“Pixar” directly “20cm” limit, leaving Netposa Technologies Ltd(300367) little time.
On April 7, Netposa Technologies Ltd(300367) announced that the company’s net assets returned to the parent at the end of 2020 were negative after retroactive restatement, and the company’s shares will be subject to special treatment of “delisting risk warning” from April 8, and the stock abbreviation will be changed from ” Netposa Technologies Ltd(300367) ” to ” Netposa Technologies Ltd(300367) “.
Source: company announcement
On the 8th, Netposa Technologies Ltd(300367) directly fell by 19.79% to close at 1.54 yuan / share, with hundreds of thousands of selling orders piled on the limit board.
this means that if the company’s share price falls by the limit continuously, it will touch the red line of “1 yuan delisting” before the disclosure of the 2021 annual report at the end of April
The former “security tycoon” is now devastated and struggling.
According to the announcement, Netposa Technologies Ltd(300367) currently faces serious difficulties such as a large number of accounts being frozen and sealed up, increasing litigation cases, a large number of personnel loss, a large number of debts being unable to repay when due, and very tight capital flow. At the same time, the company has been included in the “list of dishonest Executees”, the business contracts have decreased sharply, the revenue in the first quarter of 2022 is less than 10 million yuan, the business development is difficult and the operation is very difficult.
pizza star! Net assets adjusted to negative in 2020
Netposa Technologies Ltd(300367) “Pixing” is mainly due to the retroactive adjustment of accounting error correction and negative net assets at the end of the period.
According to the announcement, Netposa Technologies Ltd(300367) in the process of preparing and cooperating with the audit of the 2021 annual financial report, when necessary asset inventory, impairment test and verification of creditor’s rights and debts are carried out, it is found that there are accounting errors in the previous period, and the net assets returned to the parent company need to be retroactively reduced by about 449 million yuan. Therefore, the net assets attributable to the parent company at the end of 2020 were retroactively adjusted from 190 million yuan to – 259 million yuan.
According to the relevant provisions of financial compulsory delisting in the Shenzhen Stock Exchange GEM Listing Rules (revised in December 2020), this situation involves the implementation of “delisting risk warning”.
The Shenzhen Stock Exchange GEM Listing Rules (revised in December 2020) Netposa Technologies Ltd(300367) retroactive accounting errors mainly include four items: long-term equity investment, illegal guarantee involving estimated liabilities, illegal guarantee litigation after the balance sheet date, illegal guarantee involving estimated liabilities without accrued interest and penalty interest.
For example, in terms of adjustment of long-term equity investment, due to becoming a inferior limited partner, Netposa Technologies Ltd(300367) in the accounting and financial statement presentation of Boyong No. 1 intelligent industry investment partnership (limited partnership), it did not consider deducting the paid in capital contribution of senior partners, resulting in accounting errors in the accounting of the book value of long-term equity investment.
In terms of estimated liabilities involved in illegal guarantee, the company restored four illegal guarantee matters, including Beijing police Shida Electromechanical Equipment Research Institute Co., Ltd., Beijing United Video Technology Co., Ltd., Shenglian Financial Leasing Co., Ltd. and Jining hengdexin International Trade Co., Ltd., and accrued credit impairment losses of 235 million yuan and estimated liabilities of 235 million yuan. At the same time, the corresponding interest and penalty interest are accrued for 758606 million yuan (of which 280849 million yuan should be accrued in 2019).
Adjustment of accounting errors, picture source: company announcement
In terms of the situation after accounting error adjustment, Netposa Technologies Ltd(300367) 2020 not only the net assets attributable to the parent company are negative; In 2020, the net profit was adjusted from the previous loss of about 516 million yuan to 834 million yuan, down more than 60%.
Netposa Technologies Ltd(300367) 2021 performance forecast, picture source: company announcement
Netposa Technologies Ltd(300367) it is estimated that the company’s net profit attributable to the parent company will lose 1 billion yuan to 1.35 billion yuan in 2021; The owner’s equity attributable to shareholders of listed companies ranges from – 900 million yuan to – 1.3 billion yuan.
The company said that the company was included in the list of dishonest Executees due to debt litigation. At the same time, affected by insufficient capital liquidity and macroeconomic downturn, the company’s business undertaking and market expansion were less than expected, resulting in a decline in revenue. Although the total operating cost decreased significantly year-on-year, the loss further increased due to a large number of fixed expenses during the period. In addition, the company also has credit impairment, impairment of long-term assets and financial assets, shareholder litigation, illegal guarantee and other situations, which affect the company’s net profit.
According to relevant rules, since the net assets at the end of 2021 are negative, there is a risk that the company’s shares will be terminated from listing and trading.
former “security tycoon” is now plagued with problems
Netposa Technologies Ltd(300367) also had a highlight moment in the capital market.
Netposa Technologies Ltd(300367) , formerly known as Dongfang Wangli, the company successfully landed on the gem in January 2014. Before listing, Dongfang Wangli was favored by Intel and obtained a lot of strategic investment.
Stock price since listing
After the listing, the share price of dongfang.com “sang all the way”, and the market value rose rapidly. In 2015, it rushed to the high point of 29.89 yuan / share (former resumption of rights), which was about 10 times higher than that at the beginning of the listing.
From 2014 to 2017, dongfang.com performed well and took advantage of the capital market to make large-scale acquisitions.
However, the good times will not last long. In 2018, if not relying on the sale of Huaqi intelligence to withdraw 1.1 billion yuan of funds, Dongfang Wangli’s performance would suffer a huge loss in that year. In 2019, the company broke out the illegal guarantee of RMB 1.6 billion, the revenue plummeted, and the net profit attributable to the parent company was even a substantial loss; In the same year, Sichuan state-owned assets took over.
Since then, Dongfang Wangli has been in a state of serious loss. In September 2020, dongfang.com announced that the company’s shares were “ST” due to the implementation of other risk warnings due to illegal guarantees. From 2020 to 2021, the chairman, President and chief financial officer of the company resigned one after another
Source: company announcement
Today’s Netposa Technologies Ltd(300367) has been plagued by problems. In addition to being listed as dishonest and risks in business ability, the company also involves many lawsuits and arbitrations. For example, the latest announcement of Netposa Technologies Ltd(300367) shows that as of January 28, the cumulative amount of new litigation, arbitration and labor disputes of the company and its holding subsidiaries amounted to 247941 million yuan.
In terms of Securities Misrepresentation only, on December 22, 2021 and January 27, 2022, the company increased the litigation amount of Securities Misrepresentation disputes by about 2.5354 million yuan. Previously, from November 17, 2021 to December 2, 2021, it faced litigation involving nearly 10.78 million yuan due to Securities Misrepresentation disputes; From December 2, 2021 to December 22, 2021, the litigation amount of Securities Misrepresentation dispute was 850000 yuan.
In addition, the company also owed the payment for Shangtang technology Netposa Technologies Ltd(300367) 3 on March 1, it was disclosed that after receiving the reply notice from Beijing Arbitration Commission, Shangtang technology requested an award to pay 113 million yuan of the contract price and related liquidated damages, attorney fees and arbitration fees.
Source: company announcement
Netposa Technologies Ltd(300367) said in the performance forecast for 2021 that due to the impact of changes in the market environment, the solvency of some customers and suppliers has decreased significantly due to their own business reasons. The company has increased the bad debt provision proportion of the expected credit loss model, and the expected credit impairment loss is 400 million yuan to 500 million yuan. At the same time, the company has made provision for impairment of long-term assets and financial assets with signs of impairment, and the impairment is expected to be about 200 million yuan.
