Teibang Electric recently announced that its second-largest shareholder, Xinjian Honglian Venture Capital Co., Ltd., has postponed the buyback of 45.8 million pledged shares until 2026. According to a disclosure made on March 20, 2025, the company (stock code: 600089) revealed that Xinjian Honglian holds a total of 330,415,872 shares, representing 6.54% of the company’s total equity.
On March 21, 2024, Xinjian Honglian pledged 45.8 million shares to Guangfa Securities Co., Ltd., with the original buyback date set for March 20, 2025. However, on March 19, 2025, Xinjian Honglian informed the company of the successful extension of the buyback period, which has now been moved to March 20, 2026.
The announcement clarified that this pledge does not involve any new financing arrangements. Xinjian Honglian maintains a good credit status, and the risks associated with the pledge are manageable. The funds obtained from this pledge will primarily be used to repay debts and do not pertain to guarantees for significant asset restructuring or performance compensation.
According to Tianyancha, Teibang Electric was established on February 26, 1993, with a registered capital of 5,052,710,023 RMB. The legal representative is Zhang Xin, and the registered address is 189 Beijing South Road, Changji City, Xinjiang. The company specializes in power transmission and transformation, new energy, energy business, and new materials.
The current chairman is Zhang Xin, with Jiao Haihua serving as the secretary and Huang Hanjie as the general manager. The company employs 27,583 people, with Zhang Xin being the actual controller, holding 7.37% of Teibang Electric shares.
Teibang Electric has investments in 64 subsidiaries, including Xu Yi Gao Chuan Wind Power Co., Ltd., Urumqi Ming Rui Guang Sheng Power Generation Co., Ltd., Wuqi County Huaguang New Energy Co., Ltd., Teibang Electric (Malaysia) Co., Ltd., and Teibang Electric Xinjiang Cable Co., Ltd..
In terms of performance, the company’s operating revenues from 2021 to 2023 were 61.371 billion RMB, 96.003 billion RMB, and 98.206 billion RMB, reflecting year-on-year growth rates of 37.39%, 39.07%, and 1.76%, respectively. The net profit attributable to the parent company was 7.255 billion RMB, 15.883 billion RMB, and 10.703 billion RMB, with year-on-year growth rates of 196.34%, 118.93%, and -32.75%.
During the same period, the company’s debt-to-asset ratios were 54.92%, 52.94%, and 54.28%. Regarding risks, Tianyancha data indicates that the company has 400 internal risk records and 3,637 external risk records, with 6 historical risks and 587 warning risks.
