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Lithium battery manufacturer Mengshi New Energy Technology (Henan) Co., Ltd. (002684.SZ, hereinafter referred to as * ST Mengshi) has reached the brink of bankruptcy and reorganization.

On May 9, * ST Mengshi announced that Guangzhou Huansen Investment Co., Ltd. (hereinafter referred to as Guangzhou Huansen) had submitted an application for restructuring * ST Mengshi to Shenzhen Intermediate People's Government on April 29.

Guangzhou Huansen applied for restructuring of * ST Mengshi on the ground that * ST Mengshi could not fulfill its guarantee obligation to pay a receivable of 320 million yuan.

*ST Mengshi said that it was still uncertain whether the bankruptcy reorganization application would be accepted.

If it is decided to accept the reorganization application, * ST Mengshi or the designated manager will submit the company's reorganization plan for the vote of the people's meeting. The company may be adjudicated to terminate the reorganization procedure because the reorganization plan cannot be approved, thus declaring the company bankrupt.

Established in 2001, the main business of * ST Mengshi covers battery manufacturing, clean energy power engineering and energy storage business. In 2015, the company shifted from the original lead battery business to the lithium battery business, but due to the lack of competitiveness of the products, the operating costs remained high, and the loss continued for two years in 2017 and 2018.

Since 2018, * ST Lion has defaulted and has been facing liquidity crisis since then. The company's latest annual report shows that its revenue last year was 1.09 billion yuan, with a loss of more than 1.8 billion yuan. By the end of last year, the company's net assets were negative 1.7 billion yuan, and it was insolvent.

Since April 30, the company's stock has been delisted by Shenzhen Stock Exchange for risk warning and other risk warning, and the stock abbreviation has been changed from the previous ST lion to * ST lion.

*ST Mengshi takes turning net assets into positive and turning losses into profits as its business objective this year. However, in the first quarter of this year, the company lost another 220 million yuan.

*ST Mengshi said that because the pressure on capital has not been effectively improved, its businesses are still at a low level, and some subsidiaries have slow business progress due to the shortage of capital, the project cost has increased, and the gross profit rate has decreased.

Last year, Hubei Mengshi New Energy Technology Co., Ltd. (hereinafter referred to as Hubei Mengshi), a wholly-owned subsidiary of * ST Mengshi, was ruled bankrupt by the people of Yicheng City, Hubei Province.

Hubei Mengshi's business includes lithium battery, battery management system, etc. It is the main company of * ST Mengshi 5GWH lithium battery project. At present, Hubei Mengshi has been handed over to the designated administrator, and * ST Mengshi has lost control of it.

*The major asset restructuring that ST Mengshi is planning is also delayed due to the company's insolvency. The company disclosed in 2018 that it planned to issue shares to the companies under China Building Materials Group and purchase its own photovoltaic power stations and other related business companies.

*ST Mengshi disclosed at the end of last month that due to its negative net assets in 2020, the relevant trading parties have agreed to continue to promote this asset restructuring after the net assets of listed companies turn to positive.

*The actual controller of ST Mengshi is Chen Zaixi and his family, who together hold 39.1% of the shares of the listed company* The chairman of ST Mengshi is Chen Lewu, the son of Chen Zaixi.

In January this year, the CSRC decided to file an investigation into Chen Lewu's suspected disclosure of insider information* ST Mengshi announced that the above filed investigation matters were personal investigations of Chen Lewu, and had nothing to do with the company.

As of the closing of May 7, * ST Mengshi's share price was 2.18 yuan, up 4.81% from the previous trading day, with a total market value of 1.24 billion yuan.

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