领益智造时隔4月再融资：标的前五大客户收入占比98% 30亿定增募投项目均无疾而终

Core Viewpoint - Lingyi Zhi Zao plans to issue convertible bonds and acquire a 66.46% stake in Jiangsu Kedastern Automotive Technology Co., Ltd. The company aims to raise funds for this acquisition while facing significant financial challenges, including high debt levels and negative cash flow from operations [1][2][3]. Group 1: Acquisition and Financial Strategy - The acquisition of Jiangsu Kedastern is intended to enhance Lingyi Zhi Zao's presence in the automotive interior sector, which has promising market prospects [2][3]. - Lingyi Zhi Zao will raise an additional 207 million yuan through a private placement to support the acquisition and improve liquidity [1]. - The company has a history of multiple acquisitions and expansions into various sectors, including consumer electronics, photovoltaic, and new energy vehicles [6]. Group 2: Financial Performance of Jiangsu Kedastern - Jiangsu Kedastern's revenue from its top five customers accounted for approximately 98% of its total revenue over the past two years, indicating a heavy reliance on a few clients [3]. - The company has reported negative operating cash flows of -1.95 million yuan and -23.01 million yuan in the last two years, contrasting sharply with its net profits of 25.32 million yuan and 40.98 million yuan [3]. - Jiangsu Kedastern's debt ratio has remained above 80%, with a significant portion of liabilities being accounts payable, leading to substantial financial pressure [3]. Group 3: Lingyi Zhi Zao's Recent Financing History - Just four months prior to the current financing announcement, Lingyi Zhi Zao raised 2.14 billion yuan through convertible bonds for eight new projects, which have raised concerns due to previous unsuccessful fundraising efforts [8][7]. - A previous 3 billion yuan private placement for three projects was terminated, and the remaining funds were used for liquidity, raising doubts about the feasibility of the new projects [8][7]. - Despite ongoing financial difficulties, Lingyi Zhi Zao plans to spend 200 to 400 million yuan on share buybacks, which has raised questions about the rationale behind this decision [10].