On February 10, Hunan Gold Corporation Limited(002155) announced that the wholly-owned subsidiary Hunan Gold Corporation Limited(002155) Dong Mining Co., Ltd. (hereinafter referred to as “Huangjindong mining”) and Pingjiang Julong Mining Co., Ltd. (hereinafter referred to as “Julong mining”) signed the exploration right transfer contract. As of the closing on February 11, Hunan Gold Corporation Limited(002155) reported 10.84 yuan / share, down 0.73%, with a total market value of 13.03 billion yuan
the situation of the subject is unknown
On February 8, Huangjindong mining signed the above transfer contract with Julong mining to acquire the gold prospecting right of Quxi mining area in Pingjiang County, Hunan Province owned by Julong mining (hereinafter referred to as “Quxi gold prospecting right”). Both parties agreed that the total transfer price of the exploration right under the contract and the underground roadway facilities of the exploration right is 23.0297 million yuan.
But the price of gold cave mining is more than that. According to the contents of the contract, if the proved resource reserves of Huangjindong mining in the future exploration work exceed the 5148 kg gold metal amount specified in the original framework agreement (subject to the resource reserves recorded by the Department of natural resources), the transfer price of exploration rights under the contract of Julong mining shall be paid in addition to 21.9703 million yuan; The total transfer price is 45 million yuan, that is, the original price of the latter’s acquisition of exploration rights.
It is disclosed that the exploration area of the exploration right of Quxi gold mine is 6.38 square kilometers, and the validity period is from September 7, 2021 to September 7, 2026. According to the review opinion issued by Hunan mineral resources and reserves evaluation center in May 2011, the amount of gold metal in Quxi gold mine of Pingjiang county is 1436kg. In March 2021, team 247 of Hunan Nonferrous Geological Exploration Bureau issued a due diligence report and considered that the resource reserves 333 + 333 low + 334, ore volume 364700 tons and gold metal volume 1436 kg submitted in the above review opinion were relatively in line with the actual situation of the mining area.
After the above acquisition announcement was released, Hunan Gold Corporation Limited(002155) on February 11, the opening price rose slightly and then fluctuated downward. It once fell by 1.56% and finally closed down by 0.73%. Why do investors not buy the good news? One reason may lie in the situation of the target itself. Although the gold mine is estimated to have 1436kg of gold metal, 282kg of which is 334, which is an unidentified mineral resource, and its economic significance is uncertain. In addition, Hunan Gold Corporation Limited(002155) said that the exploration stage is only the general survey stage, the exploration degree of the mining area is low, and the mining conditions are not yet available.
Hunan Gold Corporation Limited(002155) also said that the signing of the exploration right transfer contract between Huangjindong mining and Julong mining will not affect the production and operation of the company’s existing business and will not have a great impact on the company’s current financial status and operating performance.
According to public data, Hunan Gold Corporation Limited(002155) was established in 2000 and landed in the capital market in 2007. It focuses on the exploration, mining, smelting and processing of gold, antimony and tungsten and their co (Companion) ores. Its leading products are “Chenzhou” brand gold, refined antimony and antimony trioxide, tungsten concentrate and ammonium paratungstate. The equity relationship chart shows that the controlling shareholder of Hunan Gold Corporation Limited(002155) is Hunan Gold Corporation Limited(002155) Group Co., Ltd., and the actual controller of the latter is Hunan SASAC. By the end of the third quarter of 2021, Hunan Gold Corporation Limited(002155) total households were 96100
has stripped several subsidiaries
Recently, Hunan Gold Corporation Limited(002155) has carried out a series of divestitures.
On November 25, 2021, Hunan Gold Corporation Limited(002155) announced that it planned to transfer 55% of the equity of xinshaochenxin mineral Co., Ltd. (hereinafter referred to as “xinshaochenxin”), a tertiary holding subsidiary, and the creditor’s rights of xinshaochenxin held by the company and its two subsidiaries through public listing and bidding, and the base price for the first listing shall not be less than 13.52 million yuan. After the equity and debt transfer, Hunan Gold Corporation Limited(002155) and its subsidiaries will no longer hold the equity and debt of xinshaochenxin, and xinshaochenxin will no longer be included in the scope of the company’s consolidated statements.
New Shao Chenxin is in a state of insolvency. As of June 16, 2021, the total book value of new Shao Chenxin’s assets is 15.3916 million yuan and the appraisal value is 17.6275 million yuan according to the asset-based method; The book value of total liabilities is 54.531 million yuan, and the appraisal value is 56.406 million yuan; The book value of net assets is -39.1393 million yuan and the appraisal value is -38.7785 million yuan. Previously, Hunan Gold Corporation Limited(002155) disclosed in the same month that new Shao Chenxin would go into bankruptcy liquidation.
On October 22, 2021, Hunan Gold Corporation Limited(002155) said that it decided to liquidate and cancel the subsidiaries Hongjiang Chenzhou Mineral Development Co., Ltd. (hereinafter referred to as “Hongjiang Chenzhou”) and Xupu Chenzhou mineral Co., Ltd. (hereinafter referred to as “Xupu Chenzhou”).
The above two subsidiaries are also insolvent and suffer losses. As of September 30, 2021, the net assets of Hongjiang Chenzhou and Xupu Chenzhou were -4.0897 million yuan and -36.0553 million yuan respectively. In the first three quarters of 2021, Hongjiang Chenzhou realized an operating income of 1.1783 million yuan and a net profit loss of 10.1312 million yuan. Xupu Chenzhou did not realize an operating income and a net profit loss of 3.865 million yuan.
Hunan Gold Corporation Limited(002155) said that after years of mining, Hongjiang Chenzhou and Xupu Chenzhou have no mining value, their profitability continues to decline and are in a state of shutdown. According to the three-year action requirements of state-owned enterprise reform and in combination with the actual situation of Hongjiang Chenzhou and Xupu Chenzhou, the company decided to close the mine pit and tailings pond in Hongjiang Chenzhou and Xupu Chenzhou, and liquidate and cancel them. The final cancellation time of Hongjiang Chenzhou and Xupu Chenzhou is uncertain, which is expected to have a certain impact on the company’s performance
institutional investors leave within half a year
Thanks to the year-on-year increase in the sales volume of self-produced gold and the year-on-year increase in the average sales price of antimony products, Hunan Gold Corporation Limited(002155) 2021 may usher in a certain improvement in performance. The performance forecast released on January 27 shows that in 2021, the company is expected to realize the net profit attributable to the parent company of 315 million yuan to 360 million yuan, with a year-on-year increase of 40% to 60%, deducting the non net profit of 299 million yuan to 342 million yuan, with a year-on-year increase of 40% to 60%.
The reporter noted that Hunan Gold Corporation Limited(002155) announced on the interactive platform at the end of October last year that the company will strive to reach the strategic goal of ranking fifth in the national gold industry and first in the antimony industry by 2025, producing 10 tons of gold and making a profit of 1 billion yuan.
Looking at the extended time line, Hunan Gold Corporation Limited(002155) is not stable in terms of performance. According to the data of the annual report, from 2013 to 2015, Hunan Gold Corporation Limited(002155) net profit attributable to parent decreased by 61.85%, 14.64% and 85.9% respectively year-on-year, and then soared by 475.8% and 112.98% in the two fiscal years. In 2018 and 2019, it continued to have negative growth, and in 2020, it increased by 40.98% year-on-year.
In the secondary market, Hunan Gold Corporation Limited(002155) has been “falling endlessly” since it reached a high of 17.07 yuan / share in September 2021, with a decrease of 36.5% based on the latest market price of 10.84 yuan / share. On the other hand, institutions are also withdrawing significantly. By the end of last year, only four funds had positions Hunan Gold Corporation Limited(002155) , holding a total of 15556600 shares. At the end of June last year, 96 institutions held Hunan Gold Corporation Limited(002155) with a total of 588 million shares.
