The “demon stock” Hunan Yujing Machinery Co.Ltd(002943) , which had recorded 8 trading limits in the previous 11 days, will resume trading on Thursday.
stock suspension verification completed
resume trading today
On December 1, Hunan Yujing Machinery Co.Ltd(002943) announced that in view of the completion of relevant verification, the trading of the company’s shares will resume from the opening of the market on December 2, 2021.
According to the announcement of Hunan Yujing Machinery Co.Ltd(002943) , the company has recently verified matters related to abnormal fluctuations in stock trading. After verification, the company has no undisclosed matters that may cause serious abnormal fluctuations in stock trading, and the company has no other matters that may cause serious abnormal fluctuations in stock trading.
Specifically, after verification, the company did not find that the information disclosed in the previous period needed to be corrected and supplemented; During and before the period when the company did not find abnormal fluctuations in stock trading, the public media reported unpublished material information that may or has had a great impact on the stock trading price of the company.
In addition, the company’s current business situation and internal and external business environment have not changed significantly; After inquiry with the controlling shareholder and actual controller, the controlling shareholder and actual controller of the company do not have any major matters that should be disclosed but not disclosed about the company, or major matters in the planning stage; The company’s controlling shareholders, actual controllers, directors, supervisors, senior managers, relevant intermediaries (except Ping An Securities) and their handling personnel did not buy or sell the company’s shares during the abnormal fluctuation of the company’s stock trading.
As of September 30, 2021, Hunan Yujing Machinery Co.Ltd(002943) had 15800 shareholders, an increase of 4331 over the previous period (June 30, 2021), an increase of 37.62%.
8 trading limits in 11 days rose by more than 130%
Before the resumption, Hunan Yujing Machinery Co.Ltd(002943) had been suspended for five transactions.
On November 24, Hunan Yujing Machinery Co.Ltd(002943) announced that the closing price of the company’s shares increased by 147.21% and the cumulative turnover rate was 261.34% for 13 consecutive trading days from November 8 to November 24. During this period, it touched abnormal fluctuations in stock trading for many times. Due to the recent abnormal fluctuation of the company’s share price, in order to safeguard the interests of investors, the company will check the abnormal fluctuation of stock trading. Upon the application of the company, the trading of the company’s shares has been suspended since the opening of the market on November 25 and resumed after the disclosure of the verification announcement.
Hunan Yujing Machinery Co.Ltd(002943) the main business is the manufacturing of high-end CNC equipment and supporting core consumables. It is mainly engaged in the R & D, production and sales of equipment and consumables such as cutting, grinding and polishing of high hard and brittle materials. The products mainly serve the manufacturing links of consumer electronics, photovoltaic and other materials.
In recent years, with the wide application of hard and brittle materials such as monocrystalline silicon, magnetic materials, silicon carbide and sapphire in photovoltaic and other fields, it has a broader new product line for the downstream market.
industrial machine concept hype
From November 10 to November 15, Hunan Yujing Machinery Co.Ltd(002943) achieved three boards in four days in large quantities, mainly due to the speculation of the concept of industrial machine. The trading limit in the next few trading days is also related to the concept of the company’s industrial mother machine.
In terms of news, a few days ago, according to the financial report of China Central Television, under the background of the impact of the epidemic on the global industrial chain and supply chain, China’s manufacturing industry took the lead in returning to work and production. Benefiting from the pull of manufacturing demand, industrial mother machine enterprises also have a picture of full orders and difficult to find one machine.
Zhongtai Securities Co.Ltd(600918) pointed out that the global consumption of machine tools in 2019 was US $82.1 billion, of which the consumption of China’s machine tool industry reached US $22.3 billion. The production end is similar to the consumption end. The global output value of machine tools in 2019 was US $84.2 billion. As the world’s largest machine tool producer, China’s output value in 2019 was about US $19.4 billion.
The huge market is the premise of breeding leading enterprises. China’s 100 billion market provides soil for the birth of leading machine tool enterprises.
The industrial machine concept rose strongly on the 17th, Kyland Technology Co.Ltd(300353) rose by more than 13%, and Hunan Yujing Machinery Co.Ltd(002943) , Qinghai Huading Industrial Co.Ltd(600243) rose by the limit. It is worth noting that the “high-standard stocks” Hunan Yujing Machinery Co.Ltd(002943) on that day have gained five trading boards in the last six trading days.
the son of the actual controller took 342 million fixed increase
After realizing the four-day three board, on November 15, after the company announced the fixed increase plan of RMB 342 million, affected by the news of private placement, the stock price was a word limit.
On November 15, Hunan Yujing Machinery Co.Ltd(002943) announced that the number of shares to be non-public issued shall not exceed 20 million, and the total amount of funds raised shall not exceed 342 million yuan (including issuance expenses), which shall be used to supplement working capital and repay bank loans after deducting issuance expenses.
The issuing object of the non-public offering is Yang Jiawei, the controlling shareholder and actual controller of Yang Yuhong, who issued 20 million shares of the company, and the price of the non-public offering is 17.10 yuan / share.
The fixed increase share price is relatively low. Before the announcement, Hunan Yujing Machinery Co.Ltd(002943) shares were traded on three boards for four days. The price of this fixed increase was 17.10 yuan / share, which was about 32% lower than the closing price of 25.39 yuan on the announcement day.
It is reported that after the issuance, Yang Yuhong held 35.9639 million shares of the company, accounting for 29.97% of the total share capital of the company after the issuance; Mr. Yang Jiawei holds 20 million shares of the company, accounting for 16.67% of the total share capital of the company after issuance.
Hunan Yujing Machinery Co.Ltd(002943) said that with the expansion of the company’s business scale, the company’s demand for working capital is also increasing. Hunan Yujing Machinery Co.Ltd(002943) also said that in recent years, with the wide application of hard and brittle materials such as monocrystalline silicon, magnetic materials, silicon carbide and sapphire in photovoltaic and other fields, the company is seizing the market opportunity to increase investment and market development for a broader new product line in the downstream market.
At the same time, Hunan Yujing Machinery Co.Ltd(002943) hinted in the announcement that the move was to prepare for succession.
Hunan Yujing Machinery Co.Ltd(002943) said that Yang Jiawei joined the company in 2010, has been elected as a director of the company since 2015, and has served as the general manager, which can have an important impact on the production and operation of the company; As the son of Yang Yuhong, chairman of the company, considering the factors of family inheritance, Yang Jiawei will play a more important role in the operation of the company in the future. Up to now, Yang Jiawei is only 33 years old.
It is worth mentioning that Yang Jiawei may lead the company to accelerate the transformation to photovoltaic and other fields. At the end of last year, Yang Jiawei led Hunan Yujing Machinery Co.Ltd(002943) to plan the rare mergers and acquisitions since listing, and spent RMB 2006.85 million to acquire 51% shares of Yiyuan new material.
Recently, the company changed its business scope and added R & D, manufacturing and sales of brushes, non-standard automation equipment, grinding materials, grinding tools and polishing materials.
In the first half of this year, the revenue of Hunan Yujing Machinery Co.Ltd(002943) superhard material products industry was 39 million yuan, accounting for 22.47% and the gross profit margin was 27.75%, which was more promising than the original metal processing machinery manufacturing industry.
The fixed increase will provide more sufficient financial guarantee for Hunan Yujing Machinery Co.Ltd(002943) overweight superhard materials.
reply to the concern letter: the inside information is not disclosed
On November 16, Yujing shares disclosed the 2021 A-share stock plan for non-public development banks. On November 17, 18 and 19, the cumulative deviation of the closing price increase for three consecutive trading days exceeded 20.00%, and the stock price fluctuated abnormally.
In this regard, the Shenzhen Stock Exchange issued a concern letter on the 19th, asking the company to respond to relevant issues.
On the afternoon of Hunan Yujing Machinery Co.Ltd(002943) 23, the reply to the concern letter said that in order to alleviate the operating pressure and improve the influence of the actual controller, the non-public offering and change of control were planned. There was no outside speculation of insider disclosure and shareholder violations.
Hunan Yujing Machinery Co.Ltd(002943) planning non-public offering and change of control within three years of listing attracted the attention of Shenzhen Stock Exchange.
In this regard, Hunan Yujing Machinery Co.Ltd(002943) said that the company is mainly engaged in the research and development of precision CNC machine tools. Due to the characteristics of the equipment industry and the long payment collection cycle, the cash flow of the company’s daily operating activities is relatively tight. At present, the cash flow of the company’s operating activities continues to be negative. The funds raised by this non-public offering can alleviate the tight situation of the company’s operating cash flow, improve the company’s comprehensive operating strength and enhance the company’s market competitiveness.
This issuance reduced the shareholding ratio of Yang Yuhong, the actual controller, from 35.96% to 29.97%, and increased the shareholding ratio of his son Yang Jiawei from 0 to 16.67%; After the issuance, the father and son will hold a total of 46.64%. In this regard, the Shenzhen stock exchange requires it to explain the basis for identifying Yang’s father and son as joint actual controllers.
Hunan Yujing Machinery Co.Ltd(002943) said that Yang Yuhong is the current controlling shareholder, actual controller and chairman of the company and plays an important role in the company’s business decision-making. His son Yang Jiawei currently serves as the director and general manager of the company and plays an important role in the company’s business decision-making. This issuance can increase the holding proportion of Yang Jiawei and enable Yang Jiawei to directly have an important impact on the resolutions of the general meeting of shareholders of the company. Therefore, this issuance fully complies with the regulations. Said the insider was not disclosed and the shareholder did not violate the rules.
From November 15 to November 18, Hunan Yujing Machinery Co.Ltd(002943) had four consecutive trading boards, and the closing share price had doubled from November 15 to 24. The Shenzhen Stock Exchange also mentioned in the inquiry letter whether there was any disclosure of inside information in Hunan Yujing Machinery Co.Ltd(002943) .
Hunan Yujing Machinery Co.Ltd(002943) said that since the company began to plan the non-public offering of A-Shares on November 8, 2021, everything has been going on normally. Since the launch of the scheme, the scope of personnel involved in planning and discussion has been limited in strict accordance with the measures for the administration of information disclosure of listed companies and the management system of information disclosure affairs of the company, and corresponding confidentiality measures such as signing the notice on Prohibition of insider trading and the confidentiality agreement for insiders have been taken. Before the company disclosed the matters related to the non issuance of a shares, there was no disclosure of inside information.
As for whether there are insider trading of company shares, Hunan Yujing Machinery Co.Ltd(002943) explained that according to the guidelines on the information separation wall system of securities companies issued by the Securities Industry Association, the proprietary business account used by legal persons to buy and sell shares can not be restricted by the restriction list. During this self-examination, the trading of Hunan Yujing Machinery Co.Ltd(002943) shares in the above account is not related to the insider information, there is no situation of disclosing or disclosing relevant information or advising others to buy and sell Hunan Yujing Machinery Co.Ltd(002943) shares, nor is there any situation of using the information for insider trading or market manipulation.
overweight layout photovoltaic silicon track
In fact, Hunan Yujing Machinery Co.Ltd(002943) overweight photovoltaic field moves frequently.
On October 12, Hunan Yujing Machinery Co.Ltd(002943) announced that the company plans to invest 190 million yuan to establish a holding subsidiary Taiyuan Yujing new materials Co., Ltd. (hereinafter referred to as “Taiyuan Yujing”), which is intended to be the main operator of the company’s R & D, production and intelligent manufacturing projects of large-size silicon rods and monocrystalline silicon wafers in Taiyuan in the future.
It is understood that the main businesses of the two partners are related to photovoltaic. The business scope of Youtuo new energy includes the sales of silicon wafers and Cecep Solar Energy Co.Ltd(000591) batteries, and haoguanglv is mainly engaged in the sales of Cecep Solar Energy Co.Ltd(000591) batteries, silicon rods and silicon wafers. It is worth mentioning that Youtuo new energy is 50% owned by Xu Jian and Zhou Yiyi respectively, and haoguangfu is 100% owned by Yang Shumei.
According to the announcement, the business scope of the joint venture Taiyuan Yujing includes the development, production, processing and sales of semiconductor materials, monocrystalline silicon rods, monocrystalline silicon wafers, silicon carbide wafers, Cecep Solar Energy Co.Ltd(000591) batteries and carbon carbon composites.
Hunan Yujing Machinery Co.Ltd(002943) said that the accelerated development of photovoltaic silicon wafer to “large-size” and “thin-film” direction and the establishment of Taiyuan Yujing, a holding subsidiary, will help the company better grasp the market opportunities brought by the development of photovoltaic industry and give full play to the company and its holding subsidiaries in high-speed cutting equipment, diamond wire cutting consumables, carbon thermal field insulation products The technical advantages and supporting synergy advantages in cutting technology are conducive to expanding and improving the company’s overall layout in the photovoltaic industry chain and further improving the company’s business performance.
The reporter noted that in the first half of this year, Hunan Yujing Machinery Co.Ltd(002943) achieved a net profit of 1.229 million yuan, a year-on-year increase of 116.25%. The performance growth was largely due to the increased demand for the company’s photovoltaic equipment products.
For example, the sales revenue of wire cutting machine increased by 348.89% year-on-year, and the sales revenue of the company’s new diamond line and thermal field system products increased by 100% year-on-year.
Previously, Hunan Yujing Machinery Co.Ltd(002943) core products were grinding and polishing machines, as well as wire cutting machines and vacuum coating machines. The revenue of grinding and polishing machine products once accounted for 90%. However, in the fierce industry market competition, the average price of the company’s grinding and polishing machine and products decreased. When it was listed in November 2018, it hit the highest performance in that year, and then its profit continued to weaken.
From 2018 to the first three quarters of 2021, Hunan Yujing Machinery Co.Ltd(002943) deducted non net profits were 72 million yuan, 1.0902 million yuan, – 20.664 million yuan and – 1.5271 million yuan respectively, and the profitability of the main business decreased significantly. It is against this background that the company began to increase R & D, M & A and enter the photovoltaic field.
Hunan Yujing Machinery Co.Ltd(002943) believes that the establishment of Taiyuan Yujing will realize the expansion of the company’s product types and product fields, help bring new driving forces for the company’s future performance growth, improve the company’s income structure and profitability, and help improve the company’s comprehensive competitiveness. At the same time, after the establishment of Taiyuan Yujing, its operation will be included in the scope of the company’s consolidated financial statements.
(China Fund News)
