The company planned to raise 836 million yuan, but actually raised 1.74 billion yuan, exceeding the target by more than 700 million yuan; one year after going public, the stock price has fallen by more than 40% compared to the issue price. Most incredibly, the company reported a loss just after going public.

This company is called Tianli Lithium Energy!

Just now, Tianli Lithium Energy made another "joke."

On the evening of November 15th, Tianli Lithium Energy announced that the shareholders' meeting rejected the share repurchase plan proposed by the management earlier. To be honest, this is really unheard of and rare. Generally speaking, shareholders' meetings are more about form than substance, and resolutions are usually passed by default, especially for repurchases, which are welcomed by collective shareholders with open arms. How could they possibly vote against it?

Therefore, there must be a problem behind this matter.

It might be related to the insufficient repurchase amount!

On October 31st, Tianli Lithium Energy announced that the repurchase amount would not be less than 50 million yuan and not more than 100 million yuan, with a repurchase price not exceeding 48 yuan per share.

At first glance, it seems like there is no problem. However, note that Tianli Lithium Energy has taken 1.74 billion yuan from the capital market, but it is stingy when it comes to repurchasing. It is important to know that the company has spent 800 million yuan on financial management in the past year, and even planned to use 300 million yuan for financial management in September.

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Having money to buy financial products but being stingy with the repurchase, treating it like charity to beggars, wouldn't you be angry? Note that this statement is not baseless.It is well-known that the actual controllers of Tianli Lithium Energy are Wang Ruiqing, Li Wen, and Li Xuan, who together hold 38.44% of the shares. Here's the key point: according to the third-quarter report, the shares of the aforementioned three individuals have all been pledged to varying degrees, with Wang Ruiqing pledging 34.97%, Li Xuan pledging 21.67%, and Li Wen pledging 70.25%.

Got it? The pledge rate of the shares held by the actual controllers of the listed company is close to half, indicating that either the controllers are in dire need of money or they have already prepared to cash out and flee.

Let me ask you this: with a company like this, can you expect the money in your pocket to be taken out again?

Let's take a look at the company's fundamentals.

Before going public, that is, from 2019 to 2022, the company's performance seemed perfectly normal. However, in the first three quarters of this year, Tianli Lithium Energy reported a net loss of 112 million yuan, while the same period last year the figure was 158 million yuan.

It's clear, another case of a company changing its face upon going public!

Some might argue that Tianli Lithium Energy is in the field of lithium battery ternary materials, and poor performance is to be expected, but what about the high issue price?

The IPO issue price was so high, and they over-raised 700 million yuan, only to be followed by a prolonged decline. You should know that from the fundamentals, one can see the company's performance changing face.

From 2020 to 2022, Tianli Lithium Energy's net operating cash flow was -41.24 million, -144 million, and -927 million, respectively. That is to say, on the surface, these three years were the explosive period of the company's performance, but in fact, the company has been in a serious state of bleeding, and the company's profits have no cash flow support at all.

What does this indicate?It indicates that the company lacks sufficient bargaining power in the industry chain competition! It suggests that once the industry's prosperity declines, the company will be the first to be affected!

Why is it that a company like this can have such a high IPO issue price? So high that even the listed companies are finding it difficult. The prosperity of ternary materials has declined significantly, industry overcapacity and price wars are intensifying, and the money raised does not dare to be truly invested in capacity construction. Hence, there is the previous 800 million in financial management.

To add, the lead underwriter for Tianli Lithium Energy is Minsheng Securities, and as for the sponsorship fee, those who know understand!

Finally, according to the third-quarter report, almost all of the top ten circulating shareholders of the company have been completely replaced, and they are almost all institutional investors. What does everyone think this indicates?