On March 13, Sundy Land Investment Co.Ltd(600077) received an inquiry letter from the Shanghai Stock Exchange, requesting supplementary disclosure of the decision-making process and commercial rationality of the subsidiary’s advance of RMB 1.6 billion to participate in the investment in the lithium extraction project from the salt lake in Argentina.
On the evening of March 11, the company announced that Songdu lithium, a holding subsidiary, plans to participate in the lithium extraction project of Tibet Summit Resources Co.Ltd(600338) Argentina’s 50000 ton lithium carbonate salt lake together with enlightenment Qingyuan.
Recently, Sundy Land Investment Co.Ltd(600077) continued to rise sharply, with a cumulative increase of 37% since the beginning of the month. As of March 13, Sundy Land Investment Co.Ltd(600077) closed at 3.7 yuan, up 3.06%.
advance 1.6 billion yuan to participate in the lithium extraction project in Argentina’s Salt Lake
On the evening of March 11, Sundy Land Investment Co.Ltd(600077) announced that on that day, the board of directors of the company considered and adopted the proposal on signing cooperation agreement and providing financial assistance to foreign countries with 6 affirmative votes, 0 negative votes and 3 abstentions.
According to the proposal, the holding subsidiaries Zhejiang Songdu lithium Technology Co., Ltd. (hereinafter referred to as “Songdu lithium technology”) and tus Qingyuan (Shanghai) new material technology Co., Ltd. (hereinafter referred to as “tus Qingyuan”) plan to form a consortium to jointly participate in the lithium extraction project of Tibet Summit Resources Co.Ltd(600338) Argentina with an annual output of 50000 tons of lithium carbonate salt lake.
According to the agreement, Songdu lithium is the leading unit of the consortium. The equipment procurement amount involved in the project is 1.6 billion yuan, which is advanced by Songdu lithium and charged interest at an annual interest rate of 8%.
According to the data, Sundy Land Investment Co.Ltd(600077) main business is real estate development, ranking about 70 among the top 100 real estate enterprises. Songdu lithium Co., Ltd. was established on March 9, 2022 with a registered capital of 100 million yuan, of which the company holds 51%, and the remaining minority shareholders are two newly established partnerships with a registered capital of 1 million yuan and 100000 yuan respectivelySource: P = “align” Company announcement
Shanghai Stock Exchange emergency inquiry
On March 13, Sundy Land Investment Co.Ltd(600077) received the inquiry letter from Shanghai Stock Exchange. The inquiry letter said that the company does not have the professional knowledge reserve, technology and personnel for the construction of lithium extraction in salt lake. Therefore, the Shanghai stock exchange requires to clarify whether the company needs follow-up investment in addition to the financial assistance provided by the company. At the same time, it is also required to supplement the disclosure of whether there are other risks and give full tips.
In addition, the inquiry letter also requires self-examination of whether there are related relationships, business and capital transactions and other interest arrangements with the partners and their controlling shareholders, actual controllers and related parties. In combination with the current credit status of the company’s controlling shareholders and actual controllers, the purpose of the transaction is explained and whether there are improper demands such as maintaining the stock price is clarified.
According to the data of China Securities Taurus, Sundy Land Investment Co.Ltd(600077) continued to rise sharply recently. The limit rose for three consecutive days from March 1 to 3, and again on March 7 and 10. It has appeared on the dragon and tiger list for many times, with a cumulative increase of 37% since the beginning of the month. Previously, the company said that there was no material information that should be disclosed but not disclosed. In this regard, the inquiry letter requires supplementary disclosure of the planning process of this cooperation and whether there is any problem of untimely information disclosure.
On the contrary, the recent Tibet Summit Resources Co.Ltd(600338) trend is not satisfactory. On the news, on February 22, Tibet Summit Resources Co.Ltd(600338) disclosed that it had signed a cooperation agreement with tus Qingyuan and its consortium. On the same day, the company’s share price rose strongly, but then fell againP align = “center” Image Source: company announcement
three independent directors abstained
It is worth noting that the three independent directors all abstained from voting on this investment. The three independent directors believe that the company’s diversified operation can disperse risks, but at the same time, entering unfamiliar fields increases certain unknown risks. The company should conduct detailed due diligence in combination with its own cash flow, and make prudent decisions taking into account the current international situation, future trend, economic risks and Industry Research.
In this regard, the inquiry letter requires the company to conduct self-examination and supplementary disclosure of the planning process and relevant responsible persons of the transaction. At the same time, it requires other directors to explain whether they are diligent and responsible in relevant matters and whether they make independent decisions in combination with the waiver opinions of independent directors. In addition, the Shanghai Stock Exchange also asked to explain the reasons for promoting relevant projects in the case of large differences of opinion of the board of directors.
In addition, the inquiry letter also asked to explain the specific source of 1.6 billion yuan of funds, and explain the rationality of large-scale external financial assistance in combination with the company’s funds and other relevant conditions.
