On March 20, TBEA Co., Ltd. (stock code: 600089, stock abbreviation: TBEA) announced that its second-largest shareholder, Xinjiang Honglian Venture Capital Co., Ltd. (Xinjiang Honglian), has postponed the repurchase of pledged shares. Xinjiang Honglian holds 330,415,872 shares of the company, accounting for 6.54% of the total share capital.
On March 21, 2024, Xinjiang Honglian pledged 45.8 million shares to Guangfa Securities Co., Ltd., with the original pledge set to expire on March 20, 2025. However, on March 19, 2025, Xinjiang Honglian informed the company that it had completed the procedures for extending the repurchase of the pledged shares, with the new expiration date set for March 20, 2026.
The announcement clarified that this pledge does not involve any new financing arrangements. Xinjiang Honglian is in good credit standing, and the pledge risk is considered manageable. The funds from the pledged financing will primarily be used to repay debts and are not related to significant asset restructuring, performance compensation, or other guarantee purposes.
According to Tianyancha, TBEA was established on February 26, 1993, with a registered capital of 5,052.71 million RMB. The legal representative is Zhang Xin, and the registered address is No. 189, Beijing South Road, Changji City, Changji Prefecture, Xinjiang. The company’s main businesses include power transmission and transformation, new energy, energy, and new materials. Currently, the chairman is Zhang Xin, the secretary of the board is Jiao Haihua, and the general manager is Huang Hanjie. The company employs 27,583 people, and Zhang Xin is the actual controller, holding 7.37% of TBEA’s shares.
TBEA has 64 affiliated companies, including Xuyi Gaochuan Wind Power Co., Ltd., Urumqi Mingrui Guangsheng Power Generation Co., Ltd., Wuqi County Huaguang New Energy Co., Ltd., TBEA (Malaysia) LLC, and TBEA Xinjiang Cable Co., Ltd.
In terms of performance, the company’s revenue for 2021, 2022, and 2023 was 61.371 billion RMB, 96.003 billion RMB, and 98.206 billion RMB, respectively, reflecting year-on-year growth of 37.39%, 39.07%, and 1.76%. The net profit attributable to shareholders 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 ratio stood at 54.92%, 52.94%, and 54.28%. Regarding risks, Tianyancha information indicates that the company has 400 internal risk alerts, 3,637 external risk alerts, 6 historical risk alerts, and 587 warning risk alerts.
