On February 18, Kaile Science And Technology Co.Ltd.Hubei(600260) issued a suggestive announcement on the application for bankruptcy reorganization by creditors. According to the announcement, on February 17, Kaile Science And Technology Co.Ltd.Hubei(600260) (hereinafter referred to as “the company” or “the respondent”) received a notice from Jingzhou intermediate people’s Court (hereinafter referred to as “Jingzhou intermediate people’s court”) that the creditor Shashi branch of Hubei Xinqing plasticization Co., Ltd. (hereinafter referred to as “Hubei Xinqing plasticization” or “the applicant”) was unable to pay off its due debts and obviously lacked solvency, Propose to Jingzhou intermediate people’s court for bankruptcy reorganization of the company. As of December 31, 2021, the company has not paid off the legal due creditor’s rights of Hubei Xinqing plasticizer to the company, with an amount of RMB 2119899.01.
As of the disclosure date of this announcement, the company has not received the ruling of the court on the applicant’s application for company reorganization. There is still uncertainty whether the applicant’s application is accepted by the court and whether the company enters the reorganization procedure. According to the relevant provisions of the listing rules, if the court accepts the application of Hubei Xinqing plasticization for company reorganization according to law, the company’s shares will be subject to delisting risk warning.
At the end of May 2021, around the upstream and downstream of private network communication business, many listed companies successively exposed themselves to risks, or the accounts receivable could not be recovered, or the purchaser could not supply goods. After Shanghai Electric Group Company Limited(601727) revealed that there was a huge overdue risk of receivables, in only two months, more than a dozen listed A-share companies involved in “private network communication” business joined the “thunder explosion” team, including Shanghai Hongda New Material Co.Ltd(002211) , Raisecom Technology Co.Ltd(603803) , Changshu Guorui Technology Co.Ltd(300600) , Jiangsu Zhongtian Technology Co.Ltd(600522) , Jiangsu High Hope International Group Corporation(600981) , Jiangsu Zhongli Group Co.Ltd(002309) and Zhejiang Kanglongda Special Protection Technology Co.Ltd(603665) Kaile technology.
Keller technology is the first A-share listed company to execute st due to the “private network communication” business. The company previously announced that the trading of the company’s shares was suspended on August 16, 2021 due to the situation that “the main bank accounts have been frozen” and “the company’s production and operation activities have been seriously affected and are expected to not return to normal within three months”, Trading resumed on August 17, 2021 and other risk warnings were implemented. The stock abbreviation was changed to ” Kaile Science And Technology Co.Ltd.Hubei(600260) “.
Deep in the “quagmire” of private network communication, the Kaile Science And Technology Co.Ltd.Hubei(600260) performance suffered a huge loss. On January 25, 2022, Kaile Science And Technology Co.Ltd.Hubei(600260) announced that it is expected to realize a net profit attributable to shareholders of listed companies from 7.1 billion yuan to 8.7 billion yuan in 2021, while a profit of 454 million yuan in the same period in 2020; In the same period, the company expects the net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses to be about 6.9 billion yuan to 8.5 billion yuan, compared with 528 million yuan in the same period in 2020.
In this regard, Kaile Science And Technology Co.Ltd.Hubei(600260) said that the impairment of accounts receivable, prepayments and inventories involved in the company’s private network communication business was about 5.5 billion yuan; Due to the stagnation of private network communication business and the sharp contraction of mobile intelligent terminal business, the production and operation of the subsidiary Shanghai Fanzhuo Communication Technology Co., Ltd. has been greatly affected. It is impossible to predict the future operation, and the provision for goodwill impairment is about 500 million yuan; In addition, Kaile Science And Technology Co.Ltd.Hubei(600260) provided guarantees for subsidiaries and accrued estimated liabilities of about 1.2 billion yuan.
Industry insiders pointed out that the private network communication business is an unclear business, and the whole private network communication giant thunder involves a number of listed companies, which is an obvious game of “beating drums and passing flowers”. In order to make efficient use of funds, many companies have carried out relevant supply chain finance business. The so-called supply chain finance is to package and sell the enterprise’s accounts receivable to other financial enterprises, and the enterprises providing this business earn interest margin by providing funds. Once the underlying assets have problems, it will lead to chain debt and creditor’s rights disputes, Kaile Science And Technology Co.Ltd.Hubei(600260) because of this debt and creditor’s rights dispute and other debt problems of the company, it led to today’s bankruptcy and reorganization.
