On February 17, Zhejiang Hangke Technology Incorporated Company(688006) announced that Cao Ji, the actual controller and chairman of the company, was suspected of short-term trading due to his spouse’s illegal trading of the company’s shares, and the CSRC decided to file a case against him.
On the 17th, the decline of Zhejiang Hangke Technology Incorporated Company(688006) was close to 3%. As of the close, it was reported at 79.36 yuan / share, down 0.99%, with a total market value of 31.99 billion yuan.
was previously warned by regulators
According to the transaction details of the securities account provided by Cao Ji’s spouse Kong Haiping, he successively bought 11500 shares of the company’s shares from January 12 to September 16, 2021, with a transaction amount of 1.003 million yuan; From January 13 to September 15, 2021, 9700 shares of the company’s shares were sold successively, with a transaction amount of 880500 yuan. The above-mentioned selling within six months after buying the company’s shares is suspected to constitute a short-term transaction.
As can be seen from the historical K-line chart, Kong Haiping’s above trading behavior is in the stage of rapid rise in Zhejiang Hangke Technology Incorporated Company(688006) . the company’s share price rose from 75.38 yuan / share on January 12, 2021 to 136.36 yuan / share on August 13, with a maximum increase of 80.9%, and then fell back to 96.85 yuan / share on September 15. In this regard, the international finance news called the Zhejiang Hangke Technology Incorporated Company(688006) board secretary office. The other party said that everything was subject to the investigation results of the CSRC, and then hung up the phone.
According to Zhejiang Hangke Technology Incorporated Company(688006) , Kong Haiping has handed over the proceeds of the company’s shares sold or bought within six months after her purchase to the company. At the same time, Kong Haiping promised that the proceeds of the remaining 1800 shares sold in the future will also belong to the company. the company also pointed out that the above matters were filed against Mr. Cao Ji, and the company’s operation, production and management activities were not affected.
The reporter noted that as early as October 19, 2021, Zhejiang Securities Regulatory Bureau issued Cao Ji warning letter to the actual controller of Zhejiang Hangke Technology Incorporated Company(688006) and pointed out that the above-mentioned behavior of his spouse buying and selling the company’s shares for many times constituted short-term trading. On October 28 of the same year, the Shanghai Stock Exchange gave Cao Ji a regulatory warning.
plans to raise 2.3 billion
Zhejiang Hangke Technology Incorporated Company(688006) landed on the science and innovation board in July 2019. It is the first batch of listed companies on the science and innovation board. It is located in Hangzhou, Zhejiang Province and is mainly engaged in the design, R & D, production and sales of post-treatment system of lithium-ion battery production line.
Zhejiang Hangke Technology Incorporated Company(688006) has a luxurious customer lineup. It was disclosed in the mid-2021 report that the company’s customers are well-known lithium battery manufacturers at home and abroad, such as South Korea SamSung, South Korea LG, South Korea SK, Japan Sony (now Murata of Japan), Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Eve Energy Co.Ltd(300014) , Gotion High-Tech Co.Ltd(002074) . According to the notice of winning the bid of RMB 3006.6 billion from lithium holding company and its subsidiaries on {23468.7} June.
But Zhejiang Hangke Technology Incorporated Company(688006) once “lost the order” Contemporary Amperex Technology Co.Limited(300750) . In June 2021, Zhejiang Hangke Technology Incorporated Company(688006) suddenly announced that due to the change of the technical agreement of the original contract, the company received the Po change notice of Contemporary Amperex Technology Co.Limited(300750) . After negotiation, both parties agreed to terminate the original contract signed on May 18. The original contract involved an amount of 480 million yuan and the products involved were lithium battery equipment. Over the past month alone, the cooperation between the two sides has been variable. After the news of cooperation with Contemporary Amperex Technology Co.Limited(300750) was released, the share price of Zhejiang Hangke Technology Incorporated Company(688006) once rose by more than 30%.
Not long ago, Zhejiang Hangke Technology Incorporated Company(688006) also threw out a fixed increase plan. On December 31, 2021, it was announced that the fund to be raised would not exceed 2.31 billion yuan. of which, 1.34 billion yuan is used for the construction project of intelligent manufacturing of lithium-ion battery charging and discharging equipment, 300 million yuan is used for the transformation project of production intelligence and information technology, and 250 million yuan is used for the construction project of overseas business network layout, basic R & D and assembly manufacturing center.
This fixed increase can be described as “a long drought and a sweet rain” for hang Ke. In April 2020, the CSRC issued a decision on regulatory measures for Zhejiang Hangke Technology Incorporated Company(688006) . Due to the information disclosure problem of bike power in its prospectus in the process of applying for the IPO of science and innovation board, it was fined not to publicly issue securities within one year.
key account dependence
In the first three quarters of 2021, Zhejiang Hangke Technology Incorporated Company(688006) fell into the dilemma of increasing income without increasing profit. According to the data of the third quarterly report, from January to September 2021, Zhejiang Hangke Technology Incorporated Company(688006) achieved an operating revenue of 1.762 billion yuan, a year-on-year increase of 70.96%, and the net profit attributable to the parent company was 238 million yuan, a year-on-year decrease of 22.63%. The decline in net profit is related to the pressure on the cost side. In the first three quarters of 2021, Zhejiang Hangke Technology Incorporated Company(688006) operating cost was 1.231 billion yuan, an increase of 134.92% over 524 million yuan in the same period last year.
The reporter also noted that the collection risk of Zhejiang Hangke Technology Incorporated Company(688006) is increasing . According to the financial report data, the turnover days of the company’s accounts receivable increased from 36.36 days in 2017 to 98.05 days in the first three quarters of 2021.
Behind the increase in payment collection days of is the dependence of Zhejiang Hangke Technology Incorporated Company(688006) on large customers. From 2018 to 2020 and the first half of 2021, Zhejiang Hangke Technology Incorporated Company(688006) the sales revenue of the top five customers accounted for more than 60% of the company’s total revenue.
Zhejiang Hangke Technology Incorporated Company(688006) also admitted that the company’s sales revenue to major customers accounts for a high proportion of its main business revenue. If the operation of some customers is unfavorable or the demand for the company’s products is greatly reduced, the company’s operating performance will be adversely affected.
Hang Ke’s worries have indeed come true. From 2016 to 2018, BIC power (Shenzhen BIC and Zhengzhou BIC) ranked second, fourth and second in Zhejiang Hangke Technology Incorporated Company(688006) respectively. In 2019, it exploded due to problems in the capital chain of downstream customers and Zhejiang Hangke Technology Incorporated Company(688006) was affected. As of December 30, 2021, Zhejiang Hangke Technology Incorporated Company(688006) bike power’s accounts receivable balance totaled 83.9157 million yuan, and 67.5326 million yuan of bad debt reserves had been withdrawn, accounting for more than 80%.
On January 6, Zhejiang Hangke Technology Incorporated Company(688006) announced that at the end of 2021, the company signed a payment agreement with BIC power, which agreed that BIC power would pay Zhejiang Hangke Technology Incorporated Company(688006) 18 million yuan before December 31, 2021 and 18.7674 million yuan before March 31, 2022. If BIC power performs its payment obligations as agreed, the company will voluntarily give up the rest of the payment except for the payment of 36.7674 million yuan by BIC power. The company has received 18 million yuan from BIC power on December 31, 2021.
