After the disclosure of the CSRCs case investigation matters, spaceflight communication again issued a notice to remind the risk that, in view of the risk of large overdue receivables, broken capital chain, insufficient operating rate, false performance in previous years and so on, the above risk matters may be transmitted to the company. The company provides a guarantee of 450 million yuan for the loan of smart Haipai. If the loan of smart Haipai is unable to be repaid when it is due, the company will assume the guarantee responsibility. In addition, the company provides an internal loan of 813 million yuan to smart Haipai, and accounts receivable of 209 million yuan for smart Haipais business transactions, which has the risk of irrecoverable.
According to Aerospace Communications, the company is organizing relevant personnel and intermediaries to check the false performance of smart Shanghai. According to the results of the verification of smart Shanghai, the company must correct the accounting errors in the early stage and restate the statements in the early stage, which may lead to the loss of the companys performance in the early stage, and there is a risk of suspension or termination of listing.
In addition, if the company is subject to administrative punishment by the CSRC due to the investigation of the case, and according to the facts identified in the decision of administrative punishment, the companys shares will face the risk of major illegal compulsory delisting if it touches the situation of major illegal compulsory delisting stipulated in the measures for the implementation of major illegal compulsory delisting of listed companies of Shanghai Stock Exchange.
On October 14, Aerospace Communications First self disclosed the false performance of its subsidiary, smart Shanghai group. In its reply to the regulatory work letter of Shanghai Stock Exchange, smart Shanghai group had a number of risks, including large overdue receivables, false performance, bank loans and accounts payable to suppliers due to broken asset chain, etc. Among them, at that time, the balance of receivables of smart Shanghai group was 5.704 billion yuan, and the overdue amount was 4.459 billion yuan, accounting for 78.17% of the total receivables.
By the end of October 31, the share price of Aerospace Communications had dropped 1.51% to 7.84 yuan / share, nearly 40% lower than the closing price of 12.94 yuan / share on October 14, and the total market value had also dropped from 6.752 billion yuan to 4.091 billion yuan, with more than 2.6 billion yuan evaporated.
At present, the investigation of Zou Yonghang, the former head of smart Shanghai group, and other suspected contract fraud by the public security department is still in progress. The latter has been approved for arrest by the peoples Procuratorate of Nanchang Economic and Technological Development Zone for the crime of contract fraud, and Du Peng, the former director of spaceflight communication, who was the Secretary of smart Shanghai group, recently resigned.
According to the data, on October 24, 7 days before the CSRC filed the case for investigation, Du Peng, director of Aerospace Communications, submitted a written resignation report to the company, and he resigned as a director of the company and a member of the audit committee due to personal reasons. Born in January 1964, he graduated from Zhejiang University as a graduate student in finance, and worked as an accountant. He once served as the Secretary of the board of directors of Hangzhou Hesheng Technology Co., Ltd. and Shenzhen Haipai Communication Technology Co., Ltd., the subsidiaries of smart Haipai.
Sell assets to save yourself after mine explosion
According to the 2018 annual report of Aerospace Communications, the companys subsidiary intelligent Haipai is a leading intelligent terminal ODM enterprise in China. The company has a strong ability in the development of private network technology, the design and manufacturing of core communication equipment and the assembly of communication system. Some of the professional communication technology fields are in the leading position in the industry, and are developing in the construction of private networks for military communication, electric power, public security and other industries It plays an important role.
The development history of wisdom sea school is not long. In April 2012, Zou Yonghang and Zhu HanKun jointly funded the establishment of Shenzhen Haipai, and then jointly funded the establishment of Jiangxi Haipai in July 2014 (Note: now wisdom Haipai). In December 2015, Aerospace Communications completed the transaction of issuing shares to Zou Yonghang, Zhu HanKun, Zhang Yi, Wan he and IKEA to purchase 51% of the shares of smart Shanghai school held by them, with the target transaction price up to 1.065 billion yuan.
Subsequently, in January 2016, Aerospace Communications spent 388 million yuan in cash to acquire 7.68% of the equity of smart Shanghai group again, paying a total price of 1.453 billion yuan before and after the acquisition, in exchange for 58.68% of the equity of smart Shanghai group. According to the enterprise investigation, smart Shanghai group is currently held by Aerospace Communications, Zou Yonghang, Nanchang Industrial Holding Group Co., Ltd. and Zhu HanKun, respectively, 58.68%, 26.31%, 8.43% and 6.58%, of which Nanchang Municipal Peoples government holds 100% of Nanchang Industrial Holding Group Co., Ltd.
The main business of aerospace communication is mainly composed of communication industry, aerospace defense and equipment manufacturing, and its main customers include all kinds of military and arms, mainframe factories, scientific research institutes, provincial and municipal civil air defense offices, etc. As of the end of the third quarter of 2019, there are 96926 shareholders in Aerospace Communications, with 19.20%, 8.12%, 2.38% and 1.38% respectively held by China Aerospace Science and Technology Group Co., Ltd., Zou Yonghang, Zhu HanKun and Zhang Yi. They are the top four shareholders of the company, including Zou Yonghang and Zhang Yi as husband and wife relationship, China Aerospace Science and Technology Group Co., Ltd. is 100% controlled by the SASAC of the State Council, and SASAC of the State Council is Hangtong Trust the actual controller.
Smart Haipai plays an important role in aerospace communication performance. It was incorporated into aerospace communication consolidated statements in 2016. From 2016 to 2018, aerospace communications net profit was 329 million yuan, 356 million yuan and 403 million yuan, respectively. In the same period, aerospace communication realized operating revenue of 10.544 billion yuan, 10.196 billion yuan and 12.506 billion yuan, respectively; net profit attributable to shareholders of listed companies was 74.72 million yuan and 100 million yuan And 210 million yuan.
Under the influence of smart Shanghai school, aerospace communications performance this year has changed dramatically.
On October 30, the third quarter report of 2019 disclosed by aerospace communication showed that from January to September this year, aerospace communication realized an operating revenue of RMB 3.234 billion, a year-on-year decrease of 63.88%; the net profit attributable to shareholders of listed companies was RMB - 252 million, a year-on-year decrease of 303.55% to RMB 124 million.
According to Aerospace Communications, the main reason for the sharp decline in performance is that smart Shanghai group, a subsidiary of the company, has major risks such as large overdue receivables, bank debt default, capital chain rupture, etc., with insufficient raw material investment and low operating rate. In addition, smart Shanghai Group has made provision for asset impairment of related receivables.
After the smart Shanghai school crisis was exposed, Aerospace Communications began to sell its assets frequently.
On October 30, according to the announcement of aerospace communication disclosure, in order to further tap the potential, increase efficiency and self-help, dispose and activate the stock assets, and increase the necessary cash flow required by the companys risk resolution, Zhejiang Aerospace Zhonghui Industrial Co., Ltd., a wholly-owned subsidiary of the company, plans to publicly hang its original textile production base. According to the evaluation results, the base price of this disposal listing is no less than 208.92 million yuan.
On October 25, aerospace communication disclosed that it would transfer its 1.3743% equity of aerospace cloud Technology Development Co., Ltd. with a listing price of no less than 78.522 million yuan. The purpose of this transfer is to further slim down operation, activate the companys assets and relieve the companys current capital pressure.
Previously, when replying to the regulatory work letter of Shanghai Stock Exchange, Aerospace Communications said that the company had set up an emergency working group in time to start the investigation and verification of relevant issues. It immediately removed the general manager of smart Shanghai and replaced the legal representative, adjusted some key positions, strengthened the collection of accounts receivable, and maintained the stability of the staff.
On the whole, the production and operation of other enterprises of the company are stable and orderly, except for the smart Shanghai group, he said. As of October 14, except for smart Shanghai group, the companys consolidated operating revenue was 2.125 billion yuan, with a total profit of 109 million yuan.
At present, the total assets and liabilities of Aerospace Communications are 14.988 billion yuan and 10.892 billion yuan respectively, with the asset liability ratio of 72.67%. Among them, the long-term loan is 308 million yuan, no overdue situation at present; the short-term loan is 3.634 billion yuan, including 1.285 billion yuan of short-term loan from smart Shanghai group, 1.044 billion yuan of short-term loan from parent company, 1.305 billion yuan of short-term loan from other companies, the overdue amount of short-term loan is 264 million yuan, the amount due before the end of the year is 1.073 billion yuan, the amount due from January 1 to June 30, 2020 is 1454 million yuan, and the amount due from June 30, 2020 The amount due later is 843 million yuan.