With only 5 working days left before the end of the year, there is still no substantial progress in the shell preservation work, Dynavolt Renewable Energy Technology (Henan) Co.Ltd(002684) where to go?
According to public information, Dynavolt Renewable Energy Technology (Henan) Co.Ltd(002684) block transactions occurred on December 22, December 23 and December 24 for three consecutive days, with 500000 shares per transaction. The seller is Citic Securities Company Limited(600030) Beijing Shouti South Road Securities Business Department. It is worth noting that these three block transactions are discount transactions, with discount rates of 7.49%, 1.69% and 4.16% respectively. According to statistics, there have been 6 block transactions since September, with a turnover of 500000 shares each time, all of which are discount transactions.
Let's look at the dragon and tiger list of the company on December 8. The net sales of institutional seats were 10.0795 million yuan, and 0 was bought.
In addition, Ningbo Zhiyun Equity Investment Fund Management Co., Ltd., a former shareholder of the company, also reduced its holdings in violation of regulations. The company announced on December 22 that Ningbo Zhiyun reduced its holdings in advance on August 27 and locked 6.4455 million shares of the company with a maturity date of December 31, which was criticized by the Shenzhen Stock Exchange.
According to statistics, the number of A-share shareholders of the company continued to decline in the first three quarters. At the end of the first, second and third quarters, the number of shareholders was 21943, 20089 and 19661 respectively.
In addition, the stock price of the company's secondary market began to decline from November 18. At present, the decline has exceeded 33%. On the morning of December 24, it fell to the limit and closed at 4.09 yuan / share, a decrease of 0.97%.
blind expansion and high debt ratio
Dynavolt Renewable Energy Technology (Henan) Co.Ltd(002684) lead acid batteries engaged in R & D, production and sales of motorcycles started. They were listed on the small and medium-sized board of Shenzhen Stock Exchange in 2012. After listing, they quickly expanded their business to new energy vehicles, smart travel, clean power and other industries.
In 2016, the company started the expansion mode and successively acquired Shenzhen hualite, Zhengzhou Dakar, Taizhou Taiying, durionenergyag, etc., realizing the transformation from battery business to new energy industry. Due to the weak profitability of the company's traditional lead-acid battery business, new energy, clean power and other new businesses are under construction and need a lot of funds to carry out business through financing. In 2018, due to the impact of financial deleveraging, the maturity financing could not renew the loan, Dynavolt Renewable Energy Technology (Henan) Co.Ltd(002684) debt crisis broke out, the financing environment has not been improved, and the operating condition has deteriorated.
According to the data, the asset liability ratios of the company from 2016 to 2020 were 72.62%, 74.85%, 101%, 99.03% and 128.32% respectively. According to the third quarterly report of 2021, by the end of the third quarter, the company had total assets of 5.274 billion yuan and total liabilities of 7.929 billion yuan, with an asset liability ratio of 150.34%, the highest since listing.
At the same time, the company's large-scale cross industry expansion has not brought rich performance to the company. According to statistics, the company has lost a total net profit of 5.371 billion yuan from its listing in 2012 to September 30, 2021.
Song Qinghui, founder of Qinghui think tank, said in an interview with Securities Daily: "The company's high asset liability ratio, coupled with the fact that the company's large-scale cross industry expansion has not brought practical benefits to the company, all these show that there are serious problems in corporate governance. On the one hand, it means that corporate governance is backward and a reasonable asset liability structure has not been formed. On the other hand, cross industry expansion may not be coordinated enough and there is the possibility of out of control. This highlights the company's strong sense of There may be huge defects in governance. "
where is the road ahead?
In recent years, the financing environment of Dynavolt Renewable Energy Technology (Henan) Co.Ltd(002684) has been unable to be improved, there is a shortage of working capital, many businesses of the company cannot be carried out, the operating status continues to deteriorate, and it has reached the point of insolvency. In 2020, the revenue after deduction is 81.6987 million yuan, and the lower of the net profit before and after deduction is negative, and the audited net asset is -1.72 billion yuan. In addition, the net profit of the company in the first three quarters of 2021 was negative, and the net assets as of September 30, 2021 were -2.645 billion yuan.
According to the delisting rules, if Dynavolt Renewable Energy Technology (Henan) Co.Ltd(002684) can not significantly improve its operating performance and turn its net assets into positive value in the fourth quarter of this year, the company will face direct delisting.
However, throughout the company's announcement, no relevant announcement on the company's improvement of operating performance was found. Moreover, on December 3, Shenzhen intermediate people's Court (hereinafter referred to as "Shenzhen intermediate people's court") refused to accept the bankruptcy reorganization application submitted by the company and terminated the pre reorganization on the grounds that Dynavolt Renewable Energy Technology (Henan) Co.Ltd(002684) did not obtain the no objection letter issued by the CSRC and exceeded the pre reorganization period.
Dynavolt Renewable Energy Technology (Henan) Co.Ltd(002684) appealed to the higher people's Court of Guangdong Province in accordance with the above ruling of Shenzhen intermediate people's court. On December 13, the civil appeal petition was submitted to Shenzhen intermediate people's court, the court of first instance, requesting to revoke the relevant civil ruling and instructions made by Shenzhen intermediate people's court, and Shenzhen intermediate people's court accepted the company's application for bankruptcy reorganization.
In an interview with Securities Daily, lawyer Guo Lijun, partner of BOC law firm in Beijing, said: "because the bankruptcy and reorganization cases of listed companies are related to the healthy development of the capital market, the protection of investors' interests and social stability, the Supreme People's Court issued the minutes of the Symposium on the trial of bankruptcy and reorganization cases of Listed Companies in 2012 , clearly require the people's court to obtain a no objection letter from the CSRC before accepting the reorganization case of listed companies. From the perspective of securities supervision, whether the enterprise can get the no objection letter mainly depends on two points: first, whether the controlling shareholders, actual controllers and their related parties of the listed company planning to enter the reorganization have any violations, including capital occupation or illegal guarantee. In addition, if the above-mentioned acts occur, whether there are legal corresponding solutions in the follow-up; Second, whether the "reorganization plan" reflects the protection of small and medium-sized investors, whether it is suspected of infringing on the interests of small and medium-sized investors, and whether there are many other uncertain factors. In addition, considering that the bankruptcy reorganization of listed companies is a coordination mechanism between the government, the court and the CSRC, we should also consider whether the local government supports it. "
At present, has the company obtained the no objection letter on the company reorganization issued by the CSRC? The reporter of Securities Daily called the investor hotline of the company's securities department, but no one answered it all the time.
It is worth noting that there are only five working days left from December 31. Even if the appeal of Dynavolt Renewable Energy Technology (Henan) Co.Ltd(002684) can be accepted by the court and start reorganization, can the company solve the problem of huge debts and defuse the delisting risk in just five days?
In an interview with the Securities Daily, Shen Meng of Xiangsong capital said: "according to the new delisting rules, the loophole of using non operating means to protect the shell has been eliminated, so the possibility of delisting of the company has greatly increased."
(voice of Securities Daily)
