A shares reproduce the magic plot at the end of the year. On December 27, Kingland Technology Co.Ltd(000711) (hereinafter referred to as ” Kingland Technology Co.Ltd(000711) “, 000711. SZ) announced that after receiving the notice from the seal administrator, the seal administrator inadvertently lost the company’s official seal and the personal seal of legal person Yang Rengui due to poor management.
Kingland Technology Co.Ltd(000711) indicates that it has arranged to re engrave the seal. Before the new seal and legal person seal are used, the company and legal person Yang Rengui will not recognize any contract, agreement and all other documents signed by anyone using the above seal.
At the same time, Kingland Technology Co.Ltd(000711) also issued an announcement on the appointment change of senior executives. Tian Xiaonan, the board secretary and securities representative, applied for resignation, and Yang Rengui, the chairman of the board of directors, temporarily acted as the board secretary. The company will appoint a new board secretary and securities representative as soon as possible.
The above matters quickly attracted the attention of regulators.
On December 28, Shenzhen Stock Exchange issued a concern letter to Kingland Technology Co.Ltd(000711) , requesting Kingland Technology Co.Ltd(000711) to make a written explanation on the specific situation of the loss of official seal, the impact of the resignation of several executives since this year, the progress of the introduction of war investment and other issues.
In addition, the Shenzhen Stock Exchange also reminded Kingland Technology Co.Ltd(000711) and all directors, supervisors and senior executives to strictly abide by the securities law, the company law and other laws and regulations, as well as the stock listing rules of the Shenzhen Stock Exchange, and truly, accurately, completely, timely and fairly perform the obligation of information disclosure.
shareholder reduction and resignation of several directors, supervisors and senior managers
It is worth mentioning that Tian Xiaonan served as Kingland Technology Co.Ltd(000711) Director Secretary for only four months. According to the incomplete statistics of the 21st Century Business Herald reporter and Tian Xiaonan, Kingland Technology Co.Ltd(000711) has lost 8 generals this year.
Shenzhen stock exchange is concerned about the resignation and change of more than Kingland Technology Co.Ltd(000711) directors, supervisors and senior managers since this year, and requires the company to explain the specific impact of relevant matters on production and operation, as well as the measures to be taken to ensure the stability of personnel and business.
According to the 21st Century Business Herald reporter, in April this year, Kingland Technology Co.Ltd(000711) former CEO Jiang Likun resigned and still served as a director after his resignation; In July, former vice president Guo Yuanyuan and former vice president and secretary Liu Xin resigned; In August, Yang Dehui resigned as the former employee representative supervisor and remained in the company after resignation; In October, former director Jiang lishuo and independent director Chen Fangqing resigned; In November, Meng Chen, the former supervisor, resigned; In early December, Zhu Jiang, the former independent director, resigned.
Insiders told reporters that the resignation of senior executives is mostly related to factors such as reduced confidence in the development of the company, internal changes and struggle, loss of voice, crisis in the financial situation of the enterprise, dissatisfaction with salary and position, finding a better development platform and so on.
Moreover, since the loss in 2019, “reduction” has become a high-frequency word in the Kingland Technology Co.Ltd(000711) announcement.
As of December 7, the former shareholder of Kingland Technology Co.Ltd(000711) financing capital (Gu’an) Investment Management Co., Ltd. (hereinafter referred to as “financing capital”) has reduced its holdings of 30037500 shares this year, accounting for 2.93% of the total share capital of the company. It does not hold any shares of the company after this change.
On September 18, vice president Wu Liji planned to reduce the company’s 14.4537 million shares, accounting for 1.41% of the company’s total share capital. That month, Beijing poplar JIAYE Investment Center (limited partnership) (hereinafter referred to as “poplar JIAYE”) also announced that it would reduce its holdings of 39751700 shares.
This is not the first time poplar JIAYE has reduced its holdings. From March to September this year, poplar JIAYE has reduced its holdings of Kingland Technology Co.Ltd(000711) 7406700 shares. At that time, its shareholding ratio decreased from 9.21% to 5.65%. After the implementation of the latest reduction plan, the shareholding ratio will be reduced to 4.61%.
In June 2021, the shareholder Jinglan Holdings Co., Ltd. (hereinafter referred to as “Jinglan Holdings”) also announced a reduction of Kingland Technology Co.Ltd(000711) 20 million shares. Previously, Jinglan holdings had reduced its holdings of 12.6 million shares in March 2020.
The signs of reduction began in March 2019. At that time, Kingland Technology Co.Ltd(000711) vice president Yin Xiaodong’s family successively reduced 1500 shares, 1000 shares and 1500 shares. Then, another vice president of the company reduced 18100 shares in July 2019.
Synchronized with the reduction of the above shareholders, other investors also began to “vote with their feet”.
According to the data disclosed in the third quarterly report of Kingland Technology Co.Ltd(000711) 2021, there are 35723 shareholders holding Kingland Technology Co.Ltd(000711) and the number of shareholders has decreased by more than 10000 compared with the 45989 disclosed in the 2019 semi annual report.
Kingland Technology Co.Ltd(000711) it was announced on February 8, 2021 that the controlling shareholder Beijing poplar blue sky Investment Center (limited partnership) (hereinafter referred to as “poplar blue sky”) and the actual controller Guo Shaozeng signed an agreement with Xinjiang Water Conservancy Investment Holding Co., Ltd. (hereinafter referred to as “Xinjiang investment”).
According to the contents of the agreement, poplar Lantian plans to transfer 5% of its shares to Xinjiang investment, and fully entrust the voting rights and other rights corresponding to the remaining 11.68% of its shares to Xinjiang investment. Xinjiang investment is interested in acquiring or increasing the capital of the company and its subsidiaries.
At present, the matter is still advancing. On the 28th, the Shenzhen Stock Exchange asked the company to explain the progress of the implementation of the agreement, whether it fulfilled its disclosure obligations in time, whether there were major obstacles and uncertainties in the subsequent signing of the equity transfer agreement or capital increase agreement.
huge performance loss, M & a stepping on thunder
What has the listed company experienced behind a series of abnormal events?
According to the 2021 semi annual report, Kingland Technology Co.Ltd(000711) is mainly engaged in soil remediation operation service business, ecological water saving operation service business, garden environment science and technology service business and other industries, accounting for 78.56%, 18.84%, 2.57% and 0.02% of revenue respectively.
According to the financial data, from 2018 to 2020, Kingland Technology Co.Ltd(000711) achieved operating revenue of RMB 2.491 billion, RMB 1.901 billion and RMB 1.158 billion respectively, and the net profit deducted in the same period was RMB 74 million, – 1.064 billion and – 2.395 billion respectively.
Since the performance “changed face” in 2019, Kingland Technology Co.Ltd(000711) net profit has continued to be negative.
According to the explanation of Kingland Technology Co.Ltd(000711) , the huge loss in 2019 is mainly due to the slowdown of northern garden and the termination of the implementation progress of some projects, resulting in the decrease of operating revenue and profit.
As for the year-on-year doubling of the loss in 2020, Kingland Technology Co.Ltd(000711) identified the cause as the covid-19 epidemic and the impact of changes in the macroeconomic situation and financial environment.
In the first three quarters of this year, Kingland Technology Co.Ltd(000711) achieved an operating revenue of 605 million yuan, a year-on-year increase of 7.83%; Deduct non net profit of – 326 million yuan, with a loss of 450 million yuan in the same period last year, which is still in a state of loss.
In fact, the reason why Kingland Technology Co.Ltd(000711) came to this step may be related to the previous two mergers and acquisitions.
In 2016, in order to participate in Jiangsu Nonghua Intelligent Agriculture Technology Co.Ltd(000816) , Kingland Technology Co.Ltd(000711) 1.588 billion yuan bought Muhe water saving. However, Muhe water saving changed its face after completing the performance commitment, resulting in the provision of 1.659 billion yuan for impairment of Muhe water saving related assets in Kingland Technology Co.Ltd(000711) 2020.
In 2017, Kingland Technology Co.Ltd(000711) acquired northern gardens at a price of 721 million yuan in order to expand its own garden environment science and technology service sector. However, after the acquisition, northern garden failed to fulfill its performance commitment. Kingland Technology Co.Ltd(000711) then took the original shareholder of northern garden to court.
After the judgment came into effect, the company applied to the court for execution because the defendant failed to implement the judgment results. Recently, Kingland Technology Co.Ltd(000711) received the execution ruling, and the court ruled that the person subjected to execution fulfilled the compensation obligation of about 720 million yuan and paid the losses caused by delay in performance.
The compensation has not been recovered. At the same time, the capital chain of Kingland Technology Co.Ltd(000711) is not optimistic.
By the end of the third quarter of 2021, Kingland Technology Co.Ltd(000711) had short-term borrowings of 1.437 billion yuan and non current liabilities due one year of 233 million yuan. In sharp contrast to short-term debt, the company’s book monetary capital is only 133 million yuan, and its solvency is facing a test.
According to the company’s announcement in October, Kingland Technology Co.Ltd(000711) and its holding subsidiaries’ actual total external guarantee balance was RMB 3.301 billion, accounting for 145.14% of the latest audited net assets. Meanwhile, the total overdue debts of the company and its subsidiaries were 823 million yuan.
Moreover, as of November 17, Kingland Technology Co.Ltd(000711) controlling shareholder Yang shulantian and its concerted action person banding (Xiamen) asset management partnership (limited partnership) had accumulated Pledged Shares, accounting for 99.99% of the total shares of the company.
Affected by the news of the loss of official seal and the resignation of the board secretary, Kingland Technology Co.Ltd(000711) shares closed at 2.77 yuan / share on December 28, down 2.46%, and the latest market value was only 2.277 billion yuan. The reporter noted that the company’s share price has dropped nearly 80% from the historical high of 15.23 yuan / share in 2017.
(21st Century Business Herald)
