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SourceNacondaijaChina Fund Daily
China Fund News Amman
On the evening of May 15, Rock shares announced that its controlling shareholder, Shanghai Guijiu Enterprise Development Co., Ltd. (referred to as "Shanghai Guijiu"), recently received an enforcement order from the Shanghai Financial Court. The price will be changed to dispose of 17.5 million shares of the company held by Shanghai Guijiu.
It is understood that before, Shanghai Guijiu pledged 17.5 million of its shares in the company to Tianjin Zhongcai Commercial factoring Co., Ltd. (referred to as "Zhongcai factoring"). After the expiration of the stock pledge, Shanghai Guijiu has been actively working with Zhongcai factoring to resolve the above issues through negotiations such as the replacement of pledge, so as to avoid enforcement, but the two sides finally failed to reach an agreement.
The disposal methods of stock pledge breach of contract include bidding trading or bulk trading through the trading system of the stock exchange, agreement transfer, auction, sale, etc., the specific disposal method, quantity and amount shall prevail according to the actual implementation results.
The above shares account for 7% of the shares held by Shanghai Guijiu and its actors.Nacondaija.81%, accounting for 5% of the company's total share capitalNacondaija.23%.
Haiyin Wealth "Thunder"
Emergency pledge of Shanghai expensive wine
According to the previous announcement, on December 21, 2023, Shanghai Guijiu sold 17.5 million of its rock shares to Tianjin Zhongcai Commercial factoring Co., Ltd.
Guijiu Development and its actors hold 220 million shares of the company, accounting for 66.99% of the total share capital of the company. After this pledge, Guijiu Development and its actors accumulate a total of 17.5 million pledged shares, accounting for 7.81% of the total shares held by the company and 5.23% of the total share capital of the company. The pledge starts on December 18, 2023 and expires on March 4, 2024.
It is worth noting that before the equity pledge, the share price of Rock shares had just plummeted by nearly 30%. At this time, the pledge of equity is interpreted by the capital market as related to the "thunder" of Haiyin's wealth.
On December 13, 2023, US shares of Haiyin Holdings tumbled 42.27%. On the same day, its announcement acknowledged that some previously distributed asset-backed products reported redemption problems.
Haiyin Holdings said asset managers of these products were unable to reach an agreement with relevant customers to postpone redemptions. Although the company is only a distributor of these asset-backed products, customers are now demanding repayment. Any failure to adequately address these redemption issues could have a significant adverse impact on its reputation, customer relations, business, financial position and prospects.
Although on the surface, Rock says that it only has alcohol sales business with Haiyin Holdings, in fact, Shanghai Guijiu has a very close relationship with Haiyin Holdings. Han Xiao, the actual controller of Shanghai Guijiu, is the son of Han Hongwei, the real controller and chairman of Haiyin Holdings.
After Haiyin Wealth exploded, the share price of Rock shares nearly halved. At the beginning of 2019, when it was related to the liquor business, the share price of Rock shares once rose from about 7 yuan per share to 51 yuan per share.
Centralized repayment
Revenue plummeted 72% in the first quarter
Rock shares began to test the water of liquor business in 2019, and its performance is growing rapidly. According to the annual report, the year-on-year growth rates of revenue from 2021 to 2023 are 656.81%, 80.90% and 49.30% respectively. After the release of the 2023 performance forecast, it was also asked to explain the authenticity and sustainability of the substantial increase in performance.
But in the first quarter of 2024, the revenue growth of Rock shares came to an abrupt end. According to the financial report, Rock shares recorded revenue of 109 million yuan in the first quarter, down 71.94% from the same period last year, while the net loss belonging to shareholders of listed companies was 19.6608 million yuan, down 163.35% from the same period last year.
Rock shares said that the main reason for the decline in sales revenue in the first quarter compared with the same period last year, one is that the related party Haiyin Wealth Management Co., Ltd. (hereinafter referred to as "Haiyin Wealth") disclosed in December 2023 that some of the products distributed by Haiyin Wealth had redemption problems. Affected by the related party Haiyin Wealth incident, the company caused temporary liquidity pressure due to the concentrated repayment of loans to the controlling shareholders, and the rebates and market fees to the dealers were not paid in time. It is the peak season for wine sales before the Spring Festival, which has a certain impact on the company's sales. Second, affected by related events, the market has a certain degree of misgivings about the future development of the company, most of the dealers hold a wait-and-see attitude, resulting in restocking, replenishment is not active. Third, under the pressure of funds, the investment in brand marketing and marketing activities has been greatly reduced, resulting in the weakening of market expansion.
It is worth noting that in February 2024, Rock shares received the decision of the Shanghai Stock Exchange to publicly condemn Shanghai Guijiu Co., Ltd and the relevant responsible persons.
The Shanghai Stock Exchange pointed out that according to the facts identified in the Administrative penalty decision of the Shanghai Securities Regulatory Bureau, from 2017 to 2020, Shanghai Shangqu Industrial Co., Ltd. paid 19.5693 million yuan, 7.445 million yuan, 15.311 million yuan and 7.7031 million yuan in civil compensation for misrepresentation infringement in the securities market on behalf of rock shares, respectively. From 2018 to 2020, Shanghai Chuxing property Management Co., Ltd. paid 9.85 million yuan, 5 million yuan and 5.4 million yuan for legal services arising from civil compensation cases of misrepresentation infringement in the securities market on behalf of Rock shares, respectively.
The Shanghai Stock Exchange said that Rock shares failed to account for the above-mentioned compensation fees in accordance with the relevant regulations, resulting in false records in the annual reports of 2017, 2018, 2019 and 2020.
In view of the above violations and circumstances, according to the relevant regulations, the Shanghai Stock Exchange made the following disciplinary action: against Shanghai Guijiu Co., Ltd. and its actual controller and director at that time, Han Xiao, then chairman, secretary of the board of directors, and director Zhang, then Chief Financial Officer Sun Yao publicly condemned.
