On February 7, on the first day of the opening of the A-share market after the festival, the “demon stock” Aba Chemicals Corporation(300261) also resumed trading, but it fell by the limit at the opening of the market, reporting at 21.86 yuan / share, with a total market value of 21.058 billion yuan, an evaporation of 5.258 billion yuan compared with the previous trading day.
denied the existence of a cooperative relationship with Pfizer
Aba Chemicals Corporation(300261) has soared all the way in the secondary market. From November 1, 2021 to January 28, 2022, the company’s share price rose as high as 432.55%. For this reason, Aba Chemicals Corporation(300261) has “entered the palace” for the second time, and the license will be suspended for verification on December 29, 2021 and January 17, 2022 respectively.
On the news side, the suspension verification results disclosed on February 6 of Aba Chemicals Corporation(300261) show that “carbonic anhydride and its derivatives can be used to synthesize Pfizer covid-19 oral drug palovide from the process flow” previously stated in the reply to the concern letter, in which carbonic anhydride and its derivatives refer to compounds rather than products produced by the company, It cannot be determined that the carbonic anhydride and its derivatives produced by the company can be used to synthesize Pfizer covid-19 oral drug.
Aba Chemicals Corporation(300261) also clarified the rumors of cooperation with Pfizer. He said that the company has no business contact and cooperation with Pfizer, has not signed a cooperation agreement with Pfizer, has not supplied Carlin anhydride products to Pfizer, Pfizer has not provided the company with any quality standards for the procurement of covid-19 oral front-end raw materials, and the company’s customers refuse to provide the end use of Carlin anhydride and its derivatives, The company is unable to determine whether the produced carbonic anhydride products meet the needs of Pfizer products, and has not conducted relevant technical verification. It is unable to determine whether the carbonic anhydride products produced by the company are or can become Pfizer covid-19 oral drug intermediates.
As of December 31, 2021, the company’s sales revenue of carbonic anhydride and its derivatives in 2021 was 27.073 million yuan, accounting for about 1% to 2% of the company’s total operating revenue in 2021, accounting for a relatively small proportion, which is not expected to have a significant impact on the company’s performance in 2021. As of December 31, 2021, the total amount of orders on hand for carbonic anhydride and its derivatives was 63.5408 million yuan.
Who is behind the hype Aba Chemicals Corporation(300261) ? According to choice data, from November 15, 2021 to January 14, 2022, Aba Chemicals Corporation(300261) has been listed on the dragon and tiger list for nine times, with a purchase amount of 13.2 billion yuan and a sale amount of 12.7 billion yuan. Among them, the second business department of China stock market news securities Lhasa Tuanjie road was listed five times, and the second business department of China stock market news securities Lhasa East Ring Road and the business part of Sinolink Securities Co.Ltd(600109) Meihua Road, Pudong New Area, Shanghai were listed two times respectively.
It should be noted that since last year, investment institutions such as funds have disappeared from the list of the top ten circulating shareholders of Aba Chemicals Corporation(300261) and have been replaced by natural persons. By the end of the third quarter of last year, there was only one “other” institution with a total position of Aba Chemicals Corporation(300261) and a stock market value of 1.501 billion yuan.
performance has not improved
Carbonic anhydride is the direct inducement of Aba Chemicals Corporation(300261) this round of stock price surge. On December 22, 2021 local time, the US Food and Drug Administration (FDA) approved Pfizer’s first oral drug paxlovid, which can be urgently used to treat covid-19 virus infection. The key part of the drug is composed of carbonic anhydride.
As early as November 4, 2021, Aba Chemicals Corporation(300261) announced on its official website that “the commercialization and mass production of pharmaceutical intermediate carbonic anhydride developed and produced is smooth, and the current monthly production scale has reached 20 tons”. Thus, Aba Chemicals Corporation(300261) was labeled as a “Pfizer supplier” and ranked among covid-19 oral drug concept stocks. On November 15, Aba Chemicals Corporation(300261) harvested 20cm limit, and the rising channel was opened.
The above situation also raised questions from the regulators. On December 23 and December 30, 2021, the Shenzhen Stock Exchange issued concern letters to Aba Chemicals Corporation(300261) respectively, asking them to explain the business problems related to carbonic anhydride. According to the content of October 20 last year, the production capacity of long anhydride is about 300t, which is about 261t. The main customers of the company’s carbonic anhydride and its derivatives are Chinese customers and Indian customers, whose sales accounts for about 97% and 2.12% respectively.
The share price soared and the actual controllers reduced their holdings at a high level. According to the announcement on December 1, 2021, Aba Chemicals Corporation(300261) Wang Xinya, one of the actual controllers, reduced 19 million shares through block trading, accounting for 1.97% of the total share capital of the company. The average reduction price was 7.24 yuan / share, with a total cash of 138 million yuan.
In terms of performance, Aba Chemicals Corporation(300261) fluctuated frequently, and the profitability did not improve significantly. From 2018 to 2020, the company achieved operating revenue of 1.806 billion yuan, 1.664 billion yuan and 2.003 billion yuan respectively, with year-on-year changes of 49.5%, – 7.82% and 20.36%. The net profit attributable to the parent company was 161 million yuan, 82 million yuan and 161 million yuan, with year-on-year changes of 119.52%, – 49.17% and 97.22%.
In addition, according to the performance forecast released by the company on January 28, the net profit attributable to the parent company is expected to reach 180 million yuan to 200 million yuan in 2021 Aba Chemicals Corporation(300261) , with a year-on-year increase of 11.79% to 24.21%, deducting 142 million yuan to 162 million yuan of non net profit, with a year-on-year increase of – 1.54% to 12.33%.
As for the performance changes, Aba Chemicals Corporation(300261) said that in 2021, the company continued to focus on its main business and strategic customers, the development trend of various businesses was good, and the main business income increased steadily. The company has a large amount of new products of pesticide intermediates, and the sales volume has increased rapidly compared with the same period last year; Meanwhile, the company’s revenue and net profit of pharmaceutical intermediate products and enzyme products increased compared with the same period last year. In addition, the company’s non recurring profit and loss in 2021 was about 38 million yuan.
was punished for “rubbing” covid-19 hotspot
In fact, Aba Chemicals Corporation(300261) has a criminal record of “rubbing” covid-19 hot spots. On September 9, 2020, Aba Chemicals Corporation(300261) announced that it had received the decision on administrative punishment issued by the CSRC due to the illegal disclosure of misleading statements and other information.
In February 2020, at the beginning of covid-19 outbreak, Aba Chemicals Corporation(300261) repeatedly said in the interactive platform that its subsidiary Piaoyi chemical was the main supplier of key intermediates of darunavir. At that time, China Academy of Engineering academician Li Lanjuan team announced the results of the study, said da Lou Bernard Vee can significantly inhibit the replication of COVID-19 virus, it is recommended to be included in the National Health Council New Coronavirus pneumonia diagnosis and treatment plan (trial version sixth).
Under the favorable conditions, Aba Chemicals Corporation(300261) is sought after by the capital market. From February 4 to 10, 2020, Aba Chemicals Corporation(300261) shares rose 42.32% in total, and four consecutive boards were harvested from February 5 to 10, while the gem index rose only 13.72% in the same period, with a deviation of 28.6 percentage points.
On February 5, the Shenzhen stock exchange sent a concern letter to YABEN, asking it to explain the relevant situation in detail. Aba Chemicals Corporation(300261) disclosed in the follow-up reply that from 2017 to 2019, the sales revenue of dalunavir pharmaceutical intermediates of Puyi chemical was 30.5918 million yuan, 52.9634 million yuan and 31.9376 million yuan respectively, the sales volume was 44 tons, 70 tons and 47 tons respectively, the capacity was 80 tons / year, and the capacity utilization rate was 55%, 88% and 59% respectively. Puyi chemical has a market share of about 15% to 20%; At present, Indian customers include emucure, mylan, Cipla, sun and laures, while Chinese customers include pharmaceutical companies such as Porton Pharma Solutions Ltd(300363) and Desano.
However, according to the investigation of the CSRC, Aba Chemicals Corporation(300261) from 2017 to 2019, the income from the sale or provision of darunavir pharmaceutical intermediate products and services was 2.4569 million yuan, 4.8376 million yuan and 5.0613 million yuan, of which the income of Puyi chemical and its holding subsidiary Yihui biological was 1.1122 million yuan, 3.5176 million yuan and 5.0613 million yuan respectively, which was 29.4796 million yuan less than the previously disclosed amount 49.4458 million yuan and 26.8763 million yuan.
In other words, Aba Chemicals Corporation(300261) falsely increased the income of 106 million yuan in the pharmaceutical intermediate business of darunavir. The above sales revenue disclosed by Aba Chemicals Corporation(300261) is to count the dalunavir pharmaceutical intermediates such as chlorohydrin and BOC epoxy sold by downstream customers into their own revenue.
In addition to performance, Aba Chemicals Corporation(300261) luxury customer lineup is also fictitious. The CSRC found that Aba Chemicals Corporation(300261) , Piaoyi chemical and Yihui biological did not directly sign business contracts and supply with Indian customers emuure, mylan, Cipla, sun, laures and Chinese customers Desano, but Piaoyi chemical was solely responsible for the negotiation, quotation and transaction with the above customers according to the technical service and customer protection agreement signed by Piaoyi chemical and Baju pharmaceutical, Baju pharmaceutical pays a commission to Puyi chemical in a certain proportion to the sales amount of the above customers. The sales volume, production capacity and utilization rate of the above products disclosed by Aba Chemicals Corporation(300261) are estimated and calculated according to the production capacity and orders of Baju pharmaceutical.
The CSRC believes that the above-mentioned acts of Aba Chemicals Corporation(300261) violate the relevant provisions of the securities law, and decides to order Aba Chemicals Corporation(300261) to make corrections, give a warning and impose a fine of 400000 yuan; Cai Tong, then chairman and general manager, was given a warning and fined 200000 yuan; The then directors Wang Zhuoying and Wang Bo were warned and fined 150000 yuan respectively.
