(Yicai Global) Oct. 16 -- Two state-owned enterprises in Tianjin plan to transfer 30 percent of their Samsung SDI Co. [KRX:006400] shares, the Tianjin Property Rights Exchange announced yesterday, as National Business Daily reported.

Samsung Tianjin Battery Plant formed in October 2015 as a joint venture, with its main business the development and production of circular lithium-ion batteries and other car batteries.

Samsung, Tianjin Zhonghuan Electronic and information (Group) Co. and Tianjin Economic and Technological Development Area (TEDA) State Asset Operation Co., hold 50 percent, 30 percent and 20 percent of Samsung's Tianjin Battery Plant's shares, respectively.

Tianjin Zhonghuan and TEDA will transfer 10 percent and 20 percent of their shares at a base price of CNY11.81 million and CNY23.62 million, respectively, with the other shareholders to waive their priority assignment rights. The base price for the transfer of the 10 percent Samsung Tianjin Battery Plant shares is not quite CNY1 million higher than the CNY10.84 million of the 10 percent share subscription.

Samsung SDI Co. has found itself caught in the media spotlight since the second half of last year during the notorious Samsung Note 7 explosions, but top international manufacturers stiff favor its battery products. Yet the financial situation of Samsung SDI's Tianjin plant is far from ideal and a fire in its battery plant in February again brought it to the front burner of public concern.

Samsung Tianjin battery plant's earnings have fallen steeply in the past two years, with revenue last year of CNY492 million, and a net profit loss of CNY85 million. Revenue hit CNY90 million by August 31, while net profit reached CNY9 million, the transfer announcement related.

The plant was insolvent this year. Total assets were CNY802.66 million as of Aug. 31, with total liabilities of CNY806.48 million and owner equity a negative CNY3.82 million.

Fighting a fire that broke out in the plant on Feb. 8 inundated equipment and inventory. Production and operation returned to normal after half a month of drying and debugging of what remained. The fire damage is still unassessed, however, and the final loss from the conflagration still undetermined, the transfer announcement also related.