Snowe Mining shares auction 7 days four times circuit breaker mysterious bidder increased price by 196 million yuan strong capping

On November 25, 54.2857% of the shares of Snowe Mining Development Co., Ltd. (hereinafter referred to as "Snowe Mining"), which had been auctioned regretfully, entered the auction again, and the circuit was broken 22 minutes after the first auction. On December 1, Snowe Mining entered the fourth round of auction, with a starting price of 800 million yuan. Three bidders signed up to participate in the auction. After only three rounds of bidding, they reached the top circuit breaker price of 1 billion yuan in the auction, which means that the equity auction of Snowe Mining has four circuit breakers in seven days.

(Related data drawing)

Some insiders believe that in view of the high lithium price at present, the starting price of the related equity of Snowe Mining is relatively low, and the equity auction may not be completed in the short term.

On the other hand, the bankruptcy restructuring of Snowe Mining is continuing. The entry of two potential investors, Ningde Times (300750) and GCL Energy Technology (002015), has also made the battle for lithium mine more complicated and confusing.

Number of bidders reduced to 3

Competing for the largest shareholder of Snowe Mining

Alibaba auction platform information shows that after the first three rounds of auction, the number of bidders who registered for the equity auction of Snowe Mining has changed from the original five to the current three.

At 13:00 p.m. on December 1, the fourth round of auction started on time, with a starting price of 800 million yuan, a deposit of 160 million yuan, an increase of 4 million yuan or an integral multiple of 4 million yuan, and a ceiling price of 1 billion yuan. After three bids, it took more than three hours to reach the ceiling price of 1 billion yuan, then triggered the circuit breaker, and the bidding ended. Although it takes a long time, there are few bidding times in this round of auction. Each bidder will only bid once. At 16:07 p.m., the bidder with the bidding number of "V3074" raised the price by 196 million yuan at one go, which was a strong ceiling.

Public information shows that many lithium mining giants have said they will participate in the bidding before, but it is still unknown which companies are still holding fast to compete for the largest shareholder of Snowe Mining.

According to the auction announcement, the starting time of the fifth round of auction is 48 hours after the end of the fourth round of auction. The starting price of the auction is 1 billion yuan, the deposit is 200 million yuan, the markup is 5 million yuan or an integral multiple of 5 million yuan, and the ceiling price is 1.2 billion yuan.

According to the data, Snowe Mining has the right to conduct a detailed survey of lithium and quartzite deposits in Declalongba, Yajiang County, Sichuan Province, and is a "star lithium mine" in the market. The lithium deposit is located in the methylka plateau in western Sichuan, and the depth of the deposit is not more than 200 meters from the surface. It is an open mining deposit. The resource reserves and grade of spodumene are highly reliable. The total amount of industrial ore found in the exploration right is 18.143 million tons, which is a medium and large spodumene mine.

However, this "star lithium mine" is not without problems. According to the auction risk tips, in August 2016, the Department of Land and Resources of Sichuan Province announced that the price of "increasing the types of minerals for periodic survey" for the exploration right of Talongba Lithium Mine was 1.279 billion yuan, but Snowe Mining failed to pay, and the evaluation result has become invalid. The above exploration right has expired on June 30, 2021. Previously, the exploration right has been reserved for three times, but the fourth reservation procedure has not been obtained. From the perspective of the appraisal value, the appraisal value of the "Detailed Exploration Right for Lithium and Quartzite Mines in Declalongba, Yajiang County, Sichuan Province" on the benchmark date of June 30, 2021 is 974 million yuan.

Although there are some flaws in the exploration rights of Snowe Mining, the market is still hot for Snowe.

Xu Yongqi, chief analyst of Hua'an Metal New Materials, told the reporter of Securities Daily that behind the fierce equity competition of Snowe Mining, there was great uncertainty in the market's expectations for the price of lithium resources. Relevant enterprises attached great importance to lithium resources and made up for weaknesses as much as possible.

Ningde Times Entered

Who will add more variables to the high price lithium mine

According to the National Enterprise Bankruptcy Reorganization Case Information Network, GCL Energy Technology and Ningde Times, two prospective investors, responded within the registration deadline specified in the Snowe Mining Reorganization Investor Recruitment Announcement. In the end, Ningde Times was recommended as the first candidate restructuring investor, and GCL Energy Technology was the second candidate restructuring investor.

After the Ningde era entered the game, the battle for the "priceless lithium mine" was full of gunpowder.

A relevant person who did not want to be named to engage in bankruptcy reorganization told the Securities Daily that "after the date of the selection announcement, the reorganization investors should pay the reorganization funds according to the time and amount in the election documents, and the administrator will sign the Reorganization Investment Agreement with the reorganization investors after receiving all the reorganization funds. If the first ranking candidate reorganization investor delays or is unwilling to sign the Reorganization Investment Agreement with relevant risk terms, he will lose the qualification of reorganization investor and be ranked the second candidate. "

The reporter noticed that there was no passive waiting for the GCL system that Snowe Mining aspired to. By confirming part of the creditor's rights and equity of Snowe Mining in advance, GCL Energy Technology, as both a creditor and a contributor, steadily seized the initiative to vote on the reorganization plan.

On November 28, GCL Energy Technology announced that by accepting 276 million yuan of creditor's rights and 238 million yuan of creditor's rights held by the wholly-owned subsidiary GCL Lithium and Sichuan GCL, and at the same time acquiring 558 million yuan of creditor's rights owned by Sichuan Hengxin subsidiary, the company won 1.072 billion yuan of creditor's rights of Snowe Mining in total, accounting for more than 66% of the total creditor's rights of Snowe Mining. In addition, the company also controls 45.71% of the equity of Snowe Mining through its joint-stock enterprise Sichuan Hengxin.

"According to the procedure, after the Reorganization Investment Agreement is signed and comes into effect and is reported to the Yajiang County People's Court for approval, a creditors' meeting of Snowe will be held to organize the creditors' meeting to vote on the Draft Reorganization Plan in groups. In group voting, creditors or investors who account for more than 2/3 of the group must vote for approval. Given that GCL Energy Technology has acquired 66% of the creditor's rights of Snowe Mining and owns 45.71% of the equity of Snowe, if the voting is not passed, the restructuring plan will be difficult to advance. " Said the above person who did not want to be named.

However, the two restructuring investors are not necessarily "antagonistic relationship", and the two potential investors in the common phase of this "sky high lithium mine" may cooperate in the future. According to the official website of GCL Group, on September 19 this year, Ningde Times and GCL Group held a signing ceremony for a long-term strategic cooperation agreement in Ningde, Fujian. According to the agreement, both parties will give full play to their comprehensive competitive advantages and carry out strategic cooperation in scientific and technological innovation and product research and development; Carry out technical cooperation and exchange in terms of universality of heavy truck replacement power station; In terms of power battery cascade utilization, optimize the battery cost in the whole life cycle according to the heavy truck+energy storage application scenario; Explore innovative cooperation in the field of power battery recycling.

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