AutoBeta(AutoBeta.net)02/06 Report--

ST Haima announced that its controlling subsidiary, Haima Finance, plans to sell its 7 per cent stake in Hainan Bank to China Railway Investment at a transfer price of 329.7 million yuan. It is understood that before the transfer, Haima Finance held a 12% stake in Hainan Bank, and after the transfer, Haima Finance held a 5% stake in Hainan Bank.

Seahorse said that this move is mainly to further focus on the main automobile industry and optimize the allocation of resources. At present, the board of directors of the company has passed the "motion on the transfer of part of the equity of Hainan Bank Co., Ltd by the holding subsidiary", but the transaction still needs to be approved by the national banking regulatory authority.

According to the data, the cumulative sales of seahorse cars in 2020 was 17773, down 39.6% from the same period last year. On January 30th, the annual performance forecast of Haima Automobile shows that it is expected to have a net loss of 900 million yuan to 1.35 billion yuan in 2020 and a net loss of 1.04 billion yuan to 1.49 billion yuan after deducting non-recurrent profit and loss. The sale of the stake in Hainan Bank undoubtedly makes up for the crisis of seahorse automobile capital chain.

For the whole of 2020, the cumulative sales of Haima cars were 17773, down 39.6% from the same period last year. Can the seahorse save itself? At least from the current situation, it is not very optimistic.

The seahorse car, which has been established for more than 30 years, is on the brink of life and death. After a loss of 994 million yuan in 2017, Haima Motor continued to lose 1.637 billion yuan in 2018. Although it achieved a net profit of 85 million yuan in 2019, it recovered through the sale of idle real estate, company equity and government subsidies. After deducting Fei, its net profit loss reached 731 million yuan.

On April 24, 2019, Haima Motor was given a "delisting risk warning" treatment, and the stock was changed from "Haima Automobile" to "* ST Haimai" because of negative net profit for two consecutive years.

In order to improve the operation of the company, Haima started to "sell houses to save themselves". From May 2019 to June 2020, Haima issued a number of asset sales announcements, including the sale of a number of idle properties in Shanghai and Haikou, as well as the transfer of shares in Henan Haima property Service Co., Ltd., and Shanghai Haima Research and Development Co., Ltd. In addition, the government will also give blood transfusions to seahorse cars, which will receive a government subsidy of 95 million yuan in 2019.

Thanks to the sale of idle property, shares in the company and government subsidies, Haima made a smooth turnaround in 2019 and withdrew the delisting risk warning in June 2020, changing the stock from "* ST seahorse" to "ST seahorse" for short.

In 2020, auto companies such as Zhongtai, Lifan, Cheetah, Huatai and other auto companies have failed one after another, Geely managed Cheetah, Zhongtai parent company was liquidated, Huatai disappeared, Lifan was taken over by Geely, and Haima is still saving itself, but with the market stock competition, such as the main business downturn of Haima, it can only rely on the sale of assets to survive, and may be eliminated by the market at any time.

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