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With the vigorous rectification of lead-acid batteries by the country, leading companies in the industry are also expanding to strive for greater market share. However, the expansion plan of Fengfan Group's battery production has been voted by the market, and the company's stock price has continued to decline for several days.

On August 18th, Fengfan Co., Ltd. (600482, SH), whose main business is batteries, announced a plan for non-public issuance of A-shares. The fundraising projects include an annual production of 5 million high-performance sealed maintenance-free lead-acid batteries and an annual production of 4 million AGM batteries, with a total planned fundraising amount of no more than 1.06 billion yuan.

A reporter's investigation found that in 2007, the company raised 270 million yuan for the 3 million maintenance free battery project, but the project has not been found yet, and the funds raised have also changed their purpose; The project raised through the non-public offering of Fengfan Co., Ltd. is an expansion of the project that was raised four years ago. Regarding this, some investors question whether Fengfan Shares can borrow money from the same project for a second time.

4 years ago, the raised funds were invested in other projects

According to public information, on November 8, 2006, the non-public issuance method of Fengfan Shares was approved by the board of directors. One of the methods was 3 million maintenance free batteries. In 2007, the final fundraising amount for this project was 270 million yuan.

Until March 2010, Fengfan Co., Ltd. announced to the public that it had decided to change the execution location of the 3 million maintenance-free battery project four years ago, and planned to purchase 862.45 acres of land in the co construction zone of Baoding National Industrial Development Zone for the company's new project construction.

One month later, at the 2009 shareholders' meeting, Fengfan Group decided to change the production capacity of this project from 3 million to 5 million. In September 2010, the company announced that the Fengfan Industrial Park located in the co built zone of Baoding High tech Industrial Development Zone and the 5 million yuan maintenance free battery project would start construction at the same time.

However, in March 2011, Fengfan Group issued a notice stating that it was still processing preliminary procedures such as land certificates and construction certificates for an annual production of 5 million fully battery free projects. A project that has already started without a land certificate or construction certificate? Is Fengfan Group engaged in illegal construction?

In March 2011, Fengfan Group also announced that the second extraordinary shareholders' meeting in 2011 approved the transfer of the original 3 million fully sealed and maintenance free lead-acid battery project, which was decided to expand production to 5 million maintenance free batteries in 2010, to its own funds for investment.

A new 5 million battery project has emerged

The 5 million battery project fell silent, while another 5 million battery project surfaced with a notice on August 18th.

On August 18th, Fengfen Shares announced a notice announcing the method of non directional issuance. The annual production of 5 million high-performance sealed maintenance free lead-acid batteries is planned to raise 560 million yuan for the construction project.

The announcement said that this project had obtained the Environmental impact statement of Sailing Co., Ltd.'s Annual Output of 5 Million Sealed Maintenance free Batteries (BHS [2010] No. 36) issued by Baoding Environmental Protection Bureau.

As soon as the announcement was issued, Fengfan Shares plummeted on the day they resumed trading on the 19th. The following two days continued to decline, with a cumulative decline of 13.6% over the three days.

Xiao Han, a researcher in the new energy industry at CIC, told the Daily Economic News that Fengfan Co., Ltd. was suspended for a period of time, preventing the overall market decline. After its resumption, there will inevitably be a downward trend.

However, in the eyes of investors, the sharp decline of Fengfan Shares is not just about making up for losses. An investor reported that Fengfan Shares was a scam involving a second round of money from the same project several years ago.

Fengfan Response: Two fundraisings for the same project

On the 20th, the reporter learned from the Baoding Environmental Protection Bureau that the new 5 million battery project of Fengfan Group is located in Dawangdian Industrial Zone, Xushui County, Baoding City.

In September 2010, Fengfan Group announced to the public that the new maintenance-free battery project, which expanded from 3 million units to 5 million units, would start construction on September 6th of that year and hold a groundbreaking ceremony in conjunction with the Fengfan Industrial Park where the project is located. The Fengfan Industrial Park is located in the co built zone of the High tech Industrial Development Zone in Baoding City, Hebei Province, and its specific address is also the Dawangdian Industrial Zone in Xushui.

Subsequently, Xi Zhongjin, the representative of Fengfan Securities, confirmed through phone communication with reporters that the newly raised project is located in the Fengfan Industrial Park, with an area of over 800 acres.

Two projects with the same scale and products ultimately target the construction site of Dawangdian Industrial Park in Xushui County, which raises doubts about whether they are the same project.

Is the battery project that Fengfan Group raised 560 million yuan on August 18, 2011 and the battery project that raised 270 million yuan in 2007 the same project?

In response to investors' doubts about the fundraising project, Fengfan Group replied to the Daily Economic News that the 5 million maintenance free batteries proposed for fundraising and construction are indeed the same project as the 3 million maintenance free batteries previously raised. Due to slow progress in the previous project, the company ultimately changed the investment direction of the funds.

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