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Shanshan Corp., a prominent Chinese supplier of lithium battery anode materials, is being acquired by a consortium led by shipping magnate Ren Yuanlin, following a court order to restructure the debt-heavy parent company, Shanshan Group. The investment group plans to pay 3.2 billion yuan (approximately 450 million USD) to obtain a majority ownership stake of 23.3 percent in Shanshan. Ren Yuanlin will then assume the role of the new actual controller of the Shanghai-based company.
Controlled by Ren, Jiangsu Xinyangzi Trading, along with other investors, has signed a restructuring investment agreement with Shanshan Group and the court-appointed asset restructuring manager. The company has been struggling since its key controller passed away unexpectedly earlier this year, sparking family disputes and leading to defaults on debts. The court mandated the company to undergo asset restructuring in March.
Additional investors include an industrial investment fund affiliated with home appliance and display panel giant TCL, as well as the Shenzhen branch of China Orient Asset Management. The shares they acquire will have their voting rights collectively managed through an investment platform.
This marks Ren’s first entry into the lithium battery anode material and polarizer film sectors. Shanshan is the leading global supplier of lithium battery anode components, holding about 21 percent of the worldwide market, and is also a major provider of display panel polarizing film, with over 30 percent of the global market share.
Ren is a well-known figure in China’s private shipbuilding industry and currently serves as honorary chairman of Yangzijiang Shipbuilding Group, which went public on the Singapore Stock Exchange in 2007. His company, Xinyangzi Trading, is a subsidiary of Yangzijiang Financial Holding, which was spun off from Yangzijiang Shipbuilding Group.
The news of the ownership change had little immediate impact on the company’s stock today. Shares of the company closed down 2 percent at 15.57 yuan (about 2.18 USD), after reaching a peak earlier in the day at 16.80 yuan, up 5.8 percent.
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