Huge loss of 11.5 billion yuan blockchain leader thunder
As the first share of the "blockchain" and the only listed company in Shanghai with an annual report of "dystocia", the 2020 annual report of Yijian Co., Ltd. (600093) was officially released on July 6. However, this report card with a huge loss of more than 11.5 billion yuan is too disappointing for investors. As of July 6, the market value of Yijian shares was 6.656 billion yuan, which means that Yijian shares lost the market value of nearly two companies. It is easy to see that behind the loss of share performance, there are not only problems such as huge loss recovery, large impairment, capital occupation and major defects in internal control, but also the collective resignation of company executives. Where will Yijian shares go in the future?
Lose the market value of nearly two companies.
Easy to see the annual report of the "dystocia" of the shares is finally "late".
According to the financial report of Yijian Co., Ltd., the company realized an operating income of about 9.094 billion yuan in 2020, corresponding to a net profit loss of about 11.524 billion yuan, and a net profit loss of about 11.524 billion yuan after deduction during the reporting period.
Yijian shares, formerly known as Hejia shares, were listed on the Shanghai Stock Exchange on June 26th, 1997. In August 2015, Hejia Co., Ltd. completed the non-public offering of shares, and raised funds for supply chain management and related commercial factoring business. In 2016, the company will hold 100% equity of Zhongqi Chengdu Parts Co., Ltd. for sale. Since 2017, the main business of Hejia Co., Ltd. has been supply chain management and commercial factoring, and was later renamed Yijian Co., Ltd.
At present, the main businesses of Easy See are supply chain management, commercial factoring and digital technology services. By inquiring about the annual report data of Easy See shares after listing, this report with a huge loss of over 10 billion yuan is the worst report card handed over by Easy See shares.
Due to the 2020 financial and accounting report of Yijian shares, Tianyuanquan Certified Public Accountants (special general partnership) issued an audit report that could not express opinions; Moreover, the audited net assets of the company at the end of 2020 are negative. Easy-to-see shares will be crowned with stars and hats after the resumption of trading on July 7, and the stock abbreviation will be changed to "*ST Easy-to-see".
As a former blockchain leader, Yijian shares have suffered many rounds of speculation because of the blockchain business involved in its main business. According to Oriental Wealth, on November 4, 2019, Yijian shares once hit a high of 20.81 yuan/share. However, since the high point, it is easy to see that the share price began to fluctuate downward. Before the suspension of trading, that is, on April 30, 2021, the closing price of Easy See shares was 5.93 yuan/share. According to the statistics of Oriental Wealth, the closing price of Yijian shares before suspension has dropped by 68.66% compared with the high point on November 4, 2019.
The supervision letter of the exchange was delivered quickly.
After the disclosure of the annual report, Eslite received a letter of supervision from the Shanghai Stock Exchange.
Judging from the information disclosed, the performance loss of Easy See shares was mainly due to the large impairment loss of factoring business and supply chain business during the reporting period, totaling 11.885 billion yuan.
In this regard, the Shanghai Stock Exchange requires Easy See Shares and the annual accountant to comprehensively check the reasons for the large amount of impairment and whether the corresponding business has real business essence, whether the large amount of impairment involves other undisclosed shareholders’ substantial capital occupation, and whether it involves the correction of accounting errors in previous years.
The audit report also showed that 9.883 billion yuan of factoring receivable of Yijian shares was overdue, some customers of 4.553 billion yuan of prepayments failed to fulfill their delivery obligations, and the former controlling shareholder Yunnan Jiutian Investment Holding Group Co., Ltd. (hereinafter referred to as "Jiutian Holdings") occupied the company’s fund balance by self-inspection as high as 4.253 billion yuan. By the end of 2020, Yijian shares belonged to the shareholders’ equity of the parent company-3.558 billion yuan, and Yijian shares said that there may be significant uncertainties in its ability to continue operations.
The Shanghai Stock Exchange requires Easy See to take all necessary measures immediately, fully evaluate the existing asset quality and the company’s ability to continue to operate, formulate and promote the response plan as soon as possible, effectively collect and recover the relevant funds, minimize the company’s losses, and safeguard the legitimate interests of the company and all shareholders; Easy to see shares and Jiutian Holdings should also clarify the specific situation of capital occupation, repayment arrangement, adequacy of asset guarantee, etc. as soon as possible, and check out the responsible person of capital occupation, the whereabouts of funds, and whether there are other undisclosed illegal guarantees, capital occupation, related party transactions and other situations that encroach on the interests of listed companies.
The internal control audit report shows that there are major internal control defects in the management of share factoring business, supply chain business and financing business, which mainly involve defects in the audit control of factoring basic assets, untimely collection of factoring funds, improper consideration of some supply chain businesses and untrue basic assets of financing business. The Shanghai Stock Exchange requires Yijian to seriously examine the causes and main responsible persons of the above internal control defects, and explain the accountability measures taken and the rectification measures to be taken.
Negative news keeps coming.
The negative news of Easy See shares goes far beyond this.
It is reported that Yijian Co., Ltd. was originally scheduled to disclose the company’s 2020 annual report and the first quarter report of 2021 on April 30, 2021. However, due to the low proportion of the company’s many accounting subjects, some of the replies did not reach 20% of the total amount of letters and certificates, resulting in the audit progress of the annual report not meeting expectations, and it is easy to see the annual report of the company "difficult to produce".
On May 18th, the Shanghai Stock Exchange made a disciplinary decision to publicly condemn the company and all its directors, supervisors and senior managers for failing to disclose the 2020 annual report and the first quarter report of 2021 within the statutory time limit.
On May 14th, Yijian shares were also investigated by the Securities and Futures Commission on suspicion of illegal information disclosure.
In addition, beijing business today reporter noted that since 2021, Yijian Co., Ltd. has successively issued 10 announcements about the resignation of company executives. For example, the board of directors of Yijian Co., Ltd. received the resignation letter from the company’s chairman, Kan Yougang, on January 5, 2021. Due to physical reasons and with the approval of the superior, Kan Yougang applied to the company’s board of directors to resign as a director, chairman, chairman of the strategy Committee and member of the remuneration and assessment Committee. In June this year, Xue Peng, the secretary-general of Yijian Co., resigned as the secretary-general for personal reasons.
In response to the current difficulties, the company’s response measures and other issues, Yi Jian shares related people said in an interview with beijing business today that "in the announcement that the company disclosed that the uncompensated losses reached 1/3 of the total paid-in share capital, about five measures have been disclosed, but the specific work plan is still being arranged, and the specific matters need to be understood from the Secretary of the Board or the Securities Agency". The person also said that "at present, the Secretary-General and the securities representative are in a meeting, and we will contact you if there is any news."
According to Oriental Fortune, as of June 30, 2021, there were 52,500 shareholders of Easy See. Wang Chikun, an independent economist, believes that after the resumption of trading, it is easy to see that the company’s share price and market value will face further shrinkage.
Beijing business today reporter Liu Fengru
Source: beijing business today.
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