Bluedon Information Security Technologies Co.Ltd(300297) (300297. SZ) issued an announcement on February 9 to reply to the attention letter issued by Shenzhen Stock Exchange on January 26. In the attention letter, Shenzhen Stock Exchange focused on the specific situation of operating losses, asset impairment and overdue debts in the company’s 2021 annual performance forecast. In the reply to the announcement, Bluedon Information Security Technologies Co.Ltd(300297) explained the above problems.
On January 25, the performance forecast disclosed by Bluedon Information Security Technologies Co.Ltd(300297) showed that the company’s expected loss in 2021 was 14. 5 billion yuan to 16. 5 billion yuan. The main reasons for the performance changes are as follows: first, the company’s debts are overdue, lawsuits are involved, and some subsidiaries are listed as dishonest Executees, resulting in the restriction of business development, resulting in a significant decline in the company’s operating revenue compared with the same period of last year. Second, it is estimated that the provision for asset impairment is about 250 million yuan and the provision for bad debts of receivables is about 700 million yuan, which has a great impact on the realization of the net profit attributable to the shareholders of the listed company.
According to the attention letter, Bluedon Information Security Technologies Co.Ltd(300297) the net profit attributable to the shareholders of the parent company after deducting non profits will be – 9 in 2019 and 2020 respectively. 4.6 billion yuan, – 12. 1 billion yuan, and the auditor has issued an audit opinion with significant uncertainty about the going concern for two consecutive years.
With regard to the company’s operation, previous annual losses and pre losses in 2021, Bluedon Information Security Technologies Co.Ltd(300297) said that as of the date of this reply, the audit of the company’s 2021 annual report was still in progress, and the specific and accurate financial data were subject to the audited 2021 annual report officially disclosed by the company. If the audited financial data of the company in 2021 is consistent with the annual performance forecast of 2021, the company will suffer losses for three consecutive years. In addition, since 2020, due to the lack of capital liquidity and other factors, the company’s solvency and profitability have been weakened, and there have been business risks such as overdue debts and litigation; Meanwhile, some bank accounts and assets of the company have been frozen / sealed up by the court due to the application for property preservation before litigation. The above situation has a great adverse impact on the company’s daily production and operation. In 2021, the company may be issued with an audit report containing “uncertainty of sustainable operation ability” by the annual audit institution, and the company’s stock trading may be subject to other risk warnings by Shenzhen Stock Exchange.
For the specific situation of the company’s provision for estimated asset impairment, Bluedon Information Security Technologies Co.Ltd(300297) said that the company’s provision for impairment of construction in progress in the current period was 40 million yuan, mainly because some of the company’s construction in progress could not be normally constructed due to capital shortage and other problems, resulting in the possibility that the recoverable amount of the company’s construction in progress was lower than the book value. In the current period, the provision for impairment of fixed assets is 29.732 million yuan and the provision for impairment of intangible assets is 179.8138 million yuan, mainly for the impairment of electronic equipment and software of China Economic e-commerce. In 2021, the overall business of e-commerce was at a standstill, with serious personnel loss and serious performance decline. The operating revenue was 0 yuan, and its existing funds were far from supporting its daily operating expenses. Moreover, the company’s management predicted that e-commerce could not quickly restore its previous operating benefits in the coming years, It is expected that the fixed assets and intangible assets it owns will not bring profits to the company, resulting in significant impairment of its fixed assets and intangible assets.
With regard to the expected provision for credit losses of accounts receivable, Bluedon Information Security Technologies Co.Ltd(300297) said that the company made provision for impairment of accounts receivable in accordance with the accounting standards for Business Enterprises No. 22 – recognition and measurement of financial instruments. The company shall separately determine the credit loss of accounts receivable with sufficient evidence that can evaluate the expected credit loss at a reasonable cost at the level of single instrument. When there is no sufficient evidence to evaluate the expected credit loss at a reasonable cost at the level of single instrument, the company refers to the experience of historical credit loss, combined with the current situation and the judgment of future economic conditions, divides the accounts receivable into several combinations according to the characteristics of credit risk, and calculates the expected credit loss on the basis of combination.
As for the overdue debt, Bluedon Information Security Technologies Co.Ltd(300297) said that as of the reply date of this letter, the accumulated overdue amount of the company’s debt includes 147 items, totaling 25. 7.2 billion yuan. As of December 31, 2021, 69 bank accounts of the company and its subsidiaries have been frozen due to the application for pre litigation property preservation of relevant litigation matters, with a total of 2875. 270000 yuan, the frozen accounts account for 18.06% of the total bank accounts of the company, and the frozen funds account for 56.86% of the total monetary funds of the company. The freezing of the company’s bank accounts has not had a significant adverse impact on the company’s daily operation and management activities, and the company’s production and operation are still ongoing. In addition, after verification by the company’s finance and other relevant departments and in combination with the query results of public information such as “tianyancha”, the company learned that some assets of the company were frozen due to the application for pre litigation property preservation of litigation matters, including 35747.55 yuan of intangible assets and construction in progress and 177237.48 yuan of equity of the subsidiary company.
Bluedon Information Security Technologies Co.Ltd(300297) said that at present, the company is continuously promoting and deepening cooperation with relevant parties such as the people’s Government of Xuzhou District, Yibin City and Chuangyi Industrial Investment Co., Ltd. of Xuzhou District, Yibin City, so as to resolve the debt risk of the company and restore the normal operation of the company as soon as possible. The company will perform the obligation of information disclosure in a timely manner in strict accordance with the provisions and requirements of relevant laws and regulations.
