The first big thunder of the new year is coming!
Shanghai Industrial Development Co.Ltd(600748) announced that among the 2.615 billion accounts receivable of subsidiaries, some accounts receivable involving “financing trade” may have non recoverable risk.
Although the specific amount of non recoverable accounts remains to be verified, the Shanghai real estate group has fallen sharply since the opening, 30000 shareholders stepped on thunder, and the average household loss is about 14000.
some accounts receivable face unrecoverable risk up to 2.615 billion?
On the late night of January 11, Shanghai Industrial Development Co.Ltd(600748) issued the announcement on receiving the supervision letter and major risk warning from Shanghai Stock Exchange.
According to its announcement, recently, Shanghai Industrial Development Co.Ltd(600748) (hereinafter referred to as the “company”) received a regulatory letter from Shanghai Stock Exchange (hereinafter referred to as the “Shanghai Stock Exchange”). According to the requirements of the regulatory letter, the company carried out self inspection on the accounts receivable of Shanghai Shangshi longchuang Smart Energy Technology Co., Ltd. (hereinafter referred to as “Shangshi longchuang”), a holding subsidiary of the company, At present, the above verification is in progress.
According to the preliminary self inspection of the company, as of December 31, 2021, the unaudited accounts receivable of Shangshi longchuang totaled about RMB 2.615 billion, of which some businesses may involve financing trade, and the accounts receivable involved in such businesses may have unrecoverable risks. The company is stepping up further verification on the specific amount involved.
In the announcement, Shanghai Industrial Development Co.Ltd(600748) said that the company will continue to make every effort to find out the above matters as soon as possible, carefully evaluate the impact of the above matters on the company’s operating performance in 2021, and timely fulfill the obligation of information disclosure. Please pay attention to the investment risks.
According to public information, Shanghai Industrial Development Co.Ltd(600748) was listed and traded on the main board of Shanghai in 1996. It is headquartered in Shanghai. Its main business is real estate development. Its legal representative is Zeng Ming and its actual controller is Shanghai SASAC.
According to Shanghai Industrial Development Co.Ltd(600748) 2021 interim report, its shareholding ratio in Shangshi longchuang reached 69.7849%.
By the end of June last year, Shanghai Industrial Development Co.Ltd(600748) had a balance of about 220 million yuan of goodwill formed by the initial acquisition of Shangshi longchuang.
30000 shareholders stepped on thunder fell 6%, and the average household loss was 14000
As of the third quarter of 2021, Shanghai Industrial Development Co.Ltd(600748) shareholders totaled 34512, with an average of 53400 shares. As of Tuesday’s closing, the average shareholding value of Shanghai Industrial Development Co.Ltd(600748) shareholders was 224800.
This morning, Shanghai Industrial Development Co.Ltd(600748) once fell by more than 7%. As of press time, its decline was 6.18%. According to the decline of 6.18%, the average household loss of Shanghai Industrial Development Co.Ltd(600748) shareholders is about 1389000.
netizen: the first black swan in the new year
For the sudden explosion of Shanghai Industrial Development Co.Ltd(600748) , some netizens said that this is the first black swan in the new year.
Some netizens said, “you can only ha ha ha”.
Some netizens are not so pessimistic. Some netizens believe that the accident is a subsidiary, which may not have a great impact on the listed subject. Some netizens also believe that the announcement only indicates that some accounts receivable cannot be recovered, and has little impact on the performance in 2022.
high risk of “financing trade”
The explosion of subsidiaries of Shangshi group is the disaster caused by financing trade.
“Financing trade”, also known as “trade financing” and “supply chain finance”, is common in the field of bulk commodity trade. In practice, such “trade” is not only prone to commercial and legal risks, but also may cause legal disputes,
Previously, Shanghai Electric Group Company Limited(601727) was exposed that the subsidiary was involved in several debt disputes, and more than 8 billion yuan of accounts receivable could not be recovered.
Although the company did not specify the reasons for the explosion of accounts receivable, some experts analyzed that the explosion is likely to be caused by financing trade.
According to the financial report of China Central Television, the sales model of advance payment is the direct reason for the high amount of bad debts of Shangdian communication company. Shanghai Electric Group Company Limited(601727) as an intermediary, the communication company advances 100% to the upstream so-called suppliers and only 10% to the downstream so-called purchasers. Legal experts said that the lightning triggered business of Shangdian communication may involve “financing trade”, and relevant precedents have characterized this transaction as “called trading, but actually lending”. In 2018, the state owned assets supervision and Administration Commission of the State Council promulgated the measures for the implementation of accountability for illegal operation and investment of central enterprises (for Trial Implementation), which explicitly prohibits state-owned enterprises from carrying out financing trade business.
Due to the high risk, the regulatory level has also made many restrictions on businesses such as financing trade. As early as 2014, Guangdong Province has also issued relevant regulations prohibiting financing trade, namely the guiding opinions on promoting risk prevention and control of Commerce and trade business and enterprise transformation and innovation in Guangdong Province. It is clearly stipulated that the financing trade business for the purpose of lending funds to earn interest margin shall be refunded within a time limit, and the false trade business such as false invoice without real goods transaction for the purpose of financing shall be resolutely prohibited.
In the middle of last year, the State Council Information Office held a press conference on the economic operation of central enterprises in the first half of 2021. Peng Huagang, secretary general and spokesman of the state owned assets supervision and Administration Commission of the State Council, mentioned that it is necessary to strictly control the business risk of low gross profit bulk commodity trade in non main industries, strictly control the business risks of financial derivatives, financing guarantee and PPP, and resolutely prohibit the development of financing trade business.
Peng Huagang said that in previous years, we have been regulating the financing trade business, and now we strictly prohibit the development of this business.
