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On August 18th, Fengfan Corporation (600482) announced that it plans to raise 1.06 billion yuan through a non-public offering of shares to invest in the construction of battery and AGM battery projects, and will resume trading on the same day. In the following two days, the stock price of Fengfan Group actually continued to plummet for two days.

The announcement shows that this fundraising project involves an annual production of 5 million high-performance sealed maintenance-free lead-acid batteries and 4 million AGM batteries, with raised investment amounts of 560 million yuan and 500 million yuan, respectively.

But the market seems to be less interested in the company's two fundraising projects this time. A stock friend named veteran investor A Niu posted that there are issues with the issuance of Fengfan this time. Firstly, the battery market is currently good, and Fengfan is starting to launch projects. The construction period of this project is 48 months, and it will be difficult to say when the market will start; The second is AGM batteries, and currently the company can only produce 1500 units. Is the project of over 4 million units inappropriate.

It is understood that lead-acid batteries are a type of battery used for car starting, ignition, and lighting, with low technical content and belong to labor-intensive projects. AGM batteries refer to valve regulated lead-acid batteries that use adsorbed glass fiber mats (AGM) as battery separators to adsorb electrolyte, which are relatively more technologically advanced.

Due to the project not being favored, the company's stock price has also been sluggish in the past two days. On the day of resumption on the 18th, the decline was 8.13%. The next day, it fell another 3.16%.

Xiao Han, a researcher in the new energy industry at CIC, stated that Fengfan Group has chosen to raise funds to build these two major projects at the current time. The important reason is that it is optimistic about the future development prospects of new energy vehicles and hopes to further occupy the market by expanding production. The recent rectification of the lead-acid battery industry is conducive to eliminating outdated companies, and Fengfan Group intends to further drive the increase in the share of lead-acid batteries by expanding its scale.

Regarding this, Wang Liang, the investment director of Shenzhen Taihe Investment Company, also expressed the same viewpoint.

However, Xiao Han also stated that the two major battery projects raised by Fengfan Group in 2007 have not yet achieved profits, and there are significant doubts about whether the new projects can achieve profits after completion. Moreover, the long construction cycle leads to significant uncertainty in the actual market situation after the project is completed and put into operation; The battery industry has a low threshold and fierce market competition. In such an environment, a 48 month construction cycle will further reduce the competitiveness of the project.

In response, Xi Zhongjin, the securities affairs representative of Fengfan Company, stated that the fundraising projects are all for the company's development considerations.

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