2018-05-11
Author cat sister
Come back and forth, repeatedly, *ST Zhonghe (002070) once again fell into paralysis.
On the evening of May 10th, the official website of the Shenzhen Stock Exchange issued an announcement on *ST public and suspension of listing. The Shenzhen Stock Exchange announced that due to the negative audited net profit of *ST Zhonghe in 2015, 2016 and 2017 for three consecutive fiscal years, according to relevant regulations, it is decided that *ST Zhonghe shares will be available from May 15, 2018. Suspension of listing.
(*ST Zhonghe and 2017 financial report show that its net profit attributable to shareholders of listed companies in 2017 was -859 million yuan; in 2016, the net profit attributable to shareholders of listed companies was adjusted to -50,084,800 yuan. After the adjustment, it was -202 million yuan; in 2015, the net profit attributable to shareholders of listed companies was -155 million.)
Subsequently, *ST Zhonghe also issued a notice to suspend the listing. The main contents are: First, the announcement of the company's suspension of listing; Second, the company is making every effort to save itself and avoid delisting. In the future, it will receive strategic investors, Xingye Mining, 000,426, a financial aid of 600 million yuan; the third is to tell the outside world that the traditional business of textile printing and dyeing plate operations has been completely discontinued, the company continues to need to find "taker";
However, at the beginning of the announcement, his director Xu Jiancheng was limited in his duties due to personal reasons. Director Jin Jinming resigned and retired, so the content, accuracy and completeness of the information disclosure could not be guaranteed.
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In any case, *ST Zhonghe has become the first stock to suspend listing in 2018, with a lot of fate and uncertain future...
The industry is in pain, the farce is constantly, and all the investment projects are aborted.
*ST Zhonghe's main business at the beginning of the listing was textile printing and dyeing. However, due to insufficient internal growth of the textile printing and dyeing industry, long-term weakening of international market demand, increased labor and environmental governance costs, and high gross profit margins, the company's fundraising projects have not been The original performance of *ST Zhonghe is inevitably affected by various factors such as smooth progress.
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Around 2011, the performance of *ST Zhonghe began to weaken due to the impact of the main business. During this period, in addition to the influence from the industry, *ST Zhonghe's fundraising projects have also been in a dilemma many times.
In June 2010, at that time, Zhonghe Co., Ltd. 002070, the stock company completed the private placement, raised 430 million yuan of funds, according to the disclosure at that time, one of the funds will be used for the annual production of 22 million meters of high-grade printing and dyeing fabric production equipment technical transformation project . The total investment is 255 million yuan. It is planned to use the raised funds of 212 million yuan. The construction period is 1 year. The normal annual profit of the project is predicted to be 45.566 million yuan and the net profit is 34.751 million yuan.
However, after only more than two months, the fundraising project has undergone major changes. The design plan for the new workshop has not been approved by the Xiamen Municipal Planning Bureau. The land in the plan and the land use property have been adjusted to commercial and financial land. The situation of implementation. Previously, the company did not prompt about the risks associated with land use.
What is embarrassing is that Xiamen Huayin, a project subsidiary of Zhonghe, has received a special subsidy fund of 12.12 million yuan for the central government, but can only apply for a refund.
Such a farce, *ST Zhonghe seems to be particularly "good at".
In the second year, Zhonghe shares transferred the credit certificate of 80 million yuan for the acquisition of funds to the general bank account of a company in Jiangsu without a public resolution of the board of directors and no public disclosure. The funds will be used for the company's liquidity and repayment of bank loans. In the end, Zhonghe shares were ordered to rectify by the Fujian Securities Regulatory Bureau due to the misappropriation of funds raised in violation of regulations.
* ST Zhonghe and the fundraising project that was initially invested in the financing commitments were all aborted, and the funds raised were used to permanently replenish the working capital. This also made the outside world once suspect that the purpose of the listing of Zhonghe shares was to maliciously circle money.
After several twists and turns, *ST and the people broke the cans, which reduced the attention of the textile printing and dyeing business and began to seek transformation.
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In 2012, *ST Zhonghe squeezed into the new energy and new materials field, looking at a comprehensive gross profit margin of 75%, and wants to "turn the tide" in the lithium battery business. But this time, the decision did not reverse the "pain" of *ST Zhonghe, but the performance became more and more bleak.
A series of things that happened afterwards, for the *ST Zhonghe, can be said to be unexpected, but unexpected.
Passion "Struggle" 6 years, leaving only a bunch of "bad"
In July 2012, Zhonghe shares announced that it plans to acquire no less than 51% of the shares of Xiamen Shishi Trading Co., Ltd. for no more than RMB 500 million. At that time, Xiamen Lanshi held a 70% stake in the lithium battery company Shenzhen Tianjiao Technology and a 33% stake in Aba Zhoufeng Lithium Industry. As soon as the news came out, the market was uplifted. It rose for 8 trading days and won 7 daily limit, which caused the industry to be in turmoil.
2014 is the most important year for Zhonghe. On June 15, 2014, Zhonghe shares increased its fundraising by 1.5 billion yuan to prepare for the new energy lithium battery materials business. On August 19th, *ST Zhonghe announced that the company intends to accept 100% equity of Xiamen Huangyan held by Kashgar Huangyan.
In the second half of 2014, the main body of the selected 8 million tons (Phase I) of the spodumene mine was basically completed, and a small amount of mining began. The temporary production capacity of the competent government department is 350,000 tons/year.
In the same year, Zhonghe shares were suspended twice in July and September respectively, and they made a “reform†that was considered to be “big-bang†for internal equity. In this regard, the performance of the three subsidiaries related to the lithium battery business can be smiled, but the losses continue, and the asset-liability ratio begins to remain high.
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* ST and the aura of the lithium-ion battery concept stock, the hand also holds high-quality lithium resources. Its Abazhonghe New Energy Co., Ltd. holds 98% of the equity of Malcolm Jinxin Mining Co., Ltd. (hereinafter referred to as Jinxin Mining), corresponding to a reserve of 1.59 million tons (calculated as lithium carbonate), which is about three of Tianqi Lithium Industry. One of the points. Jinxin Mining is currently one of the few companies in China that has large-scale production of large-scale lithium mines, and is the only one in Sichuan Province that is mining lithium mines.
Maintaining such a mineral resource naturally costs a lot of money. Zhonghe shares are short of money, but for prospecting and mining, the company is desperate to take the mining rights as collateral, with an annual interest rate of 17% and borrowed 200 million yuan.
At that time, Zhonghe shares said that the main project of Jinxin Mining Expansion Project was completed in 2015, and trial production began in mid-June. However, the ore dressing production line is still in the stage of running-in and commissioning, and the yield is insufficient. A total of 20,000 tons of lithium refined powder is produced.
In the same announcement, Zhonghe predicted that Jinxin Mining will produce 60,000-80,000 tons of lithium refined powder in 2016, all of which will be measured through the self-produced lithium salt of Zhonghe New Energy or the external sales after entrusted external processing. It is expected to be realized throughout the year. Operating net profit is about 500 million yuan.
However, the 2016 annual report disclosed that Zhonghe's shares of lithium refined powder were only 21,600 tons, up only 10% from 2015.
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The expected performance is greatly discounted, the risk of not being able to repay the debt, and the mining rights of Zhonghe shares are almost auctioned.
As for why the expectations differ greatly from the actual ones? A media survey of the media may explain.
In July last year, the Securities Market Weekly issued a document saying that Jinxin Mining’s 850,000 tons project was basically completed, but the environmental protection procedures have not yet been completed, and the new mining rights certificate has not yet been applied; the 1.6 million tons project is not under construction. In 2016, Jinxin Mining produced a total of six months from April to September, and the subsequent production was not announced. According to the announcement, Jinxin Mining has a temporary mining license of 350,000 tons per year, but the evidence shows that Jinxin Mining has only one mining right with an annual output of 50,000 tons.
The announcement is inconsistent with the actual situation, and it is the culprit that Zhonghe shares concealed disclosure.
This directly led to *ST Zhonghe's operating income of 880 million yuan in 2016, net profit of the mother was minus 48 million; in 2015, Zhonghe shares realized operating income of 690 million yuan, and net profit of the mother was negative 150 million yuan. . Zhonghe shares were capped because of the net profit loss of the mother for two consecutive years.
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During this period, the company’s actual controller, Xu’s father and son, also began frequent reductions. As of May 2017, the father and son have reduced their holdings by 18 times, with a total of 1.42 billion yuan. Interestingly, in these announcements of reductions, it has been enforced by the courts many times, and the purpose of reduction is mostly used to return the huge debts of the two.
On May 11, 2017, *ST Zhonghe announced that Xu Jiancheng, the company's largest shareholder, actual controller, chairman and president, was executed by the Malkang Municipal Public Security Bureau on March 20, 2017 for alleged contract fraud. arrest. The announcement also stated that Xu Jiancheng’s alleged contract fraud was a personal act and had nothing to do with the listed company.
Four months later, *ST Zhonghe also said that "the bad news" said that the suspected information disclosure was illegally investigated by the Securities and Futures Commission. * ST Zhonghe and the board of directors also fell into awkwardness. In the past six months, four senior executives have resigned.
In 2017, *ST Zhonghe and the crisis, the asset-liability ratio has reached 124.24%, and the assets are insolvent. In order to ease the debt conflict, *ST Zhonghe also tried to save himself. The textile printing and dyeing business assets were completely shut down and sold to nearly 1 billion yuan for sale, but as of now, this asset has not been touched.
On the evening of April 27, 2018, *ST Zhonghe disclosed the annual report and the quarterly report. The annual report shows that *ST Zhonghe's 2017 revenue was 754 million yuan, down 14.91% year-on-year; net profit was loss of 1.04 billion yuan, a year-on-year increase of 422.24%, compared with a loss of 199 million yuan in the same period last year. 533 million yuan,
*ST Zhonghe and the 2018 quarterly report showed that during the reporting period, its revenue was 4,706,600 yuan, a year-on-year decrease of 78.46%; net profit was -51,156,600 yuan, a year-on-year decrease of 230.74%. *ST Zhonghe expects that it will lose 50 million to 90 million yuan in the first half of 2018.
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On May 8th, the Shenzhen Stock Exchange issued a letter of concern to *ST Zhonghe. The reason was that the relevant company's 2017 annual report was issued by the auditing organization with an audit report that “cannot express opinionsâ€.
Nowadays, the issue of the audit report has not been resolved, and *ST Zhonghe has to face a suspension.
After a few years of "struggle", in exchange for a pile of mess, *ST Zhonghe and can not tell, the strategic investor Xingye Mining's 600 million relief funds can make *ST public and "return to life", no one can say ...
This article was first published on WeChat public account: Cat Finance. The content of the article belongs to the author's personal opinion and does not represent the position of Hexun.com. Investors should act accordingly, at their own risk.
(Editor: Li Jiajia HN153)
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