Recently, Zhejiang Hangke Technology Incorporated Company(688006) (hereinafter referred to as ” Zhejiang Hangke Technology Incorporated Company(688006) “, 688006sh) issued the announcement on the actual controller and chairman of the company receiving the notice of filing a case from the CSRC. The announcement said that Cao Ji, the actual controller and chairman of Zhejiang Hangke Technology Incorporated Company(688006) 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 for investigation.
In response to this matter, the reporter of Huaxia times called Zhejiang Hangke Technology Incorporated Company(688006) the Secretary General’s office, and the staff of the Secretary General’s office told the reporter: “at present, all the business of the company is normal, and the chairman’s filing for investigation has no impact on the operation of the company.”
frequent illegal transactions by family members
Zhejiang Hangke Technology Incorporated Company(688006) is mainly engaged in the manufacturing of post-processing system of lithium-ion battery production line. It was listed on the science and innovation board in July 2019. Cao Ji and his son Cao Zheng are the first and fifth largest shareholders of the company respectively.
According to the Zhejiang Hangke Technology Incorporated Company(688006) announcement, according to the transaction details of the securities account provided by Kong Haiping, Cao Ji’s spouse, Cao Ji successively bought 11500 Zhejiang Hangke Technology Incorporated Company(688006) shares within about 8 months from January 12, 2021 to September 16, 2021, with a transaction amount of 1.0300 yuan, and successively sold 9700 Zhejiang Hangke Technology Incorporated Company(688006) shares between January 13, 2021 and September 15, 2021, with a transaction amount of 880500 yuan. According to the securities law of the people’s Republic of China, Kong Haiping’s above-mentioned behavior of buying and selling the company’s shares constitutes a short-term transaction.
It is worth noting that during Kong Haiping’s buying and selling period, the share price of Zhejiang Hangke Technology Incorporated Company(688006) rose from 76.74 yuan to 90.3 yuan per share, an increase of 17.6%. During this period, the share price of Zhejiang Hangke Technology Incorporated Company(688006) hit a high price of 132.66 yuan per share.
In view of the above situation, Zhejiang Hangke Technology Incorporated Company(688006) chairman Cao Ji said that without knowing the relevant situation, Kong Haiping’s behavior of buying and selling the company’s shares is based on her judgment of personal investment in the trading situation of the secondary market, and there is no situation of trading with insider information to seek benefits.
Short term trading has always been the focus of the supervision of the CSRC. According to the provisions of the securities law, shareholders holding more than 5% of the shares of listed companies, directors, supervisors and their spouses, parents and children are included in the main body that may constitute short-term transactions. If the above-mentioned personnel violate the relevant provisions, the board of directors of the company shall recover their income and disclose relevant matters to the public in a timely manner.
For Kong Haiping’s short-term trading behavior, on October 19, 2021, Zhejiang Securities Regulatory Bureau issued a warning letter to Cao Ji. On October 28, 2021, Shanghai Stock Exchange gave Cao Ji a regulatory warning.
Zhou Yunnan, founder of Beijing Nanshan investment, told Huaxia times: “Short term trading is easy to cause market fluctuations and market manipulation, exacerbate market instability and amplify the investment risks of small and medium-sized investors. The purpose of restricting short-term trading is to prevent directors, supervisors and major shareholders from using information advantages or stock advantages, especially insider information to make trading behaviors that are beneficial to their own side and harm small and medium-sized investors, and maintain the openness, fairness and fairness of the securities trading market Right. “
the IPO project did not meet the expectation and expanded production again
Zhejiang Hangke Technology Incorporated Company(688006) on December 30, 2021, the company announced that it plans to issue shares in a non-public manner, with a total fund-raising of no more than 2.312 billion yuan. After deducting the issuance expenses, it will be used for the intelligent manufacturing construction project of lithium-ion battery charging and discharging equipment, the technological transformation project of production intellectualization and informatization improvement, the layout of overseas business network and basic research and development Assembly manufacturing center construction project and supplementary working capital.
Zhejiang Hangke Technology Incorporated Company(688006) in this regard, the raised investment project can effectively improve the capacity and scale of the post-treatment system of the company’s lithium-ion battery production line and meet the rapid growth demand of lithium battery post-treatment equipment under the new situation.
This is not Zhejiang Hangke Technology Incorporated Company(688006) the first time to raise funds to expand production. In 2019, Zhejiang Hangke Technology Incorporated Company(688006) raised 1.02 billion yuan through IPO, of which 426 million yuan was used for the manufacturing and expansion project of lithium-ion battery intelligent production line. Zhejiang Hangke Technology Incorporated Company(688006) said that after the implementation of the project, it is expected to increase the average annual profit by 245 million yuan. However, the actual economic benefit of the project in 2020 is only 117 million yuan, less than half of the expected.
The amount of the Zhejiang Hangke Technology Incorporated Company(688006) fixed raised investment project is more than three times that of the company’s IPO expansion project, but Zhejiang Hangke Technology Incorporated Company(688006) did not disclose the expected income, profit and new production capacity of the raised investment project in the announcement.
At present, Zhejiang Hangke Technology Incorporated Company(688006) has not released the annual performance report of 2021. In the first three quarters of 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 a net profit of 238 million yuan, a year-on-year decrease of 22.63%.
In addition, Zhejiang Hangke Technology Incorporated Company(688006) relies heavily on its top five customers for sales revenue. Since its listing, Zhejiang Hangke Technology Incorporated Company(688006) the sales revenue of the top five customers has accounted for more than 60% of the company’s total revenue. Due to problems in the capital chain of BIC power, one of the top five customers, Zhejiang Hangke Technology Incorporated Company(688006) has about 84 million yuan of accounts receivable, of which 67 million yuan has been withdrawn for bad debt reserves, accounting for 80%.
Can the lithium battery industry Zhejiang Hangke Technology Incorporated Company(688006) achieve the expected income? Automotive analysts Lin Shi, an expert of the communication association, told the Huaxia times: “the phenomenon of Zhejiang Hangke Technology Incorporated Company(688006) increasing revenue without increasing profits is due to the wrong judgment of the company’s senior management under the epidemic situation last year. Last year, the company took over many Chinese low-cost orders, coupled with the increase of investment in production expansion and the rise of enterprise operating costs Low price orders will be digested in 2021, and new orders with high gross profit margin will be full in 2021. Considering that the company is in the industrial chain of battery plants in Japan and South Korea and fully benefits from the subsequent expansion of overseas first-line battery plants, the revenue and net profit of Zhejiang Hangke Technology Incorporated Company(688006) in 2022 will be greatly improved. “
