Recently, and Keda (002816.SZ) received an inquiry letter from the Shenzhen Stock Exchange's annual report, which attracted attention. The company experienced a sharp decline in performance, a large increase in impairment, and a transfer of control rights. The Shenzhen Stock Exchange asked the company to explain whether there were any situations of using various impairments to adjust profits and conducting a financial "big bath" on the performance of this period.
In fact, it doesn’t matter whether you are conducting a financial "big bath". What is important is that and Keda , which have been on the market for only more than three years, are suspected of conducting a financial "big bath"? As long as the purpose is in the interests of the actual controller of the company, it is not difficult to understand his behavior.
has been negative, but it is difficult to stop the stock price from rising
Since the opening of the market after the Spring Festival, there have been negative news for and Keda .
htmlOn February 3, the 2019 annual performance forecast released by and Keda showed that the net profit attributable to shareholders of listed companies during the reporting period was a loss of RMB 55 million to RMB 66 million, while the profit in 2018 was RMB 6.4334 million. htmlOn February 18, and Keda issued a pre-disclosure announcement on the plan to reduce holdings by some directors and shareholders. htmlOn February 29, and Keda issued an announcement on 's provision for asset impairment , setting aside about 35.0276 million yuan in asset impairment provisions for 2019. htmlOn March 14, and Keda issued a pre-disclosure announcement on the plan to reduce holdings by the vice chairman and deputy general manager. htmlOn April 14, and Keda released their first quarter performance forecast for 2020, with net profit attributable to shareholders of listed companies losing 7.5 million to 10.5 million yuan, and a loss of 4.1844 million yuan in the same period in 2018, with a significant year-on-year increase. htmlOn April 30, and Keda released their 2019 annual report. During the reporting period, the company's operating income was only 144 million yuan, a year-on-year decrease of 58.24%, and a net profit loss of 68.43 million yuan, a year-on-year decrease of 1163.68%. The net profit after deducting non-operating items fell by as much as 3885.04%. htmlOn June 1, and Keda received an inquiry letter from the Shenzhen Stock Exchange for the 2019 annual report.Such a company with a sharp decline in performance, company shareholders are constantly reducing its holdings, and supervision is on the rise, the stock price should have fallen steadily, but on the contrary, the company's stock price does not seem to be affected by negative news. After the Spring Festival, it only followed the market to hit the limit for one day, and began to rebound the next day, and since then it entered an upward channel.
Data source: Sina Finance
After every negative release, the stock prices of and Keda only fell slightly or in the short term, and then there will be a retaliatory rebound, causing the stock prices to continue to surpass the previous highs. The most recent time was after receiving an inquiry letter from the Shenzhen Stock Exchange on June 1, which fell 2.06% on June 2. However, it rebounded sharply by 5.30% on June 3, with an intraday high of 31.32 yuan, an increase of 73.52% compared with the low of 18.05 yuan on February 4.
What does this strange phenomenon that a stock price falls temporarily with negative bears and then rebounds retaliatedly, leads to a serious departure from fundamentals? It is very likely that there are big funds who take advantage of every negative news to wash the market, buys the bottom of and confiscates retail investors' chips, and then pulls up and abandons retail investors, achieving continuous improvement in stock prices and chip concentration.
If so, what do these main forces want?
before and after the actual controller or play the win-win game ?
In the inquiry letter, the Shenzhen Stock Exchange pointed out that the company was listed on October 25, 2016. The date on which the shares issued before the initial public offering can be listed and circulated is October 25, 2019. The actual controllers of the company, Qin Youtang, Long Xiaoming and Zou Ming, planned to transfer the company's control after the shares were lifted. The actual controller of the company asked the actual controller of the company to further explain the reasons for the company's control.
In addition, the Shenzhen Stock Exchange pointed out that 5 current directors, supervisors and high schools in the company directly hold the company's shares. Since November 2019, the above five directors, supervisors and senior executives have frequently reduced their holdings in the company's shares. Please explain whether there are special reasons for reducing the holdings of the company's shares, and please ask the company and relevant directors, supervisors and senior management to verify whether there are any matters that should be disclosed but have not been disclosed.
On the second day after receiving the inquiry letter, and Keda issued an announcement on the completion of the transfer of the shares of the controlling shareholder and the actual controller and the change of the controlling shareholder and the actual controller, saying that Yiyang Ruihecheng Holdings Co., Ltd. will obtain control of the company and become the controlling shareholder, and Mr. Jin Wenming will become the actual controller of the company.
In the inquiry letter, the Shenzhen Stock Exchange also pointed out that the company's employees dropped sharply in 2019, from the original 737 to 437, and the number of employees in key positions was greatly reduced.The number of R&D personnel has dropped from 126 to 56, the number of production personnel has dropped from 443 to 183, and the number of technicians has also been cut from 125 to 66.
Shenzhen Stock Exchange asked a question on this, asking the company to explain in detail whether there have been major changes in the R&D capabilities and core competitiveness of the product, as well as whether there are major uncertainties in the company's sustainable operation capabilities, and the specific feasible measures the company plans to take to improve its sustainable operation capabilities, etc.
What the Shenzhen Stock Exchange really wants to ask is whether the company's performance plummet is related to the active weakening of human capital? Are companies that have been listed for a short time still operating with care? Before the transfer of the company's actual control, directors, supervisors and senior management intensively reduced their holdings, significantly laid off employees, and "taken a big bath" in their performance, which seemed to be a sign of absent-mindedness and eagerness to take a break.
's performance "big bath" is not uncommon in recent years. In fact, impairment is only a financial treatment method. After completion, it does not directly affect the company's cash flow. On the contrary, it can greatly reduce the profit base, which is conducive to the company's performance rising at a low level in the future, turning losses into profits or significantly increasing performance. Therefore, it is not ruled out that listed companies deliberately throw away their burdens from a subjective perspective and lower the profit base.
. As for and Keda , the company's actual control is facing a transfer. It is necessary for the new actual controller to take over the company, because the future performance increase or turnover of losses can stimulate the stock price to rise, which is conducive to asset appreciation and financing operations. If this matter is to be done, the original actual controller can only perform a "big bath" in performance, and it is not even ruled out that this will become part of the negotiation on the transfer of actual control. How to ensure that the stock price can indeed rise sharply after the performance is improved? The possible method is to enter the layout in advance, constantly use negative news to wash away retail investors, continuously increase the concentration of chips, and easily increase the stock price when good news occurs. At the same time, raising the stock price before the transfer of actual control is conducive to cooperating with the original actual controller to reduce its holdings.
If this is the case, all the doubts asked by the Shenzhen Stock Exchange can be explained. This is really a win-win capital game that cooperates with tacit understanding. The only loser is small and medium-sized investors in the secondary market.
