The disclosure day of the annual report is approaching gradually, but Black Peony (Group) Co.Ltd(600510) ( Black Peony (Group) Co.Ltd(600510) . SH) suddenly exposed a big thunder. On March 30, the company disclosed that a batch of commercial acceptance bills with a total amount of 1.078 billion yuan with a maturity date of March 30 held by its holding subsidiary Shenzhen Aite wangneng Technology Co., Ltd. (hereinafter referred to as Aite wangneng) had not been cashed.
The reporter of the daily economic news noted that Aite net energy is an asset acquired by Black Peony (Group) Co.Ltd(600510) at a cost of 1.05 billion yuan. The company failed to fulfill its performance commitment in 2019, Black Peony (Group) Co.Ltd(600510) revealed that Aite net energy’s performance in 2021 may not meet the standard. It is worth mentioning that Black Peony (Group) Co.Ltd(600510) acquisition of Aite net energy has formed a goodwill of nearly 800 million yuan. According to the listed company, the management of Aite net energy believes that there is still no need to make provision for goodwill impairment.
subsidiary overdue payment of huge commercial bills
According to Black Peony (Group) Co.Ltd(600510) announcement, Aite net energy received a batch of commercial acceptance bills with a total amount of 1.078 billion yuan due on March 30, 2022 on December 31, 2021 due to undertaking the electromechanical equipment and service business of relevant projects. The drawer was zhongpengyun holding (Shenzhen) Co., Ltd. (hereinafter referred to as zhongpengyun) and its five wholly-owned or holding subsidiaries. However, due to the delay in the progress of equity financing, zhongpengyun was unable to cash the batch of commercial tickets on schedule.
At the same time, the listed company expects that the two commercial acceptance bills with a total amount of 138 million yuan, issued by Zhongpeng cloud holding subsidiary and due on March 31, 2022, that Aite network can receive on December 31, 2021 also have the risk of being unable to be cashed at maturity.
The total amount of commercial acceptance bills that have not been cashed and are expected to be unable to be cashed by Aite net energy this time is RMB 1.216 billion, accounting for 13.66% of the audited net assets of Black Peony (Group) Co.Ltd(600510) last year. The listed company said that considering the principle of accounting prudence, the company plans to withdraw the bad debt provision for the accounts receivable on December 31, 2021. Because the evaluation of the value of the corresponding collateral is still in progress, the company is unable to accurately judge the impact of the withdrawal on the company’s profits for the time being. According to the preliminary calculation of the company, it is estimated that the new bad debt provision due to the unsettled due notes receivable will have an impact on the net profit attributable to the parent company of about 100 million yuan.
By the end of 2020, Black Peony (Group) Co.Ltd(600510) the original book value of goodwill arising from the acquisition of 75% equity of Aite wangneng was 789 million yuan. The listed company said that it was temporarily unable to accurately judge the impact of the above provision on goodwill impairment. According to the preliminary judgment of Aite energy management, the event (overdue payment of commercial bills) will not have other impact on future business. After preliminary calculation, it is estimated that the present value of the estimated future cash flow of the goodwill and related asset groups on the benchmark date is higher than its book value, and there is no need to make provision for impairment of business reputation.
Founded in 2018, Qipeng capital is RMB 100 million. Tang Fugen, a natural person, holds 80% of the equity of the company and serves as the chairman and general manager of the company.
The listed company said that in order to ensure the recovery safety of this batch of receivables, at present, the company has obtained 77% equity pledge of zhongpengyun, 100% equity pledge of Guangdong Guangtai data technology, Guangdong zhongyichuang data technology and Beijing Zhongshu Yungu technology, and chattel mortgage of zhongpengyun’s wholly-owned subsidiary with a mortgage value of about 1.133 billion yuan; The pledge of 100% equity of Xi’an Zhongshu Yungu information technology is being handled.
In addition, the listed company also said that it is actively supporting the ongoing financing arrangements of zhongpengyun and striving to obtain the payment of corresponding creditor’s rights as soon as possible. “Depending on the progress, it is not ruled out to safeguard the legitimate rights and interests of the company and the majority of investors through debt to equity swap, property preservation and legal proceedings in the later stage, so as to minimize the potential losses of the company.” Black Peony (Group) Co.Ltd(600510) indicates.
Aite network performance or failure to meet the standard again
The reporter of “daily economic news” noted that with the emergence of the above events, aite.com may fail to meet the performance standards again.
In November 2019, Black Peony (Group) Co.Ltd(600510) announced that it planned to acquire 75% equity of Aite wangneng with RMB 1.05 billion (industrial and commercial transfer completed in December of the same year). Aite wangneng is a professional provider of infrastructure equipment and solutions for data centers in China. The company focuses on data center power supply and distribution and refrigeration solutions and products, and industrial & new energy refrigeration solutions and products.
At that time, listed companies said they could enter the rapidly developing data center infrastructure equipment manufacturing and solutions business field through acquisition. “The integration and optimization of the company and Aite will create new profit growth points, help to enhance the company’s profitability and comprehensive competitiveness, and bring sustained and stable returns to investors.” Black Peony (Group) Co.Ltd(600510) indicates.
According to the performance commitment, the net profit of Aite wangneng from 2019 to 2021 will not be less than 71 million yuan, 106 million yuan and 153 million yuan respectively. According to Black Peony (Group) Co.Ltd(600510) periodic report, the actual performance of Aite net energy in 2019 and 2020 was 619279 million yuan and 115 million yuan respectively. In 2019, due to the unqualified performance of Aite network, the difference shall be made up to the listed company by the performance promisor with RMB 288658 million according to relevant agreements.
“After preliminary calculation, it is expected that the impact of this provision on Aite’s net profit in 2021 will lead to the failure of the performance promisor to realize the performance commitment in 2021.” Black Peony (Group) Co.Ltd(600510) disclosed in the announcement.
