The aftermath of the black hole of "private network communication" is not smooth, Kaile Science And Technology Co.Ltd.Hubei(600260) has been applied for bankruptcy reorganization by creditors!
On February 18, Kaile Science And Technology Co.Ltd.Hubei(600260) announced that due to the company's inability to pay off its due debts and obvious lack of solvency, the creditor Shashi branch of Hubei Xinqing plasticization Co., Ltd. proposed to Jingzhou intermediate people's court for bankruptcy reorganization of the company.
It is worth mentioning that as of December 31, 2021, Hubei Xinqing plasticizer, the company's outstanding creditor, has legal due creditor's rights to the company, with an amount of RMB 2.1199 million, while the third quarterly report shows that the monetary capital on the company's account is still RMB 500 million.
The company said that 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. If the court formally accepts the reorganization application of Hubei Xinqing plasticizer for the company, the company will be at risk of being declared bankrupt due to the failure of reorganization. If the company is declared bankrupt, the company will be subject to bankruptcy liquidation. According to the listing rules, the company's shares will face the risk of being delisted.
Market data show that the latest share price of Kaile Science And Technology Co.Ltd.Hubei(600260) was 2.47 yuan / share, with a total market value of 2.457 billion yuan.
Kaile Science And Technology Co.Ltd.Hubei(600260) filed for bankruptcy reorganization
On February 18, Kaile Science And Technology Co.Ltd.Hubei(600260) issued a suggestive announcement on the application for bankruptcy reorganization by creditors. On February 17, the company received a notice from Jingzhou intermediate people's court that because the company could not pay off its due debts and was obviously lack of solvency, the applicant Hubei Xinqing plasticization, in order to protect its legitimate rights and interests, had proposed bankruptcy reorganization of the company to Jingzhou intermediate people's court.
As of December 31, 2021, Kaile Science And Technology Co.Ltd.Hubei(600260) has not paid off the legal due creditor's rights of Hubei Xinqing plasticizer to the company, with an amount of RMB 2.1199 million. As of the third quarterly report of 2021, the monetary capital on the account of the company has reached 500 million yuan, and the number of shareholders is 100000.
According to the relevant provisions of the enterprise bankruptcy law of the people's Republic of China, if the court accepts the applicant's application for reorganization of the company, the court will appoint the manager, and the creditor will declare the creditor's rights to the manager according to law. The manager or the company shall formulate the draft reorganization plan within the specified time limit according to law and submit it to the creditors' meeting for deliberation and voting. The creditors of the company are paid off according to the reorganization plan approved by the court. If the company or the manager fails to submit the draft reorganization plan on schedule, or the draft reorganization plan cannot be approved by the court, or the debtor cannot or does not implement the reorganization plan, the court will rule to terminate the reorganization procedure of the company and declare the company bankrupt.
However, unlike bankruptcy liquidation, reorganization is a judicial procedure aimed at saving the debtor's enterprise and restoring the company's sustainable profitability. The company said that during the court's acceptance of the review case, the board of directors of the company will cooperate with the court to study and demonstrate the feasibility of the company's reorganization according to law, and ensure the stable production and operation, so as to avoid the significant impact of the reorganization on the company's daily production and operation. If the court decides to accept the reorganization application, the board of directors of the company will actively cooperate with the court and the manager in the reorganization work according to law, perform the debtor's legal obligations according to law, and strive for multi-party support in order to achieve the smooth progress of the reorganization work.
The company said that up to now, 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. If the court accepts the application of Hubei Xinqing plasticizer for company reorganization according to law, the company's shares will be subject to delisting risk warning.
If the court formally accepts the reorganization application of the company, the company will be at risk of being declared bankrupt due to the failure of reorganization. If the company is declared bankrupt, the company will be subject to bankruptcy liquidation, and the company's shares will face the risk of delisting.
the company "exposed" major risks involved in private network communication business
Kaile Science And Technology Co.Ltd.Hubei(600260) is mainly engaged in the R & D, production and sales of private network communication products, optical fiber and optical cable, communication silicon tube, mobile intelligent terminal and other products. The company has started the special Netcom business since 2015. From 2016 to 2020, the private network communication business of Kaile Science And Technology Co.Ltd.Hubei(600260) achieved revenue of 5.153 billion yuan, 11.120 billion yuan, 14.733 billion yuan, 13.696 billion yuan and 7.778 billion yuan respectively, accounting for 61.19%, 73.46%, 86.88%, 86.36% and 91.51% of the total revenue of the year.
However, in July 2021, the company "exposed" major risks involved in private network communication business. Since then, relevant litigation disputes of the company have continued.
On February 14, Kaile Science And Technology Co.Ltd.Hubei(600260) announced that on February 11, the company received the reply notice from Jingzhou Arbitration Commission, which has accepted the contract dispute between Industrial And Commercial Bank Of China Limited(601398) public security sub branch and the company, its holding subsidiaries and controlling shareholders, involving an amount of 169 million yuan.
It is understood that Kaile technology signed three China order financing agreements with Industrial And Commercial Bank Of China Limited(601398) in December 2020. In August 2021, Kaile Technology issued a series of announcements. According to the contents of the announcements, Kaile technology has had a number of defaults such as the China order financing agreement, Industrial And Commercial Bank Of China Limited(601398) announced to Hubei Kaile quantum communication Photoelectric Technology Co., Ltd. that the loan was due ahead of schedule on August 18, 2021, but Hubei Kaile quantum communication Photoelectric Technology Co., Ltd. failed to fulfill its financing repayment obligations, pledge For the mortgage guarantee liability, the respondent Kaile Science And Technology Co.Ltd.Hubei(600260) , Zhu Dixiong, Jingzhou Keda Trading Co., Ltd. and Wuhan Kaile haishengdun Real Estate Co., Ltd. also failed to perform the corresponding guarantee, pledge and mortgage guarantee liabilities.
In addition, the company announced on January 17 that the company would increase its liabilities by 1.093 billion yuan due to the performance of its guarantee liability at the end of 2021. The civil mediation statement (2021) Xiang 02 min Chu No. 48) confirmed that Kaile Science And Technology Co.Ltd.Hubei(600260) , Jingzhou Keda Trading Co., Ltd. and Hunan Kaile Emergency Information Technology Co., Ltd. confirmed that they owed the plaintiff Zhuzhou high tech power industry investment and Development Co., Ltd. 290 million yuan. The overdue payment interest shall be calculated at the annual interest rate of 5% from September 15, 2020 until the date of full repayment.
According to the civil mediation statement (2021) Xiang 02 min Chu No. 49, Kaile Science And Technology Co.Ltd.Hubei(600260) , Hunan Kaile company and Keda trading company confirmed that the case still payable the plaintiff Zhuzhou high tech Power Industry Investment Development Co., Ltd. 803 million yuan and interest.
The company announced that by the end of 2021, the company would increase its liabilities by 1.093 billion yuan due to the performance of its guarantee liability, and increase its other receivables to new generation private network communication technology Co., Ltd. by 1.093 billion yuan. Due to the uncertainty of whether the amount can be recovered, the company plans to withdraw the above amount in full for bad debt reserves in accordance with the requirements of the accounting standards for business enterprises based on prudence. The accounting treatment has not been audited, The amount of bad debt reserves finally recognized shall be subject to the disclosure in the annual report.
last year's pre loss exceeded 7 billion
Since being involved in the private network communication storm in late July last year, Kaile Science And Technology Co.Ltd.Hubei(600260) has fallen into business difficulties, the company's performance has fallen sharply, and the company's share price has also plummeted.
Recently, Kaile Science And Technology Co.Ltd.Hubei(600260) disclosed the performance forecast for 2021. The company expects the net profit loss attributable to shareholders of listed companies to be 7.1 billion yuan to 8.7 billion yuan in 2021; It is estimated that the net profit loss attributable to the shareholders of the listed company after deducting non profits will range from 6.9 billion yuan to 8.5 billion yuan; In addition, the company expects the net assets at the end of 2021 to be - 462 million yuan to - 2.062 billion yuan, and the net assets at the end of 2020 to be 6.638 billion yuan.
The private network communication business caused the company to withdraw a large number of impairment losses. Specifically, the impairment of accounts receivable, prepayments and inventories of the company's private network communication business is about 5.5 billion yuan; Due to the stagnation of private network business and the sharp contraction of mobile intelligent terminal business, the production and operation of subsidiary Shanghai Fanzhuo have been greatly affected. It is impossible to predict the future operation, and the provision for goodwill impairment is about 500 million yuan. In addition, the company provided guarantees for its subsidiaries and accrued estimated liabilities of about 1.2 billion yuan.
According to the relevant provisions of the listing rules, the audited ending net assets of the latest fiscal year are negative, or the ending net assets of the latest fiscal year after retroactive restatement are negative, and the company's shares will be subject to "delisting risk warning".
The company's 2021 annual report is scheduled to be disclosed on April 30, 2022. If the company's net assets are negative after audit, the company's shares will be subject to "delisting risk warning" after the disclosure of the 2021 annual report.
In August last year, due to the freezing of the company's bank account, the prepayment of private network communication business could not be recovered in full, the company's production and operation activities were seriously affected, and the company's shares were subject to other risk warnings.
