Shanghai Stock Exchange
Szgh [2022] No. 0046
Inquiry letter on Sundy Land Investment Co.Ltd(600077) matters related to share repurchase and performance forecast
Sundy Land Investment Co.Ltd(600077) ：
On January 21, 2022, your company announced that it would stop repurchasing the company's shares, and the cumulative amount of shares repurchased was only 8 million yuan, far lower than the lower limit of 130 million yuan specified in the preliminary plan. In addition, recently, your company disclosed the announcement of performance pre loss, and it is expected that the net profit attributable to the parent company will be a loss of RMB 300-400 million in 2021. In accordance with article 13.1.1 and other relevant provisions of the stock listing rules of the exchange, your company is hereby requested to further verify the following matters and disclose them to the public.
1、 According to the announcement, the company disclosed the repurchase plan on January 23, 2021, and plans to repurchase shares by centralized bidding within 12 months, with a repurchase amount of 130-260 million yuan. On January 21, 2022, the company terminated the repurchase plan, and the repurchase amount was only 8 million yuan. The company is requested to explain whether the early-stage decision is prudent in combination with the specific basis and risk factors considered when formulating the repurchase plan, and whether timely and sufficient risk tips have been given for failure to complete the repurchase on schedule in combination with the information disclosure during the repurchase period. The independent directors and the board of supervisors are requested to express clear opinions on the above issues.
2、 According to the announcement, the company said that one of the reasons for terminating the repurchase was to strengthen the safety management of the company's capital liquidity. During the repurchase period, the company purchased the private fund shares held by the actual controller with RMB 131 million in cash and invested RMB 500 million to establish a lithium subsidiary. The company is requested to: (1) explain in detail the reasons and rationality of repeatedly using large amount of funds for foreign investment but failing to arrange funds to complete share repurchase, and whether it damages the interests of minority shareholders; (2) In combination with the share pledge and reduction of the controlling shareholder and the directors, supervisors and senior managers, explain whether to use the repurchase information to affect the stock price. The independent directors and the board of supervisors are requested to express clear opinions on the above issues.
3、 According to the performance forecast, the company expects that the net profit attributable to the parent company in 2021 will be a loss of RMB 300-400 million, with a sharp year-on-year decrease of 185% - 214%. The loss is mainly due to the year-on-year decrease in investment income due to the provision for impairment of self owned leased real estate and the decrease in delivery of cooperative projects. The company is requested to: (1) explain the reason and rationality of the provision for impairment of large assets, the specific calculation process, and whether the provision for impairment in the early stage is sufficient; (2) Explain the reasons and rationality of the sharp decline in investment income in combination with the specific situation of cooperation projects in this year and last year. Please comment on the above issues.
Please disclose the information immediately after receiving this inquiry letter, reply to our department in writing within five trading days, and fulfill the corresponding information disclosure obligations.
Shanghai Stock Exchange listed company management department 1 January 23, 2002
