Too unconscious, A shares and listed companies over the weekend burst!
On the evening of January 31, Dewei New Material (1.95 suspension, diagnosis) (300325, SZ) issued an announcement, the company’s shares were suspended for one day from the opening of the market on February 1, will resume trading from the opening of the market on February 2 and be implemented other risk warnings, the stock abbreviation from “Dewei New Material” to “ST Dewei”, at the same Time, the daily limit of stock trading will remain unchanged at 20%. At the same time, Unique New Material announced that it expects a net loss of RMB440 million to RMB657 million attributable to shareholders of the listed company in 2020, compared to a loss of RMB588 million in the same period of the previous year. The impairment of notes due to the longer payback cycle amounted to RMB 326 million to 486 million. Based on the completion of the holding company’s performance in FY2020, the company conducted impairment tests on goodwill in accordance with relevant regulations, and it is expected that the company will need to provide for goodwill impairment in FY2020, with the amount of goodwill impairment ranging from RMB20.7 million to RMB30.935 million.
It should be emphasized that the sudden explosion of Dewei Xinzhu seems to have been foreshadowed. On December 30 last year, Dewei Xinzai replied to the concern letter and admitted that there were irregularities in guarantee matters. The irregular guarantee of the controlling shareholder, Dewei Group, resulted in the total possible guarantee liability of Dewei New Material amounting to 244 million yuan, accounting for 30.82% of the audited net assets attributable to shareholders of the listed company in 2019. If the problem of non-compliant guarantee cannot be solved within one month, the company’s stock will be “ST”. In addition, Dewei New Material mentioned in its reply that as of December 28, 2020, Dewei New Material had overdue notes receivable amounting to RMB 870 million. In just two months, Dewei New Material has added nearly 400 million yuan to the outstanding amount.
As of Friday’s close, the stock closed at 1.85 yuan, down 5.13%, with a turnover of 117 million yuan and an updated market capitalization of only 1.861 billion yuan. Since September 9, 2020 at 5.44 yuan, so far only 5 months, the share price has plunged nearly 70%, which is really miserable.
In this regard, the stock bar netizens instantly exploded, have commented. One netizen said, “I just bought 60,000 shares last Friday, dead.”
As of September 30, 2020, the number of A-shareholder households of the stock was as high as 69,700, a big increase of 20,000 households compared to the ring, and it is estimated that this part of the investors want to cry.
The company’s stock resumed trading from February 2 and was ST
The announcement said, because the company has irregularities to provide guarantee for the controlling shareholder’s debts, in addition to the controlling shareholder Dewei Investment Group Limited (hereinafter referred to as “Dewei Group” or “controlling shareholder”) has paid and the amount of the assets were judicially auctioned after the deduction of The total amount of guarantee liabilities that the Company may be liable for is RMB244.2 million, accounting for 30.82% of the audited net assets attributable to shareholders of the listed company in 2019. If the Company fails to resolve the above-mentioned non-compliance guarantee matters before and including January 29, 2021, the Company’s stock trading may be subject to other risk warnings. The Company fails to resolve the above guarantee by January 29, 2021. In view of the current situation of the Company, the Company’s shares have touched the other risk warning situation.
In addition, the announcement also stated that four of the Company’s current non-compliant guarantee matters are litigation-related, and the Company has appointed lawyers to handle litigation matters arising from the non-compliant guarantee, and the Company is currently negotiating with creditors on the release of the Company from liability for the guarantee. Meanwhile, Mr. Zhou Jianming, the controlling shareholder of the Company and the actual controller of the Company, has taken effective measures to actively solve the problems of illegal guarantees of the listed company, raise funds to release the guarantees and repay the relevant debts as soon as possible, and the controlling shareholder of the Company is paying the creditors in the form of judicial auction of the relevant assets. The company and the board of directors will evaluate and organize special personnel to follow up and implement the solutions proposed by Mr. Zhou Jianming for the irregular guarantee as soon as possible.
Dewei New Material admits to the irregular guarantee, six questions remain to be solved
On December 7, 2020, the Daily Economic News published an in-depth investigation report “Investigation of 1.38 billion notes receivable of Dewei Xinzai (above)” and “Investigation of 1.38 billion notes receivable of Dewei Xinzai (below)”, revealing the relationship between Zhou Jianming, the actual controller of Dewei Xinzai, and several notes receivable parties of the listed company. Verify whether there is any relationship between multiple note receivable issuers and the controlling shareholder and the actual controller, among other issues. The Shenzhen Stock Exchange also pursued whether the actual controller of the listed company has non-operating occupation of funds of the listed company and requested to verify whether there are irregularities in the provision of guarantees by the listed company to the outside world.
On December 30, 2020, Dewei New Material replied to the concern letter and admitted the existence of irregular guarantee matters. The irregular guarantee of the controlling shareholder, Dewei Group, resulted in the total guarantee liability that Dewei Xinzai may have to bear amounting to 244 million yuan, accounting for 30.82% of the audited net assets attributable to shareholders of the listed company in 2019. If the problem of non-compliant guarantee cannot be solved within one month, the company’s stock will be “ST”.
In addition, Dewei New Material mentioned in its reply that as of December 28, 2020, Dewei New Material had overdue notes receivable amounting to RMB 870 million. And as of October 31, 2020, the overdue amount of notes receivable from Unique New Material was 472 million yuan. In just two months, Dewei New Material has added nearly 400 million yuan to the outstanding amount. The new overdue party is none other than Suzhou Phelps International Trading Company Limited, the shareholder of the same name behind the company is also involved in the actual controller’s shareholding company.
The reply of Dewei New Material this time is not convincing, there are still six major questions to be answered.
Question 1: Is the large advance payment in line with business logic?
Question 2: Is Zhou Jianliang the then actual controller of Qianwei Electric?
Question 3: How can the shared address of one floor ensure the independence of suppliers?
Question 4: How to explain the renamed person behind the supplier?
Question 5: Why is the internal control system for misappropriation of official seals a sham?
Question 6: Did the intermediary agency fulfill its responsibility as a “gatekeeper”?
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