On January 18, on the occasion of pre reorganization, Jiangxi Firstar Panel Technology Co.Ltd(300256) (300256. SZ) issued a personnel change announcement, saying that the general manager candidate had been changed. When there are rumors about the replacement of the general manager or related to the company’s restructuring, Jiangxi Firstar Panel Technology Co.Ltd(300256) people from the Securities Department told the Huaxia times that the relevant rumors are not true.
Previously, Jiangxi Firstar Panel Technology Co.Ltd(300256) issued a debt exemption announcement that the controlling shareholder decided to exempt its debt of more than 2.5 billion yuan. On the first anniversary of the new delisting regulations, listed companies reappeared the new “financial technology”, and a number of A-share listed companies represented by Jiangxi Firstar Panel Technology Co.Ltd(300256) launched another shot to protect the shell with debt exemption as the main means. Therefore, near the date of disclosure of the annual report, we can strive to keep the company’s net asset index away from the delisting risk.
It is worth noting that in the past year after the introduction of the new delisting regulations, the regulators have repeatedly improved the relevant rules of the new delisting regulations to prevent listed companies from protecting the shell by means of “making indicators”. Is there a loophole in the rules to avoid delisting risk through debt exemption? How can this be avoided?
Jiangxi Firstar Panel Technology Co.Ltd(300256) change of command during pre reorganization
Jiangxi Firstar Panel Technology Co.Ltd(300256) on January 18, it was announced that the board of directors received the resignation report submitted by Pan Qingshou, director, vice chairman and general manager of the company on January 17. He resigned from the posts of director, vice chairman, general manager and special committees of the board of directors for personal reasons and did not hold any post in the company after his resignation. It is reported that pan Qingshou’s term of office was originally scheduled to expire on December 5, 2022.
In addition, according to the disclosure of Jiangxi Firstar Panel Technology Co.Ltd(300256) , upon the nomination of the chairman of the company and the qualification examination of the nomination committee of the board of directors, the board of directors agreed to appoint Liu Zhi as the general manager of the company. The term of office starts from the date of deliberation and approval of the board of directors to the expiration of the Fourth Board of directors of the company.
According to the data, Liu Zhi was born in August 1974, has no right of permanent residence abroad, and has a master’s degree from the Chinese University of Hong Kong. He has successively held middle and senior positions in many large group enterprises such as BOE, Tianyin communication and Dongxu group, the executive president of Wansheng investment holding group, the general manager of Beijing headquarters of Jingchu cultural industry investment group, and now the general manager of the company.
It is in the critical period of Jiangxi Firstar Panel Technology Co.Ltd(300256) reorganization. Previously, on January 13, Jiangxi Firstar Panel Technology Co.Ltd(300256) announced that the temporary manager of reorganization planned to hold the first creditors’ meeting in the pre reorganization stage on January 29.
Based on this, some market participants believe that the replacement of the general manager at this time may be related to the reorganization of the company, and the new general manager has more work experience in war investment, and the intention of changing the commander is obvious. However, the Jiangxi Firstar Panel Technology Co.Ltd(300256) Securities Department denied this. The relevant staff told the Huaxia times that there was no direct connection between the two. The former general manager left for personal reasons.
Tianyancha app shows that Jiangxi Firstar Panel Technology Co.Ltd(300256) was established in 2003 and listed on the gem of Shenzhen Stock Exchange in 2011. The company’s main business is the R & D, production and sales of window protective screens for mobile phones, tablets and other products.
According to the third quarterly report of 2021, the company’s main revenue was 2.643 billion yuan, a year-on-year decrease of 17.16%; The net profit attributable to the parent company was -1488.6657 million yuan, a year-on-year decrease of 48.19%. In the third quarter of 2021, the company’s main revenue in a single quarter was 634 million yuan, a year-on-year decrease of 45.86%; The net profit attributable to the parent company in a single quarter was -179819800 yuan, a year-on-year increase of 62.05%; The debt ratio is 143.81%, the investment income is -9.9615 million yuan, the financial expense is 146 million yuan, and the gross profit margin is -3.99%.
many companies have made such bad decisions
Near the annual report season, debt forgiveness has become a “life-saving straw” for some listed companies facing delisting risk. Not only does the debt become less, the net asset data become more “good-looking”, and the shell of listed companies is temporarily preserved.
According to the relevant announcement of Jiangxi Firstar Panel Technology Co.Ltd(300256) , on December 19, 2021, it received the notice of debt exemption issued by the creditor Huisheng investment and Pingxiang fan tike with Jiangxi state-owned assets background respectively, and the total debt exempted was 2.542 billion yuan.
Among them, Huisheng investment decided to exempt its subsidiary Jiangxi Firstar Panel Technology Co.Ltd(300256) from its debt of 875 million yuan; Pingxiang fan tike decided to exempt Jiangxi Firstar Panel Technology Co.Ltd(300256) from its debt of 1.667 billion yuan.
Some media broke the news that the controlling shareholders of Jiangxi Firstar Panel Technology Co.Ltd(300256) may hope to optimize their assets by exempting their debts, stay away from delisting risks by means of “shell protection” and then seek opportunities to “sell shells”.
In addition to Jiangxi Firstar Panel Technology Co.Ltd(300256) , a number of listed companies have “made such bad decisions”. On January 18, Dynavolt Renewable Energy Technology (Henan) Co.Ltd(002684) (002684. SZ) was concerned by Shenzhen stock exchange for frequently showing shell protection financial technology.
Previously, on January 6, Dynavolt Renewable Energy Technology (Henan) Co.Ltd(002684) announced that the company’s debt of 3.404 billion yuan was exempted by 12 creditors.
According to the concern letter issued by the Shenzhen Stock Exchange, it is required that Dynavolt Renewable Energy Technology (Henan) Co.Ltd(002684) explain in detail the name of the creditor who has obtained the information, the content of the information provided, the name of the creditor who has not obtained the information, the information not obtained, and the specific reasons why the information is still unable to be provided so far.
In addition, it is also required to explain the rationality of the information that cannot be obtained more than 17 days after the signing of the exemption letter, whether the issuance of the exemption letter is the true intention of the relevant creditors, and whether the company has disclosed the debt exemption without the consent of the creditors or failed to perform the internal approval procedures; Hangzhou Yinde Investment Management Co., Ltd. is requested to explain the approval procedures, approval time and relevant supporting documents for debt forgiveness.
In addition, according to the reporter’s incomplete statistics, recently, Jiangsu Dewei Advanced Materials Co.Ltd(300325) (300325. SZ) debt exemption of 329 million yuan; Boomsense Technology Co.Ltd(300312) (300312. SZ) debt exemption of 82 million yuan; Jinzhou Cihang Group Co.Ltd(000587) (000587. SZ) debt forgiveness of 1.411 billion yuan.
strict supervision
Why do listed companies spare no effort to protect the shell? Is there a loophole in the rules to avoid delisting risk through debt exemption? How can this be avoided?
Wang Jiyue, a senior investment banker, told the Huaxia times that as long as the detailed rules for indicators are stipulated, listed companies will do indicators, but this way of doing indicators is difficult to change the actual operating state of the company.
“For listed companies, if they keep the shell for one year, they will keep the opportunity of restructuring for one year. Maybe they will withdraw from the market in the future, but there is always hope after life renewal.” Wang Jiyue told the Huaxia times.
How can this be avoided? Wang Jiyue believes that it can not be said that the usual debt exemption is OK, but the debt exemption at the end of the year is not, and it is impossible to ban all debt exemptions because of “choking”. However, a special audit can be required to see whether there are other conditions behind it and whether it meets the requirements of the standards.
It should be noted that regulation is lighting a sword to the “shell protection” behavior. After the implementation of the new delisting regulations in 2021, the regulators issued the self regulatory guidelines for many times, aiming to accurately crack down on shell companies and put an end to the situation that listed companies “do indicators” at the first moment.
Previously, on November 19, 2021, the Shanghai and Shenzhen Stock Exchange issued the guidelines for self discipline supervision of listed companies No. 2 – Financial delisting indicators: deduction of operating income. The Department further optimized and revised the operating income deduction standard on the basis of summarizing the operating income deduction and regulatory experience of listed companies’ annual reports in 2020 and the relevant rules previously issued. The main purpose is to accurately crack down on shell companies and tighten the responsibilities of intermediaries.
