There is such a small real estate enterprise, which made a large loss in the performance forecast in 2021, but announced that it would smash the funds close to the net profit of the past decade to “engage in lithium” overseas. It did not even go to the scene to make due adjustments. The independent directors also collectively abstained from voting to indicate the risk, but this did not affect the company’s stock price to close the 12 limit in 16 days.
This real estate enterprise is Sundy Land Investment Co.Ltd(600077) . With the stock price reaching an all-time high, the company began to ship large quantities of goods. On the evening of March 22, Sundy Land Investment Co.Ltd(600077) announced that its 2018 employee stock ownership plan was sold on the same day, cashing out about 220 million yuan, and the shares sold accounted for 98% of the whole stock ownership plan, almost clearing the position. The so-called employee stock ownership plan is mainly in the management. Nine directors, supervisors and senior executives hold more than 40% of the shares. This reduction made a huge profit of about 39 million, of which chairman Yu Jianwu alone won about 11 million.
In the case of quick inquiry by the Shanghai Stock Exchange, the company first announced the delayed reply on March 19, and then said on March 21 that “there is great uncertainty in the project”.
Sundy Land Investment Co.Ltd(600077) currently faces multiple risks. In addition to performance losses, there are several large corporate bonds, ABS and other maturities. The proportion of equity pledge of the company’s controlling shareholders and those acting in concert is as high as 80%. The company still has 2.837 billion yuan of deposit certificate pledge guarantee for the controlling shareholders. At present, the company still has an employee stock ownership plan in 2016, with an amount of 360 million yuan at the latest price, and the floating profit is more than double. When to ship is worthy of attention.
“victory escape”
Whether the company is really engaged in lithium, whether overseas projects will have high risks and whether they can make money are actually less important. The capital market looks at expectations, stories, rather than accurate calculations.
First, it established a lithium subsidiary, and then announced the cross-border development of lithium. In March Sundy Land Investment Co.Ltd(600077) it began the journey of trading limit. First, it pulled out a wave of 5-day and 4-day trading limit from March 1 to 7, and then a wave of 9-day and 8-day trading limit after two trading days of rest. In this way, as of March 22, Sundy Land Investment Co.Ltd(600077) closed 12 trading limits in just 16 trading days, with a cumulative increase of 167.4%, and the share price rose from 2.7 yuan to above 7 yuan.
Sundy Land Investment Co.Ltd(600077) share price has been continuously adjusted for more than three years since reaching a high of RMB 15.95 in June 2015 (before resumption of rights), with the lowest falling to RMB 2.14 in October 2018, a decrease of more than 85%. After that, the company’s share price hovered in the narrow range of 2-3 yuan for more than three years. Now, it suddenly soared to 7.22 yuan. When will it wait until it doesn’t reduce its holdings?
On the evening of March 22, Sundy Land Investment Co.Ltd(600077) announced that the company had sold 32429200 shares in the employee stock ownership plan in 2018, with a transaction amount of 220 million yuan and an average transaction price of 6.77 yuan / share. On December 13, 2018, the company disclosed that its 2018 ESOP completed the purchase of 330287 million shares, accounting for 2.46% of the company’s total share capital, with a transaction amount of 128404 million yuan and an average transaction price of about 3.89 yuan / share.
In other words, after the reduction, there are only Shanghai Pudong Development Bank Co.Ltd(600000) unsold shares left in the shareholding plan, with a cash out of 98%. Based on the average warehouse building price of 3.89 yuan per share and the average selling price of 6.77 yuan per share, the shareholding plan in this period has achieved a yield of 74% and a profit of about 95 million yuan. According to Sundy Land Investment Co.Ltd(600077) previous disclosure, the nine directors, supervisors and senior executives represented by the chairman accounted for 41.43% of the share of the 2018 shareholding plan, of which Yu Jianwu, chairman, was the highest, accounting for 11.67%. The withdrawal of nine directors, supervisors and senior executives this time can achieve a profit of about 39 million yuan. The profit of one chairman is about 11 million yuan, while the profit of 291 employees is about 190000 yuan per capita.
Looking back at the company’s shareholding plan, it’s not easy all the way.
After the shareholding plan completed the position building at 3.89 yuan / share by the end of 2018, the lowest price of Sundy Land Investment Co.Ltd(600077) stock once fell to 2.16 yuan / share, down as much as 45%. The shareholding plan once suffered a loss of nearly 60 million. On the way, it was postponed because it didn’t want to sell at a loss. Even at the end of February just before the surge, the Sundy Land Investment Co.Ltd(600077) share price was only 2.7 yuan / share, but the “luck turn” was so “magic”. In just 16 trading days, it changed from a floating loss of 30% to a profit of 74%.
retail high-level connection
there are 360 million for sale
Judging from the list of dragons and tigers after hours on March 22, Sundy Land Investment Co.Ltd(600077) retail investors who ship goods here just make rival offers.
Among the top five buyers, the first to third buyers are all the business departments of China stock market news, known as the “retail base”. They bought 39.52 million yuan, 39.33 million yuan and 37.15 million yuan respectively, with a total purchase of about 115 million yuan. The top five sellers sold more than 4 billion yuan in total, and the biggest one was ” Shenwan Hongyuan Group Co.Ltd(000166) Western Securities Co.Ltd(002673) Hangzhou Stadium Road business department”, with a large shipment of 220 million yuan, which was consistent with the selling amount of the shareholding plan disclosed by Sundy Land Investment Co.Ltd(600077) this time.
At present, Sundy Land Investment Co.Ltd(600077) still has a 2016 employee stock ownership plan in existence, and the number of shares is 1.5 times that of the 2018 stock ownership plan. When to ship is worthy of attention.
According to previous disclosure, on March 23, 2018, Sundy Land Investment Co.Ltd(600077) – 2016 employee stock ownership plan undertook 49.947 million shares of the company held by “Ping An Huitong Sundy Land Investment Co.Ltd(600077) employee stock ownership specific customer asset management plan” through block trading, accounting for 3.73% of the total share capital of the company, with a transaction price of 3.28 yuan / share and a transaction amount of 164 million yuan.
Because most of the time it is a floating loss, the employee stock ownership plan in 2016 has also been postponed twice. However, after the sharp rise for more than ten days, these shares have floating profits of 120% and the total market value has reached 360 million yuan.
facing multiple risks
Not commensurate with the soaring share price, the company actually faces many risks.
On January 21 this year, Sundy Land Investment Co.Ltd(600077) released the performance forecast for 2021. According to the calculation of the financial department, the net profit attributable to the shareholders of the listed company in 2021 is expected to be about – 400 million yuan to – 300 million yuan, a year-on-year decrease of about 752 million yuan to 652 million yuan; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was about – 380 million yuan to – 270 million yuan, a year-on-year decrease of about 810 million yuan to 920 million yuan.
This loss has also created the history of the company since its listing Sundy Land Investment Co.Ltd(600077) main business is real estate development, which has accounted for more than 95% of the company’s operating revenue in recent ten years. From 2012 to 2021, the company can earn 3.5 billion yuan in good years, only tens of millions in bad years, and a loss of 200 million yuan in 2016.
In the next two months, the company also has three public debts that will expire. First, there are two house purchase balance ABS with an amount of 16 million yuan and 300 million yuan respectively in April, and then there is a 393 million corporate bond “19 Songdu 01” in May, which will have a certain impact on the company’s cash flow expenditure.
the pledge proportion of Sundy Land Investment Co.Ltd(600077) major shareholders is high. Up to now, the controlling shareholders and persons acting in concert of the company have held 672 million shares of the company, accounting for 50.15% of the total share capital. The cumulative number of Pledged Shares is 532 million shares, accounting for 79.15% of their shares, of which the pledge proportion of the controlling shareholder Songdu holding is as high as 92.94%. The outstanding balance of the pledge of RMB 3.7 billion provided by the controlling shareholder is the outstanding deposit certificate of the company.
extension reply inquiry letter
said “there is great uncertainty in the project”
On the evening of March 13, Sundy Land Investment Co.Ltd(600077) issued a “announcement on signing cooperation agreement and providing financial assistance to foreign countries”. Songdu lithium Co., Ltd., a wholly-owned subsidiary of the company, and Qidi Qingyuan signed a “Consortium Agreement” to form a consortium and jointly participate in the implementation of Tibet Summit Resources Co.Ltd(600338) “equipment, operation and technical services of 50000 tons / year lithium carbonate lake lithium extraction construction project of Argentina lithium potassium Co., Ltd.” Tibet Summit Resources Co.Ltd(600338) signed a cooperation agreement with the consortium.
Under the relevant contracts, the amount of equipment procurement involved is 1.6 billion yuan, and Songdu lithium branch advances all contract equipment funds. The advance amount accounted for 33.93% of the company’s latest audited net assets, and almost the company’s accumulated net profit in the past ten years. However, for such a major project, the company did not conduct on-site due diligence and made decisions only through the relevant supporting documents provided by the partners.
At the board of directors, the three Independent Directors voted in unison and collectively abstained, believing that entering unfamiliar fields would increase 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 and future trend, economic risks and industry research”.
The front foot of the company announced the matter, and the Shanghai Stock Exchange issued an inquiry letter on the urgency, asking to explain six questions in three aspects, including project decision-making and commercial rationality, project related risks, project fund source, etc. Zhejiang securities regulatory bureau has just received a penalty of not less than RMB 0.08 billion for the repurchase of shares by the company at the end of the month.
On March 19, the company disclosed the announcement on delaying the reply to the inquiry letter of Shanghai Stock Exchange, saying that at present, in view of the need for further verification and improvement of many matters, it is temporarily unable to reply and disclose within the specified time, and the company is expected to implement the reply and disclose before March 26, 2022.
On March 21, the company issued a supplementary announcement, saying that “there is great uncertainty in the promotion of the project”.
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