At the end of 2021, Focused Photonics (Hangzhou) Inc(300203) another subsidiary “had an accident”
On December 30, Focused Photonics (Hangzhou) Inc(300203) announced that the company received a notification letter from the holding subsidiary Yunnan Focused Photonics (Hangzhou) Inc(300203) Co., Ltd. (hereinafter referred to as “Yunju company”): Yunju company received a telephone notice from the procuratorial organ that Yunju company is suspected of bribery, and Yunju company has entrusted a lawyer to submit the entrustment procedures to the procuratorial organ.
Focused Photonics (Hangzhou) Inc(300203) said that the company does not know the specific situation at present, and Yunju will inform the company in time after receiving the formal document.
Interestingly, Focused Photonics (Hangzhou) Inc(300203) share price trend is somewhat “maverick”. On December 31, after a sharp drop of 12.59% the previous day, the company’s share price continued to rise today, and finally closed at 28.26 yuan, an increase of 5.49%.
The interface news reporter noted that since this year, although Focused Photonics (Hangzhou) Inc(300203) environmental protection violations, performance losses and so on, the share price in the secondary market has increased by more than 300%, up to 33.45 yuan / share.
The bribery involved changed from individual to unit
Statistics show that Yunju company was established in December 2015 with a registered capital of 30 million yuan and a shareholding ratio of Focused Photonics (Hangzhou) Inc(300203) of 51%. By the end of 2020, the total assets of Yunju company were 31.6879 million yuan, accounting for 0.34% of the total assets of the listed company in the same period; The net assets were 3.1683 million yuan, accounting for 0.08% of the net assets of the listed company in the same period; In 2020, the main business income will be 75.6543 million yuan, accounting for 1.84% of the main business income of the listed company in the same period; The net profit loss was 7.6909 million yuan. At present, the production and operation of Yunju company is normal.
The interface news reporter noted that as early as July this year, ye guobing, general manager of Yunju company, was detained for bribery and cooperated with the investigation.
News from the website of Yunnan Provincial Commission for Discipline Inspection and supervision on July 8: ye guobing, general manager of Yunnan Focused Photonics (Hangzhou) Inc(300203) Co., Ltd. and vice chairman of Yunnan Zhonghuang Environmental Protection Industry Co., Ltd., Lin Boyan, legal representative and general manager of Yunnan Chenyi Hongyu Environmental Protection Technology Co., Ltd., Zhan Wu, general manager of Yunnan Fuhui Technology Co., Ltd., Wei Dong, shareholder and head of marketing department of Yinfa environmental protection Co., Ltd, Zhao Haoming, the legal representative of Yunnan Chengjiang Yungong Construction Machinery Manufacturing Co., Ltd., has been detained to cooperate with the investigation because he is suspected of offering bribes to national public officials in the pollution control of Qilu Lake, Tonghai County, Yuxi City.
Focused Photonics (Hangzhou) Inc(300203) the above matters were not announced before, but only responded in interactive Yizhong. Yunju company is a joint venture established by the company with Yunnan Zhonghuang Environmental Protection Industry Co., Ltd. (hereinafter referred to as “Yunnan Zhonghuang”) and Yunnan kaiweite Investment Co., Ltd. (hereinafter referred to as “kaiweite”). Ye guobing, a shareholder of Yunnan Zhonghuang and kaiweite, served as the general manager of Yunju company.
At that time Focused Photonics (Hangzhou) Inc(300203) said that Yunju company had not been investigated by Yunnan Provincial Regulatory Commission on the contents of the above notification. At present, Yunnan provincial regulatory commission is under investigation. The company will continue to pay attention to this matter. Please refer to the official notice of relevant departments. We hereby explain.
According to public information, Yunnan spotlight won the bid for the comprehensive improvement project of village environment in Qilu Lake Basin and the ecological environment monitoring related project of Yunnan Provincial Department of ecological environment in 2017 (He Bin once served as deputy director of Yunnan Department of ecological environment). The total amount involved in the two projects is more than 100 million yuan.
On December 31, the interface news reporter called Focused Photonics (Hangzhou) Inc(300203) on whether the suspected bribery of Yunju company and senior executives will have a significant impact on the company’s future business in Yunnan, but the telephone of the Secretary office was always unable to be connected. Relevant lawyers told the interface news reporter that once the unit is identified as offering bribes and may even be suspected of criminal crimes, in addition to the relevant responsible persons, the unit shall be investigated for criminal responsibility according to law.
Lower performance and stock price bull
It is worth mentioning that as early as March this year, Focused Photonics (Hangzhou) Inc(300203) was caught in the storm of environmental data fraud.
On March 25, the Department of ecological environment of Hebei Province announced that Focused Photonics (Hangzhou) Inc(300203) , Tangshan Xiaotian Environmental Protection Technology Co., Ltd. and Tangshan Lvchuang energy saving and environmental protection equipment Co., Ltd. collaborated with pollutant discharge enterprises to fabricate online monitoring data.
According to the announcement, Tangshan No. 1 company did not implement the emergency response for heavily polluted weather and took the way of pulling out the collection tube of online monitoring equipment for illegal production. Focused Photonics (Hangzhou) Inc(300203) is its equipment operator, and its three employees record false shutdown data as normal.
According to the measures for determination and treatment of fraud in environmental monitoring data, Focused Photonics (Hangzhou) Inc(300203) and other companies and personnel involved in fraud are listed in the list of bad records of on-line monitoring of pollution sources in Hebei Province; It is prohibited to participate in environmental monitoring services purchased by the provincial government or projects entrusted by the government; The acceptance and networking of equipment installed in provincial enterprises shall be suspended.
In addition, in terms of performance, Focused Photonics (Hangzhou) Inc(300203) has continued to decline this year. In the first three quarters of 2021, Focused Photonics (Hangzhou) Inc(300203) achieved an operating revenue of 2.087 billion yuan, a year-on-year decrease of 11.35%; The net profit was -61.27 million yuan, a year-on-year change from profit to loss. The net profit after deducting non-profit was -148 million yuan, which turned into a significant loss year-on-year. The net cash flow from operating activities in the same period was -423 million yuan, a year-on-year decrease of 1210.73%.
By the end of the third quarter, the company’s accounts receivable was 1.465 billion yuan, non current liabilities due within one year were 406 million yuan, other current liabilities were 108 million yuan, long-term loans were 2.442 billion yuan, and the asset liability ratio was 58.99%, the highest in recent five years.
In the semi annual report, the company also pointed out that the amount of accounts receivable is large, accounting for a high proportion of total assets. The main customers of the company’s accounts receivable are government departments and large industrial enterprises. If there is an industrial recession or financial payment delay in the downstream, it will have a negative impact on the recovery of accounts receivable. If the accounts receivable cannot be recovered, it will have a great adverse impact on the asset quality and financial status of the company.
Compared with the operating performance, since July, Focused Photonics (Hangzhou) Inc(300203) secondary market trading price has exceeded 30 yuan / share from the low point of 10.59 yuan / share. According to wind data, since the beginning of the year, the stock has increased by 142.59%.
The share price rose, and Focused Photonics (Hangzhou) Inc(300203) controlling shareholders frequently reduced their holdings. Since July 2020, Focused Photonics (Hangzhou) Inc(300203) controlling shareholders have reduced their holdings of more than 15 million shares, accounting for more than 3%. Even once, due to the continuous reduction of more than 5%, it failed to make a timely announcement and received a warning letter from Zhejiang securities regulatory bureau.
Recently, the controlling shareholders of the company are still intensively reducing their holdings. Among them, Ruiyang technology, one of the controlling shareholders, reduced 4.44 million shares and 2.2 million shares respectively through block trading on October 26 and November 29. Pudu technology reduced its holding of 3.13 million shares of the company through centralized bidding from December 13 to December 15.
(interface News)
