On the evening of July 1, 2022, Rock Shares announced: " Shanghai Guijiu Co., Ltd. received a request from the Shanghai Bureau of China Securities Regulatory Commission (hereinafter referred to as " Shanghai Securities Regulatory Bureau ") on July 1, 2022. According to the "Notification of Case Registration" issued by the company (CSRC Registration No. 0032022018), the company was suspected of violating laws and regulations in information disclosure. According to the " Securities Law of the People's Republic of China ", " The Administrative Penalty Law of the People's Republic of China " and other laws and regulations, Shanghai The Securities Regulatory Bureau decided to file a case against the company. "
Tanxudaochang.com's legal team believes that the specific content of this investigation is still unknown, but based on the company's history, as a professional shell resource concept, the company's main business is essentially not Nothing more than continuous packaging through mergers and acquisitions. Since 2020, the company's valuation has been obviously high with the help of the liquor concept. Whether civil compensation can ultimately be filed remains to be determined by the stock price trend (loss causation) in the next few trading days, the final investigation results, or the company's self-destruction. Investors who still hold at the close of trading on July 1, 2022, may be able to apply for civil compensation by searching Tanxudaochang.com.
Rock Shares was listed in 1993. Since its listing, it can be said that it has been continuously changing its name and business transformation, from Jianhaosheng → ST Haosheng → Fujian Haosheng → Lijia Shares → G Lijia → G Duolun → Duolun Shares → Ping convex → *ST convex → ST convex → ST rock → rock shares. At first glance, this is a professional "shell resources" listed company. It's just that under the background of registration and , whether this kind of stock market phoenix can survive A shares still has to go back to the road of deepening its main business.
changed its name to PIT , pseudo P2P concept hit the market in two years
In 2012, Xianyan took control of Duolun shares from Li Yonghong, the successor of Duolun shares. In May 2015, Duolun Co., Ltd. changed its name to Pitupi Financial Information Services (Shanghai) Co., Ltd., which means it will transform into an Internet financial P2P that was very popular at the time.
With the current popular concept, the stock price has continuously pulled out 6 daily limit, and the stock price has increased by 132.76% in one month. In fact, the company did not carry out any P2P business, and by 2016 it had a huge loss of more than 300 million.
The nominal "Pi Tu Pi" soon became a "ST Pi Tu" in March 2017. Xianyan was sentenced to for breach of trust and harming the interests of listed companies and for manipulating the securities market. He was sentenced to 32 years and 4 years in prison, and it was decided to execute a 5-year prison sentence and be fined a total of RMB 11.8 million. At the same time, the illegal gains were recovered.
Haiyin Group took over the market and created a liquor concept stock price soared
As early as 2015, the legal representative of the company was changed to Han Xiao, the son of Haiyin Fortune actual controller Han Hongwei. After playing with Pitupi, I started working on a new concept.
In 2017, Haiyin Fortune officially entered Pitupi. In 2018, the company changed its name to Rock Shares and divested itself of the mutual gold concept. Change the business scope of Rock Co., Ltd. to industrial investment, equity investment, etc. During this period, Rock Holdings relied on financial leasing and factoring businesses to turn a profit. After avoiding the fate of delisting, it set its sights on the liquor industry, which has always been favored by A-shares.
In January 2020, Han Xiao completed the adjustment of the controlling entity. After the adjustment, the shares of listed companies directly held by Guijiu Development increased from 21.03% to 40.53%.
As early as 2019, the company had already begun the strategic planning of transforming into the liquor industry and tested the liquor sales business.This business is mainly carried out by the company's subsidiary Guizhou Guijiu Cloud E-Commerce Co., Ltd., which mainly serves as a distributor of Guizhou Guijiu and sells Guizhou Guijiu online produced by the company's related party China Guijiu Group Co., Ltd. through cooperation with third-party e-commerce platforms. Sixteenth generation and other series of liquor products. At the same time, the company initiated the establishment of a wholly-owned subsidiary, Shanghai Liquor Co., Ltd., in December 2019 to independently create its own brand of high-quality simple liquor. Liquor sales reached 5.1784 million that year.
Han and his son, who are good at speculating on equity investment concepts, saw the company’s stock price and market value soar after testing the waters of liquor. By December 2020, Rock Shares announced that it had acquired 25% equity of Zhanggong Liquor Industry and 25% equity of Yangtze River Industry from the controlling shareholder Guijiu Development at a price of 86 million yuan. The above-mentioned equity stake in Guijiu Development was only purchased from Tianyin Communications in March 2020.
On December 30, 2020, it was announced that in order to further strengthen the main business of the listed company and enhance the company's sustainable operating capabilities, the company's board of directors authorized the company's management to sign an "Asset Donation Agreement" with Guijiu Development. Guijiu Development plans to transfer the assets it holds. 52% of the equity of Gaojiang Liquor Industry was donated to the company free of charge.
This wave of operations to focus on liquor has attracted the attention of the market. The company's stock price has soared, increasing five times in half a year.
The above-mentioned behavior of the company was quickly questioned by Shanghai Stock Exchange. Whether its controlling shareholder had used the behavior of increasing its holdings, gifting liquor assets, taking advantage of the hot concept of liquor, and driving up the stock price, and whether there had been illegal reductions or disguised reductions. Whether there is any arbitrage of pledged shares.
In fact, mentioned in its reply to the inquiry letter of the Securities Regulatory Bureau in March 2021 that 90% of the sales of Gaojiang Winery in 2020 came from Jinhua Winery Co., Ltd., and the main sales customers of Jinhua Winery Co., Ltd. were Gui Brewing Co., Ltd. is controlled by Han Hongwei, a related party of the company.
The 2020 annual report shows that Rock Holdings achieved revenue of 79.7177 million yuan and a net profit of 8.0219 million yuan; of which the alcohol sales revenue was 58.7896 million yuan, the gross profit margin was as high as 39.77%, and the net profit was -882,400 yuan. In its reply to an inquiry letter from the Shanghai Stock Exchange in May this year, Rock Holdings stated that its main business is not yet stable, and its current liquor business scale and sales revenue are still small.
However, there is always a sense of hype behind the fact that the actual controller has crowned the alcoholic concept of a listed company through donations, and has expanded the scale of the alcoholic business through a large number of related sales.
Disputes between dealers and trademarks have surged in the past half year
The 2021 semi-annual report shows that the company’s alcohol business sales revenue has reached 217 million. In less than 2 years, the company's liquor business has grown from scratch to hundreds of millions in revenue, which seems to have deviated from the development path of a normal enterprise. Soon the exchange issued a letter of inquiry to the company.
Regarding the reasons for the substantial increase in revenue, the company said: In 2021, the company will focus on the innovative development of the liquor business, and the strategic positioning of its main business will become clearer. In the first half of the year, the company focused on accelerating channel construction, making simultaneous efforts online and offline. Online sales were through online stores opened through Tmall , JD , Douyin and other platforms, and fully utilized the advantages of online platforms to develop online stores. Resources and products are sold directly to end retail customers to increase customer traffic. Offline channels are mainly through group buying, dealers and franchise chain models. The company expands various types of corporate group buying wine customers in various regions across the country, and develops companies with distribution qualifications, a certain distribution network or circle of resources. Distributors and subsidiary Shanghai Navy Wine continue to attract and recruit retired soldiers to open military wine shop franchise stores. In the first half of the year, they have achieved layout in key regions.
What is worth noting is that the company's dealer scale has grown exponentially within half a year, and the number of Guijiujiang dealerships has increased from 0 to 1,271.
The Shenzhen Stock Exchange repeatedly asked about the specific sales model, and the company responded one by one. However, Mr. Tanxu checked the Tmall and JD stores of Xiagui Liquor. Sales were mediocre and there were only a few reviews.
The issue of horizontal competition among the major shareholders and the issue of unfair competition regarding the trademark of Guijiu have also become key points of concern for the exchange. However, the actual controller has only been involved in the liquor business since 2018. In just three years, he was able to build a listed liquor company with a scale of hundreds of millions. He is a master of financial skills and management. Perhaps regulatory filings can provide the answer.
Disclaimer
This article is an independent third-party research based on the public company attributes of listed companies and the information publicly disclosed by listed companies in accordance with their legal obligations (including but not limited to temporary announcements, periodic reports and official interactive platforms, etc.) ; The author strives to be objective and fair in the content and opinions contained in the report (article), but does not guarantee its accuracy, completeness, timeliness, etc.; The information or opinions expressed in this article do not constitute any investment advice, and the author is not responsible for the use of this report assumes no responsibility for any actions taken.
