Under the background of stricter supervision and upgraded delisting rules, the difficulty of shell preservation of some listed companies has increased significantly. However, the performance forecast of 2021 previously disclosed by Kelin Environmental Protection Equipment Inc(002499) ( Kelin Environmental Protection Equipment Inc(002499) , SZ; previous closing price of RMB 5.38) shows that the company expects to achieve a revenue of RMB 180 million to RMB 190 million after deduction last year. Revenue exceeded 100 million, which indicates that the company’s shell preservation seems to be a high probability event.
Looking back, Kelin Environmental Protection Equipment Inc(002499) the way to protect the shell can be called a legend. In the first three quarters of last year, Kelin Environmental Protection Equipment Inc(002499) had a revenue of only 22 million yuan, that is to say, the company had a revenue of at least 158 million yuan in a single quarter in the fourth quarter of last year. The company’s revenue soared due to the sudden transformation of business and the sudden emergence of many customers. In the second half of last year, six customers signed contracts of nearly 140 million yuan with Kelin Environmental Protection Equipment Inc(002499) party, which became an important boost for the company’s revenue to exceed 100 million yuan in 2021.
Such a large-scale surprise increase in income will inevitably arouse doubts from the outside world. The Shenzhen Stock Exchange has issued a letter of concern to listed companies, asking the company to explain the reasons and rationality of the significant change in operating income in the fourth quarter of last year, and whether to make surprise transactions to avoid delisting risks. In this regard, the listed company replied that its revenue recognition was reasonable. However, according to the investigation by the reporter of the daily economic news, there are doubts behind the Kelin Environmental Protection Equipment Inc(002499) above contract. For example, the address disclosed in the registration place and annual report of the key customer is “hard to find”, and the mobile phone number of the director of Kelin Environmental Protection Equipment Inc(002499) subsidiary is left in the industrial and commercial data of the customer’s shareholder.
new business entity “yiyoule” is concerned
Kelin Environmental Protection Equipment Inc(002499) belongs to the industry of power and heat production and supply. Originally, the company mainly engaged in the development, investment, construction and operation of ground photovoltaic power station and distributed photovoltaic power station projects. However, the main source of the company’s revenue last year was not the power business.
Earlier, Kelin Environmental Protection Equipment Inc(002499) control changed in early 2021. Chongqing dongchengruiye Investment Co., Ltd., the then controlling shareholder of the company, gave up the voting right. Hangzhou Minghan Investment Management Co., Ltd., the second largest shareholder, became the new controlling shareholder of the company, and Liao Xingsheng also became the new actual controller of the company.
After the change of the owner, Kelin Environmental Protection Equipment Inc(002499) immediately starts the new business. Liao Xing was engaged in development and investment related work in the real estate and construction industries during his growth period, but the transformation direction of listed companies is not in this regard.
Kelin Environmental Protection Equipment Inc(002499) after April last year, three holding subsidiaries (joint ventures and subsidiaries) of Shanghai Zhuoli he culture media Co., Ltd. (hereinafter referred to as Shanghai Zhuoli he), yiyoule network technology (Beijing) Co., Ltd. (hereinafter referred to as yiyoule) and Youle youyou (Hainan) Trading Co., Ltd. were successively established to implement new business, of which yiyoule is the main implementation subject. Yi Youle is mainly engaged in cross-border service trade related businesses, including but not limited to foreign software licensing services, e-commerce platform technology outsourcing services and cross-border e-commerce supply chain service trade.
Kelin Environmental Protection Equipment Inc(002499) completed the acquisition of yiyoule in July 2021. Since October 2021, yiyoule has signed technology R & D and outsourcing business with lemon infinite network technology (Guangdong) Co., Ltd. (hereinafter referred to as lemon infinite) and Changsha Qingying Network Technology Co., Ltd. (hereinafter referred to as Changsha Qingying) respectively.
According to qixinbao information, yiyoule was founded in December 2020 with a registered capital of 10 million yuan (0 yuan has been paid up when replying to the attention letter on February 26). In July 2021, Kelin Environmental Protection Equipment Inc(002499) disclosed the announcement on the progress of foreign investment, and the company jointly acquired Beijing Tianyi Technology Co., Ltd. (hereinafter referred to as Tianyi Technology) for 0 yuan, with Kelin Environmental Protection Equipment Inc(002499) contribution accounting for 90%.
After the acquisition, Tianyi technology changed its name to yiyoule. At the same time, the business scope, legal representative and directors, supervisors and senior managers changed, but the paid in capital was 0 yuan. Yi Youle completed team building, customer signing, cooperation and other work in less than half a year, signed contracts with a total of about 150 million yuan in a short time, and recognized a high proportion of income in the reporting period.
This series of operations also attracted the attention of Shenzhen Stock Exchange. On March 15, Shenzhen Stock Exchange issued a letter of concern, asking Kelin Environmental Protection Equipment Inc(002499) to explain the pricing basis and rationality of the acquisition of Tianyi technology for RMB 0, whether Tianyi technology had the working capital and technical team required to carry out business when it was acquired, and to supplement the time and source of separate receipt of working capital, the composition of technical team and the specific time of introduction, And demonstrate in detail whether such capital level and group scale have the commercial performance ability to sign and complete multiple orders in a short time.
Is the director of subsidiary the contact person of the customer’s shareholders
The reporter of the daily economic news found that the cooperation between Yi Youle and some companies seems to be hidden.
According to Kelin Environmental Protection Equipment Inc(002499) disclosure, in November 2021, Yi Youle signed the big data analysis platform development agreement with Changsha Qingying, which agreed that Changsha Qingying entrusted Yi Youle to develop the big data analysis platform, and the amount involved in the agreement was 17.5 million yuan. As of December 31, 2021, yiyoule has completed the system delivery and signed the acceptance and handover documents. The agreement has contributed about 16.5 million yuan (Unaudited) to the revenue of Kelin Environmental Protection Equipment Inc(002499) 2021 in the fourth quarter.
Qixinbao shows that Changsha Qingying was founded in September 2021 and is mainly engaged in basic software and application software development, software technology transfer and other services. The legal representative is Shen Xiang and the actual controller is Zhang Fenglu. The industrial and commercial registration telephone and e-mail are blank. The registered address is cluster registration, that is, the address is the residence of the hosting company. There are many enterprises and form a cluster.
It is worth noting that Changsha Qingying signed a contract with Yi Youle in November 2021, when Changsha Qingying was only two months old.
In January 2022, the registered capital of Changsha Qingying increased from 500000 yuan to 19 million yuan. At the same time, there was a change of shareholders. Beijing Tianhao culture media Co., Ltd. (hereinafter referred to as Beijing Tianhao), a new legal shareholder, holds 70% of the shares of Changsha Qingying.
In fact, before Beijing Tianhao controlled Changsha Qingying through capital increase, Yi Youle and Beijing Tianhao had intersection.
According to qixinbao, a telephone number disclosed by Beijing Tianhao is 1330122xxx, which is also the telephone number left in Beijing Tianhao’s industrial and commercial registration data, 2020 annual report and 2021 annual report.
The reporter searched social software and found that the owner of the phone number was Zhang Lizhen. The reporter of “daily economic news” noticed that Yi Youle and Shanghai Zhuo Lihe, another holding subsidiary of Kelin Environmental Protection Equipment Inc(002499) are both famous directors of Zhang Lizhen.
On March 17, in the capacity of business cooperation, the reporter dialed the industrial and commercial registration number of Beijing Tianhao 1330122xxx. The opposite party was Zhang Lizhen, the director of Yi Youle.
She said that Yi Youle is mainly engaged in cross-border e-commerce, which is divided into e-commerce and advertising. It also has its own overseas platform, but it is mainly engaged in the Latin American market.
The reporter also visited other partners of Yi Youle. In November 2021, YiYouXin signed the comprehensive service procurement contract of “Meixiang Chengdu Chongqing urban and rural thousand towns and thousand stores” with Chengdu Meixiang Culture Communication Co., Ltd. (hereinafter referred to as Chengdu Meixiang), which agreed that Chengdu Meixiang entrusted yiyoule to carry out e-commerce platform technical services and supporting module development, store display scheme planning and design, short video customization and other contents, involving an amount of 12.8 million yuan. As of December 31, 2021, yiyoule has completed the above design and development tasks and contributed about 12 million yuan (Unaudited) to the company’s operating revenue in the fourth quarter of 2021.
According to qixinbao, Chengdu Meixiang was founded in 2010 with a registered capital of 13.8 million yuan. The industry of the company is Internet advertising service. In terms of equity structure, Zeng Yan, Gong Chengqing and Du Mingsen hold 37.5%, 31.25% and 31.25% respectively. Zeng Yan is the legal representative, general manager and executive director of the company.
On March 3 and March 10, the reporter of “daily economic news” visited Chengdu Meixiang’s registered address at “No. 63, floor 5, building 1, No. 68 Julong Road, Wuhou District, Chengdu, Sichuan Province”, but both encountered that the two glass doors of the company were closed, and there was no office at that time.
Through the glass door, you can see that several computers are placed in the company’s office, and the placement of chairs is slightly messy.
On April 1, the reporter of “daily economic news” came to Chengdu Meixiang’s office address for the third time. The door of the company was still closed, and there was still no office at that time. The reporter noted that compared with the two visits in March, the position of the U-lock on the company’s gate is different, and it seems that someone has been in and out. Business cards and leaflets stuffed through the crack of the door were scattered on the ground.
In mid March, the reporter called Zeng Yan, the legal representative of Chengdu Meixiang, on the grounds of business cooperation. She said that Chengdu Meixiang’s main business is writing scripts, and admitted that the company has cooperation with Yi Youle. But why does such a “script writing” company have business cooperation with Yi Youle as an “e-commerce company”? Asked about the specific cooperation content, Zeng Yan said she didn’t know much about the business situation. The reason why there was no one in the office was that she was renovating recently. However, according to the reporter’s three field visits, Chengdu Meixiang seems to have no sign of “decoration” as Zeng Yan said. Zeng Yan said that she would ask the specific person in charge to contact the reporter, but as of press time, no one had contacted the reporter.
key customers “lemon unlimited” is hard to find
It is worth mentioning that in the fourth quarter of 2021, yiyoule’s largest customer was hard to find in its place of registration and the address disclosed in its annual report.
According to Kelin Environmental Protection Equipment Inc(002499) announcement, yiyoule provides e-commerce platform technical services for lemon unlimited. As of December 31, 2021, yiyoule has completed the development of relevant e-commerce platform technical services and supporting modules and signed acceptance and handover documents, affecting the company’s revenue of about 46 million yuan in the fourth quarter of 2021 (unaudited).
The amount of the agreement with Kelin Environmental Protection Equipment Inc(002499) exceeds 50% of the company’s latest audited main business income Kelin Environmental Protection Equipment Inc(002499) said in the reply letter that the service agreement signed between yiyoule and lemon unlimited shows that the company has made breakthrough progress in new business transformation, and the technology R & D business has been officially launched and generated revenue, marking that the company’s technology R & D business has officially entered the substantive operation stage.
Qixinbao shows that lemon Co., Ltd. was founded in October 2016 with the historical name of Guangdong senyi Environmental Protection Technology Co., Ltd. previously, it was mainly engaged in the contract energy management sales of chemical raw materials, and provided environmental protection technology R & D and consulting services. In August 2021, it was changed to lemon unlimited, and its business scope also became technology development, consultation, exchange, promotion and other services. Up to now, lemon unlimited has a registered capital of 90 million yuan and a paid in capital of 10 million yuan. China senyi Environmental Protection Group Co., Ltd. is its legal shareholder, with a subscribed capital of 90 million yuan. Qixinbao shows that China senyi Environmental Protection Group Co., Ltd. is a private company limited by shares in Hong Kong. In addition, there is no more information.
On March 10, the reporter of “daily economic news” visited lemon unlimited. The company address disclosed in the 2020 annual report is room 1712, Nanfeng center building, 106 Hongfu Road, Nancheng street, Dongguan. However, the reporter saw at the floor index that there was no lemon infinite company in Nanfeng central building.
The front desk said that here are all Nanfeng group’s own companies, and there is no lemon unlimited company. The person in charge of personnel of Nanfeng group said that the 17th floor is the headquarters of Nanfeng center company, and I have never heard of lemon unlimited.
The reporter dialed the contact number displayed by lemon unlimited qixinbao, which is also the number in its 20162019 annual report. The staff said that this is Nanfeng group. There is no lemon unlimited company. It also said that it has been receiving calls to find lemon unlimited in recent months.
On the afternoon of March 10, the reporter came to the registered address of lemon unlimited, No. 126, guangma Avenue, Machong Town, Dongguan City, Guangdong Province. According to the registered address, the company’s office should be located in room 336, building 80. However, the reporter saw at the scene that building 80 is the investment attraction center of Guangdong Haofeng Environmental Protection Group Co., Ltd.
Qixinbao shows that the corporate legal person of Haofeng environmental protection is Nanfeng group. The reporter did not see the relevant signboard of lemon unlimited at the floor index.
Front desk staff also said that there is no lemon unlimited company here. Subsequently, the reporter came to the third floor and found that there was an office building for rent, but there was no room 336, and the reporter did not find lemon unlimited.
Is there any relationship between yiyoule and its customer Changsha Qingying? Another customer, Chengdu Meixiang, as a “script writing” company, why does it have business cooperation with Yi Youle, as an “e-commerce company”? The reporter has visited Chengdu Meixiang for several times. Is it still in normal operation? Where is the office space of lemon unlimited, a major customer who contributed more than 50% of the latest revenue?
On April 6, the reporter sent an interview letter to Kelin Environmental Protection Equipment Inc(002499) on the above issues. The telephone of the securities department was connected. The staff of the company confirmed that they had received the email of the interview letter and forwarded it to their leaders, but the reporter had not received a reply by the time of publishing.
