July 27, Hong Kong stock many popular stocks dived .
Chuangyoupin (9896.HK) was shorted by by institution Blue Whale Capital BlueOrcaCapital shorted , and directly accused the authenticity of the financial report. On the morning of July 27, Miniso's pre-market announcement responded that the report was based on no basis and contained misleading conclusions and interpretations about the company's information. However, as of the close, Miniso still fell 10.87% to close at HK$12.46.
At the same time, on the 27th, the stock prices of real estate leaders Country Garden (2007.HK) and Country Garden Services (6098.HK) both fell sharply, closing down 15.05% and 21.97%. The market value of the two companies evaporated a total of HK$29.5 billion. Huabao International (0336.HK), one of the popular stocks in
, has continued to fall due to the controlling shareholder being investigated again. On July 27, it fell 12.04%, while Huabao Co., Ltd., the same actual controller, fell 5.83%.
Establish an independent committee to investigate
On July 26, local time, short selling agency BlueOrcaCapital released a short selling report on Miniso, saying that after seven months of investigation, it found that Miniso misled the market in its core business and did not adopt a light asset and high profit franchise model.
BlueOrcaCapital pointed out that the hundreds of Miniso's stores do not operate an independent franchisee network, but are secretly owned and operated by company executives or individuals with close ties to the chairman; the chairman acted as an intermediary in improper transactions and embezzled hundreds of millions of yuan from public companies; Miniso's revenue fell by 40% from its pre-IPO peak, and there was a wave of large-scale store closures before the new crown epidemic, and the franchise fees fell by 63% in the past two years.
BlueOrcaCapital is a short investment company in the United States. It has shorted many Chinese companies including Xinyang , China Fehe , Kangzhe Pharmaceutical, Pinduoduo, 10,000 Data and other Chinese companies.
On the morning of July 27, Miniso announced that it would respond to BlueOrcaCapital's allegations. Miniso said the report was unfounded and contained misleading conclusions and interpretations about the company's information. Miniso's Board of Directors is reviewing the allegations and considering taking appropriate action to protect the interests of all shareholders.
Chuangyoupin said that based on the company's management's suggestions and in order to protect the interests of all shareholders, the board of directors decided to establish an independent committee composed of independent directors Xu Lili, Zhu Yonghua and Wang Yongping, aiming to supervise the independent investigation of the relevant allegations in the report. The Independent Commission shall, where appropriate, hire independent professional consultants to assist in the independent investigation.
Mingcaiyoupin was established in 2013 and mainly sells home life products. In October 2020, Miniso was listed on on on . On July 13 this year, Miniso was officially listed on the main board of the Hong Kong Stock Exchange, becoming a dual major listed company with an issue price of HK$13.8. Affected by the short-selling report, US stock html closed on the 226th, Miniso fell 14.98%, and on the 27th, Miniso's Hong Kong stocks fell 10.87%.
discount share allotment
Hong Kong stocks also plunged on the same day. The stock prices of leading country and country garden services both fell sharply, closing down 15.05% and 21.97%. Other domestic real estate stocks also fell. As of the close of July 27, Xuhui Holdings Group fell 11.95%, Xincheng Yue Service fell 11.26%, and Baolong Commercial fell 10.74%.
On the morning of July 27, Country Garden announced that it plans to allocate 870 million new shares, with a price of HK$3.25 per share, and the allocated price is 12.63% discount to the closing price of on the 26th, and the allocated shares raised a total of HK$2.828 billion. The company plans to raise funds for existing overseas debt refinancing, general working capital and future development.
Market insiders pointed out that the capital market has always been less likely to accept company allocations because this will dilute the interests of existing shareholders. Affected by this impact, Country Garden and Country Garden Service both fell sharply on July 27. Since the beginning of this year, the stock prices of Country Garden and Country Garden Services have both been halved, with a drop of 53.16% and 62.23% respectively.
Regarding this share allotment arrangement, Country Garden responded that with the recent recovery of industry sales, some fundamental funds, investors and existing shareholders who have long tracked the company and existing shareholders have been paying close attention to the company's latest developments and looking for opportunities to support the company. Therefore, this share allocation action was taken.In the end, the fundraising was multi-fold, and the number of shares issued increased from 840 million to 870 million. Country Garden stated that the company's share allocation is to reduce its own debt ratio, and at the same time support the company's bond repurchase in the domestic and foreign open markets, and continue to reduce the company's domestic and foreign debt scale.
It is worth noting that with the implementation of the policy of stabilizing the economy, , the overall market, and demand has begun to be released after the epidemic gradually improves, the domestic real estate market has accelerated its recovery process, and real estate companies are also stepping up financing. This week, China Overseas Development, China Communications Construction Real Estate , Shanghai Jinmao and other companies issued debt financing tools of 2 billion yuan, 600 million yuan and 2 billion yuan respectively, and the financing environment for real estate companies continued to be smooth.
The controlling shareholder was investigated again
The same performance today was also poor. Huabao International, the popular e-cigarette stock, fell 12.04% on July 27.
Huabao International announced on July 26 that the group learned that the Changsha County Public Security Bureau has lifted the surveillance of the chairman, CEO and controlling shareholder Zhu Linyao , and adopted bail pending trial . At the same time, the company was notified by the Xinfeng County Supervision Committee. The Xinfeng County Supervision Committee decided to investigate Zhu Linyao, and the Anyuan County Public Security Bureau carried out the surveillance of Zhu Linyao in .
This case had already fermented as early as January this year. On January 24 this year, Huabao International disclosed that Zhu Linyao was investigated by the Leiyang Municipal Supervision Commission for illegal issues. On the same day, Huabao International's stock price released a huge amount of 66%.
Two days later (January 26), the company disclosed that Zhu Linyao had been surveilled in designated residence. On the 27th of that month, the company disclosed that Lin Jiayu, the son of Zhu Linyao, was also investigated by the Hengyang County Supervision Committee for illegal issues and had been surveillance by the Changsha County Public Security Bureau for the designated residence. On July 21 this year, Huabao International announced that Lin Jiayu received a notice from the Changsha County Public Security Bureau and decided to lift his residence surveillance and take bail pending trial.
Since July 21, Huabao International has fallen by 38.68%, and Huabao Shares has fallen by 15.72%. Huabao International mainly engages in the research, development, production and sales of tobacco flavors, edible flavors and condiments.
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