XiAoKe nickel-hydrogen battery project transition to the automotive sector, the company’s desperate act, and because the subsidiary has been in the insolvent condition. “
For the Baotou Steel Rare-earth preparations for yesterday’s announcement that lend money to a subsidiary of its holding 75% of the nickel-hydrogen batteries XiAoKe Co., Ltd. (hereinafter referred to as: XiAoKe battery) on the transformation of existing production lines in order to achieve the production of hybrid vehicles Ni-MH battery goals, so a broker researcher exclaimed. Meanwhile, Baotou Steel Rare Earth yesterday’s mid-year report shows that, following a quarterly loss since the second quarter, the company has been profitable.
“Daily Economic News” reporter from the Baotou Rare Earth Office was informed that the Securities Department staff, the company XiAoKe the battery on the investment has more than a few billion, but the company’s technology and production capacity can not keep up, in 2007 and even the introduction of Japan’s technology transformation of the production lines, production of nickel-hydrogen batteries are mainly used in power tools and electric bicycles, but the effect is still not very satisfactory, there have been insolvent situation.
Baotou Rare Earth in 2008 annual report said that as the company holding XiAoKe Ni-MH battery electrode, Inc. (hereinafter referred to as XiAoKe battery plates) and XiAoKe battery products in market development stage, and production has not reached the design capacity lead to higher costs per unit of product, the two companies have a loss of three consecutive years, in 2008 two subsidiaries of the Baotou Rare Earth impact over a -20% net profit. At the same time a subsidiary of this year’s mid-year report two stages is still at a loss.
As the end of last year, XiAoKe XiAoKe cell battery plates and the end of owner’s equity is negative, Baotou Rare Earth has investments in two companies a total of about 200 million yuan a full provision for impairment. According to company personnel, in such a context, the Baotou Rare Earth before deciding to lend XiAoKe battery product transformation.
The insider said that the product transition, the need for the transformation of a certain production line is expected to invest worth more than millions of dollars in the previous loss of a billion dollars but it is not large compared to the number, and which to some extent, that XiAoKe battery is under pressure to transform.
Corporate & Securities Department staff, said XiAoKe nickel-hydrogen battery project has achieved initial results, pre-products of co-operation with some car manufacturers are expected to transform the production line can be completed in the first half of next year, will form an annual output of 50000 sets of capabilities, However, the specific operating conditions also need to test the market in the short term can not see the performance of the Baotou Rare Earth impact.
Center Daily News revealed that a loss of Baotou Rare Earth 67.1871 million yuan, up 127.19 percent drop sharply, which is the first time since the company in 2006 mid-year report a loss. But compared with a loss of 78.9122 million yuan Biyijiduo the second quarter, profit 11.73 million yuan has been.
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