A listed company with a market value of 2.4 billion was applied for bankruptcy reorganization due to more than 2 million debts?
It rains at night when the house leaks. The Kaile Science And Technology Co.Ltd.Hubei(600260) deeply involved in the private network communication event adds another big trouble. As for the cause, it is only because Kaile Science And Technology Co.Ltd.Hubei(600260) can’t afford to pay off the debt of 2.11 million yuan.
It should be noted that in the third quarterly report of 2021, Kaile Science And Technology Co.Ltd.Hubei(600260) still lies nearly 500 million yuan of cash on the account.
why can’t I pay back $2 million with $500 million in my account?
On February 19, Kaile Science And Technology Co.Ltd.Hubei(600260) announced that the company received a notice from Jingzhou intermediate people’s Court on February 17. Due to its inability to pay off its due debts and obvious lack of solvency, the applicant Hubei Xinqing plasticization has proposed bankruptcy reorganization of the company to Jingzhou intermediate people’s court in order to protect its legitimate rights and interests. 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 about RMB 2.11 million.
Image source: Announcement
Why is an A-share company applied for bankruptcy reorganization because of more than 2 million yuan? The third quarterly report of 2021 shows that the company still has nearly 500 million yuan in its account.
Image source: Announcement
In this regard, the 2021 third quarter report of Kaile Science And Technology Co.Ltd.Hubei(600260) may have given the answer: the company’s main bank accounts have been frozen due to the impact of private network communication business.
Image source: Announcement
In addition, the more serious problem is that Kaile Science And Technology Co.Ltd.Hubei(600260) is now insolvent.
In the announcement on the advance loss of annual performance in 2021 released on January 26 this year, Kaile Science And Technology Co.Ltd.Hubei(600260) said that it is expected that the net profit attributable to shareholders of Listed Companies in 2021 will be a loss compared with the same period of last year (legally disclosed data), and the net profit attributable to shareholders of listed companies will be – 7.1 billion yuan to – 8.7 billion yuan.
There are two main reasons for the loss in advance: first, the impairment of accounts receivable, prepayments and inventory 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. Second, the company provided guarantees for its subsidiaries and accrued estimated liabilities of about 1.2 billion yuan.
Kaile Science And Technology Co.Ltd.Hubei(600260) also said that 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 last year (2020) to be 6.638 billion yuan.
trouble
Recently, Kaile Science And Technology Co.Ltd.Hubei(600260) has been in trouble one after another.
bank door-to-door debt collection
Kaile Science And Technology Co.Ltd.Hubei(600260) announced on February 15 that Jingzhou Arbitration Commission has accepted the case of contract dispute between Industrial And Commercial Bank Of China Limited(601398) public security sub branch and the company, its holding subsidiaries and controlling shareholders. Subjects such as Kaile Science And Technology Co.Ltd.Hubei(600260) are required to bear joint and several liability guarantee and immediately repay the financial capital of about 170 million yuan to the applicant.
pit the “urban investment company”
Kaile Science And Technology Co.Ltd.Hubei(600260) on February 9, it was announced that it was deeply involved in the case of private loan dispute with Jingzhou Development Zone urban construction investment and Development Co., Ltd. (hereinafter referred to as Jingzhou urban investment). On January 16, 2018, the plaintiff Jingzhou urban investment and the defendant Kaile Science And Technology Co.Ltd.Hubei(600260) signed the project construction agreement (actually a loan agreement). The agreement stipulates that the plaintiff will lend 65 million yuan to the defendant for the construction of two quantum communication buildings (i.e. the headquarters base of information security communication products).
The project construction agreement also stipulates that the loan of 65 million yuan will be lent three times according to the construction progress of two quantum communication buildings, and the defendant shall put into operation no later than October 30, 2018; The defendant promised to lead 8-10 high-tech enterprises to move to Jingzhou Development Zone, participate in the construction of information security and communication product base, change the registered place to Jingzhou development zone or set up a subsidiary in Jingzhou Development Zone, carry out substantive local production and business activities and pay taxes locally. The defendant also promised that after the completion of the headquarters base of information security and communication products, the sales revenue in Jingzhou Development Zone in 2018 will not be less than 10 billion yuan, the growth rate of sales revenue in the three years from 2018 to 2020 will not be less than 50%, the sales revenue will reach 50 billion yuan in the fifth year after production, and the annual tax will not be less than 4% of the sales revenue after production; Both parties agree that if the defendant fails to realize the above commitments and the relevant provisions of this agreement, in addition to returning the loan, the defendant shall pay the fund occupation fee according to the benchmark interest rate of bank loan in the same period.
However, after the project construction agreement came into effect, the plaintiff borrowed 32.5 million yuan to the defendant as agreed, but the defendant seriously violated the provisions of the project construction agreement, which is mainly reflected in: only one quantum communication building has been built so far, and it clearly stated that it would not build the second building, and refused to mortgage the completed building to the plaintiff; Not put into operation before October 30, 2018; Failing to guide foreign high-tech enterprises to move into Jingzhou Development Zone as agreed; The sales revenue and tax revenue do not meet the commitment requirements.
the regulator issued a notice of criticism
Kaile Science And Technology Co.Ltd.Hubei(600260) on February 7, the Shanghai Stock Exchange said that there were frequent capital exchanges between the company and its controlling shareholders, and the occupation of non operating funds was formed. The controlling shareholder Keda trading and the actual controller, Gongan Kaile plastic pipe factory, violated the principle of good faith and took advantage of its controlling position in the company to directly occupy the funds of the listed company and damage the interests of the company. They criticized Kaile Science And Technology Co.Ltd.Hubei(600260) , the controlling shareholder Jingzhou Keda Trading Co., Ltd., the actual controller Gongan Kaile plastic pipe factory, the then chairman Zhu Dixiong, the then general manager Ma Shengjun, the then Secretary of the board of directors Chen Jie and the then chief financial officer Liu Lianchun.
may be subject to delisting risk warning
Kaile Science And Technology Co.Ltd.Hubei(600260) announced on January 27 that the net assets of the company are expected to be negative at the end of 2021. According to the relevant provisions of the stock listing rules of Shanghai Stock Exchange (revised in January 2022), the company’s shares may be subject to delisting risk warning after the disclosure of the 2021 annual report.
executives are detained to cooperate with the investigation
On the evening of January 16, it was announced that Zhu Junlin, vice chairman and general manager of the company, had received the lien notice and was assisting the supervision organ to cooperate with relevant investigations. However, on January 17, the company received a notice from the supervisory committee of Shifeng District, Zhuzhou city that the supervisory authority had lifted the lien on Mr. Zhu Junlin.
