Although more than seven months have passed, the aftermath of the “Sui Tianli private network communication case” is still unresolved.
On the evening of January 17, Kaile Science And Technology Co.Ltd.Hubei(600260) (600260. SH) announced that on January 14, 2022, the company received the civil mediation letter served by Zhuzhou intermediate people’s Court (hereinafter referred to as “Zhuzhou court”), and under the auspices of Zhuzhou court, the company reached a mediation agreement with Zhuzhou high tech Power Industry Investment Development Co., Ltd. (hereinafter referred to as “Zhuzhou high tech power company”).
On August 6 last year, due to the thunderstorm of private network communication business and the termination of private network business cooperation between Kaile Science And Technology Co.Ltd.Hubei(600260) and Zhuzhou high tech power company, Zhuzhou high tech power company initiated a lawsuit and frozen the bank account of Kaile Science And Technology Co.Ltd.Hubei(600260) , resulting in the failure of normal business development of the company.
However, the mediation agreement will cause Kaile Science And Technology Co.Ltd.Hubei(600260) new liabilities of 1.093 billion. For the listed company with only 506 million yuan of net assets in the third quarter of last year, is likely to fall into the dilemma of “insolvency”.
legacy of “private network communication service”
Referring to the “gratitude and resentment” between Kaile Science And Technology Co.Ltd.Hubei(600260) and Zhuzhou high tech power company, we have to talk about the “Sui Tianli private network communication case”.
On the evening of May 30, 2021, Shanghai Electric Group Company Limited(601727) (601727. SH) suddenly broke out that the accounts receivable of Shanghai Electric Group Company Limited(601727) Communication Technology Co., Ltd. (hereinafter referred to as “Shangdian communication company”), which is 40% controlled by the company, are generally overdue, and there is a risk that a large amount of accounts receivable can not be recovered, “which may eventually cause a loss of 8.3 billion yuan to the parent net profit of Shanghai Electric Group Company Limited(601727) .”
Since then, more than a dozen listed companies such as Changshu Guorui Technology Co.Ltd(300600) (300600. SZ), Jiangsu Zhongtian Technology Co.Ltd(600522) (600522. SH), Jiangsu High Hope International Group Corporation(600981) (600981. SH) have successively revealed that “accounts receivable of private network communication business are overdue”, and all clues point to a person named “Sui Tianli” and Shanghai Xingdi Tongxin Technology Co., Ltd. controlled by him.
Kaile Technology (i.e. Kaile Science And Technology Co.Ltd.Hubei(600260) ) disclosed the “thunder explosion of private network communication business” on the evening of July 23, 2021, “The balance of prepayments of the company’s private network communication business is RMB 6.227 billion, of which the contract amount of suppliers’ overdue supply is RMB 1.151 billion, and the upstream suppliers have been delayed in delivery. If they continue to fail to supply as promised or return the prepayment in the future, the company’s prepayments may be at risk of loss; the balance of accounts receivable of the company’s private network communication business is RMB 61 million, and all of them have not been overdue yet There may be loss risk of accounts receivable after recovery; The inventory balance of the company’s private network communication business is 211 million yuan. At present, there are obstacles in the short-term delivery of downstream, the inventory may not be fully realized, and there is a risk of asset impairment. “
Originally, since May 2020, Keller technology has successively signed the product purchase and sales contract with new generation private network communication technology Co., Ltd. (hereinafter referred to as “new generation company”) to purchase three products from new generation company: tunnel encryption transmission service system processor, intelligent ad hoc network data communication module and high-speed data processing embedded system (hereinafter referred to as “private network communication business”).
According to the data of qixinbao, the new generation company was established on November 23, 2009, and the Shanghai Xingdi Communication Engineering Research Institute controlled by Sui Tianli was once a shareholder of the company.
Since the contract came into effect, the new generation company has received a total advance payment of RMB 1.151 billion, but the corresponding contract has been overdue and has not been delivered. After repeated reminders by Keller technology, the new generation company has not fulfilled its relevant obligations.
Therefore, Kaile technology sued the new generation company in court.
But before long, Keller technology was also sued by others for “private network communication business”.
In December 2020, March 2021 and April 2021, Zhuzhou high tech Power Co., Ltd. signed a product purchase and sales contract with the new generation company to purchase goods, and also signed a product purchase and sales contract with Hunan Kaile Emergency Information Technology Co., Ltd. (a wholly-owned subsidiary of Kaile technology, hereinafter referred to as “Kaile emergency”) to sell goods. Kaile technology, Jingzhou Keda Trading Co., Ltd. (the controlling shareholder of Kaile technology, hereinafter referred to as Jingzhou Keda) and Kaile emergency paid a total of 650 million yuan in advance and deposit to Zhuzhou high tech power company in accordance with the agreement. Zhuzhou high tech power company paid 1.453 billion yuan to the new generation company.
Because the new generation company refused to deliver the goods according to the product purchase and sales contract, the contract could not be performed.
On August 6, 2021, Zhuzhou high tech power company requested Zhuzhou court to terminate the contract, and Kaile technology, Jingzhou Keda and Kaile emergency shall be jointly and severally liable for the breach of contract of the new generation company as agreed.
At the same time, Zhuzhou high tech power company applied to Zhuzhou court for pre litigation property preservation and requested to freeze the assets of 4 companies, including Kaile technology, Kaile emergency, Jingzhou Keda and new generation company, with a value of 1.533 billion yuan.
financial crisis
According to the third quarterly report of 2021, the loss of the company from January to September reached 6.256 billion yuan, the total assets of the company was 5.087 billion yuan, the total liabilities were 4.581 billion yuan, the net assets were only 506 million yuan, and the asset liability ratio was as high as 90.05%.
If the new liabilities of 1.093 billion brought by the mediation are taken into account, the Kaile Science And Technology Co.Ltd.Hubei(600260) insolvency crisis is imminent.
In addition, in January 2021, Kaile Science And Technology Co.Ltd.Hubei(600260) temporarily supplemented the working capital with more than 200 million yuan of idle raised funds. By January 8, 2022, the amount was due, but Kaile Science And Technology Co.Ltd.Hubei(600260) could not be returned on schedule.
The explanation given by the company is:
\u3000\u3000 “In the first half of 2021, the company’s private network communication business had customers’ overdue payment for goods, suppliers’ overdue supply, and the sales contract could not be executed normally. In addition, the company’s main bank accounts were frozen, the capital turnover was difficult, the production and operation were greatly affected, the company’s interest bearing debt balance was large, and the company’s special account for raised funds was frozen, so the company could not be within the time limit Raise funds and return the funds to the special supervision account on time. “
To make matters worse, Kaile Science And Technology Co.Ltd.Hubei(600260) changed the audit institution on the eve of the annual report performance disclosure.
On January 1, 2022, Kaile Science And Technology Co.Ltd.Hubei(600260) changed the original zhongtianyun certified public accountants firm to Hexin certified public accountants firm. The reason given is that “the former firm’s audit human resources are relatively tight and it is impossible to ensure that enough auditors can be sent to complete the audit of the company’s 2021 annual report on time.”
Seeing that the annual report is about to enter the disclosure period, Kaile Science And Technology Co.Ltd.Hubei(600260) is about to change the accounting firm. Such an abnormal move can’t help worrying people.
On January 18, Kaile Science And Technology Co.Ltd.Hubei(600260) shares closed at 2.76 yuan. The market value of the company fell by 71.56% in 2021 and continued to evaporate by 10.97% since the beginning of this year.
