On the last trading day of 2021 (December 31), Jiangsu Hongtu High Technology Co.Ltd(600122) (600122. SH) rose the limit again, and the share price rose 4.83% to 2.17 yuan / share on that day.
When the share price soared, the listed company received an investigation letter from the regulator. On the same day, Jiangsu Hongtu High Technology Co.Ltd(600122) disclosed that it had received the notice of filing a case from the CSRC on December 30, 2021. The CSRC decided to file a case against the company because it was suspected of illegal information disclosure. On the same day, ST’s controlling shareholder sanbo Group Co., Ltd. (hereinafter referred to as “sanbo group”) also received the notice of filing a case from the CSRC. The CSRC decided to file a case against sanbo group because it was suspected of illegal information disclosure related to Jiangsu Hongtu High Technology Co.Ltd(600122) .
Jiangsu Hongtu High Technology Co.Ltd(600122) said that the company and sanbo group will actively cooperate with the work of the CSRC and fulfill the obligation of information disclosure in strict accordance with the regulatory requirements. “At present, the operation of the company is normal.”
According to the interface news, the share price of Jiangsu Hongtu High Technology Co.Ltd(600122) has risen sharply since the adoption of the agreement restructuring plan announced by sancell group on November 30. Sanbao group announced its restructuring news at official account of WeChat public at 15:21 on November 30th. However, in the intraday trading, the share price of Jiangsu Hongtu High Technology Co.Ltd(600122) had risen by the limit in advance, and the share price rose 5.03% to 1.67 yuan / share at the close of the day; Since then, the company has harvested 6 daily limit boards continuously until December 7, and then the company has harvested 13 daily limit boards successively until December 31, with a cumulative increase of about 36.48%.
Jiangsu Hongtu High Technology Co.Ltd(600122) stock price trend from November 30 to December 31, 2021.
However, the share price of Nan Jing Xin Jie Kou Department Store Co.Ltd(600682) (600682. SH), another A-share listed company controlled by sanbo group, fell instead of rising, and the share price fell by more than 12% from November 30 to December 31. In fact, Nan Jing Xin Jie Kou Department Store Co.Ltd(600682) shares fell 9.84% the next day (December 1) on the day after the disclosure of the reorganization of sancell group.
The different stock price movements of Jiangsu Hongtu High Technology Co.Ltd(600122) and Nan Jing Xin Jie Kou Department Store Co.Ltd(600682) make the market look sideways. After all, from the company’s fundamentals, whether from the company’s operation and performance, the Nan Jing Xin Jie Kou Department Store Co.Ltd(600682) with lower share price is better than Jiangsu Hongtu High Technology Co.Ltd(600122) .
The operation of Nan Jing Xin Jie Kou Department Store Co.Ltd(600682) with a lower share price has improved significantly. After sanbo group injected assets and transformed, the company stripped off loss making assets and reversed losses. At present, it mainly involves three business segments: modern commerce, health and elderly care, and biomedicine. In terms of finance, in 2018, Nan Jing Xin Jie Kou Department Store Co.Ltd(600682) had a loss of 886 million yuan; However, in 2019, 2020 and September before 2021, the company realized net profits attributable to the parent company of RMB 1.687 billion, RMB 752 million and RMB 884 million respectively.
Jiangsu Hongtu High Technology Co.Ltd(600122) is the opposite. The company’s existing businesses mainly include 3C retail chain, industrial manufacturing, art auction, financial services, etc. It seems that there are many business lines, many of which are in or about to be shut down.
The first is the company’s retail business. A large number of retail stores of 3C retail chain business were closed. 121, 252 and 13 stores were closed respectively from 2018 to 2020, 9 stores were closed in the first half of 2021, and only 8 stores remained by June 30, 2021, with a business area of only 700 square meters. In terms of financial services business, the operating entity Tianxia payment did not obtain the renewal license of the payment business license issued by the people’s Bank of China in the second half of 2019, and the business is in the process of closure and rectification, completing important compliance work such as merchant clearing. Nanjing yuanjiu, the main business entity of its real estate business, has not sold out the remaining three shops. After the sales of the “Hongtu · Sheung Shui Park” real estate project is completed, Jiangsu Hongtu High Technology Co.Ltd(600122) will withdraw from the real estate field.
In addition, the manufacturing business of Jiangsu Hongtu High Technology Co.Ltd(600122) is the listed company and the holding subsidiary Futong Electric Technology (837438. NQ). Its main products include wire and cable, optical fiber and cable, needle and micro printers and the R & D and manufacturing of peripheral products of office equipment. Its art auction business was acquired in January 2017, and the business entity is Kuangshi international, a wholly-owned subsidiary of the company; It is mainly the buyer’s Commission and the client’s Commission, and there is a small amount of auction product insurance premium income and Atlas fee income.
Most of the businesses are shut down, and the financial situation of Jiangsu Hongtu High Technology Co.Ltd(600122) is not ideal. Financial data show that from 2018 to 2020, the company lost 2.034 billion yuan, 2.735 billion yuan and 2.216 billion yuan respectively; In the first three quarters of 2021, it continued to lose 281 million yuan. According to rough statistics of interface news, the accumulated loss since 2018 has reached 7.266 billion yuan.
Jiangsu Hongtu High Technology Co.Ltd(600122) profitability in recent years.
Among them, Jiangsu Hongtu High Technology Co.Ltd(600122) was once reduced to “* Jiangsu Hongtu High Technology Co.Ltd(600122) ” due to the negative audited net profit in two consecutive fiscal years in 2018 and 2019, which was warned of delisting risk. During this period, it also hovered on the edge of compulsory delisting because the share price was lower than 1 yuan / share. However, after the implementation of the stock listing rules of Shanghai Stock Exchange (revised in December 2020), Jiangsu Hongtu High Technology Co.Ltd(600122) , which has suffered losses for three consecutive years, has “avoided” the financial compulsory delisting and changed to Jiangsu Hongtu High Technology Co.Ltd(600122) , which has been implemented with other risk warnings.
An interesting detail is that at the beginning of the sudden debt crisis in June 2018, Jiangsu Hongtu High Technology Co.Ltd(600122) was suspended in the name of major restructuring from June 15, 2018 to November 2 of the same year. In 2021, Jiangsu Hongtu High Technology Co.Ltd(600122) share price fell below the red line of 1 yuan / share in 19 trading days. The share price of Jiangsu Hongtu High Technology Co.Ltd(600122) plummeted, and sancell Group pledged 98.76% of the shares of the listed company, facing the risk of position explosion; In order to enhance market confidence, Yuan Yafei, the actual controller, said in early February 2018 that he planned to increase his holdings of no less than 50 million yuan Jiangsu Hongtu High Technology Co.Ltd(600122) shares in the next six months. However, by may 2019, sancell group announced that it had not raised the corresponding increase funds and terminated the implementation of the increase plan.
On December 23, 2021, Jiangsu Hongtu High Technology Co.Ltd(600122) continued to disclose the risk warning announcement. Among them, the company stressed that the formal voting of the restructuring plan of the company’s controlling shareholders had no significant impact on the company’s current production and operation.
In the semi annual report of 2021, Jiangsu Hongtu High Technology Co.Ltd(600122) frankly stated that due to the continuous impact of the liquidity crisis of the controlling shareholders, it was difficult to renew some loans of the company and its subsidiaries when they were due, the debts were not paid off when they were due, some equity and bank accounts were frozen, the shares of the company held by the controlling shareholders were judicially frozen and waiting for freezing for many times, and the credit rating of the main body and debts of the company was lowered, “If the debt problem cannot be properly solved, it may involve more lawsuits and even have a serious impact on the company’s daily operation”.
According to the financial data, as of June 30, 2021, Jiangsu Hongtu High Technology Co.Ltd(600122) short-term borrowings had a closing balance of 4.172 billion yuan, with large overdue debts and tight cash flow; However, there are large amounts of receivables and prepayments in the book for a long time. As of the end of the reporting period, the balances of receivables and prepayments were RMB 922 million and RMB 3312 million respectively.
On August 18, 2021, Jiangsu Hongtu High Technology Co.Ltd(600122) disclosed that Bank Of Jiangsu Co.Ltd(600919) 100 million shares held by the company had been frozen, and the number of shares waiting to be frozen was 400 million; The Huatai Securities Co.Ltd(601688) 123 million shares held have been frozen, and the number of shares waiting to be frozen is 492 million; 33.1165 million shares of Futong power technology have been frozen, and the number of shares waiting to be frozen is 177 million; 100% equity of Hongtu sanbo and Beijing Kuangshi has been frozen; The monetary capital of 167 million yuan has been frozen.
(interface News)
