion of this offering , BYD's stake in Shengxin lithium energy is expected to exceed 5%. Before that, Volkswagen Group （ China ） Also had said , Interested in establishing joint ventures with Huayou cobalt and Qingshan group , To ensure the supply of nickel and cobalt .

During the period when Tianqi lithium was approved to be listed in Hong Kong twice , The new energy sector is obviously “ Blood return ”. By 2021 end of the year , The number of new energy vehicles in China has reached 784 Thousands of cars , Year-on-year growth 59.25%.2021 New energy vehicles registered in 295 Thousands of cars , Year-on-year growth 151.61%. and 2017 year , The number of newly registered new energy vehicles is only 65 Thousands of cars .

5 month 31 Japan , BYD found... In Africa 6 A lithium mine and reached a purchase intention , This means that BYD does not need to worry about lithium shortage in the next decade . Ford is 2022 In, it also cooperated with Australian lithium mining company LakeResource Signed a preliminary agreement to buy lithium . According to the insiders , Weilai has also been intensively investigating lithium ore recently ,“ Especially the salt lakes in central and South America ”.

The war started in South America 、 Australian “ Sanhu No.7 mine ” Spread to China .5 month 21 Japan , The sky high price auction of snowway mining, which was once popular, came to an end . The company's delanongba lithium mine in Yajiang County, Sichuan Province triggered the capital competition 、 Quartzite exploration right .21 A bidder is sawing 6 God 5 night ,3448 Second offer , The subject matter is finally marked with 20 Billion yuan deal , yes 335.29 Starting price of 10000 yuan 596 times .

The major securities companies shouted out “ The price of lithium is not the highest , Only higher ” The slogan of the .

The entire upstream lithium resource company is also soaring . The first quarter of this year , The performance growth rate of several lithium battery upstream enterprises is as high as 5 Times even 10 times . among , The net profit of Rongjie shares increased by 13996%, The first quarter net profit of Yahua group increased by 1210%; Shengxin lithium energy 、 Medium resources 、 The profit growth rate of Ganfeng lithium and other enterprises exceeded 5 times .

Previously, musk said that he was building his own lithium ore refining plant , And has won the mining right of a lithium mine in Nevada . For participating in the subscription of Tianqi lithium , It has long been reported . But Tesla responded ,“ Unclear , No information to disclose .”